That aligns with what I said, although there are plenty of private hedge funds that don't report their returns. The benefit varies for each client. An example

That aligns with what I said, although there are plenty of private hedge funds that don't report their returns. The benefit varies for each client. An example would be a real-estate company that has holdings in a fund. Preservation and low volatility is far more important than raw gains and can be used as collateral to offset losses in physical property valuations.