TY - JOUR T1 - The Hedge Fund Manager's Guide to Equalization JF - Special Issues SP - 138 LP - 143 VL - 2002 IS - 1 AU - Fergus M Healy AU - Cary M. Kilvan Y1 - 2002/09/21 UR - https://pm-research.com/content/2002/1/138.abstract N2 - A key concern for hedge fund managers globally is the calculation and apportionment of the manager's performance (or incentive) fee. This article reviews the different accounting techniques that hedge fund managers use. The authors show that without the use of certain accounting techniques such as equalization or series accounting the performance fees paid can be disproportionate to the performance turned in over a specific period of investment. ER -