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June 17, 2002

June 17, 2002
CSFB/TREMONT HEDGE FUND INDEX IS UP 0.67% IN MAY Managed Futures Index is Top Performer -- Up 3.51%

NEW YORK, NY, June 17, 2002 --- The CSFB/Tremont Hedge Fund Index is up 0.67% for May 2002, according to Art Mbanefo of Credit Suisse First Boston Tremont Index LLC.

"Hedge funds continue to deliver the benefits of capital preservation and diversification for accredited investors," said Mr. Mbanefo. "It''''s no wonder we are seeing continued interest in hedge funds as they carve out modest year-to-date gains against continued losses in major indices like the S&P which is -7.05% and the NASDAQ which is down double-digits at -17.16."

"The managed futures sector outpaced others in May returning 3.51%," said Robert I. Schulman, Co-Chief Executive Officer of Tremont Advisers. "Year-to-date, however, the top performing sector continues to be emerging markets -- up 9.23%."

Performance for the CSFB/Tremont Hedge Fund Index and the nine style-based sector indices is calculated monthly. May, April and year-to-date 2002 returns for all categories are listed below and at

Category May 2002 Apr 2002 Y 2002
CSFB/Tremont/Index 0.67% 0.79% 2.20%
Convertible Arbitrage 0.23% 1.21% -0.67%
Dedicated Short Bias 1.19% 2.05% 1.52%
Emerging Markets -0.73% 0.12% 9.23%
Equity Market Neutral 1.29% 0.53% 2.79%
Event Driven 0.12% 0.74% 2.91%
Fixed Income Arbitrage 1.44% 1.35% 5.44%
Global Macro 0.78% 1.70% 5.54%
Long/Short Equity 0.80% 0.61% 0.72%
Managed Futures 3.51% -1.61% -2.75%
Dow Jones Ind. Index -0.21% -4.40% -0.96%
MSCI $ World Index -0.04% -3.52% -3.55%
MSCI EAFE US $ Index 0.93% 0.44% 1.43%
NASDAQ Composite -4.29% -8.51% -17.16%
S&P 500 -0.91% -6.14% -7.05%

The CSFB/Tremont Hedge Fund Index has returned 146.47% for the 101-month period since inception (January 1, 1994 through May 31, 2002).

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

The CSFB/Tremont Hedge Fund Index is comprised of 385 funds as of May 1, 2002, down from 390 funds as of April 1, 2002. Five funds were dropped, including Bayard Fund (Dollar), Rothschild Technology Partners LP, Equimetrics Fund Ltd, Chesapeake Select II Ltd, and Lipper Merger Arbitrage Fund LP. All except Equimetrics were dropped due to a failure to report performance. Equimetrics announced it would liquidate its assets.

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 only asset-weighted 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, Paul Calello, Managing Director and Art Mbanefo, Managing Director, and from Tremont Advisers, Robert I. Schulman, Co-Chief Executive Officer. 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 over 89 locations across more than 37 countries on 6 continents. The Firm is a business unit of the Zurich-based Credit Suisse Group, a leading global financial services company.

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 $1 billion 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 OppenheimerFunds 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.

For further information:     Art Mbanefo (212) 325-5981
                                     Robert I. Schulman (914) 925-1160

PR Contact:                    Meg Bode (516) 869-6610

© 1999-2017 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.