Hedge Funds

New fund bias a fact of life


Newer is better, right?

It's a topic on which Sam Kirschner has become a bit of an evangelist. Kirschner, a managing director at Mayer & Hoffman Capital Advisors, a New York-based fund of funds with $120 million in assets under management, has analyzed a number of major reports on the subject to produce "The Search for Alpha: Investing in Newer Hedge Funds," a paper he is now trotting out to investors in an attempt to lay the issue to rest. "We've concluded that numerous studies have shown that newer funds have outperformed their more seasoned peers and have