Chen, ZheFoster, FrederickGallagher, David RLee, Adrian D2015-12-130312-8962http://hdl.handle.net/1885/73617An emulation fund is designed to reduce trading activity, thereby lowering costs, for a multi-manager fund. It does this by delaying, and potentially combining, trading decisions from each employed fund manager to eliminate offsetting trades (e.g. one manKeywords: Brokerage; fund-of-funds; G23; market impact; multi-manager; offsetting trades; portfolio emulation201310.1177/03128962124559332016-02-24