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The Differences Between Single Strategy and Multi-Strategy Funds
There's transition risk no matter what you do. Somebody just jumping from one fund to another may not carry their performance with them. And they have to learn new skills. So it is attractive to go somewhere where you will be given the ability to manage a portfolio and make decisions or at least be on a path to learn how to do that. The paradigm these people sit in is no longer working. These funds are large at our underwater in a very extreme way.