{
  "$schema": "https://hedgefund.wiki/api/schema.json#/definitions/Category",
  "endpoint": "https://hedgefund.wiki/api/categories.json",
  "version": "2026.05.0",
  "count": 20,
  "categories": [
    {
      "id": "accounting-valuation",
      "name": "Accounting & Valuation",
      "description": "How fund assets, liabilities, and performance are measured. NAV calculation, fair value hierarchy, side-pocket accounting, and Level 1/2/3 marks.",
      "key_terms": ["nav", "high-water-mark", "level-3-asset", "fair-value", "side-pocket", "crystallisation", "accrual-fee"],
      "see_also": [
        { "type": "category", "id": "fund-operations" },
        { "type": "category", "id": "regulatory-compliance" }
      ]
    },
    {
      "id": "alternative-investments",
      "name": "Alternative Investments",
      "description": "Asset classes outside long-only equity and bonds: private equity, real assets, infrastructure, art, litigation finance, and other illiquid plays.",
      "key_terms": ["private-equity", "j-curve", "co-investment", "illiquidity-premium"],
      "see_also": [{ "type": "category", "id": "portfolio-construction" }]
    },
    {
      "id": "behavioral-finance",
      "name": "Behavioral Finance",
      "description": "Cognitive and emotional biases that drive market inefficiencies and create both opportunities and traps for hedge funds.",
      "key_terms": ["herding", "anchoring", "loss-aversion", "overconfidence-bias", "narrative-fallacy"]
    },
    {
      "id": "commodities-futures",
      "name": "Commodities & Futures",
      "description": "Physical and financial commodity markets, futures curves, basis, roll yield, and the mechanics of CTA trading.",
      "key_terms": ["contango", "backwardation", "roll-yield", "basis", "term-structure"]
    },
    {
      "id": "crypto-digital-assets",
      "name": "Crypto & Digital Assets",
      "description": "Hedge fund engagement with crypto: spot, perps, basis trades, market-making, MEV, validator yield, and tokenized funds.",
      "key_terms": ["basis-trade", "perpetual-futures", "funding-rate", "mev", "tokenized-fund"]
    },
    {
      "id": "derivatives-options",
      "name": "Derivatives & Options",
      "description": "Forwards, futures, swaps, and the option Greeks. Pricing models, vol surface dynamics, and structured products.",
      "key_terms": ["delta", "gamma", "vega", "theta", "rho", "implied-volatility", "skew", "black-scholes"]
    },
    {
      "id": "esg-sustainable",
      "name": "ESG & Sustainable Investing",
      "description": "Environmental, social, and governance overlays in hedge fund mandates: SFDR Article 8/9, climate VaR, transition risk.",
      "key_terms": ["sfdr", "climate-var", "transition-risk", "scope-3-emissions"]
    },
    {
      "id": "equities-analysis",
      "name": "Equities & Analysis",
      "description": "Single-name equity analysis: financial statements, valuation multiples, quality screens, primary research.",
      "key_terms": ["ev-ebitda", "free-cash-flow-yield", "roic", "primary-research", "channel-checks"]
    },
    {
      "id": "fixed-income-credit",
      "name": "Fixed Income & Credit",
      "description": "Government, corporate, and structured credit markets. Yield curves, duration, OAS, default modeling, distressed debt.",
      "key_terms": ["duration", "convexity", "oas", "credit-default-swap", "distressed-debt"]
    },
    {
      "id": "fund-operations",
      "name": "Fund Operations & Structure",
      "description": "Legal entity setup, investor docs, prime broker relationships, fund admin, and the full ops stack.",
      "key_terms": ["master-feeder", "side-pocket", "gate", "lock-up", "high-water-mark", "prime-broker", "administrator"]
    },
    {
      "id": "global-markets",
      "name": "Global Markets",
      "description": "Cross-border markets, FX, EM debt and equity, sovereign analysis, and global rates.",
      "key_terms": ["carry-trade", "covered-interest-parity", "em-debt", "sovereign-cds"]
    },
    {
      "id": "hedge-fund-strategies",
      "name": "Hedge Fund Strategies",
      "description": "The strategy taxonomy: equity hedge, event-driven, global macro, relative value, managed futures, multi-strategy.",
      "key_terms": ["long-short-equity", "merger-arbitrage", "global-macro", "convertible-arbitrage", "multi-strategy-pod"]
    },
    {
      "id": "insurance-reinsurance",
      "name": "Insurance & Reinsurance",
      "description": "Reinsurance sidecars, ILS, cat bonds, and the convergence of hedge fund capital with re/insurance balance sheets.",
      "key_terms": ["cat-bond", "ils", "sidecar", "reinsurer-collateralized"]
    },
    {
      "id": "macroeconomics",
      "name": "Macroeconomics",
      "description": "The macro backdrop: monetary policy, fiscal cycles, trade balances, and how regimes shift.",
      "key_terms": ["yield-curve-inversion", "monetary-policy", "neutral-rate", "fiscal-dominance"]
    },
    {
      "id": "market-microstructure",
      "name": "Market Microstructure",
      "description": "How orders meet at the exchange: order book dynamics, latency, adverse selection, market making, dark pools.",
      "key_terms": ["bid-ask-spread", "adverse-selection", "kyle-lambda", "vpin", "iceberg-order"]
    },
    {
      "id": "portfolio-construction",
      "name": "Portfolio Construction",
      "description": "Translating signals into positions: optimization, risk budgeting, factor exposures, and capital allocation.",
      "key_terms": ["mean-variance-optimization", "risk-parity", "kelly-criterion", "factor-tilt"]
    },
    {
      "id": "quantitative-methods",
      "name": "Quantitative Methods",
      "description": "Stats, ML, time series, and the engineering of systematic alpha.",
      "key_terms": ["alpha", "beta", "sharpe-ratio", "sortino-ratio", "information-ratio", "cointegration", "kalman-filter"]
    },
    {
      "id": "regulatory-compliance",
      "name": "Regulatory & Compliance",
      "description": "Form ADV, AIFMD, MiFID II, Dodd-Frank, side letters, MNPI, expert networks, and the compliance lifecycle.",
      "key_terms": ["form-adv", "aifmd", "mifid-ii", "regulation-d", "expert-network", "mnpi"]
    },
    {
      "id": "risk-management",
      "name": "Risk Management",
      "description": "VaR families, expected shortfall, stress testing, scenario analysis, drawdown control, and counterparty risk.",
      "key_terms": ["value-at-risk", "expected-shortfall", "max-drawdown", "stress-test", "counterparty-risk"]
    },
    {
      "id": "trading-execution",
      "name": "Trading & Execution",
      "description": "Implementation shortfall, TCA, algo wheels, smart order routing, dark vs lit, and the execution alpha frontier.",
      "key_terms": ["implementation-shortfall", "vwap", "twap", "algo-wheel", "tca", "dark-pool"]
    }
  ]
}