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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 JPY 23682.22 1.51% 23330.78 -0.86% 2.12% 9.82% 5.34% 7.65% 0.63
   Convertible Arbitrage JPY 18994.00 2.12% 18599.42 -0.04% 4.73% 17.44% 3.94% 6.94% 0.50
   Dedicated Short Bias JPY 3384.59 -3.48% 3506.78 5.23% -6.99% -15.82% -6.32% 16.75% -0.41
   Emerging Markets JPY 19515.92 3.40% 18874.88 -0.08% 2.68% 13.28% 4.11% 15.26% 0.24
   Equity Market Neutral JPY 12304.43 1.59% 12111.67 -1.01% -3.09% -2.31% 1.26% 10.34% 0.08
   Event Driven JPY 26888.95 1.48% 26496.63 -1.57% 3.35% 13.76% 6.15% 5.97% 0.95
     Distressed JPY 31059.56 1.03% 30743.28 -1.11% 3.98% 15.42% 7.07% 6.55% 1.01
     Multi-Strategy JPY 25098.66 1.81% 24651.83 -1.95% 2.85% 12.56% 5.71% 6.38% 0.82
     Risk Arbitrage JPY 16935.39 1.53% 16680.95 0.05% 1.21% 5.17% 3.23% 4.08% 0.67
   Fixed Income Arbitrage JPY 12582.72 1.13% 12441.94 0.85% 6.48% 16.68% 1.40% 5.75% 0.16
   Global Macro JPY 38862.29 0.59% 38634.05 0.50% 4.55% 10.22% 8.53% 10.05% 0.80
   Long/Short Equity JPY 25870.40 2.43% 25257.67 -2.05% -0.75% 6.10% 5.90% 9.89% 0.55
   Managed Futures JPY 13688.12 -1.51% 13897.64 0.36% -1.08% -0.64% 1.91% 11.72% 0.12
   Multi-Strategy JPY 19125.27 1.58% 18827.41 -0.83% 1.97% 9.61% 3.99% 5.29% 0.66

*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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