The auditors looked at a sample of 24 energy efficiency projects co-financed by the Cohesion Fund and European Regional Development Fund.

BBC: EU auditors criticise energy efficiency projects

Many of them have to us unacceptable fund-raising efficiency ratios (spending more than 30% of the money raised in raising the money).

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Where Thai and Indonesian firms might have once considered listing in Hong Kong, they are now attracted by the growing base of fund managers in Singapore (drawn there by the easy living and efficiency of the city, a far cry from Hong Kong's pollution and crowding).

ECONOMIST: Clouds over Hong Kong

The fund gives a grant for a package of energy efficiency and heating measures ranging from insulation to, in some cases, a central heating system if you do not have one at the moment.

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The purpose of the fund is to improve airport operations and grants-in-aid from the fund help improve the safety, efficiency and noise compatibility of a wide-range of airports, from the largest airports in the country to certain privately-owned reliever airports.

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Thus, it behooves any individual investor evaluating his or another hedge fund to look beyond reported returns to review after-tax returns and consider the tax efficiency of respective investment strategies.

FORBES: Reported Returns Don't Tell The Full Story