Unlike her sister Shelby , Mackenzie is thin. Mackenzie's most famous scene is the scene where she tries to hit a turtle named Verne with a thick book, but instead hits Shelby in the face. Although Mackenzie is shown to have contempt for Verne, she has compassion for Ozzie the Possum, crying when he is hit by a car.
This shows that Mackenzie is one of the few, human characters in Over the Hedge that actually cares for animal life. Unlike Shelby, who admires the Verminator, Mackenzie has a look of disgust when the Verminator shows up to kill the animals. This further demonstrates Mackenzie's care for animal life and well-being. See more at IMDbPro.
Photos Add photo. Top cast Edit. Drew Massey Verne as Verne voice …. Paunita Nichols Stella as Stella voice. Natalie Lander Heather as Heather voice. Colette Whitaker Penny as Penny voice. Bill Farmer Lou as Lou voice …. Jess Harnell Vincent as Vincent voice …. Sami Kirkpatrick Bucky as Bucky voice.
Madison Davenport Quillo as Quillo voice. Shane Baumel Spike as Spike voice. Michael Gough Rufus as Rufus voice …. Keith Ferguson Possum 1 as Possum 1 voice ….
Debi Derryberry Kid as Kid voice. Collin Dean Boy as Boy. Tom Owens Hammy as Hammy. More like this. Storyline Edit. Turn The Town Upside Down. Performance fees are closely associated with hedge funds, and are intended to incentivize the investment manager to produce the largest returns possible.
Management fees As with other investment funds, the management fee is calculated as a percentage of the net asset value of the fund at the time when the fee becomes payable. Management fees are usually calculated annually and paid monthly. Performance fees Performance fees, which give a share of positive returns to the manager, are one of the defining characteristics of hedge funds.
In contrast to retail investment firms, performance fees are prohibited in the U. Performance fees exist because investors are usually willing to pay managers more generously when the investors have themselves made money. For managers who perform well the performance fee is extremely lucrative. However, performance fees have been criticized by many people, including notable investor Warren Buffett, for giving managers an incentive to take excessive risk rather than targeting high long-term returns.
In an attempt to control this problem, fees are usually limited by a high water mark and sometimes by a hurdle rate. Alternatively, the investment manager might be required to return performance fees when the value of the fund drops.
This means that the manager does not receive performance fees unless the value of the fund exceeds the highest net asset value it has previously achieved.
This measure is intended to link the manager's interests more closely to those of investors and to reduce the incentive for managers to seek volatile trades. However, this mechanism does not provide complete protection to investors: a manager who has lost money may simply decide to close the fund and start again with a clean slate -- provided that he can persuade investors to trust him with their money.
A high water mark is sometimes referred to as a "Loss Carryforward Provision. Hurdle rates Some funds also specify a hurdle rate, which signifies that the fund will not charge a performance fee until its annualized performance exceeds a benchmark rate, such as T-bills or a fixed percentage, over some period.
This links performance fees to the ability of the manager to do better than the investor would have done if he had put the money elsewhere. Though logically appealing, this practice has diminished as demand for hedge funds has outstripped supply and hurdles are now rare. Strategies Hedge funds are no longer a homogeneous class.
Under certain circumstances, an investor or hedge fund can completely hedge the risks of an investment, leaving pure profit. These trades still contain residual risks which can be considerable. Some styles of hedge fund investing, such as global macro investing, may involve no hedging at all. Strictly speaking, it is not accurate to call such funds hedge funds, but that is current usage.
Additional leverage is sometimes used. Hedge fund risk Investing in a hedge fund is considered to be a riskier proposition than investing in a regulated fund, despite the traditional notion of a "hedge" being a means of reducing the risk of a bet or investment. The following are some of the primary reasons for the increased risk: Leverage - in addition to putting money into the fund by investors, a hedge fund will typically borrow money, with certain funds borrowing sums many times greater than the initial investment.
Short selling - due to the nature of short selling, the losses that can be incurred on a losing bet are theoretically limitless, unless the short position directly hedges a corresponding long position. Therefore, where a hedge fund uses short selling as an investment strategy rather than as a hedging strategy it can suffer very high losses if the market turns against it. Appetite for risk - hedge funds are culturally more likely than other types of funds to take on underlying investments that carry high degrees of risk, such as high yield bonds, distressed securities and collateralised debt obligations based on sub-prime mortgages.
Lack of transparency - hedge funds are secretive entities. It can therefore be difficult for an investor to assess trading strategies, diversification of the portfolio and other factors relevant to an investment decision. Lack of regulation - hedge funds are not subject to as much oversight from financial regulators, and therefore some may carry undisclosed structural risks. Investors in hedge funds are willing to take these risks because of the corresponding rewards.
Leverage amplifies profits as well as losses; short selling opens up new investment opportunities; riskier investments typically provide higher returns; secrecy helps to prevent imitation by competitors; and being unregulated reduces costs and allows the investment manager more freedom to make decisions on a purely commercial basis. Legal structure A hedge fund is a vehicle for holding and investing the funds of its investors. The fund itself is not a genuine business, having no employees and no assets other than its investment portfolio and a small amount of cash, and its investors being its clients.
The portfolio is managed by the investment manager, which has employees and property and which is the actual business. An investment manager may have a large number of hedge funds under its management. Regulatory considerations will also play a role. Many hedge funds are established in offshore tax havens so that the fund can avoid paying tax on the increase in the value of its portfolio.
An investor will still pay tax on any profit it makes when it realises its investment, and the investment manager, usually based in a major financial centre, will pay tax on the fees that it receives for managing the fund. Asia accounted for the majority of the remaining assets. The legal entity Limited partnerships are principally used for hedge funds aimed at US-based investors who pay tax, as the investors will receive relatively favorable tax treatment in the US.
The general partner of the limited partnership is typically the investment manager though is sometimes an offshore corporation and the investors are the limited partners. Offshore corporate funds are used for non-US investors and US entities that do not pay tax such as pension funds , as such investors do not receive the same tax benefits from investing in a limited partnership.
Unit trusts are typically marketed to Japanese investors. Other than taxation, the type of entity used does not have a significant bearing on the nature of the fund. In such a structure the investors will invest into a feeder fund which will in turn invest all of its assets into the master fund. The assets of the master fund will then be managed by the investment manager in the usual way. This allows several feeder funds e. Investors do not typically trade shares between themselves and hedge funds do not typically distribute profits to investors before redemption.
This contrasts with a closed-ended fund, which has a limited number of shares which are traded between investors, and which distributes its profits. Listed funds Corporate hedge funds often list their shares on smaller stock exchanges, such as the Irish Stock Exchange, in the hope that the low level of quasi-regulatory oversight will give comfort to investors and to attract certain funds, such as some pension funds, that have bars or caps on investing in unlisted shares.
With the bulk of hedge fund investment coming from the US, this distribution is natural. Google accredited investor and qualified purchaser for more.
What hedge funds do? This depends on the fund's objectives. Not all funds are aggressive, not all funds speculate, not all funds hedge, not all funds use leverage, not all hedge fund invest in the same things, not all funds are the same. Just as there are mutual funds with different objectives and risks, same is true for hedge funds. The public and general media does not understand hedge funds.
Hedge funds are private, non-public entities. Their charter is not public information and that is why most people don't understand hedge funds. Mutual funds are different from hedge funds in 2 major ways. Mutual funds cannot hedge well. They cannot short.
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