Wyniki inwestycyjne funduszy hedge po doświadczeniach kryzysu finansowego
Investment performance of hedge funds after the financial crisis

Summary/Abstract: In the article, the author analyses the investment performance of hedge funds. The interpretation of this performance plays a crucial cognitive role since it determines allocation decisions taken by investors. The investment performance of these funds is also important for it is compared with the effectiveness of classical forms of investment. The article consists of three parts. The first one presents the essence of a hedge fund and discusses the main definitions of the notion. The second part of the paper describes measures used for assessing the results of investment policy followed by hedge funds. Finally, the last part of the article compares the performance of hedge funds with S&P 500 index in the years 1997–2012, with special reference to the consequences of the financial crisis. Furthermore, the author discusses reasons behind controversy concerning the interpretation of investment performance of hedge funds. Based on conclusions drawn from the analysis, the author claims that regardless of a situation on the market, thanks to their flexibility hedge funds delivered better performance in the period under analysis than the broad market measured by S&P 500 index.

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