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 1–8 of 8 · filtered from 100Clear filters
  1. 004Varsana Asset Management runs Rs 5,000 crore at 1.5 and 15, with Rs 60 crore of annual costs. What does the manager earn at gross returns of 0%, 10% and 20%, and at what AUM does it break even in a flat year?Fund economics, NAV and LP decisionsCoreFund of funds and allocators
  2. 016An investor compares the Colvane Platform, which charges pass-through expenses of 6% plus a 20% performance fee, with a fund charging 2 and 20. At gross returns of 10%, 18% and 25%, which is cheaper?Fund economics, NAV and LP decisionsHardFund of funds and allocators
  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. 042Talvir Capital charges a 20% performance fee over an 8% hurdle. At a gross return of 12% on Rs 1,000 crore, what fee does it earn under a hard hurdle and under a soft hurdle with full catch-up?Fund economics, NAV and LP decisionsCoreFund of funds and allocators
  5. 054The Nirvara Cat III AIF earns 18% before tax. At an illustrative 30% effective tax paid inside the fund, against 15% paid by investors on their own gains, how different are the net returns, and why do Indian long-short managers care so much about structure?Fund economics, NAV and LP decisionsWarm upCategory III AIFsFund of funds and allocators
  6. 067You hold a Rs 50 crore LP stake in Tamrit Capital, which charges 2 and 20 and is 15% below its high-water mark. You expect gross returns of 12% a year. What is the stake worth to you, and to a buyer, given the fee holiday until the mark is regained?Fund economics, NAV and LP decisionsHardBaupost GroupBoston · 2018Baupost GroupBoston · 2018Baupost GroupBoston · 2018
  7. 079Kairav Capital, with AUM of Rs 60,000 crore, pays a fund administrator 3 basis points a year for middle-office work. Building it in-house would cost Rs 12 crore a year plus Rs 15 crore to set up. Using the data, write the recommendation: in-source or not, and at what AUM does the answer flip?Fund economics, NAV and LP decisionsWarm upD.E. ShawNew York · 2025
  8. 091The Cendra Absolute Return Fund manages Rs 2,000 crore. Investors ask to redeem 30%, but a 20% quarterly gate applies. 60% of the book can be sold in five days and the rest takes a month. How do you meet the redemptions, and what does the gate protect?Fund economics, NAV and LP decisionsCoreFund of funds and allocators

Company names and figures are illustrative.