The study looked at whether adding hedge funds to a mix of stocks and bonds helps to reduce risk and improve performance. They analyzed different strategies from 1998 to 2016 and found that, on average, including hedge funds didn't significantly boost performance compared to a well-diversified portfolio. While some risk reduction was seen, overall performance didn't show a big improvement. This research adds to what we know about how hedge funds impact multi-asset portfolios, using more strategies and data than previous studies.