Hedge funds are often described as complex. The complexity of hedge funds stems from the fact that the single capability of short selling unlocks an entire toolkit that not only makes hedge funds fundamentally different from long only funds, but also introduces an endless opportunity set that leaves each one fundamentally unique.

Some of that complexity becomes clearer when viewed through data. The THINK SA Hedge Fund Lens provides a structured view of this landscape, analysing 102 hedge funds across five distinct strategies* over an extended period. What becomes apparent is not only how these strategies* behave individually, but how outcomes can vary depending on how exposures evolve over time.