There s a buzzword that has quickly captured the imagination of product providers and investors alike: "hedge fund replication". In the broadest sense, replicating hedge fund strategies means replicating their return sources and corresponding risk exposures. However, there still lacks a coherent picture on what hedge fund replication means in practice, what its premises are, how to distinguish different approaches, and where this can lead us to.

Serving as a handbook for replicating the returns of hedge funds at considerably lower cost, Alternative Beta Strategies and Hedge Fund Replication provides a unique focus on replication, explaining along the way the return sources of hedge funds, and their systematic risks, that make replication possible. It explains the background to the new discussion on hedge fund replication and how to derive the returns of many hedge fund strategies at much lower cost, it differentiates the various underlying approaches and explains how hedge fund replication can improve your own investment process into hedge funds.

有一个流行词很快吸引了产品提供商和投资者的想象力：“对冲基金复制”。从广义上讲，复制对冲基金策略意味着复制其回报来源和相应的风险敞口。然而，对于对冲基金复制在实践中意味着什么、它的前提是什么、如何区分不同的方法以及这将把我们引向何处，仍然缺乏一个连贯的图景。
作为一本以相当低的成本复制对冲基金回报的手册，另类贝塔策略和对冲基金复制提供了对复制的独特关注，一路上解释了对冲基金的回报来源及其系统性风险，使复制成为可能。它解释了关于对冲基金复制的新讨论的背景，以及如何以低得多的成本获得许多对冲基金策略的回报，它区分了各种基本方法，并解释了对冲基金复制如何改进您自己对对冲基金的投资过程。