A fund of funds is a fund which invests in a portfolio of other funds. Fund of funds generally come in two ‘flavours’. In the case of a ‘fettered’ fund of funds, the underlying funds will be funds managed by the same company. In the case of an ‘unfettered’ fund of funds, the underlying funds will be from different fund management groups. T. Bailey’s funds are unfettered which means that they are completely independent with no vested interests.