商品敘述：

In the summer of 2008, AQR Capital Management was considering the launch of a new hedge fund strategy. The proposed DELTA portfolio would offer investors exposure to a basket of nine major hedge fund strategies. The DELTA strategy would be innovative in two ways. First, in terms of its structure, AQR would implement these underlying strategies using a well-defined investment process, with the goal being to deliver exposure to a well-diversified portfolio of hedge fund strategies. Second, in terms of its fees, the new DELTA strategy would charge investors relatively lower fees: 1% management fees plus 10% of performance over a cash hurdle (or, alternatively, a management fee of 2% only). This fee structure was low relative to the industry, where 2% management fees plus 20% of performance, often with no hurdle, was standard.

涵蓋領域：

Financial strategy;Hedge funds;Investment portfolio management;Investments;Strategy

相關資料：

Case Teaching Note, (5-212-084), 16p, by Daniel B. Bergstresser, Lauren H. Cohen, Christopher J. Malloy, Randolph B. Cohen, Timothy Gray;
Spreadsheet Supplement, (9-213-711), 0p, by Lauren H. Cohen, Christopher J. Malloy

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