Hedge Fund Research, Inc. (HFR) has launched four new hedge Fund of Fund sub-strategy indices in conjunction with the launch of a new Fund of Funds (FOF) Database and Directory.

HFR President Joshua Rosenberg said: "Funds of Funds are fast becoming an important asset allocation element for many institutional and individual portfolios. As with any investment class, investors require timely, accessible and accurate benchmarks drawn from a robust data source in order to make informed allocation decisions."

The new sub-indices are derived from HFR's FOF Database and are inclusive of 470 global funds, thereby providing a new benchmark standard for this expanding investment class.

The four new sub-indices are: HFRI FOF Diversified Index; HFRI FOF Conservative Index; HFRI FOF Market Defensive Index and HFRI FOF Strategic Index. Each index represents separate components of the current HFRI Fund of Funds Index, a long-standing benchmark of fund performance. The sub-indices are compiled by various performance and volatility measurements and are updated biweekly, providing investors with up-to-the-moment quantitative data and analysis.

The four indices are available as part of a downloadable Database and Directory, which is comprised of two-page analytical reports with descriptive and graphical information on each fund. In addition to the fund's strategy description, which tracks with each sub-strategy index, there is detailed information on risk/return profiles, returns, and asset flows in both text and graphic formats.

Background Note: Chicago-based HFR Group L.L.C, founded in 1993, is one of the global leaders in hedge fund data, research, indexation and asset management. The HFR Group companies include Hedge Fund Research, Inc., and HFR Asset Management L.L.C. Hedge Fund Research produces HFR Database, considered to be the definitive source of hedge fund performance and information.  HFR also distributes the HFRI Monthly Performance Indices-the premier benchmarks for the hedge fund industry. HFR Asset Management offers a range of hedge fund investment products: Funds of Funds, single-manager funds and customized multi-manager funds, in addition to the licensing rights for HFR's new line of investable indices. The HFR Group also has offices in London and Milan.