Graduation Year

Fall 2013

Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Darren Filson

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© 2013 Travis Tunnell


The Hedge fund industry has grown significantly over the past 20 years, and is considered by many to be a part of the optimal portfolio. Using a Market Model, l created the optimal Markowitz portfolio over different business cycles to determine which hedge fund strategies are a part of the optimal portfolio. I determined that Distressed Credit Fixed Income hedge funds are optimal during bull markets, with no strategy being optimal during bear markets.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.