Every local TV news channel has some segment that helps some consumer in distress–someone wronged by a renegade dry cleaner who made a hole in a beloved cashmere sweater, or a pet owner who bought amutt instead of a pedigree pure bred. Invariably, the segment is called something along the lines of “the Investigators,” or “XYZ news channel On Your Side.”<\/p>\n
This blog entry is my version of that regular feature on your local news. My focus: the returns printed in hedge fund marketing materials, and why a magazine that ranks hedge funds by returns will change their data labeling practices.<\/p>\n
I was chasing down a tip for another story when I was sent some marketing materials for the fund of funds, Innovation Fund.<\/strong><\/strong> The materials were reprints of a ranking published by HFM Week, a trade publication<\/strong><\/a>. That’s when I saw something that was a little confusing on the chart that ranked diversified, offshore funds of funds with a minimum of $250m and a 5-year track record.<\/p>\n