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August 15, 2003


August 15, 2003

NEW YORK, NY, August 15, 2003  --- The CSFB/Tremont Hedge Fund Index is up 0.08% for July 2003, according to Oliver Schupp, President of Credit Suisse First Boston Tremont Index LLC.

"Stock and bond markets proved a bit tricky to trade during July, but event-driven strategies continued to perform nicely," said Mr. Schupp.  "Although the index is flat for the month, the year-to-date performance remains strong at over 8%, and hedge funds continue to provide good diversification and absolute returns."

"Distressed funds are top performers for the second month in a row," said Robert I. Schulman, Co-Chief Executive Officer of Tremont Capital Management, Inc.  "With a 1.14% return in July, after a 2.63% return in June, this strategy is now up 15.41% year-to-date, outperforming all others."

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

 

Category

July 2003

June 2003

YTD

CSFB/Tremont Hedge Fund Index 

0.08%

0.83%

8.03%

       

Convertible Arbitrage

-0.35%

-0.62%

7.78%

Dedicated Short Bias

-2.06%

-6.01%

-21.14%

Emerging Markets

0.56%

2.02%

13.68%

Equity Market Neutral

0.68%

0.46%

3.87%

Event Driven

0.95%

1.80%

12.08%

   Distressed

   1.14%

2.63%

15.41%

   Event Driven Multi-Strategy

 0.81%

   1.28%

10.58%

   Risk Arbitrage

0.48%

 0.75%

3.96%

Fixed Income Arbitrage

-0.98%

0.34%

4.63%

Global Macro

-0.11%

1.63%

10.27%

Long/Short Equity

0.27%

0.79%

7.48%

Managed Futures

-2.75%

-2.21%

7.47%

Multi-Strategy

0.34%

1.10%

7.51%

Dow Jones Industrial Index*

2.92%

1.67%

12.18%

MSCI $ World Index*

2.05%

1.77%

13.73%

MSCI EAFE US $ Index*

2.44%

2.47%

12.52%

NASDAQ Composite US $ Index

6.92%

1.68%

29.91%

S&P 500 Index*

1.76%

1.28%

13.72%

         * Total Return Indices

The CSFB/Tremont Hedge Fund Index July NAV is 268.47 returning 168.47% for the 115-month period since inception (January 1, 1994 through July 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 448 funds as of July 1, 2003, up from 421 funds as of June 1, 2003.

Phoenix Global Fund Ltd was dropped as they are no longer reporting, and 31 funds were added.  The added funds include Symphony Rhapsody, Bear Stearns Global Convertible Fund, Plexus Fund Ltd. Kodiak Capital, Symphony Overture, Okumus Market Neutral Fund Ltd, Avenue International, Avenue Asia, Mariner Fund, Castlerigg International Ltd. Quadrangle Debt Recovery Fund, Contrarian Capital Fund I LP, Mellon HBV Rediscovered Opportunities Fund, Para Fund, Obsidian Fund, FrontPoint Fixed Income Arbitrage, ACM High Grade Strategy, MKP Opportunity Offshore Ltd, Brevan Howard Fund Ltd, Chilton International BVI Ltd, Epoch Master Fund Ltd, Ascend Partners, Handelsbanken's Hedgefond Aktie Europa, Scinto Financial Services, Artis Technology Fund, AlphaGen Volantis, Pioneer Long/Short European Equity, JWH Global Strategies, Graham Global Investment Fund (Fed Policy), Nektar and Equity Opportunities Limited.

The Index is constructed using the TASS and CSFB/Tremont databases of more than 2,300 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 ten 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 as a total return index on a monthly basis, adjusted for asset in- and outflow and rebalanced, including a reselection according to the procedure outlined above, on a quarterly basis.

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 equities and bonds, on a global basis.  Its web site, www.hedgeindex.com, provides interactive tools that allow users to download index return series and monitor several key statistics for customized 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 Capital Management, Inc.  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 69 locations in 34 countries across five 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 Capital Management, 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 2,300 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.

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.