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January 15, 2003

January 15, 2003

NEW YORK, NY, January 15, 2003  --- The CSFB/Tremont Hedge Fund Index is up 1.07% for December 2002 and up 3.04% for the year, according to Oliver Schupp, President of Credit Suisse First Boston Tremont Index LLC.

"Hedge funds faced a difficult environment last year, but two strong months at year end prevented an otherwise very disappointing year," said Mr. Schupp.   "Nonetheless, they preserved capital, and selected strategies delivered outstanding returns as compared with long-only equity indices which mostly finished down double digits."  

"Despite the tough market conditions in 2002, it was a good year for the CSFB/Tremont Hedge Fund Index in many ways," added Mr. Schupp.  "In addition to performing respectably against its peers, the Index grew to include more than $140 billion in invested assets, launched three new Event Driven sub-indices, and now encompasses more than 400 of the world''''s most prominent hedge funds."

"This was a banner year for managed futures," said Robert I. Schulman, Co-Chief Executive Officer of Tremont Advisers.  "The CSFB/Tremont Managed Futures Index outperformed all other sectors during December, up 5.50%, and for the year, up 18.33%, it''''s second best year ever after 1998."

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


Dec 2002

Nov 2002

Y 2002

CSFB/Tremont Hedge Fund Index 




Convertible Arbitrage




Dedicated Short Bias




Emerging Markets




Equity Market Neutral




Event Driven








  Risk Arbitrage




  Event Driven Multi-Strategy




Fixed Income Arbitrage




Global Macro




Long/Short Equity




Managed Futures




Dow Jones Industrial Index*




MSCI $ World Index*








NASDAQ Composite US $ Index




S&P 500 Index*




            * Toal Return Indices

The CSFB/Tremont Hedge Fund Index December NAV is 248.51, returning 148.51% for the 108-month period since inception (January 1, 1994 through December 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 402 funds as of December 1, 2002, down from 403 as of November 1, 2002.  One fund, BPI Global Opportunities Fund Inc, was dropped due to liquidation.

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

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

© 1999-2017 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.