Long/short funds should not generate alpha against long-only benchmarks in bull markets
Doug Phillips · Doug Phillips – Middle of the Fairway at the University of Rochester (Capital Allocators, EP.123) · Feb 24, 2020 · at 41:24
Doug Phillips, CIO of the University of Rochester Endowment, explains how Rochester evaluates performance benchmarks for long/short equity hedge fund managers.
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“One of the things we don't expect our long, short managers to do is to generate alpha Against our long equity benchmark in a rising market. That would mean that they're pushing it too hard on the long side.”
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