If you are interested in learning more about hedge funds themselves, you can get some information on the Web. Most databases on individual fund (or fund of funds) performance and performance benchmarks are available only to subscribers and are extremely expensive. Listed below are hedge fund industry sources that are accessible for free, as well as two Web sites providing regulatory and cautionary information on investing in hedge funds.

Industry Information

Hedge Fund Association
www.thehfa.com
Web site of an international association of hedge fund managers and service providers. Web site is primarily for professionals, but it does provide links to published articles and books about hedge funds.

Hedge Fund Research, Inc.
www.hedgefundresearch.com
Industry source for hedge fund data and performance information. Most information is expensive and for subscribers only. However, daily information is provided on the HFRX indexes. Go to HFR Indices.

Greenwich-Van
www.hedgefund.com
Web site of a hedge fund advisor. Provides current and historical information on their hedge fund indexes, which are benchmarks based on a representative sample of hedge fund returns listed by strategy.

Cautionary Information

SEC
www.sec.gov
Starting this year, hedge fund advisors are required to register with the SEC. Their Form ADVs are available on-line through EDGAR (www.edgaronline.com). The SEC also provides extensive cautions about investing in hedge funds and funds of funds. Click on Publications under Investor Information, and then Hedge Funds.

NASD
www.nasd.com
You can check to see if a hedge fund manager has a disciplinary history by selecting NASD BrokerCheck. Also, you can read the NASD Investor Alert on funds of funds under Investor Alerts.