Investment strategies and their performance - Do Hedge and Quant funds, as well as funds using Fundamental analysis, have different risk adjusted returns - and can any of them beat the market?

This thesis investigates the performance of Hedge and Quant funds, as well as funds with a Fundamental approach (here called Value funds). The funds are also compared with a world index. Weekly data over a two year period (2011-2013), from about 25 funds out of every class, is used. The results show no statistical difference between Quant and Value funds, while Hedge funds have a lower risk adjusted return. Also, equally weighted portfolios, of all the funds using a certain investment strategy, was constructed in order to compare with a world index. Here the results show no statistical difference between the portfolios themselves, or the portfolios and the index, supporting the Efficient Market Hypothesis, that markets are efficient. However, the samples are small and the method of picking the samples is somewhat subjective, making the risk of sample error bigger. But on the other hand: my results are in line with earlier research, making my findings more plausible.