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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 GBP 476.15 1.50% 469.11 -0.83% 2.01% 10.15% 9.87% 7.75% 0.63
   Convertible Arbitrage GBP 379.41 2.10% 371.61 0.00% 4.65% 17.70% 8.37% 7.23% 0.47
   Dedicated Short Bias GBP 71.44 -3.36% 73.92 5.29% -6.10% -15.22% -2.01% 17.28% -0.40
   Emerging Markets GBP 392.73 3.34% 380.04 -0.04% 2.21% 13.17% 8.60% 15.35% 0.24
   Equity Market Neutral GBP 248.48 1.58% 244.60 -0.98% -3.29% -2.19% 5.64% 11.09% 0.06
   Event Driven GBP 552.42 1.47% 544.39 -1.54% 3.21% 13.99% 10.86% 6.03% 0.98
     Distressed GBP 636.46 1.03% 629.95 -1.08% 3.94% 15.75% 11.81% 6.62% 1.03
     Multi-Strategy GBP 515.37 1.80% 506.27 -1.92% 2.64% 12.70% 10.39% 10.15% 0.53
     Risk Arbitrage GBP 356.35 1.52% 351.02 0.09% 1.28% 5.54% 7.96% 10.34% 0.29
   Fixed Income Arbitrage GBP 250.05 1.13% 247.24 0.89% 6.62% 17.26% 5.68% 6.16% 0.12
   Global Macro GBP 772.66 0.61% 767.99 0.54% 4.80% 11.10% 13.12% 10.17% 0.80
   Long/Short Equity GBP 528.46 2.40% 516.10 -2.03% -1.04% 6.21% 10.56% 10.01% 0.56
   Managed Futures GBP 292.50 -1.43% 296.76 0.40% -1.39% -0.03% 6.69% 11.72% 0.15
   Multi-Strategy GBP 385.60 1.57% 379.63 -0.80% 1.96% 9.92% 8.48% 5.46% 0.64

*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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