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February 18, 2003


February 18, 2003

NEW YORK, NY, February 18, 2003  --- The CSFB/Tremont Hedge Fund Index is up 1.28% for January 2003, according to Oliver Schupp, President of Credit Suisse First Boston Tremont Index LLC.

"Markets remained jittery during January, responding to world news and uncertainty," said Mr. Schupp.  "Despite the major sell-off we saw in equity-oriented long-only indices during the second half of January, hedge funds fared well, posting conservative, consistent returns for diversified investors."  

Mr. Schupp also announced the introduction of a new Index, the CSFB/Tremont Multi-Strategy Index.  "Due to the increased diversity we have seen over the past few years, it became apparent that this new category was important for us to track.  These multi-strategy funds are characterized by their ability to dynamically allocate capital among different strategies."

"Managed futures funds continued to outperform all style-based sectors," said Robert I. Schulman, Co-Chief Executive Officer of Tremont Advisers.  "The CSFB/Tremont Managed Futures Index posted 6.07% for January and is now up 27.13% over the past 12-months."

Performance for the CSFB/Tremont Hedge Fund Index and the ten style-based sector indices is calculated monthly.  January, December and one-year returns for all categories are listed below and at www.hedgeindex.com.

Category

Jan 2003

Dec 2002

1 Year

CSFB/Tremont Hedge Fund Index 

1.28%

1.07%

3.80%

       
Convertible Arbitrage

3.02%

1.66%

6.00%

Dedicated Short Bias

-2.73%

4.13%

13.76%

Emerging Markets

-0.45%

-0.53%

4.01%

Equity Market Neutral

0.31%

0.82%

7.62%

Event Driven

2.27%

0.99%

1.23%

  Distressed

3.12%

1.17%

0.81%

  Event Driven Multi-Strategy

1.47%

0.54%

7.91%

  Risk Arbitrage

-0.39%

0.53%

-4.11%

Fixed Income Arbitrage

1.26%

1.32%

5.99%

Global Macro

2.03%

0.85%

13.98%

Long/Short Equity

-0.07%

0.76%

-1.07%

Managed Futures

6.07%

5.50%

27.13%

Multi-Strategy

1.47%

0.54%

7.91%

               
Dow Jones Industrial Index*

-3.32%

6.09%

-17.08%

MSCI $ World Index*

-3.02%

-4.83%

-19.54%

MSCI EAFE US $ Index*

-4.17%

-3.35%

-14.64%

NASDAQ Composite US $ Index

-1.09%

-9.69%

-31.70%

S&P 500 Index*

-2.62%

-5.88%

-23.02%


            * Toal Return Indices

The CSFB/Tremont Hedge Fund Index January NAV is 251.68, returning 151.68% for the 109-month period since inception (January 1, 1994 through January 31, 2003).

For additional current and historical data including more comparisons with other widely followed global indices, visit the CSFB/Tremont Hedge Fund Index web site at www.hedgeindex.com.

The CSFB/Tremont Hedge Fund Index is comprised of 417 funds as of January 1, 2003, up from 402 as of December 1, 2002.  Four funds were dropped due to liquidation including Gryphon Hidden Values III Ltd, Mt. Everest Fund LP, Mt. Everest Fund Ltd, and Mt. Everest QP Fund LP.  The D. E. Shaw Valence International Fund 2 and Ardsley Partners Fund I LP were dropped as they were folded into other entities.  Twenty-two funds were added including The Advent Convertible Arbitrage (Cayman) Fund, Quattrdanto Fund Ltd, Growth Management Limited, Henderson UK Equity Market Neutral Fund Ltd (USD), GLC Gestalt Europe Fund Ltd, Milton Leveraged Arbitrage Fund Ltd, Harvest Capital LP, Clinton Global Fixed Income Fund, San Gabriel Opportunity Fund LLC, Spyglass Capital, Vega Select Opportunities Fund Ltd, AlphaGen Avior Fund Ltd (Class A), Futuris Fund, AlphaGen Cepheus Fund (Class B), AlphaGen Cepheus Fund (Class A), Bayou Fund LLC, Arcus Zensen Fund, OEI Mac Inc, AXA Futures, Systeia Futures USD Ltd, Systeia Futures Euro Ltd and Alpine Associates LP.  In addition, two funds merged into one: Halcyon Arbitrage LP and Halcyon Restructuring Fund LP have merged to form Halcyon Fund LP.

The Index is constructed using the TASS database of more than 2,600 hedge funds.  It includes both open and closed funds located in the U.S. and offshore, but does not include funds of funds.  In order to qualify for inclusion in the index selection universe, a fund must have US $10 million under management, a 12-month track record, and an audited financial statement.  Index funds are selected using a formula based on assets under management that ensures the Index always represents at least 85% of total assets in each of nine strategy-based sectors in the selection universe.  Once added, funds are not excluded until they liquidate or fail to meet the financial reporting requirements, in order to minimize survivorship bias.  The Index is calculated on a monthly basis and adjusted on a going-forward basis for capitalization and return.

The CSFB/Tremont Hedge Fund Index, the largest hedge fund benchmark, was designed to establish a standard for tracking and comparing hedge fund performance against other major asset classes, like the S&P 500, on a global basis.  Its web site provides interactive tools that allow users to manipulate the information and customize their research.

Credit Suisse First Boston Tremont Index LLC is the joint venture company of Credit Suisse First Boston Index Co., Inc., a subsidiary of Credit Suisse First Boston Inc., and Tremont Advisers, Inc.  The company''''s management team includes from CSFB, James Kreitman, Art Mbanefo, Oliver Schupp and James Vos, and from Tremont Advisers, Robert I. Schulman.  Credit Suisse First Boston Tremont Index LLC is headquartered at 11 Madison Avenue, New York, NY 10010-3629.

Credit Suisse First Boston (CSFB) is a leading global investment bank serving institutional, corporate, government and individual clients. CSFB''''s businesses include securities underwriting, sales and trading, investment banking, private equity, financial advisory services, investment research, venture capital, correspondent brokerage services and asset management.

CSFB operates in 78 locations in 37 countries across six continents. The Firm is a business unit of the Zurich-based Credit Suisse Group, a leading global financial services company. For more information on Credit Suisse First Boston, please visit our Web site at http://www.csfb.com.

Tremont Advisers, Inc is one of the leading global alternative investment management firms, whose business lines include research and investment management services, sale and distribution of its proprietary investment products, and database sales and information services. Tremont advises on approximately $9 billion in alternative investment assets, including more than $1billion in its proprietary funds.  Through its
information and market intelligence unit, TASS Research, the firm provides data on the performance of more than 2,600 alternative investment managers and funds.  Tremont, headquartered in Rye, New York with offices in Toronto, Bermuda and London, is a wholly owned subsidiary of Oppenheimer Acquisition Corp, the parent company of Oppenheimer Funds, Inc., one of the nation''''s most respected asset managers.

Certain statements in this Press Release constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results,
performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. The Companies assume no obligation to update these forward looking statements to reflect actual results, changes in assumption or changes in other factors affecting such forward looking statements.

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For further information:

 

Oliver Schupp

 

(212) 712-7641

 

 

Robert I. Schulman

 

(914) 925-1140

 

 

 

 

 

PR Contact:

 

Meg Bode

 

(516) 869-6610


© 1999-2014 Credit Suisse Hedge Index LLC. All rights reserved.Credit Suisse Hedge Fund Index was formerly known as Dow Jones Credit Suisse Hedge Fund Index from June 22, 2010 to September 15, 2013. Credit Suisse AllHedge Index was formerly known as Dow Jones Credit Suisse AllHedge Index from June 22, 2010 to September 15, 2013. Credit Suisse Blue Chip Hedge Fund Index was formerly known as Dow Jones Credit Suisse Blue Chip Hedge Fund Index from June 22, 2010 to September 15, 2013.