The Hedge Fund Report: Getting What You Pay For

A lot has been written about "hedged mutual funds," which use hedge-fundlike trading strategies such as short selling and leverage.

Those hybrid funds resemble mutual funds in two ways: They are subject to strict regulations and they do not charge performance-based fees. A few have proven popular with investors.

What nobody has really bothered to look at is how these vehicles compare with hedge funds in terms of performance. A recent study by the London Business School called "Poor Man's Hedge Fund" says that the news isn't good. ...