The article examines how different factors like fees, size, and age affect the performance of funds of funds hedge funds. These funds invest in a variety of hedge funds to reduce risk. They charge high fees, which can eat into profits. The study uses data from 1998 to 2003 to analyze performance. Diversifying investments can lower risk, but some funds may have high volatility. The research shows that factors like lock-up periods and hurdle rates can impact fund performance.