PT - JOURNAL ARTICLE AU - Majed R. Muhtaseb TI - Hedge Funds, Asset Allocation, and Investable Benchmarks AID - 10.3905/jwm.2003.320476 DP - 2003 Apr 30 TA - The Journal of Wealth Management PG - 64--67 VI - 6 IP - 1 4099 - https://pm-research.com/content/6/1/64.short 4100 - https://pm-research.com/content/6/1/64.full AB - The author starts by observing that new attempts to create an investable hedge funds index are several. Yet, in this article, he shows that, in spite of these serious efforts, the hedge funds universe lacks the elements necessary to construct an investable index that can be used as a passive hedge fund investment vehicle. He concludes that hedge funds do not meet the tests for an asset class and do not fit into any of the classifications of asset classes proposed by Greer [1997].