TY - JOUR T1 - Hedge Funds with Style JF - The Journal of Portfolio Management SP - 101 LP - 112 DO - 10.3905/jpm.2003.319877 VL - 29 IS - 2 AU - Stephen J. Brown AU - William N. Goetzmann Y1 - 2003/01/31 UR - https://pm-research.com/content/29/2/101.abstract N2 - The popular perception is that hedge funds follow a reasonably well-defined market-neutral investment style. Investigation of the monthly return history of hedge funds over 1989–2000, however, finds there are in fact distinct styles of management that account for about 20% of the cross-sectional variability in performance. This result is consistent across the years in the sample and robust as to the way investment style is determined. Appropriate style analysis and style management are crucial to success for investors looking to invest in hedge funds. ER -