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Excerpt from The New York Times -- "Hedge funds must reveal only their stock holdings, though many of them also sell shares short and trade other kinds of securities, said Stephen J. Brown, a professor of finance at New York University. What’s more, hedge funds must disclose only stocks in which they owned at least $100 million worth of shares at quarter’s end and can wait until 45 days after that to file, he said. They don’t have to say whether they changed their holdings in the interim. In a recent paper, Professor Brown and Christopher G. Schwarz, an assistant professor of finance at the University of California, Irvine, found that trading spiked around filing dates but that investing in the disclosed stocks provided a long-term average return no higher than what investors would have earned by putting money in a broad portfolio of stocks with similar characteristics."

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