PT - JOURNAL ARTICLE AU - William Fung AU - David A. Hsieh TI - Risk in Fixed-Income Hedge Fund Styles AID - 10.3905/jfi.2002.319321 DP - 2002 Sep 30 TA - The Journal of Fixed Income PG - 6--27 VI - 12 IP - 2 4099 - https://pm-research.com/content/12/2/6.short 4100 - https://pm-research.com/content/12/2/6.full AB - The authors apply principal components analysis to groups of fixed-income hedge funds to extract common sources of risk and return. These common sources of risk are related to market risk factors, such as changes in interest rate spreads and options on interest rate spreads, or asset-based style factors (ABS). The conclusion is that fixed-income hedge funds tend to be exposed to a common ABS factor, credit spreads.