Hint: Inexperienced Managers Deliver Better Returns—But More Risk)
Should you invest your money with a hedge-fund newbie? According to the Wall St Journal conventional wisdom says it is better to go with experienced fund managers who have built long track records. But recent research suggests so-called emerging-manager funds deliver better returns, on average, than their more-established counterparts.
Fledgling managers may have an edge, fund analysts say, because they aren't weighed down with legacy positions and are free to invest as they see fit.
"You can have more-concentrated positions," says Rajesh K. Aggarwal, an associate professor at the Carlson School of Management at the University of Minnesota who has studied emerging fund managers….
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