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The absolute return or simply return is a measure of the gain or loss on an investment portfolio expressed as a percentage of invested capital. The adjective "absolute" is used to stress the distinction with the relative return measures often used by long-only stock funds〔(Absolute return - Financial theory - Moneyterms: investment definitions and explanations ). Moneyterms. Retriev ed on 2013-10-23.〕 that are not allowed to take part in short selling. The hedge fund business is defined by absolute returns. Unlike traditional asset managers, who try to track and outperform a benchmark (a reference index such as the Dow Jones and S&P 500), hedge fund managers employ different strategies in order to produce a positive return regardless of the direction and the fluctuations of capital markets.〔Robert A. Jaeger, "All about Hedge Funds", Mc Graw Hill, pp.3-4.〕 This is one reason why hedge funds are referred to as alternative investment vehicles (see hedge funds for more details). Absolute return managers tend to be characterised by their use of short selling, leverage and high turnover in their portfolios. 〔Jérôme Teïletche, "Les Hedge Funds", collection répères, pp.11-13.〕〔Robert A. Jaeger, "All about Hedge Funds", Mc Graw Hill, pp.133-145 and 184-185.〕 == Benchmark == Although absolute return funds are sometimes considered not to have a benchmark, there is a common one: the funds should do better than short-dated government bonds (e.g. T-bills in the United States). For example, if such "cash" instruments yield 15%, at the same time a certain fund returns 5%, that would be considered not very good. In the case where the cash rate is close to zero, such as the early 2010s decade, this makes little difference. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Absolute return」の詳細全文を読む スポンサード リンク
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