The article "FUND OF HEDGE FUNDS" discusses the history, advantages, disadvantages, and taxation of fund of funds (FoF). It compares FoF with direct investments, multistrategy funds, and managed accounts. The article also covers the performance, investment process, risk management, and recent developments in FoF. It explores themes like registered FoF, longer lockups, theme-oriented FoF, leveraged FoF, and derivatives on FoF. The article provides insights into hedge fund alpha and offers references for further reading.