A fund claims an annualized return of 8.52%, which seems pretty good, but after deducting performance fees, it’s only 6.82%—this hidden risk is worth being cautious about. The bigger issue isn’t the absolute return but the fact that over 90% of the fund’s assets are concentrated in a single political event variable. No matter how good the performance looks, it’s hard to call it stable; the key is whether the positions are sufficiently diversified and whether effective hedging tools are in place. In other words, don’t be fooled by attractive performance figures; you also need to consider whether this return is built on solid risk management.