As we extensively covered in Chapter 1, the hedge fund industry has been changing the makeup of its investment strategies since the beginning of the 1990s, reflecting the rising and falling performance of the various strategies. The search for new areas of investment is to be considered an evolutionary process, linked to the struggle for survival fought by hedge funds. At present, the hedge fund industry is rapidly shifting towards new frontiers and the emerging strategies are PIPEs, long/short credit, energy trading and structured finance. At the same time, long-standing strategies are being revised, in particular investments in commodities and real estate.