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Compared with mutual funds, hedge funds have far fewer clients and their portfolios are often less diversified. They charge fees known as "two and 20" in industry parlance — a management fee equal to 2 percent of the assets, plus 20 percent of any profits. If a firm managed $1 billion in assets, it would take $20 million as a fee each year. If it returned 6 percent, it would generate a profit of $60 million, $12 million of which managers would keep. Because of the management fee, the hedge fund makes money even when its investors lose.
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