As of June 17, 2024, the most shorted stock was for, the American holographic technology services provider, MicroCloud Hologram Inc., with 66.64 percent of their total float having been shorted. This is a change from mid-January 2021, when video game retailed GameStop had an incredible 121.07 percent of their available shares in a short position. In effect this means that investors had 'borrowed' more shares (with a future promise to return them) than the total number of shares available for public trading. Owing to this behavior of professional investors, retail investors enacted a campaign to drive up the stock price of Gamestop, leading to losses of billions when investors had to repurchase the stock they had borrowed. At this time, a similar – but less effective – social media campaign was also carried out for the stock price of cinema operator AMC, and the price of silver. What is short selling? Short selling is essentially where an investor bets on a share price falling by: borrowing a number of shares selling these shares while the price is still high; purchasing the same number again once the price falls; then returning the borrowed shares at a profit. Of course, a profit will only be made if the share price does fall; should the share price rise the investor will then need to purchase the shares back at a higher price, and thus incur a loss. Short selling can lead to some very large profits in a short amount of time, with Tesla stock generating over one billion dollars in short sell profits during the first week of March 2020 alone, owing to the financial crash caused by the coronavirus (COVID-19) pandemic. However, owing to the short-term, opportunistic nature of short selling, these returns look less impressive when considered as net profits from short sell positions over the full year. The risks of short selling Short selling carries greater risks than traditional investments, and for this reason financial advisors often recommend against this strategy for ‘retail’ (i.e. non-professional) investors. The reason for this is that losses from short selling are potentially uncapped, whereas losses from traditional investments are limited to the initial cost. For example, if someone purchases 100 dollars of shares, the maximum they can lose is the 100 dollars the spent on those shares. However, say someone borrows 100 dollars of shares instead, betting on the price falling. If these shares are then sold for 100 dollars but the price subsequently rises, the losses could greatly exceed the initial investment should the price rise to, say, 500 dollars. The risks of short selling can be seen by looking again at Tesla, with the company causing the greatest losses over 2020 from short selling at over 40 billion U.S. dollars.

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Hedge Fund Market in US Size 2025-2029

The US hedge fund market size is forecast to increase by USD 738 billion at a CAGR of 8.1% between 2024 and 2029.

US Hedge Fund Market is experiencing significant growth due to increasing investor interest in alternative investment options. This trend is driven by the desire for higher returns and risk diversification, leading to a surge in assets under management. Furthermore, technological advancements are transforming the hedge fund industry, enabling companies to offer innovative solutions and improve operational efficiency. However, the market is not without challenges. Regulatory constraints continue to pose significant obstacles, with stringent regulations governing fund operations, investor protection, and transparency.
Compliance with these regulations requires substantial resources and expertise, presenting a significant challenge for hedge fund managers. Companies seeking to capitalize on market opportunities and navigate these challenges effectively must stay informed of regulatory developments and invest in robust compliance frameworks. Additionally, leveraging technology to streamline operations and enhance transparency can help hedge funds remain competitive and meet investor demands.

What will be the Size of the Hedge Fund Market in US during the forecast period?

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US hedge funds market activities and evolving patterns continue to unfold, shaping the industry's landscape. Hedge funds employ various strategies, such as quantitative methods, algorithmic trading, and relative value strategies, to manage risk and generate alpha. Investor relations play a crucial role in attracting and retaining capital from high-net-worth individuals, family offices, pension funds, and institutional investors. Fund of funds and multi-strategy funds offer diversification, while big data analytics and alternative data inform investment decisions. Machine learning and artificial intelligence enhance risk management and performance measurement. Regulatory compliance and transparency are essential components of hedge fund operations, ensuring liquidity and mitigating drawdowns.
Market dynamics are influenced by various factors, including hedge fund leverage, volatility, and capacity. Hedge fund managers must navigate these complexities to deliver competitive returns, employing due diligence and effective fee structures. Hedge fund distribution channels, such as conferences and sales efforts, facilitate access to new investors. The hedge fund market is a continually evolving ecosystem, where technology, regulatory requirements, and investor expectations shape the industry's future. Hedge fund liquidation and exit strategies, performance fees, and risk appetite are critical considerations for hedge fund managers and investors alike. Ultimately, the hedge fund industry's success hinges on its ability to adapt and innovate in a rapidly changing financial landscape.

How is this Hedge Fund in US Industry segmented?

The hedge fund in US industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Offshore
  Domestic
  Fund of funds


Method

  Long and short equity
  Event driven
  Global macro
  Others


End-user

  Institutional
  Individual


Fund Structure

  Small (
  Medium (USD500M-USD2B)
  Large (>USD2B)


Investor Type

  Institutional
  High-Net-Worth Individuals


Geography

  North America

    US

By Type Insights

The offshore segment is estimated to witness significant growth during the forecast period.

The offshore segment of the hedge fund market in the US houses funds that are managed or marketed by American firms but are domiciled and operated in offshore jurisdictions. These funds, located in financial centers known for their favorable regulatory environments, tax treatment, and legal infrastructure, offer investors tax efficiency through lower or zero taxation on investment income, capital gains, and distributions. The reduced regulatory burden in offshore jurisdictions enables greater flexibility in fund operations, investment strategies, and disclosure obligations, making offshore hedge funds an appealing choice for tax-conscious investors. Portfolio construction, risk management, and hedge fund allocation strategies are crucial elements for these funds, with relative value and long-short equity strategies commonly employed.

Performance fees and management fees are the primary revenue sources for hedge fund managers, while family offices and institutional investors provide significant hedge fund capital. Regulatory compliance and due diligence are essential for investors, ensuring transparency and performance measurement. Hedge fund research, risk appetite, and investor relat

Are hedge funds worth your money?

Hedge funds have developed from investment funds that were designed to lower the risk of your portfolio to a multitude of different investment styles with different goals. Their heyday was probably during the 90s and early 2000s when several star hedge fund managers rose to prominence and their assets under management grew significantly. However, since then hedge funds have been under scrutiny as their investment returns have been lacking and their ability to function as a diversification to a traditional stock and bond portfolio was put into question. As hedge funds have their own set of leverage and investment rules it is no wonder they have been accused of being greedy, unsuccessful and secretive. However, with this dataset you can make your own analysis.

Content

This dataset covers monthly hedge fund returns starting from 1997. The date column refers to the last day of the month - the end date of the return period, if I understand correctly. There are 12 different hedge fund strategies covered and the return index series are formed as an aggregate of other hedge fund index providers.

The strategy explanations are in EDHEC website:

• Convertible Arbitrage - https://risk.edhec.edu/conv-arb/
• CTA Global - https://risk.edhec.edu/cta-global/
• Distressed Securities - https://risk.edhec.edu/dist-sec/
• Emerging Markets - https://risk.edhec.edu/emg-mkts/
• Equity Market Neutral - https://risk.edhec.edu/equity-market-neutral/
• Event Driven - https://risk.edhec.edu/event-driven/
• Fixed Income Arbitrage - https://risk.edhec.edu/fix-inc-arb/
• Global Macro - https://risk.edhec.edu/global-macro/
• Long/Short Equity - https://risk.edhec.edu/ls-equity/
• Merger Arbitrage - https://risk.edhec.edu/merger-arb/
• Relative Value - https://risk.edhec.edu/relative-value/
• Short Selling - https://risk.edhec.edu/short-selling/
• Funds of Funds - https://risk.edhec.edu/fof/

Acknowledgements

All credit for the maintenance and upload of the data goes to EDHEC. You should check their website for additional resources:

https://risk.edhec.edu/all-downloads-hedge-funds-indices

Inspiration

The EDHEC hedge fund data is the data used in examples/vignettes of PortfolioAnalytics - a package for optimizing, testing and analyzing portfolio returns. You should be easily able to expand the analysis from the vignettes just by using the larger dataset available here:

https://cran.r-project.org/web/packages/PortfolioAnalytics/index.html

A list of the top 50 NewGen Equity Long Short Fund holdings showing which stocks are owned by NewGen Equity Long Short Fund's hedge fund.

Hedge Fund Market Outlook

According to our latest research, the global hedge fund market size reached USD 4.3 trillion in 2024, with a robust compound annual growth rate (CAGR) of 8.2% from 2025 to 2033. Propelled by increasing institutional participation and diversification strategies, the market is forecasted to attain USD 8.3 trillion by 2033. The hedge fund industry is experiencing significant growth due to evolving investment landscapes, increased demand for alternative assets, and the pursuit of higher returns in a persistently low-yield environment. As per our latest research, these factors are fundamentally reshaping the hedge fund ecosystem and driving expansion across all major regions.

Several key growth drivers are fueling the expansion of the global hedge fund market. Firstly, institutional investors such as pension funds, sovereign wealth funds, and endowments are allocating a larger share of their portfolios to hedge funds in search of alpha and risk-adjusted returns. This trend is underpinned by the ongoing need to diversify away from traditional asset classes like equities and fixed income, especially in the face of heightened market volatility and macroeconomic uncertainty. Additionally, the growing sophistication of hedge fund strategies, enabled by advancements in technology and data analytics, is attracting a broader range of investors seeking customized solutions for capital preservation and growth. The integration of artificial intelligence and machine learning into investment models is further enhancing the ability of hedge funds to generate returns in complex and dynamic markets.

Another significant growth factor is the increasing appeal of hedge funds among high net worth individuals (HNWIs) and family offices. As global wealth continues to rise, particularly in emerging markets, HNWIs are seeking access to alternative investment vehicles that offer uncorrelated returns and downside protection. Hedge funds, with their flexible mandate and diverse strategy spectrum, are well positioned to meet these evolving investor needs. Moreover, regulatory reforms in several jurisdictions have made it easier for sophisticated retail investors to participate in hedge fund offerings, further expanding the investor base. The proliferation of digital platforms and fund marketplaces has also reduced barriers to entry, enabling greater transparency, operational efficiency, and investor engagement.

The hedge fund market is also benefiting from its ability to adapt to shifting macroeconomic and geopolitical conditions. In periods of market dislocation, hedge funds have demonstrated resilience by employing strategies such as long/short equity, global macro, and event-driven approaches to capitalize on price inefficiencies and arbitrage opportunities. This agility has reinforced the perception of hedge funds as valuable portfolio diversifiers and risk mitigators. Furthermore, as environmental, social, and governance (ESG) considerations become increasingly central to investment decision-making, many hedge funds are integrating ESG factors into their strategies, appealing to a new generation of socially conscious investors and institutional allocators.

From a regional perspective, North America continues to dominate the global hedge fund market, accounting for the largest share of assets under management (AUM). However, Asia Pacific and Europe are emerging as key growth engines, supported by regulatory liberalization, rising institutional participation, and the development of sophisticated financial markets. Latin America and the Middle East & Africa are also witnessing increased activity, driven by growing demand for alternative investments and the expansion of local capital markets. These regional dynamics are contributing to a more diversified and resilient global hedge fund landscape.

Strategy Type Analysis

The hedge fund market is characterized by a diverse array of strategy types, each designed to exploit specific market inefficiencies and deliver differentiated risk-return profiles. Equity hedge strategies remain the most prevalent, accounting for a significant portion of global hedge fund assets. These funds typically take long and short positions in equities and related derivatives, aiming to generate alpha through stock selection and market timing. The appeal of equity hedge strategies lies in their flexibility to adapt to varying market conditions

Are hedge funds worth your money? Hedge funds have developed from investment funds that were designed to lower the risk of your portfolio to a multitude of different investment styles with different goals. Their heyday was probably during the 90s and early 2000s when several star hedge fund managers rose to prominence and their assets under management grew significantly. However, since then hedge funds have been under scrutiny as their investment returns have been lacking and their ability to function as a diversification to a traditional stock and bond portfolio was put into question. As hedge funds have their own set of leverage and investment rules it is no wonder they have been accused of being greedy, unsuccessful and secretive. However, with this dataset you can make your own analysis.

Content This dataset covers monthly hedge fund returns starting from 1997. The date column refers to the last day of the month - the end date of the return period, if I understand correctly. There are 12 different hedge fund strategies covered and the return index series are formed as an aggregate of other hedge fund index providers.

The strategy explanations are in EDHEC website:

Convertible Arbitrage - https://risk.edhec.edu/conv-arb/ CTA Global - https://risk.edhec.edu/cta-global/ Distressed Securities - https://risk.edhec.edu/dist-sec/ Emerging Markets - https://risk.edhec.edu/emg-mkts/ Equity Market Neutral - https://risk.edhec.edu/equity-market-neutral/ Event Driven - https://risk.edhec.edu/event-driven/ Fixed Income Arbitrage - https://risk.edhec.edu/fix-inc-arb/ Global Macro - https://risk.edhec.edu/global-macro/ Long/Short Equity - https://risk.edhec.edu/ls-equity/ Merger Arbitrage - https://risk.edhec.edu/merger-arb/ Relative Value - https://risk.edhec.edu/relative-value/ Short Selling - https://risk.edhec.edu/short-selling/ Funds of Funds - https://risk.edhec.edu/fof/ Acknowledgements All credit for the maintenance and upload of the data goes to EDHEC. You should check their website for additional resources:

https://risk.edhec.edu/all-downloads-hedge-funds-indices

Inspiration The EDHEC hedge fund data is the data used in examples/vignettes of PortfolioAnalytics - a package for optimizing, testing and analyzing portfolio returns. You should be easily able to expand the analysis from the vignettes just by using the larger dataset available here:

https://cran.r-project.org/web/packages/PortfolioAnalytics/index.html

In 2025, ** percent of adults in the United States invested in the stock market. This figure has remained steady over the last few years and is still below the levels before the Great Recession, when it peaked in 2007 at ** percent. What is the stock market? The stock market can be defined as a group of stock exchanges where investors can buy shares in a publicly traded company. In more recent years, it is estimated an increasing number of Americans are using neobrokers, making stock trading more accessible to investors. Other investments A significant number of people think stocks and bonds are the safest investments, while others point to real estate, gold, bonds, or a savings account. Since witnessing the significant one-day losses in the stock market during the financial crisis, many investors were turning towards these alternatives in hopes for more stability, particularly for investments with longer maturities. This could explain the decrease in this statistic since 2007. Nevertheless, some speculators enjoy chasing the short-run fluctuations, and others see value in choosing particular stocks.

Cash-and-Short-Term-Investments Time Series for BlackRock Inc. BlackRock, Inc. is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks. It also provides global risk management and advisory services. The firm manages separate client-focused equity, fixed income, and balanced portfolios. It also launches and manages open-end and closed-end mutual funds, offshore funds, unit trusts, and alternative investment vehicles including structured funds. The firm launches equity, fixed income, balanced, and real estate mutual funds. It also launches equity, fixed income, balanced, currency, commodity, and multi-asset exchange traded funds. The firm also launches and manages hedge funds. It invests in the public equity, fixed income, real estate, currency, commodity, and alternative markets across the globe. The firm primarily invests in growth and value stocks of small-cap, mid-cap, SMID-cap, large-cap, and multi-cap companies. It also invests in dividend-paying equity securities. The firm invests in investment grade municipal securities, government securities including securities issued or guaranteed by a government or a government agency or instrumentality, corporate bonds, and asset-backed and mortgage-backed securities. It employs fundamental and quantitative analysis with a focus on bottom-up and top-down approach to make its investments. The firm employs liquidity, asset allocation, balanced, real estate, and alternative strategies to make its investments. In real estate sector, it seeks to invest in Poland and Germany. The firm benchmarks the performance of its portfolios against various S&P, Russell, Barclays, MSCI, Citigroup, and Merrill Lynch indices. BlackRock, Inc. was founded in 1988 and is based in New York, New York with additional offices in A

Australia Liabilities: Stock: Non Money Market Financial Investment Funds: Short Term Loans & Placements: Other Depository Corporations data was reported at 0.000 AUD mn in Dec 2017. This stayed constant from the previous number of 0.000 AUD mn for Sep 2017. Australia Liabilities: Stock: Non Money Market Financial Investment Funds: Short Term Loans & Placements: Other Depository Corporations data is updated quarterly, averaging 0.000 AUD mn from Jun 1988 (Median) to Dec 2017, with 119 observations. The data reached an all-time high of 0.000 AUD mn in Dec 2017 and a record low of 0.000 AUD mn in Dec 2017. Australia Liabilities: Stock: Non Money Market Financial Investment Funds: Short Term Loans & Placements: Other Depository Corporations data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.AB030: SNA08: SESCA08: Funds by Sector: Financial Corporations: Non Money Market Financial Investment Funds: Stock.

Korea Financial Assets: FC: IF: Loans: Short-Term (ST) data was reported at 4,072.000 KRW bn in Mar 2018. This records an increase from the previous number of 3,104.000 KRW bn for Dec 2017. Korea Financial Assets: FC: IF: Loans: Short-Term (ST) data is updated quarterly, averaging 9,722.700 KRW bn from Dec 2008 (Median) to Mar 2018, with 38 observations. The data reached an all-time high of 15,379.800 KRW bn in Mar 2010 and a record low of 3,104.000 KRW bn in Dec 2017. Korea Financial Assets: FC: IF: Loans: Short-Term (ST) data remains active status in CEIC and is reported by The Bank of Korea. The data is categorized under Global Database’s Korea – Table KR.AB019: Flow of Funds Accounts: SNA08: FC: Investment Funds: Stock.

Korea Financial Liabilities: FC: IF: SS: Short-Term (ST) data was reported at 0.000 KRW bn in Jun 2018. This records a decrease from the previous number of 55.100 KRW bn for Mar 2018. Korea Financial Liabilities: FC: IF: SS: Short-Term (ST) data is updated quarterly, averaging 0.000 KRW bn from Dec 2008 (Median) to Jun 2018, with 39 observations. The data reached an all-time high of 58.600 KRW bn in Mar 2017 and a record low of 0.000 KRW bn in Jun 2018. Korea Financial Liabilities: FC: IF: SS: Short-Term (ST) data remains active status in CEIC and is reported by The Bank of Korea. The data is categorized under Global Database’s South Korea – Table KR.AB019: Flow of Funds Accounts: SNA08: FC: Investment Funds: Stock.

Austria Financial Assets: Stock: IF: Short Term Debt Securities data was reported at 577.000 EUR mn in Dec 2022. This records a decrease from the previous number of 664.000 EUR mn for Sep 2022. Austria Financial Assets: Stock: IF: Short Term Debt Securities data is updated quarterly, averaging 420.500 EUR mn from Mar 1999 (Median) to Dec 2022, with 96 observations. The data reached an all-time high of 1,103.000 EUR mn in Sep 2011 and a record low of 0.000 EUR mn in Sep 2005. Austria Financial Assets: Stock: IF: Short Term Debt Securities data remains active status in CEIC and is reported by Oesterreichische Nationalbank. The data is categorized under Global Database’s Austria – Table AT.AB004: Funds by Sector: ESA 2010: Investment Funds.

Short-Term-Investments Time Series for Aditya Birla Sun Life AMC Limited. Aditya Birla Sun Life AMC Limited is privately owned investment manager. The firm provides its services to individuals including high net worth individuals and institutional clients. It manages separate equity and fixed income portfolios. The firm also manages launches and manages equity and fixed income mutual funds, manages balanced mutual funds, and hedge funds for its clients. It invests in the public equity and fixed income markets across the globe. The firm employs a fundamental analysis to make its investments. It also make real estate investments. It was founded in 1994 and is based in Mumbai, India with an additional office in Ahmedabad, India. The firm was formerly known as Birla Sun Life Asset Management Company Limited.

Austria Financial Assets: Stock: IF: Short Term Loans data was reported at 552.000 EUR mn in Dec 2022. This records a decrease from the previous number of 631.000 EUR mn for Sep 2022. Austria Financial Assets: Stock: IF: Short Term Loans data is updated quarterly, averaging 0.000 EUR mn from Mar 1999 (Median) to Dec 2022, with 96 observations. The data reached an all-time high of 1,102.000 EUR mn in Jun 2007 and a record low of 0.000 EUR mn in Sep 2015. Austria Financial Assets: Stock: IF: Short Term Loans data remains active status in CEIC and is reported by Oesterreichische Nationalbank. The data is categorized under Global Database’s Austria – Table AT.AB004: Funds by Sector: ESA 2010: Investment Funds.

Austria Financial Liabilities: Stock: IF: Short Term Loans data was reported at 357.000 EUR mn in Dec 2022. This records a decrease from the previous number of 405.000 EUR mn for Sep 2022. Austria Financial Liabilities: Stock: IF: Short Term Loans data is updated quarterly, averaging 402.500 EUR mn from Mar 1999 (Median) to Dec 2022, with 96 observations. The data reached an all-time high of 4,902.000 EUR mn in Dec 2008 and a record low of 0.000 EUR mn in Dec 2005. Austria Financial Liabilities: Stock: IF: Short Term Loans data remains active status in CEIC and is reported by Oesterreichische Nationalbank. The data is categorized under Global Database’s Austria – Table AT.AB004: Funds by Sector: ESA 2010: Investment Funds.

In the first quarter of 2025, the value of the international debt capital market transactions amounted to nearly *** trillion U.S. dollars. The debt market is the part of the capital market on which fixed-interest securities are traded. These securities include, for example, government, municipal, corporate or mortgage bonds. Bonds – additional information The bond market, also known as the credit or fixed income market, is a market that trades in debt. The two most well known parts of the bond market are the primary and secondary capital markets. The primary market is the market that deals with the issuance of new securities and is an important part of the financial markets system. The bonds issued on the primary market are subsequently traded on the secondary markets. A bond is an instrument of indebtedness. The issuer of the bond is obliged to pay the bond holder the principal amount and the pre-agreed interest when the bond reaches maturity. The interest rates are generally payable at fixed intervals. Bonds provide the borrower with external funds in order to finance long-term investments, or, where government bonds are concerned, to finance government expenditure. Bonds are most often bought and traded by institutions such as central banks, pension funds or hedge funds. They are generally seen as being less volatile that stocks, especially the short and medium termed bonds. Bonds suffer from less day-to-day volatility than stocks but are still subject to risk. They are subject to credit and liquidity risks, among others.

The Portfolio Investment Positions by Counterpart Economy dataset (formerly Coordinated Portfolio Investment Survey, or CPIS) is a voluntary data collection exercise conducted under the auspices of the IMF. To participate, an economy provides data on its holdings of portfolio investment securities (data are separately requested for equity and investment fund shares, long-term debt instruments, and short-term debt instruments). The survey covers end-December holdings from 2001 to date and end-June holdings beginning with data for end-June 2013. All economies are welcome to participate. The IMF augments the data that are reported in the dataset with aggregated data from two other surveys, i.e., Securities Held as Foreign Exchange Reserves (SEFER), and Securities Held by International Organizations (SSIO). SEFER provides geographic and instrument detail on securities that are held as reserve assets, and SSIO provides the geographic and instrument detail on securities that are held by international organizations. Similar to the Portfolio Investment Positions by Counterpart Economy, SEFER is conducted semi-annually starting with data for end-June 2013, whereas SSIO is conducted annually. Data from the portfolio investment positions by counterpart economy (formerly CPIS) and SSIO surveys provide comprehensive information on holdings of portfolio investment securities and, together with aggregated data from the SEFER survey, the geographic detail captured in these three surveys can be used to derive estimates of portfolio investment liabilities. In response to requests from data users, a number of enhancements to the Portfolio Investment Positions by Counterpart Economy (formerly CPIS) were implemented starting with data for end-June 2013. These enhancements include increased frequency (as noted above, semi-annual - data collections were implemented), improved timeliness (acceleration in both the collection and re- dissemination of data), and expanded scope (collection of data on an encouraged basis on the institutional sector of the nonresident issuer of securities; on short or negative positions; and on the institutional sector of the resident holder cross-classified by the institutional sector of selected nonresident issuers).

Cash-and-Short-Term-Investments Time Series for Empiric Student Property Plc. Empiric Student Property plc is a leading provider and operator of modern, predominantly direct-let, premium student accommodation serving key UK universities. Investing in both operating and development assets in a multi building cluster operational model, Empiric is a fully integrated operational student property business focused on premium studio-led accommodation managed through its Hello Student operating platform, which is attractive to affluent growing student segments. The Company, an internally managed real estate investment trust (REIT) incorporated in England and Wales, listed under the Equity Shares segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in June 2014. The Company is classified as a commercial company listed under the UK Listing Rules and as such is not an alternative investment fund (AIF) for the purposes of the Alternative Investment Fund Managers Directive (AIFMD) and is not required to provide investors with a Key Information Document (KID) in accordance with the Packaged Retail and Insurance-based Investment Products (PRIIPs) regulations.