![]() "Hedge funds engage in a variety of investment activities. THE SECRETARY OF THE TREASURY, THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, THE SECURITIES AND EXCHANGE COMMISSION, A REPORT TO CONGRESS IN ACCORDANCE WITH ยง 356(c) OF THE USA PATRIOT ACT OF 2001 (2002). "The term 'hedge fund' refers generally to a privately offered investment vehicle that pools the contributions of its investors in order to invest in a variety of asset classes, such as securities, futures contracts, options, bonds, and currencies." THE PRESIDENT'S WORKING GROUP ON FINANCIAL MARKETS, HEDGE FUNDS, LEVERAGE, AND THE LESSONS OF LONG-TERM CAPITAL MANAGEMENT 1 (1999). Although it is not statutorily defined, the term encompasses any pooled investment vehicle that is privately organized, administered by professional money managers, and not widely available to the public." "The term 'hedge fund' is commonly used to describe a variety of different types of investment vehicles that share some common characteristics. The following is a selection of definitions and descriptions of the term "hedge fund" showing the diversity of views among commentators. Today, hedge funds are no longer defined by a particular strategy and often do not "hedge" in the economic sense. Jones's private investment fund combined both long and short equity positions to "hedge" the portfolio's exposure to movements in the market. "Hedge fund" is an expression believed to have been first applied in 1949 to a fund managed by Alfred Winslow Jones. Partner, Dechert LLP Selected Definitions of "Hedge Fund" ![]() ![]() Vaughan for the SEC Roundtable on Hedge Funds ![]()
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