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December 16, 2002


December 16, 2002

NEW YORK, NY, December 16, 2002  --- The CSFB/Tremont Hedge Fund Index is up 1.09% for November 2002, according to Oliver Schupp, President of Credit Suisse First Boston Tremont Index LLC.

"Eight weeks of rising stock markets helped the Index to gain over 1 percent in November, largely contributed by the equity oriented sectors," said Mr. Schupp.

Mr. Schupp announced that the CSFB/Tremont Event Driven Index is now subdivided monthly into three (3) categories that identify the major investment styles employed by Event Driven hedge funds. The new subcategories are Distressed, Risk Arbitrage and Event Driven Multi-Strategy. 

"There is a great deal of diversity among the strategies in the Event Driven sector," said Mr. Schupp.  "In order to account for that diversity and enhance the transparency, we decided to divide Event Driven into the three major areas of concentration.  We believe that the subdivision of the Event Driven sector allows investors a better benchmark for comparison and return attribution."  Mr. Schupp added that CSFB/Tremont continues to provide the combined Event Driven performance values each month, representing a roll-up of the three newly defined subcategories, as well as the values for each new subcategory.

"The CSFB/Tremont Distressed Index outperformed all other sectors during November, up 3.91%, demonstrating the diversity in the Event Driven category," said Robert I. Schulman, Co-Chief Executive Officer of Tremont Advisers.

Performance for the CSFB/Tremont Hedge Fund Index and the twleve style-based sector indices is calculated monthly.  November, October and year-to-date 2002 returns for all categories are listed below and at www.hedgeindex.com.

Category

Nov 2002

Oct 2002

Y 2002

CSFB/Tremont/Index

1.09%

-0.04%

1.96%

       
Convertible Arbitrage

1.92%

1.03%

2.34%

Dedicated Short Bias

-5.89%

-0.66%

13.46%

Emerging Markets

2.24%

2.38%

7.93%

Equity Market Neutral

0.31%

0.41%

6.54%

Event Driven

2.57%

-0.18%

-0.82%

  Distressed

3.91%

-0.72

-1.84%

  Event Driven Multi-Strategy

2.05%

0.10%

0.29%

  Risk Arbitrage

0.21%

0.52%

-3.97%

Fixed Income Arbitrage

-0.53%

2.27%

4.37%

Global Macro

1.23%

0.72%

13.69%

Long/Short Equity

0.57%

0.08%

-2.34%

Managed Futures

-2.09%

-5.03%

12.17%

               
Dow Jones Ind. Index

6.12%

10.81%

-9.62%

MSCI $ World DRI Index

5.41%

7.40%

-15.46%

MSCI EAFE US $ DRI Index

4.55%

5.38%

-12.73%

NASDAQ Composite US $ Index

11.21%

13.45%

-24.18%

S&P 500 DRI Index

5.89%

8.80%

-17.23%

The CSFB/Tremont Hedge Fund Index November NAV is 245.89, returning 145.89% for the 107-month period since inception (January 1, 1994 through November 30, 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 www.hedgeindex.com.

The CSFB/Tremont Hedge Fund Index is comprised of 403 funds as of November 1, 2002, down from 406 as of October 1, 2002.  The 3 funds dropped include Essex High Technology USA LP, Essex High Technology Ltd and Ridgeline Partners LP, all of which liquidated.

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.

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.