La gestion alternative: les vertus de la dissidence

François-Serge Lhabitant

Revue d'Économie Financière, 2005, vol. 79, issue 2, 137-152

Abstract: [fre] La gestion alternative a connu ces dernières années une croissance exponentielle. Elle représente aujourd’hui plus de 1 000 Md$ d’encours, et se développe désormais en Europe avec l’ouverture progressive des hedge funds au grand public. Dans cet article, l’auteur illustre les grandes caractéristiques des fonds alternatifs, leurs principales stratégies et leurs performances historiques. Il examine également les risques cachés de la gestion alternative, ainsi que les dangers liés à l’application d’outils issus de la théorie moderne du portefeuille pour gérer des portefeuilles alternatifs. . Classification JEL : G11, G23 [eng] Alternative asset management : the dissidents’ virtues . Alternative asset management has experienced an exponential growth over the recent years. It now represents more than one trillion dollars of assets under management, and starts expanding in Europe with the progressive opening of hedge funds to the public. In this article, we illustrate the key characteristics of alternative funds, their major strategies and their historical performance. We also examine the hidden risks of alternative assets, as well as the dangers linked to applying techniques from modern portfolio theory to manage alternative asset portfolios. . JEL classification : G11, G23

Date: 2005
Note: DOI:10.3406/ecofi.2005.3975
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