Hedge Fund有限合伙投资基金;投机性投资集团
An aggressively managed portfolio of investments that uses advanced investment strategies such as leveraged，long，shortand derivative positions in both domestic and internationalmarketswith the goal of generating high returns(either in an absolute sense or over a specified market benchmark)．
Legally，hedge funds aremost often set up as private investment partnerships that are open to a limited number of investors and require a very large initialminimum investment．Investments in hedge funds are illiquid as they often require investors keep theirmoney in the fund for at least one year．
For themost part，hedge funds(unlikemutual funds) are unregulated because they cater to sophisticated investors．In the US，laws require that themajority of investors in the fund be accredited．That is，theymust earn aminimum amount ofmoney annually and have a net worth ofmore than $1 million，alongwith a significantamount of investment knowledge．You can think of hedge funds asmutual funds for the super rich．They are similar tomutual funds in that investments are pooled and professionally managed，but differ in that the fund has far more flexibility in its investment strategies．
It is important to note that hedging is actually the practice of attempting to reduce risk，but the goal ofmost hedge funds is tomaximize return on investment．The name ismostly historical，as the first hedge funds tried to hedge against the downside risk of a bearmarket by shorting themarket (mutual funds generally can't enter into short positions as one of their primary goals)．Nowadays，hedge funds use dozens of different strategies，so it isn't accurate to say that hedge funds just“hedge risk”．In fact，because hedge fund managersmake speculative investments，these funds can carry more risk than the overallmarket．
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