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Should I have the administrator prepare the fund’s accounting monthly or quarterly?

While managers may obtain reduced pricing for quarterly accounting, there are significant drawbacks. Most notably, if an accounting is performed on a quarterly basis, managers typically may accept new capital contributions on a quarterly basis. This is because an accounting must be completed every time there is capital activity to recalibrate each investor’s pro-rata ownership percentage of the fund.

In addition, sophisticated investors such as fund-of-funds, family offices and pension plans use statistical analysis to compare the track records of hedge fund managers. The reliability of any statistical analysis depends considerably on the number of data inputs. Such investors prefer to have twelve return data points per year, rather than only four.

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