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December 08, 2008

Hedge Funds Post Modest Losses in November: Credit Suisse/Tremont Hedge Fund Index Estimated To Finish Down 0.71% for the Month

New York, December 8, 2008  Early estimates indicate the Credit Suisse/Tremont Hedge Fund Index (“Broad Index”) will finish down approximately 0.71% in November (based on 69% of returns received).

The overall hedge fund industry is expected to post modest losses in November, which is welcome news after two of the lowest months of performance on record. Continuing downward trends in US Treasury yields, commodity and currency markets led to positive performance for the Global Macro and Managed Futures sectors and helped mitigate the losses from other sectors. While several sectors capitalized on the month-end equities rally in which the S&P saw its largest weekly gain since 1974, the move does not appear to have been a main driver of performance due to its short duration.

Managed Futures was the best performing sector in the Broad Index, finishing the month up an estimated 3.21% (with 90% of funds reporting). In addition, three other sectors appear to be ending the month in positive territory, including Dedicated Short Bias, Equity Market Neutral and Global Macro.


Key Highlights in November

The continued commodities bear market benefited the Global Macro and Managed Futures sectors as short positions in the commodities sector led to gains for the month. Oil prices dropped below $50 a barrel from October highs, and were down almost $100 a barrel from previous levels this summer.

Yields on 10-Year Treasury Bonds dropped to record lows, falling below 3% in November. Some analysts currently forecast a further decline in yields if the U.S. Federal Reserve lowers interest rates in December as expected. If Federal Reserve efforts to improve market conditions by providing liquidity for asset-backed securities through the Term Asset-Backed Securities Loan Facility (TALF) are successful, a possible investment shift from treasuries to other securities could begin to create opportunities in the Relative Value sectors as well.


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Certain information contained in this document constitutes “Forward-Looking Statements” (including observations about markets and industry and regulatory trends as of the original date of this document), which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe”, or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties beyond our control, actual events, results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Credit Suisse has no obligation to update any of the forward-looking statements in this document.


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Contact Information

Credit Suisse Hedge Fund Index Investor Relations, telephone +1 212 538 0583,

Meg Bode, Bode Associates, telephone 516 869 6610,

Suzanne Fleming, Corporate Communications, Credit Suisse, telephone 212 325 7396,





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