Hedge Fund Returns

Does anybody have an effective method for studying/memorizing the return distributions of all hedge fund strategies (i.e. risk, return, skew, kurtosis, correlation, diversification potential, etc.)? Or know of a source that provides a good summary of this data?

How important is it to know all these specifics for each HF category and all the strategies included in those categories?

You need to know the general trends and what stands out, NOT individual numbers. Like for instance you should know details like the only strategy with a positive skew was short bias etc. Just go over all the strategies’ data and make a summary. They will NOT ask for you for specific performance numbers in the Level 1 exam.