Usually these funds will:
<ul>
 	<li>have over 80% invested in hedge funds, either directly or via master funds or a range of hedging strategies; and</li>
 	<li>an investment objective/policy to invest in hedge funds, either directly or via master funds or a range of hedging strategies</li>
</ul>
We wrote a note that explains how hedge funds work in some detail which you can access <a title="A bit about hedge funds" href="https://quoteddata.com/glossary-terms/bit-hedge-funds/">here</a>.