Getting What You Pay For

Published Wednesday, February 01, 2006

Critics complain that hedge funds are too expensive for the returns they have lately been producing. Setting performance aside (which is as varied as the strategies pursued), on first blush, the ante does seem somewhat dear: Most hedge funds charge a 1 percent management fee, and they also keep 20 percent, and sometimes more, of any profits — this is the so-called “carry.” Hedge fund pros haughtily retort that they are worth it since many earn consistent returns no matter what the market does. In fact, hedgies argue, it's really the other way around: It's the actively managed ...

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