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Performance

Monthly Performance  
        Jul 2010         Jun 2010 YTD 1 Year Avg
Index / Sub Strategies Currency Value ROR Value ROR Return Return Annl* Std Dev* Sharpe*
Dow Jones Credit Suisse Hedge Fund Index USD 425.54 1.59% 418.89 -0.84% 2.22% 10.29% 9.13% 7.74% 0.73
   Convertible Arbitrage USD 342.62 2.22% 335.19 0.01% 4.92% 17.89% 7.71% 7.16% 0.59
   Dedicated Short Bias USD 62.55 -3.52% 64.83 5.45% -6.19% -14.98% -2.79% 16.91% -0.37
   Emerging Markets USD 353.15 3.52% 341.14 -0.03% 2.69% 13.59% 7.91% 15.37% 0.29
   Equity Market Neutral USD 227.68 1.67% 223.93 -0.99% -2.95% -1.87% 5.09% 10.70% 0.15
   Event Driven USD 492.44 1.56% 484.87 -1.58% 3.43% 14.11% 10.09% 6.09% 1.09
     Distressed USD 569.38 1.10% 563.19 -1.10% 4.11% 15.82% 11.06% 6.67% 1.14
     Multi-Strategy USD 457.84 1.90% 449.30 -1.97% 2.89% 12.85% 9.61% 6.48% 0.95
     Risk Arbitrage USD 315.51 1.61% 310.52 0.10% 1.47% 5.71% 7.17% 4.18% 0.89
   Fixed Income Arbitrage USD 226.92 1.20% 224.22 0.92% 6.79% 17.39% 5.07% 5.99% 0.27
   Global Macro USD 681.70 0.65% 677.29 0.56% 4.88% 11.16% 12.27% 10.13% 0.87
   Long/Short Equity USD 476.53 2.53% 464.78 -2.07% -0.77% 6.36% 9.87% 10.01% 0.64
   Managed Futures USD 262.23 -1.50% 266.21 0.42% -1.24% 0.10% 5.99% 11.74% 0.22
   Multi-Strategy USD 351.10 1.66% 345.35 -0.81% 2.15% 10.08% 7.99% 5.47% 0.83

*Average Annual Index data begins January 1994. Monthly Standard Deviation annualized. Sharpe ratio calculated using the rolling 90 day T-bill rate.


S&P 500USD7.01%-5.23%-0.11% 
Merrill Lynch All US Convertibles IndexUSD4.78%-3.10%4.27% 
Goldman Sachs Commodities IndexUSD5.63%0.42%-6.21% 
Credit Suisse High Yield II IndexUSD3.09%1.16%7.92% 
Citigroup World Government Bond IndexUSD3.64%1.72%2.56% 
Dow Jones World IndexUSD7.90%-3.14%-2.55% 
Dow Jones World Emerging IndexUSD7.93%-0.39%0.99% 
Dow Jones Latin America IndexUSD12.08%-3.32%-0.95% 
Dow Jones Global 1800 Asia Pacific ex Japan IndexUSD9.28%-0.10%-3.49% 
Dow Jones STOXX Eastern Europe Total Market IndexUSD20.97%-4.84%-11.73% 
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