CIRJE-F- 524. Hakamada, Takeshi, Akihiko Takahashi, and Kyo Yamamoto, "Selection and Performance Analysis of Asia-Pacific Hedge Funds", November 2007.

This paper studies portfolio selection and performance analysis of hedge funds located or invested in Asia-Pacific. It investigates the characteristics of the funds' returns and recommends optimization methods to create a 'Fund-of-Funds'. The returns of the hedge funds are then decomposed into asset class factors. Finally, portfolio optimizations and performance analyses are integrated to show how these methods are utilized in practice.