Hedge Funds case studies, worked step by step

Cases
100
Traced to a firm
31
Topics
13
Hard
30
Topic
All topicsCredit, distressed and capital structure7Earnings, models and KPIs8Event-driven and merger arbitrage7Fund economics, NAV and LP decisions8Global macro trades7Long pitches and valuation14Manager evaluation and attribution7Pairs and relative value5Portfolio construction and sizing7Risk limits and drawdowns7Short selling6Systematic research and data11Volatility, options and convertibles6
Level
AnyWarm upCoreHard
Source
AnyReported at a firmStandard
Showing 1–10 of 15 · filtered from 100Clear filters
  1. 018Mervaan Foods, a consumer staple, trades at 35x earnings against a five-year average of 45x. Earnings grow 12% a year and the dividend yield is 1.5%. If the multiple recovers only to 40x over three years, what annual return does the stock offer, and what if it stays at 35x?Long pitches and valuationCoreBalyasny Asset ManagementNew York · 2024
  2. 028Stellan Pharma offers 0.5 of its shares for each Moravi Labs share. Stellan trades at Rs 800 and Moravi at Rs 370, and Moravi would fall to Rs 280 if the deal broke. What is the spread, how do you hedge it, and what completion chance is the market pricing?Event-driven and merger arbitrageCoreAQR Capital ManagementGreenwich · 2021
  3. 029Build the month-end NAV for Ovelle Partners from gross assets of Rs 1,050 crore, a prime broker loan, accrued fees and redemptions payable, with 9.9 crore units in issue. What is the NAV per unit?Fund economics, NAV and LP decisionsCoreMan GroupBoston · 2019
  4. 032The stock you pitched in a case competition, Selvora Chemicals, fell 22% in the six months after. The market fell 5%, the chemicals sector 8%, and Selvora's beta to the sector is 1.1. How much of the fall was your thesis, and how do you talk about it in an interview?Manager evaluation and attributionCorePoint72New York · 2026
  5. 037Nivaan Homes, a listings platform, has 12,000 rental listings with size, location, age, floor and days on market. Design a model to predict monthly rent: which target, which features, how do you validate it, and which feature is a leakage trap?Systematic research and dataCoreTwo SigmaNew York · 2025
  6. 047A take-home asks you to regress 500 daily returns on the Selvara signal. You get a slope of 1.8, but three days with returns above 20% drive the fit. After winsorising at the 1st and 99th percentiles the slope is 0.4. Which do you report and why?Systematic research and dataCoreBalyasny Asset ManagementNew York · 2024
  7. 051Mandor Hotels' three-year bond trades at 82 with a 9% coupon and its shares at Rs 40. With a 25% chance of default, which instrument gives the better risk-adjusted return, and why might a credit investor and an equity investor disagree?Credit, distressed and capital structureCoreKKRNew York · 2025
  8. 055Design a financial stress index for five economies, Aldora, Brevia, Corvin, Dessala and Estmar, from credit growth, the current account balance and short-term external debt to reserves. How do you normalise, weight and rank, and what are the index's weaknesses?Global macro tradesCoreBridgewater AssociatesNew York · 2026
  9. 061Vornix EdTech spends Rs 12,000 to acquire a customer paying Rs 500 a month at a 30% gross margin, with 4% monthly churn, and trades at 8x sales. Build the unit economics and make the short case.Short sellingCoreCoatue ManagementNew York · 2023
  10. 062A backtest on Orlin Minerals gives a Sharpe ratio of 2.1. The price file has one duplicated day and one bad print at ten times the true price that reverts the next day. What does cleaning do to the Sharpe, and how would you catch these errors automatically?Systematic research and dataCoreSquarepoint CapitalLondon · 2026

Company names and figures are illustrative.