Fund Managers and How they Operate?

Hiii Everyone,

Curious to know,

Qn.1 :- How do all the funds managers like AIF, Hedge fund, etc manage the funds and gives return ?
Qn.2 :- Where do they invest or trade such huge funds ?

@Meher_Smaran, @ShubhS9, @TheGouda, @nithin

All funds have a mandate to invest in various asset classes like equities, debt, commodities, alternatives etc. Within those asset classes, they can have specific focus on sub-asset calsses like:
Equity: large-cap, mid-cap, small-cap, and micro-cap.
Debt: investment grade, credit, structured credit, etc.
Commodities: self-explanatory
Alternatives: private equity, venture capital, real estate, managed futures etc.

Some funds tend to be have long investing durations, some have short. It depends on the mandate of the fund and the strategy that they follow. A value investing oriented fund tends to be long-term, while a momentum- or trend following style fund tends to have more churn.

As in?