This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. There’s a lot about the hedge fund world that Jane Buchan, co-founder of hedge fund-of-funds firm Paamco, doesn’t understand. Or why so much attention goes to a few single-name stockpickers, when most assets sit with thematic investors like Bridgewater and AQR Capital Management. Or why people would pay hedge fund fees when they’re really getting market exposure. Especially when you can break up the factors that contribute to performance and keep just the parts you like.