Press Releases & Announcements       
Back to Press Release & Announcement Index

May 15, 2003


May 15, 2003

NEW YORK, NY, May 15, 2003  --- The CSFB/Tremont Hedge Fund Index is up 1.96% for April 2003, according to Oliver Schupp, President of Credit Suisse First Boston Tremont Index LLC.

"Better than expected earning reports led global equity markets significantly higher in April, resulting in strong gains for the equity oriented strategies," said Mr. Schupp.  "As a result, the broadly diversified CSFB/Tremont Hedge Fund Index is up 1.96% for April and 4.23% year-to-date."

"Hedge funds that invest in emerging markets turned in the top performance this month with returns of 3.89% for April.  Distressed funds are on top year-to-date, up 8.72% for the year," said Robert I. Schulman, Co-Chief Executive Officer of Tremont Advisers. 

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

Category

April 2003

Mar 2003

YTD

CSFB/Tremont Hedge Fund Index 

1.96%

0.26%

4.23%

 

 

 

 

Convertible Arbitrage

1.42%

0.95%

6.94%

Dedicated Short Bias

-6.36%

1.23%

-9.39%

Emerging Markets

3.89%

1.00%

5.52%

Equity Market Neutral

0.40%

0.79%

1.45%

Event Driven

2.51%

1.01%

6.56%

  Distressed

3.27%

1.19%

8.72%

  Event Driven Multi-Strategy

2.03%

1.05%

5.80%

  Risk Arbitrage

1.52%

-0.27%

0.13%

Fixed Income Arbitrage

1.25%

0.42%

3.98%

Global Macro

2.16%

-0.66%

5.48%

Long/Short Equity

2.44%

0.43%

2.58%

Managed Futures

1.39%

-6.10%

7.47%

Multi-Strategy

1.55%

0.76%

3.93%

   

   

   

   

Dow Jones Industrial Index*

6.25%

1.43%

2.38%

MSCI $ World Index*

8.93%

-0.27%

3.55%

MSCI EAFE US $ Index*

9.92%

-1.89%

0.98%

NASDAQ Composite US $ Index

9.18%

0.27%

9.64%

S&P 500 Index*

8.23%

0.98%

4.82%

            * Total Return Indices

The CSFB/Tremont Hedge Fund Index April NAV is 259.01, returning 159.01% for the 112-month period since inception (January 1, 1994 through April 30, 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 431 funds as of April  1, 2003, up from 415 as of March 1, 2003.  Twenty-two funds were added: Marathon Global Convertible Master Fund, Canyon Capital Arbitrage Master Fund Ltd, BAREP Convertible Arbitrage Fund, Zazove Hedged Convertible Fund LP, Asian Credit Hedge Fund, AlphaGen Altai (Class A), AG Arb Partners LP, Vega Relative Value Fund, Alternatime, Highland Opportunity Fund Ltd, The Capital Fund Ltd, Vega Global Fund Limited, Gabelli Performance Partnership LP, Jupiter Hyde Park Hedge Fund Ltd, Myers Limited Partnerships, Gabelli European Partners Ltd, AlphaGen Avior Fund Ltd (Class B), Haidar Jupiter International - Short Equity Class, Malta Hedge Fund II LP, Aspect European Equity Fund (USD) Ltd, Double Black Diamond Ltd and Double Black Diamond LP.

Six funds were dropped: The two under $10 million Pactual funds, Pactual - Eternity Fund Ltd and Pactual - Infinity Fund Ltd, and the SEB Hedgefond Equity are believed to be liquidating, while Maple Row Partners LP liquidated.  Appaloosa Investment Limited Partnership I and Palomino Fund Ltd decided to report only to existing investors and no longer reports to the Index.

In addition, Alpine Associates LP has been reclassified from the multi-strategy sub-index to the event driven sub-index, and Watch Hill Fund LP merged into Watch Hill Strategic.

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 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 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 77 locations in 36 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.

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.