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Study: Less Regulated Funds Don't Outperform UCITS

A recent study found that there is no conclusive evidence that UCITS funds perform worse than less regulated hedge funds. The working paper was published by Erik Wallerstein and Nils S. Tuchsmid from the Haute Ecole de Gestion in Geneva, & Louis Zanolin from NARA Capital.
Non-UCITS-III-compliant hedge funds do not regularly outperform their more heavily regulated siblings, according to new research.

There is no conclusive evidence that UCITS funds do worse on a risk-adjusted basis, according to Nils Tuchsmid, Erik Wallerstein and Louis Zanolin's new working paper. Tuchsmid and Wallerstein work at the Haute Ecole de Gestion in Geneva, Switzerland, while Zanolin works at NARA Capital.

Risk-adjusted is the key word, however, as the study confirms that UCITS funds are substantially less risky than other hedge funds. The study also found some cross-sectional evidence that less-regulated funds do outperform UCITS funds. Source

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