Memo cites concern over illiquid investments and elevated volatility in manager's Advantage Fund.
Costs, time periods, and taxes.
And the best investment response is the same.
Energy is tempting, but its prospects are oh-so-uncertain.
There's more than meets the eye to CalPERS' decision to jettison hedge funds.
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Tactical asset-allocation funds continue to draw in assets, but not all investors will be comfortable with their broad mandates.