Alternative Investment Group - WikiLeaks · PDF file · 2014-01-14GRADIENT EUROPE FUND (THE) 12 GRAHAM GIF II PROPRIETARY MATRI 29 ... PLATINUM PARTNERS VALUE ARBITRA 34 ... Past

Hedge Weekly N°47Investment Funds Performance Review

Alternative Investment Group

Week of Monday 14 Nov to Friday 18 Nov 2011

COPYRIGHT PROTECTEDAccording to the disclaimer stated on last page, this document belongs to HSBC Private Bank (Suisse) SA and its copyright protected. Ifsomeone publishes or disseminates it without HSBC Private Bank (Suisse) SA’s approval or authorization, the latter reserves the right topursue all remedies available, legal, equitable, or otherwise, to halt this unauthorized and inappropriate action. It also reserves the right toseek all monetary damages to which it may be entitled.

Index by Strategies iii

Index by Funds iv

Top/Bottom 20 1

Newsletter 4

Disclamer 37

Past performance is not a guide to future performance AlternativeInvestment Group

ii

Convertible Arbitrage

Convertible 4

Credit Long/Short

Credit 5Multi-Strategy 6

Distressed

Distressed Security 7

Equity Long/Short

Equity-Commodity 9Equity-Diversified 10Equity-Energy 17Equity-Financial 17Equity-Healthcare 17Equity-Mid-Small Cap 18Equity-Pharma-Biotech 19Equity-Technology 19Equity-Utility 19

Event Driven

Multi-Strategy 20

Fixed Income Arbitrage

Fixed Income 22

Fund of Funds

Arbitrage 23Event Driven 23Leveraged Multi-Strategy 23Long/Short 23Multi-Strategy 23Trading 24

Macro

Commodity 25Currency 25Diversified 25

Managed Futures

Currency 28Discretionary 28Systematic 29

Market Neutral

Discretionary 30Multi-Strategy 31Statistical Arbitrage 31Systematic 32

Merger Arbitrage

Merger-Arbitrage 33

Multi-Strategy

Diversified 34Multi-Strategy 36Systematic 36


iii

A

A.R.T. INTERNATIONAL INVESTOR ( 31

ABSOLUTE INSIGHT UK EQUITY MKT 30

ADELPHI EMERGING EUROPE. FUND 10

ADELPHI EUR. FUND $ (A) 11

AETOS CORPORATION - CLASS A 33

AG SUPER FUND INTERNATIONAL, LT 35

AJR INTERNATIONAL (BVI), INC. - 15

ALLBLUE LIMITED 34

ALLIANCE BERNSTEIN SELECT US EQ 15

ALPHADYNE INVESTMENT STRATEGIES 25

ALPHAGEN CAPELLA FUND-A- 11

ALPHAGEN HOKUTO FUND LTD - CLAS 14

ALPHAGEN OCTANIS CLASS A 15

ALPHAGEN TUCANA 11

ALPHAGEN VOLANTIS FUND, LTD - A 18

ALYDAR FUND LTD 15

ALYSHEBA FUND LIMITED 15

AMAZON MARKET NEUTRAL FUND CLAS 30

ANTARES EUROPEAN FUNDS, LTD - U 11

ARCUS JAPAN FUND -JPY- 14

ARROWGRASS INT FUND LTD 34

ASCEND PARTNERS FUND II LTD - A 15

ASPECT DIVERSIFIED FUND - CLASS 28

AVESTA FUND LTD A/1 15

B

BASSO INVESTORS LTD 4

BAY RESOURCES PARTNERS OFFSHORE 16

BEACH POINT TOTAL RETURN OFFSHO 8

BENNELONG ASIA PACIFIC MULTI ST 34

BLACK DIAMOND RELATIVE VALUE LT 30

BLACK DIAMOND, LTD - CLASS B (U 35

BLACK RIVER DYNAMIC STRATEGIES 34

BLACKROCK EOS CLASS B USD COMP 31

BLACKROCK MULTI-STRATEGY FUND 35

BLACKROCK 32 CAPITAL MASTER FUN 32

BLACKROCK FIXED INCOME GLOBAL A 22

BLACKROCK OBSIDIAN FUND 22

BLACKROCK UK EQUITY HEDGE FUND 15

BLUE SKY JAPAN LTD - CLASS A 14

BLUECREST CAPL INTL LTD A USD 35

BLUECREST EMERGING MARKETS FUND 25

BLUECREST MULTI STRATEGY CREDIT 5

BLUEMATRIX FUND CLASS -A- USD 31

BLUEMOUNTAIN CREDIT ALTERNATIVE 5

BLUEMOUNTAIN EQUITY ALTERNATIVE 35

BLUETREND FUND, LTD - CLASS A 28

BORONIA DIVERSIFIED FUND 28

BOUSSARD & GAVAUDAN HOLDING., L 35

BOYER ALLAN GREATER CHINA FUND 9

BOYER ALLAN PACIFIC FUND INC-A- 9

BREVAN HOWARD ASIA FUND LIMITED 25

BREVAN HOWARD CREDIT CATALYSTS 5

BREVAN HOWARD EM. MKT STRATEGIE 25

BREVAN HOWARD FUND, LTD - USD C 26

BREVAN HOWARD M/S FUND, LTD – C 34

BRIGADE LEVERAGED CAPITAL STRUC 6

BRUMMER MULTISTRATEGY 2XL, LTD 34

BRYN MAWR OFFSHORE LTD 17

BTG PACTUAL DISTRESSED MORTGAGE 8

BTG PACTUAL GLOBAL EMERGING MAR 26

C

CANYON BALANCED FUND LTD - CLAS 7

CANYON VALUE REALIZATION FD, LT 7

CAPITAL FUND, LTD (THE) 26

CAPULA GLOBAL RELATIVE VALUE FU 22

CASTLEROCK FUND LTD 16

CAXTON GLOBAL INVESTMENT LTD 26

CAZENOVE EURO EQ ABS RETURN FUN 11

CAZENOVE UK ABSOLUTE TARGET FUN 31

CAZENOVE UK EQUITY ABSOLUTE RET 15

CENTAUR COMMERCIAL MATERIALS FU 4

CENTAURUS INTERNATIONAL RISK AR 33

CERBERUS INTL. LTD 7

CHILTON CHINA OPPORTUNITIES FUN 9

CIPHER DIVERSIFIED FUND-A- 28

CLIVE FUND (The ) Class - A - 25

COBALT OFFSHORE LTD 16

COMAC GLOBAL MACRO FUND 26

CONQUEST MACRO FUND, LTD (COMP) 28

COREVEST PARTNERS LTD 9

CQS ABS FEEDER FUND - CLASS -B- 5

CQS ASIA FEEDER FUND LTD- CLAS 4

CQS CONV & QUANT STRATS FEED FD 4

CQS DIRECTIONAL OPP. FUND. Ltd 34

CQS DIVERSIFIED FUND (SPC) LTD 34

CRABEL FUND SPC LTD CLASS A 28

D

DAVIDSON KEMPNER DIST. OPP. INT 7

DAVIDSON KEMPNER INTL, LTD - CL 20

DB EQUILIBRIA JAPAN FUND 30

DB EQUILIBRIA JAPAN FUND LTD 2X 30

DISCUS FEEDER LTD CL. B USD STA 28

DKR QUANTITATIVE STRATS FUND, L 28

DORSET ENERGY FUND, LTD - CLASS 17

DOUBLE BLACK DIAMOND LTD - SERI 35

DRAKE ABSOLUTE RETURN FUND, LTD 26

DRAKE GLOBAL OPPORTUNITIES FUND 22

E

EAGLE GLOBAL FUND 29

ECOFIN GLOBAL LONG/SHORT FUND 19

EEA EUROPE LONG SHORT FUND -USD 11

EGERTON EUROPEAN DOLLAR CLASS - 11

ELEMENT CAPITAL FUND 26

ELLERSTON ASIA PACIFIC FUND 9

ELLERSTON GEMS - CLASS A 13

ELM RIDGE VALUE PARTNERS OFFSHO 16

EMF FIXED INCOME FUND, LTD 22

EMINENCE FUND LTD A 16

EMSO LTD (Emerging Markets Spec 25

ENNISMORE EUROPEAN SMALLER COMP 18

EPISODE INC. CLASS A 26


iv

EVEREST CAPITAL ASIA 9

EVEREST CAPITAL FRONTIER MARKET 10

EXANE ARCHIMEDES FUND CLASS A C 19

EXANE MICROMEGAS FUND LTD- CLAS 30

EXANE TEMPLIERS FUND 13

F

FEINGOLD OKEEFFE CAPITAL I OFFS 5

FINISTERRE SOVEREIGN DEBT FUND 5

FIREBIRD NEW RUSSIA FUND, LTD - 10

FIREBIRD REPUBLICS FUND, LTD 10

FIRST EAGLE GOOD HOPE INTERNATI 20

FORE MULTI STRATEGY FUND LTD 20

FORTRESS MACRO FUND LTD. CLASS 26

G

GABELLI ASSOCIATES LIMITED - CL 33

GAM GLOBAL RATES HEDGE FUND 26

GAM JAPAN EQUITY HEDGE FUND 14

GAMUT INVESTMENTS 26

GAVEA FUND LTD . CLASS A S/1 25

GEOSPHERE DIRECTIONAL FUND LTD 9

GEOSPHERE FUND, LTD 9

GLC DIVERSIFIED FUND LTD -A- 34

GLC GESTALT EUROPE FUND, LTD A/ 31

GLENROCK GLOBAL PARTNERS (BVI) 13

GRACIE CREDIT OPPORTUNITIES L.P 5

GRADIENT EUROPE FUND (THE) 12

GRAHAM GIF II PROPRIETARY MATRI 29

GRAHAM GLOBAL INVESTMENT FUND I 29

GRAHAM GLOBAL INVESTMENT FUND I 29

GREEN II FUND-S/ 01.06 COMPOSIT 26

GREEN T G2 FUND 5

GREENLIGHT CAPITAL OFFSHORE, LT 18

GROWTH MANAGEMENT LTD 10

GRT TOPAZ OFFSHORE PARTNERS, LT 18

GSA CAPITAL INTERNATIONAL FUND, 31

H

HABROK LTD 12

HALCYON OFF. ASSET-BACKED VALUE 8

HARMONIC ALPHA PLUS MACRO FUND 26

HENDERSON EUROPEAN ABS RETURN F 12

HENDERSON JAPAN ABS RETURN FD, 14

HENDERSON UK EQUITY L/S FUND LI 15

HIGHBRIDGE CAPITAL CORPORATION 35

HIGHBRIDGE LONG/SHORT EQUITY FU 16

HIGHBRIDGE STATISTICAL OPP. LTD 31

HORSEMAN GLOBAL FUND USD 13

HSBC ALPHA FUND LTD - HSBC EURO 12

HSBC ASIAN ADVANTEDGE FUND 23

HSBC DISTRESSED MARKETS FUND US 23

HSBC EMERGING ADVANTEDGE FUND 23

HSBC EUROPEAN ALPHA FUND -EUR 12

HSBC GH FUND USD 24

HSBC GIF GEM EQUITY ABSOLUTE RE 10

HSBC HEDGE INVESTMENTS FUND 24

HSBC INDIA ALPHA FUND 10

HSBC LEVERAGED GH FUND 23

HSBC MAA FUND USD 23

HSBC TRADING ADVANTEDGE FUND 24

HT ASIAN CATALYST FUND LLC 9

HUTCHIN HILL CAPITAL OFFSHORE F 34

I

III FUND LTD 22

III RELATIVE VALUE CREDIT STRAT 22

INVESTCORP STONEWORKS GLOBAL MA 27

IRONSHIELD SPECIAL SITUATIONS F 7

IVORY CAPITAL FLAGSHIP STRATEGY 16

J

JABCAP GLOBAL BALANCED FUND LTD 34

JABCAP MULTI STRATEGY FUND LTD 34

JCAM GLOBAL FUND LIMITED CLASS 5

JOHO FUND, LTD-A- 9

JPMORGAN PORT. STRAT. FUNDS-EUR 12

K

KALTCHUGA FUND - RUSSIA EQ. SUB 10

KEYNES LEVERAGED QUANTITATIVE S 29

KINETICS FUND, INC - A/A 16

KING STREET CAPITAL, LTD 7

KING STREET EUROPE LTD CLASS A 7

KROM RIVER COMMODITY FUND 28

L

LANSDOWNE EURO EQTY FD, LTD - A 12

LANSDOWNE GLOBAL FINANCIALS FUN 17

LANSDOWNE UK EQUITY FUND, LTD ( 15

LAZARD RATHMORE FUND - CLASS A- 4

LC CAPITAL OFFSHORE FUND, LTD 7

LIM ASIA MULTI-STRATEGY FUND CL 31

LIM JAPAN FUND 35

LINDEN INTERNATIONAL LTD 35

LION FUND, LTD (THE) 33

LONDON DIVERSIFIED FUND, LTD - 22

M

M. KINGDON OFFSHORE NV - A/1 13

MACQUARIE ASIAN ALPHA FUND 30

MAN AHL DIVERSIFIED PLC 29

MARATHON OVERSEAS FUND, LTD - A 22

MARATHON VERTEX JAPAN FD, LTD C 14

MARINER-TRICADIA CREDIT STRATEG 5

MARSHALL WACE - MW CORE A USD 12

MARSHALL WACE - MW EUREKA A1 EU 13

MARSHALL WACE - MW EUROPEAN TOP 12

MARSHALL WACE - MW GLOBAL FINAN 17

MARSHALL WACE - MW GLOBAL OPPOR 13

MARSHALL WACE - MW MARKET NEUTR 30

MARTIN CURRIE ARF - GLOBAL RESO 9

MARTIN CURRIE ARF - JAPAN FUND 14

MARTIN CURRIE EUROPEAN HEDGE FU 12


v

MAVERICK FUND, LTD - CLASS A/1 14

MBAM ACTIVE LONG SHORT 12

MELLON OFF GLOB OPP FUND LTD - 27

MELLON OFF. ALPHAACCESS FUND LT 27

MERCHANT COMMODITY FUND (THE) - 25

MILLENNIUM INTL LTD 36

MKP CREDIT OFFSHORE FUND 6

MKP OPPORTUNITY OFFSHORE, LTD 27

MLIS - CCI HEALTHCARE LONG SHOR 17

MLM MACRO PEAK PARTNERS OFFSH F 27

MONARCH DEBT RECOVERY FUND LTD 7

MONEDA ABSOLUTE RETURN LTD 20

MOORE EMERGING EQUITY L/S FUND 11

MOORE EMERGING FX . INC & CRY F 26

MOORE GLOBAL INV FD, LTD - A $ 27

MOORE MACRO MANAGERS FUND, LTD 27

N

NEVSKY FUND PLC (COMPOSITE) 14

NEZU CYCLICALS FUND LTD 9

NORDIC ALPHA CLASS B - NOK 12

O

OCCAM GLOBAL EMERGING MARKETS F 11

OCCO EASTERN EUROPEAN FUND 11

OCEANIC HEDGE FUND - CLASS A 9

OCTAGON PAN ASIA FUND 10

ODEY EUROPEAN, INC (EUR) 12

OMEGA OVERSEAS PARTNERS, LTD C 16

ORTUS FUND (CAYMAN) LTD 28

OWL CREEK OVERSEAS FUND, LTD 20

P

PALOMINO FUND LTD CLASS B ORIGI 5

PARA INTERNATIONAL FUND -A- 20

PARS IV OFFSHORE FUND II , CL. 22

PAULSON ADVANTAGE LTD -A- 20

PAULSON ADVANTAGE PLUS LTD 20

PAULSON CREDIT OPPORTUNITIES LT 7

PAULSON ENHANCED LTD 33

PAULSON INTERNATIONAL, LTD 33

PAULSON RECOVERY FUND LTD 20

PELHAM LONG/SHORT FUND LTD CLAS 12

PENSATO EUROPA FUND LTD EURO CL 13

PERCEPTIVE LIFE SCIENCES OFFSH 18

PERRY PARTNERS INTERNATIONAL IN 20

PERSHING SQUARE INTL.LTD 20

PHARO MACRO FUND LTD 27

PHARO TRADING FUND 26

PIA MACRO FUND LTD 27

PICTET-EASTERN EUROPE-P CAP 11

PINPOINT CHINA FUND CLASS A USD 10

PLATINUM FUND LTD 14

PLATINUM PARTNERS VALUE ARBITRA 34

PMA CREDIT OPPORTUNITIES 04/04 6

POLAR CAPITAL EUROP CONVICTION 13

POLAR CAPITAL EUROPEAN FORAGER 18

POLAR CAPITAL UK ABSOLUTE RETUR 15

POLLUX BRAZILIAN EQUITIES FUND 11

PROLOGUE FEEDER FUND, LTD. CLAS 22

PSAM MERGER FUND LTD 33

Q

QFS CURRENCY FUND, LTD CLASS B 25

QFS GLOBAL MACRO FUND, LTD CLAS 27

QVT OVERSEAS, LTD - B - Serie 1 36

R

RAB GL. MINING & RESOURCES FUND 14

RAB SPECIAL SITUATION FD LTD 18

REAL RETURN ASIAN FUND LTD (THE 10

RENAISSANCE INSTITUTIONAL EQUIT 16

RENAISSANCE INSTITUTIONAL FUTUR 29

REVELATION SPECIAL SITUATIONS F 20

RIDLEY PARK PARAGON FUND LTD - 14

RUBICON GLOBAL FUND, LTD 27

RWC BILTMORE FUND - E -DOLLAR 16

S

SAB OVERSEAS FUND LTD 16

SABA CAPITAL OFFSHORE FUND LTD 5

SELIGMAN TECH SPECTRUM FUND CLA 19

SEMINOLE OFFSHORE FUND 16

SENVEST PARTNERS, LTD - CLASS A 18

SHEPHERD INVEST LTD CLASS -A -C 36

SIERRA EUROPE OFFSHORE, LTD - U 13

SILVER POINT CAPITAL OFFSHORE L 7

SINOPIA L/S GL. BOND MK NEUT.FU 22

SINOPIA L/S GL. BOND MK NEUT.FU 22

SOFAER CAPL ASIAN HEDGE FD (Net 10

SOMERSET SPECIAL OPPORTUNITIES 8

SPINNER GLOBAL TECHNOLOGY FUND, 19

SR GLOBAL FUND - B - ASIA (Real 10

SR GLOBAL FUND C - INTERNATIONA 14

SR GLOBAL FUND F - EUROPE (€) ( 13

SR GLOBAL FUND G - EMERGING MKT 11

SR GLOBAL FUND H - JAPAN (Real 15

SR PHOENICIA INC CLASS -A- SERI 11

STANDARD PACIFIC CAPITAL -B- 14

STONE LION FUND LTD CLASS A 7

STRATEGIC VALUE RESTRUCTURING F 7

STRATUS FUND LIMITED CLASS B 34

SWORDFISH FUND LTD 27

T

TALENTUM ACTIVEDGE FUND LIMITED 30

TALENTUM ENHANCED FUND LIMITED 30

TANTALLON FUND (THE) 10

TEMUJIN INTERNATIONAL FUND LTD 30

TEWKSBURY INVESTMENT FUND, LTD 29

THEOREMA EUROPE FUND LTD A/1 EU 13

THEOREMA EUROPE FUND PLUS LTD B 13

THIRD POINT OFFSHORE 20

THIRD POINT ULTRA 20

TOSCA CLASS A - USD 17


vi

TRADELINK INTEGRATED PROGRAM LT 29

TRAXIS FUND LP (OFFSHORE) 27

TRAXIS SIVIK GLOBAL HEALTHCARE 19

TUDOR B.V.I GLOBAL FUND LTD -A- 27

TUDOR TENSOR FUND LIMITED CLASS 29

TULIP TREND FUND, LTD - A 29

TWO SIGMA COMPASS CAYMAN FUND 29

TWO SIGMA HORIZON CAYMAN LTD 35

TYRUS CAPITAL EVENT FUND LTD 21

V

VIKING GLOBAL EQUITIES III LTD- 14

VISIUM BALANCE OFFSHORE FUND CL 19

VISIUM CREDIT OPPORTUNITIES FUN 5

VISIUM INSTITUTIONAL PARTNERS F 17

W

WATERSTONE MKT NEUT OS FUND, LT 4

WF ASIA FUND LTD S/1 10

WINTON EVOLUTION FUND (THE) 36

WINTON FUTURES FUND - CLASS B 29

Y

YORK INVESTMENT LTD -CLASS A/1 21

Z

ZADIG FUND CLASS A1 13

ZAXIS OFFSHORE LTD - CLASS A/1 18

ZWEIG-DIMENNA INTL LIMITED - CL 16


vii

TOPInvestment Funds Return Date

RENAISSANCE INSTITUTIONAL EQUITIES LP (B) 32.54 11 Nov 11

MARSHALL WACE - MW GLOBAL OPPORTUNITIES A USD 27.08 15 Nov 11

DISCUS FEEDER LTD CL. B USD STANDARD LEVERAGE 22.58 11 Nov 11

BLACKROCK 32 CAPITAL MASTER FUND SPC, LTD (THE)- A/1

21.66 11 Nov 11

PLATINUM PARTNERS VALUE ARBITRAGE INT. FUNDLTD

19.81 31 Oct 11

STRATUS FUND LIMITED CLASS B 17.28 11 Nov 11

BLACKROCK FIXED INCOME GLOBAL ALPHA FUND 17.25 11 Nov 11

EAGLE GLOBAL FUND 14.25 11 Nov 11

GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS A 13.84 11 Nov 11

ENNISMORE EUROPEAN SMALLER COMPANIES 12.80 10 Nov 11

MKP OPPORTUNITY OFFSHORE, LTD 11.18 10 Nov 11

AMAZON MARKET NEUTRAL FUND CLASS A USD 11.07 11 Nov 11

BREVAN HOWARD FUND, LTD - USD CLASS A 10.82 31 Oct 11

CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP 10.71 16 Nov 11

MARSHALL WACE - MW EUREKA A1 EUR 10.30 15 Nov 11

MACQUARIE ASIAN ALPHA FUND 10.14 11 Nov 11

III RELATIVE VALUE CREDIT STRATEGIES FUND LTD 9.67 11 Nov 11

FINISTERRE SOVEREIGN DEBT FUND 9.10 31 Oct 11

III FUND LTD 9.01 11 Nov 11

JPMORGAN PORT. STRAT. FUNDS-EUROPE DYNAMICL/S FUND- EUR

8.87 07 Nov 11

Source - HSBC Private Bank

BOTTOMInvestment Funds Return Date

PAULSON ADVANTAGE PLUS LTD -45.59 31 Oct 11

HENDERSON EUROPEAN ABS RETURN FD, LTD USD -41.32 11 Nov 11

MERCHANT COMMODITY FUND (THE) - COMPOSITE -36.61 11 Nov 11

SENVEST PARTNERS, LTD - CLASS A -32.09 31 Oct 11

MLM MACRO PEAK PARTNERS OFFSH FD, LTD - B -29.76 11 Nov 11

PAULSON ADVANTAGE LTD -A- -29.37 31 Oct 11

HENDERSON UK EQUITY L/S FUND LIMITED -29.34 11 Nov 11

CIPHER DIVERSIFIED FUND-A- -29.28 11 Nov 11

PAULSON RECOVERY FUND LTD -24.57 31 Oct 11

BLUE SKY JAPAN LTD - CLASS A -23.59 31 Oct 11

TULIP TREND FUND, LTD - A -22.26 11 Nov 11

JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NI -21.92 08 Nov 11

RAB GL. MINING & RESOURCES FUND LTD -B- -21.86 10 Nov 11

JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI -21.76 31 Oct 11

RIDLEY PARK PARAGON FUND LTD - CLASS A1 -21.50 31 Oct 11

BENNELONG ASIA PACIFIC MULTI STRATEGY EQ. FUNDLTD

-21.35 11 Nov 11

OCCAM GLOBAL EMERGING MARKETS FUND CLASS A -20.71 15 Nov 11

CASTLEROCK FUND LTD -20.29 31 Oct 11

TRADELINK INTEGRATED PROGRAM LTD -20.05 11 Nov 11

CHILTON CHINA OPPORTUNITIES FUND LTD -20.03 11 Nov 11


This ranking is for information only and should not be considered as exhaustive.


1


HENDERSON EUROPEAN ABS RETURN FD, LTD USD 41.65 31 Dec 10

SENVEST PARTNERS, LTD - CLASS A 39.59 31 Dec 10

TULIP TREND FUND, LTD - A 38.39 31 Dec 10

THIRD POINT ULTRA 37.91 31 Dec 10

HENDERSON UK EQUITY L/S FUND LIMITED 35.91 31 Dec 10

THIRD POINT OFFSHORE 33.75 31 Dec 10

MOORE EMERGING EQUITY L/S FUND LTD -A- 32.18 31 Dec 10

VISIUM CREDIT OPPORTUNITIES FUND 31.67 31 Dec 10

CQS DIRECTIONAL OPP. FUND. Ltd – 1A NI 31.45 31 Dec 10

KINETICS FUND, INC - A/A 30.80 31 Dec 10

EVEREST CAPITAL FRONTIER MARKETS 30.64 31 Dec 10

JPMORGAN PORT. STRAT. FUNDS-EUROPE DYNAMICL/S FUND- EUR

28.88 31 Dec 10

QFS CURRENCY FUND, LTD CLASS B SHARES (INDEX) 28.78 31 Dec 10

BLACKROCK OBSIDIAN FUND 28.71 31 Dec 10

ANTARES EUROPEAN FUNDS, LTD - USD 28.25 31 Dec 10

ORTUS FUND (CAYMAN) LTD 27.89 31 Dec 10

PALOMINO FUND LTD CLASS B ORIGINAL SERIES 27.86 31 Dec 10

ELEMENT CAPITAL FUND 27.60 31 Dec 10

MERCHANT COMMODITY FUND (THE) - COMPOSITE 27.40 31 Dec 10

PAULSON ENHANCED LTD 26.08 31 Dec 10



GLC GESTALT EUROPE FUND, LTD A/1 -13.42 31 Dec 10

CAZENOVE EURO EQ ABS RETURN FUND LIMITEDCLASS B

-12.05 31 Dec 10

SR GLOBAL FUND C - INTERNATIONAL (Real Perf) -11.82 31 Dec 10

GLC DIVERSIFIED FUND LTD -A- -11.56 31 Dec 10

SOFAER CAPL ASIAN HEDGE FD (Net Index) -10.14 31 Dec 10

INVESTCORP STONEWORKS GLOBAL MACRO FUND LTD -9.08 31 Dec 10

CAZENOVE UK EQUITY ABSOLUTE RETURN FUND -8.62 31 Dec 10

PMA CREDIT OPPORTUNITIES 04/04 -8.53 31 Dec 10

CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP -7.62 31 Dec 10

RAB SPECIAL SITUATION FD LTD -7.59 31 Dec 10

DISCUS FEEDER LTD CL. B USD STANDARD LEVERAGE -6.67 31 Dec 10

BOYER ALLAN GREATER CHINA FUND -6.31 31 Dec 10

OCCAM GLOBAL EMERGING MARKETS FUND CLASS A -5.93 31 Dec 10

RWC BILTMORE FUND - E -DOLLAR -5.19 31 Dec 10

SR GLOBAL FUND H - JAPAN (Real Perf) -4.22 31 Dec 10

TANTALLON FUND (THE) -3.54 31 Dec 10

SIERRA EUROPE OFFSHORE, LTD - USD/A -3.08 31 Dec 10

OCTAGON PAN ASIA FUND -2.68 31 Dec 10

POLLUX BRAZILIAN EQUITIES FUND -2.62 31 Dec 10

HIGHBRIDGE STATISTICAL OPP. LTD – CLASS A -2.39 31 Dec 10




2


SENVEST PARTNERS, LTD - CLASS A 229.09 31 Dec 09

PALOMINO FUND LTD CLASS B ORIGINAL SERIES 129.54 31 Dec 09

HENDERSON EUROPEAN ABS RETURN FD, LTD USD 110.93 31 Dec 09

JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI 85.11 31 Dec 09

PHARO TRADING FUND 81.79 31 Dec 09

GREEN II FUND-S/ 01.06 COMPOSITE 79.57 31 Dec 09

ELEMENT CAPITAL FUND 78.82 31 Dec 09

RAB GL. MINING & RESOURCES FUND LTD -B- 76.76 31 Dec 09

CANYON BALANCED FUND LTD - CLASS A 75.67 31 Dec 09

EVEREST CAPITAL ASIA 72.88 31 Dec 09

LINDEN INTERNATIONAL LTD 72.86 31 Dec 09

HABROK LTD 67.07 31 Dec 09

LAZARD RATHMORE FUND - CLASS A-2 64.10 31 Dec 09

STONE LION FUND LTD CLASS A 63.71 31 Dec 09

PARS IV OFFSHORE FUND II , CL. A/1 63.30 31 Dec 09

PINPOINT CHINA FUND CLASS A USD 62.34 31 Dec 09

HENDERSON UK EQUITY L/S FUND LIMITED 61.47 31 Dec 09

BAY RESOURCES PARTNERS OFFSHORE FUND 59.98 31 Dec 09

KINETICS FUND, INC - A/A 59.18 31 Dec 09

CANYON VALUE REALIZATION FD, LTD - CLASS A 59.09 31 Dec 09



HORSEMAN GLOBAL FUND USD -24.73 31 Dec 09

TULIP TREND FUND, LTD - A -24.68 31 Dec 09

BENNELONG ASIA PACIFIC MULTI STRATEGY EQ. FUNDLTD

-20.16 31 Dec 09

SR GLOBAL FUND H - JAPAN (Real Perf) -18.52 31 Dec 09

MAN AHL DIVERSIFIED PLC -16.89 31 Dec 09

CONQUEST MACRO FUND, LTD (COMP) -14.12 31 Dec 09

CAPITAL FUND, LTD (THE) -13.02 31 Dec 09

ASPECT DIVERSIFIED FUND - CLASS A -11.24 31 Dec 09

GROWTH MANAGEMENT LTD -8.34 31 Dec 09

KROM RIVER COMMODITY FUND -8.08 31 Dec 09

BLACKROCK 32 CAPITAL MASTER FUND SPC, LTD (THE)- A/1

-7.66 31 Dec 09

HSBC TRADING ADVANTEDGE FUND -7.51 31 Dec 09

RENAISSANCE INSTITUTIONAL EQUITIES LP (B) -6.17 31 Dec 09

BORONIA DIVERSIFIED FUND -5.99 31 Dec 09

WINTON EVOLUTION FUND (THE) -5.36 31 Dec 09

WINTON FUTURES FUND - CLASS B -4.63 31 Dec 09

MARATHON VERTEX JAPAN FD, LTD CLASS B -4.12 31 Dec 09

ELLERSTON GEMS - CLASS A -3.53 31 Dec 09

ZWEIG-DIMENNA INTL LIMITED - CLASS A -3.35 31 Dec 09

MLM MACRO PEAK PARTNERS OFFSH FD, LTD - B -2.95 31 Dec 09




3

InceptionDate

Liquidity Asset Size Last NAVor Index

Date Mtd Ytd Last Month Annual Returnsince Inception

AnnualVolatility

Max DD*

ConvertibleYTD Avg. 2011 0.09%

Convertible / AsiaYtd Avg. 2011

(4.42%)

CQS ASIA FEEDER FUND LTD- CLASS -B-Michael Hintze, Jean-Christophe Blanc

30 Apr 07 Q $180 MAug 11

1,179.35 11 Nov 11 1.13% (4.42%) 1,166.1731 Oct 11

3.70% 9.22% (24.55%)Oct 07 - Oct 08

Convertible / GlobalYtd Avg. 2011

1.06%

BASSO INVESTORS LTDHoward Fischer

30 Sep 95 Q $373 MDec 10

5,803.80 11 Nov 11 (0.15%) 2.71% 5,812.5231 Oct 11

11.52% 6.28% (25.00%)Dec 07 - Oct 08

CENTAUR COMMERCIAL MATERIALS FUND LTDCarrigaholt Holdings Ltd

28 Feb 98 M $154 MJun 11

257.92 31 Oct 11 0.38% 5.09% 256.9430 Sep 11

7.17% 5.59% (24.49%)May 07 - Nov 08

CQS CONV & QUANT STRATS FEED FD, LTD CLASS-A-N/RMichael Hintze/ Oliver Dobbs

29 Feb 00 M $686 MSep 11

2,713.78 11 Nov 11 0.04% (0.74%) 2,712.6931 Oct 11

8.90% 8.74% (34.03%)Oct 07 - Dec 08

LAZARD RATHMORE FUND - CLASS A-2Sean Reynolds, Christopher Sferruzzo

31 May 07 Q/M $ 1'097 MOct 11

181.83 11 Nov 11 (1.50%) (2.81%) 184.6031 Oct 11

14.37% 10.12% (16.23%)Aug 08 - Nov 08

Convertible / USAYtd Avg. 2011

0.72%

WATERSTONE MKT NEUT OS FUND, LTDShawn Bergerson

31 Jul 03 Q $1'619 MSep 11

219.61 31 Oct 11 2.22% 0.72% 214.8430 Sep 11

9.99% 11.04% (17.56%)Aug 08 - Oct 08

* Max DD: Peak to trough Source - HSBC Private Bank


4

InceptionDate



AnnualVolatility

Max DD*

CreditYTD Avg. 2011 0.26%

Credit / EmergingYtd Avg. 2011

9.10%

FINISTERRE SOVEREIGN DEBT FUNDPaul Crean and Xavier Corin-Mick

31 Mar 03 Q $464 MSep 11

237.88 31 Oct 11 0.88% 9.10% 235.8030 Sep 11

10.61% 7.54% (21.00%)Jun 08 - Oct 08

Credit / GlobalYtd Avg. 2011

(0.20%)

BLUECREST MULTI STRATEGY CREDIT FUNDBluecrest Capital Management LLP

30 Nov 07 Q $1'204 MMar 11

140.00 11 Nov 11 (0.08%) (0.05%) 140.1131 Oct 11

6.68% 6.26% (4.78%)Apr 11 - Nov 11

BLUEMOUNTAIN CREDIT ALTERNATIVES FUNDAndrew T. Feldstein

31 Oct 03 Q $3'379 MAug 11

207.65 11 Nov 11 0.18% 3.53% 207.2731 Oct 11

9.52% 6.89% (11.82%)Aug 08 - Dec 08

BREVAN HOWARD CREDIT CATALYSTS FUND LTDCLASS A USDDW Investment Management ,LP

31 Jul 09 M $ 1'928 MSep 11

136.78 31 Oct 11 (0.31%) 3.32% 137.2130 Sep 11

14.92% 5.41% (3.07%)May 11 - Oct 11

CQS ABS FEEDER FUND - CLASS -B-Alistair Lumsden,

30 Sep 06 Q $1'839 MSep 11

3,974.45 31 Oct 11 (2.89%) 1.62% 4,092.7130 Sep 11

31.16% 13.60% (3.86%)Apr 07 - Jun 07

FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTDAndrea S. Feingold & R. Ian O’Keeffe

31 Jul 02 Q $120 MDec 10

218.68 15 Nov 11 (0.70%) (8.31%) 220.2231 Oct 11

8.78% 8.52% (29.78%)Jun 07 - Dec 08

GRACIE CREDIT OPPORTUNITIES L.P.James Palmisciano

30 Jun 04 Q $2'053 MMar 11

215.15 30 Sep 11 0.72% 1.55% 213.6131 Aug 11

11.14% 5.22% (4.17%)Mar 08 - Sep 08

GREEN T G2 FUNDDarryl Green, Geoffrey Sherry

28 Feb 99 Q $1'552 MDec 10

248.22 11 Nov 11 (0.15%) 1.05% 248.5931 Oct 11

7.42% 3.75% (4.26%)Dec 03 - Jul 04

JCAM GLOBAL FUND LIMITED CLASS ATim Leslie

31 Dec 03 M $2'500MNov 10

1,873.53 11 Nov 11 (1.50%) (7.40%) 1,902.0631 Oct 11

8.31% 7.22% (14.85%)Feb 08 - Dec 08

MARINER-TRICADIA CREDIT STRATEGIES, LTDArif Inayatullah & Michael Barnes

31 Mar 05 Q $ 1'573 MOct 11

278.64 15 Nov 11 0.00% (0.20%) 278.6431 Oct 11

16.71% 8.46% (10.77%)Jun 08 - Nov 08

PALOMINO FUND LTD CLASS B ORIGINAL SERIESDavid Tepper

31 Dec 94 Y $4'912 MSep 11

4,906.23 30 Sep 11 (3.29%) (6.43%) 5,073.1331 Aug 11

26.15% 21.12% (49.05%)Feb 98 - Sep 98

SABA CAPITAL OFFSHORE FUND LTDSaba Capital mgmt

31 Jul 09 Q $1'633 MJan 11

130.06 10 Nov 11 0.57% 8.69% 129.3331 Oct 11

12.22% 2.52% (0.25%)Apr 11 - May 11

VISIUM CREDIT OPPORTUNITIES FUNDVisium Asset Management

30 Apr 09 Q $ 265 MMar 11

158.23 11 Nov 11 1.21% 0.22% 156.3431 Oct 11

19.85% 6.37% (6.07%)Jun 11 - Oct 11



5

InceptionDate



AnnualVolatility

Max DD*

CreditYTD Avg. 2011 0.26%

Credit / USAYtd Avg. 2011

(1.38%)

BRIGADE LEVERAGED CAPITAL STRUCTURES FUNDDon Morgan

31 Dec 06 Q $4'973 MSep 11

1,418.53 11 Nov 11 0.42% 3.52% 1,412.6031 Oct 11

7.45% 7.69% (19.42%)Jun 08 - Dec 08

MKP CREDIT OFFSHORE FUNDPatrick McMahon and Anthony Lembke

28 Feb 99 Y/ Q $2'738 MSep 11

386.52 10 Nov 11 0.04% (6.28%) 386.3631 Oct 11

11.23% 5.49% (9.75%)Feb 11 - Oct 11

Multi-StrategyYTD Avg. 2011 (2.22%)

Multi-Strategy / AsiaYtd Avg. 2011

(2.22%)

PMA CREDIT OPPORTUNITIES 04/04Darryl Flint

31 Mar 04 Y / Q $435 MAug 08

1,250.17 11 Nov 11 0.13% (2.22%) 1,248.4931 Oct 11

2.97% 5.52% (20.73%)Aug 08 - Oct 11



6

InceptionDate



AnnualVolatility

Max DD*

Distressed SecurityYTD Avg. 2011 (2.19%)

Distressed Security / EuropeYtd Avg. 2011

(4.10%)

IRONSHIELD SPECIAL SITUATIONS FUNDIronshield Capital Management LLP

31 Jul 07 Q $ 130 MJul 11

144.44 30 Sep 11 (0.87%) (3.37%) 145.7131 Aug 11

9.22% 12.60% (16.83%)Oct 07 - Apr 09

KING STREET EUROPE LTD CLASS AO. Francis Biondi, Jr., Brian J. Higgins

30 Jun 07 Q $ 559 MSep 11

137.06 11 Nov 11 (0.63%) (4.82%) 137.9331 Oct 11

7.48% 7.64% (8.24%)May 11 - Nov 11

Distressed Security / GlobalYtd Avg. 2011

(2.65%)

CANYON BALANCED FUND LTD - CLASS AM.R. Julis & J.S. Friedman

31 May 04 Q $1'500 MMay 11

2,316.04 31 Oct 11 2.35% (5.21%) 2,262.8630 Sep 11

11.98% 11.56% (30.14%)Oct 07 - Nov 08

CANYON VALUE REALIZATION FD, LTD - CLASS AM.R. Julis & J.S. Friedman

31 Dec 94 Q $6'410 MApr 11

5,496.43 31 Oct 11 2.19% (4.61%) 5,378.6430 Sep 11

10.65% 8.84% (28.82%)Oct 07 - Nov 08

CERBERUS INTL. LTDSteve Feinberg

31 May 93 Q $1'878 MSep 11

658,382.09 30 Sep 11 (1.57%) 4.92% 668,871.2831 Aug 11

10.82% 5.33% (22.26%)May 08 - Feb 09

DAVIDSON KEMPNER DIST. OPP. INT. LTD - CLASS CTRN 1 -Anthony A. Yoseloff, Avi Z. Friedman and Conor Bastable

31 Mar 05 Y $820 MDec 10

1,906.94 31 Oct 11 2.11% (2.50%) 1,867.5330 Sep 11

10.29% 11.37% (25.73%)Oct 07 - Nov 08

KING STREET CAPITAL, LTDO. Francis Biondi Jr & Brian J. Higgins

31 Dec 96 Q $12'200 MJul 11

478.23 11 Nov 11 (0.11%) (1.60%) 478.7631 Oct 11

11.10% 4.22% (5.16%)May 11 - Sep 11

LC CAPITAL OFFSHORE FUND, LTDSteven G Lampe & Richard F Conway

30 Sep 99 Y / Q $204 MOct 11

342.38 31 Oct 11 2.47% 1.11% 334.1230 Sep 11

10.71% 9.12% (34.48%)Jun 07 - Feb 09

MONARCH DEBT RECOVERY FUND LTDMichael Weinstock, Andrew Herenstein

31 Mar 02 Y $ 946 MDec 10

2,942.20 31 Oct 11 0.33% 0.86% 2,932.5330 Sep 11

11.91% 8.76% (33.02%)Oct 07 - Dec 08

PAULSON CREDIT OPPORTUNITIES LTDJohn Paulson

30 Jun 06 Y $5'139 MOct 11

1,323.48 31 Oct 11 4.90% (15.01%) 1,261.6530 Sep 11

62.21% 48.79% (24.80%)Apr 11 - Sep 11

SILVER POINT CAPITAL OFFSHORE LTDSilver Point Capital Offshore Ltd

31 Dec 01 Q $4'438 MSep 10

3,110.83 15 Nov 11 0.17% 3.03% 3,105.6131 Oct 11

12.17% 9.11% (35.48%)Jun 07 - Dec 08

STONE LION FUND LTD CLASS AGreg Hanley and Alan Mintz

31 Oct 08 Q $ 743 MAug 11

1,745.07 31 Oct 11 2.02% (0.78%) 1,710.5130 Sep 11

20.39% 10.87% (8.74%)Apr 11 - Sep 11

STRATEGIC VALUE RESTRUCTURING FUNDVictor Khosla

31 Aug 02 Q/Y $1'622 MMar 11

260.32 10 Nov 11 (0.25%) (9.40%) 260.9731 Oct 11

10.96% 8.28% (24.47%)May 07 - Jan 09



7

InceptionDate



AnnualVolatility

Max DD*

Distressed SecurityYTD Avg. 2011 (2.19%)

Distressed Security / USAYtd Avg. 2011

0.04%

BEACH POINT TOTAL RETURN OFFSHORE FUND II,LTDCarl Goldsmith, Scott Klein,

30 Jun 96 Q $ 496 MJan 10

495.42 31 Oct 11 2.89% 0.03% 481.5130 Sep 11

10.99% 8.66% (24.04%)Oct 07 - Dec 08

BTG PACTUAL DISTRESSED MORTGAGE FUNDBTG Pactual Global Asset Management

28 Feb 10 Q $ 180MSep 11

112.70 31 Oct 11 (4.11%) (4.13%) 117.5330 Sep 11

7.41% 9.11% (12.74%)Apr 11 - Oct 11

HALCYON OFF. ASSET-BACKED VALUE FUND LTDJoseph Wolnick ,Joseph Godley and Jim Coppola

30 Nov 05 Q $1'705 MSep 11

2,224.87 15 Nov 11 0.34% 5.07% 2,217.3331 Oct 11

14.35% 6.08% (13.32%)Aug 08 - Mar 09

SOMERSET SPECIAL OPPORTUNITIES FUND LPRobert Feingold

31 Jul 07 Q $ 200 MAug 11

151.74 31 Oct 11 6.15% (0.83%) 142.9530 Sep 11

10.30% 13.21% (25.61%)Aug 08 - Mar 09



8

InceptionDate



AnnualVolatility

Max DD*

Equity-CommodityYTD Avg. 2011 (0.99%)

Equity-Commodity / GlobalYtd Avg. 2011

(0.99%)

GEOSPHERE DIRECTIONAL FUND LTDArvind Sanger and Prashant Kothari

31 Dec 09 Q $ 208 MAug 11

106.62 11 Nov 11 (0.83%) (2.56%) 107.5131 Oct 11

3.50% 10.90% (11.80%)Jul 11 - Sep 11

GEOSPHERE FUND, LTDArvind Sanger and Prashant Kothari

30 Jun 07 Q $ 343 MAug 11

125.05 11 Nov 11 (0.41%) 1.22% 125.5631 Oct 11

5.25% 7.87% (15.83%)Jun 08 - Oct 08

MARTIN CURRIE ARF - GLOBAL RESOURCESChris Butler / Duncan Goodwin

30 Sep 03 M $160 MAug 11

17.71 14 Nov 11 (2.19%) (9.12%) 18.1131 Oct 11

7.29% 10.33% (18.97%)Jun 08 - Sep 11

OCEANIC HEDGE FUND - CLASS ACato Brahde, Andreas Vergottis, Bjorn Rise

31 Jul 02 M $1'453 MSep 11

3,180.57 11 Nov 11 (0.22%) 6.51% 3,187.5831 Oct 11

13.27% 8.31% (8.26%)Jan 10 - Jun 10

Equity-DiversifiedYTD Avg. 2011 (5.46%)

Equity-Diversified / AsiaYtd Avg. 2011

(6.50%)

BOYER ALLAN GREATER CHINA FUNDBoyer Allan Investment Management LLP

31 Oct 06 M $ 15 MOct 11

194.47 11 Nov 11 (1.77%) (4.67%) 197.9831 Oct 11

14.13% 18.19% (24.83%)Oct 07 - Oct 08

BOYER ALLAN PACIFIC FUND INC-A-J. Boyer & N. Allan

16 Nov 98 M $ 249 MOct 11

665.93 11 Nov 11 (2.51%) (14.87%) 683.0531 Oct 11

15.71% 21.68% (44.65%)Oct 07 - Nov 08

CHILTON CHINA OPPORTUNITIES FUND LTDChilton Investments Co., Inc.

31 Dec 06 Q $ 216 MFeb 11

172.66 11 Nov 11 (2.06%) (20.03%) 176.2931 Oct 11

11.88% 18.89% (22.55%)Oct 10 - Nov 11

COREVEST PARTNERS LTDKyung Hwa Paik

31 Dec 98 Y / Q $72 MMay 11

8,092.07 30 Sep 11 (10.63%) (5.62%) 9,055.0731 Aug 11

17.81% 24.94% (26.57%)Mar 02 - Feb 03

ELLERSTON ASIA PACIFIC FUNDAshok Jacob

31 Aug 07 Q $1'664 MAug 11

101.27 14 Oct 11 (0.28%) (7.80%) 101.5630 Sep 11

0.31% 9.14% (17.60%)Oct 07 - Feb 09

EVEREST CAPITAL ASIAEverest Capital Limited

31 Dec 05 Q $ 215 MSep 11

216.54 31 Oct 11 5.30% (1.17%) 205.6430 Sep 11

14.15% 20.65% (43.59%)Oct 07 - Feb 09

HT ASIAN CATALYST FUND LLCMs. Ophelia Tong

31 Dec 98 M $467 MAug 11

17.63 31 Oct 11 4.32% (8.85%) 16.9030 Sep 11

11.28% 12.16% (23.93%)Mar 00 - Mar 01

JOHO FUND, LTD-A-Robert Karr

31 Oct 96 S $1'951 MSep 11

1,290.67 11 Nov 11 0.70% (2.02%) 1,281.6431 Oct 11

20.31% 16.66% (19.38%)Nov 07 - Nov 08

NEZU CYCLICALS FUND LTDFuyuki Fujiwara

31 Jul 05 Q $425 MAug 11

205.85 11 Nov 11 (1.20%) 0.00% 208.3531 Oct 11

12.17% 13.41% (25.06%)Oct 07 - Feb 09



9

InceptionDate



AnnualVolatility

Max DD*


Equity-Diversified / AsiaYtd Avg. 2011

(6.50%)

OCTAGON PAN ASIA FUNDPoh Min Lam & Nelson Chia

30 Sep 04 M $136 MOct 11

188.58 31 Oct 11 (0.71%) (5.12%) 189.9330 Sep 11

9.36% 9.56% (10.69%)Oct 07 - Jan 09

PINPOINT CHINA FUND CLASS A USDQiang Wang

31 May 05 M $584 MAug 11

650.72 31 Oct 11 5.55% 4.16% 616.5030 Sep 11

33.86% 23.26% (42.16%)Oct 07 - Nov 08

REAL RETURN ASIAN FUND LTD (THE)Ezra Sun

30 Sep 04 M $882 MSep 11

235.51 11 Nov 11 (0.32%) (6.67%) 236.2731 Oct 11

12.79% 10.65% (14.81%)Oct 07 - Oct 08

SOFAER CAPL ASIAN HEDGE FD (Net Index)Terence Khoo / Terence Lim

31 Mar 89 M $120 MJun 07

1,103.13 31 Oct 11 (5.75%) (5.85%) 1,170.4330 Sep 11

11.21% 15.96% (35.36%)Mar 00 - Mar 03

SR GLOBAL FUND - B - ASIA (Real Perf)Richard Chenevix-Trench

31 Dec 93 M $1'400 MMar 11

661.15 09 Nov 11 (0.10%) (16.16%) 661.8131 Oct 11

15.38% 19.02% (36.50%)Feb 98 - Nov 98

TANTALLON FUND (THE)Nicholas Harbinson / Alex Hill

31 Oct 03 M $61 MSep 11

18.22 11 Nov 11 (3.03%) (4.51%) 18.7931 Oct 11

7.75% 13.81% (36.61%)Oct 07 - Jan 09

WF ASIA FUND LTD S/1Scobie Ward

31 Jan 01 M $215 MOct 11

288.61 11 Nov 11 0.22% (4.84%) 287.9731 Oct 11

10.33% 14.03% (37.65%)Oct 07 - Nov 08

Equity-Diversified / EmergingYtd Avg. 2011

(9.93%)

ADELPHI EMERGING EUROPE. FUND USD SHARESLars Dollmann

31 Mar 07 Q $221 MJan 11

139.62 11 Nov 11 (0.36%) (12.63%) 140.1331 Oct 11

7.49% 14.47% (28.62%)May 08 - Jan 09

EVEREST CAPITAL FRONTIER MARKETSEverest Capital Limited

31 Jul 08 Q $ 155 MSep 11

117.90 31 Oct 11 1.20% (13.70%) 116.5030 Sep 11

5.19% 16.05% (25.56%)Jul 08 - Feb 09

FIREBIRD NEW RUSSIA FUND, LTD - CLASS AHarvey Sawikin & Ian Hague

30 Jun 96 Q $174 MSep 11

2,322.01 11 Nov 11 (0.39%) (6.72%) 2,331.0131 Oct 11

22.70% 41.46% (81.79%)Mar 98 - Sep 98

FIREBIRD REPUBLICS FUND, LTDHarvey Sawikin & Ian Hague

30 Apr 97 Q $210 MJul 11

886.72 07 Nov 11 (0.07%) (12.82%) 887.3431 Oct 11

16.20% 32.00% (73.20%)Sep 97 - Jan 99

GROWTH MANAGEMENT LTDStephan Pinter

31 May 98 M $203 Mjul 11

373.43 31 Oct 11 0.24% (5.01%) 372.5230 Sep 11

10.31% 7.12% (27.48%)Jun 08 - Sep 11

HSBC GIF GEM EQUITY ABSOLUTE RETURN INSTIT.SHSNick Timberlake & Omar Negyal

31 Mar 10 D $30 MApr 11

10.40 16 Nov 11 1.21% 0.14% 10.2831 Oct 11

2.44% 8.77% (9.31%)Mar 11 - Sep 11

HSBC INDIA ALPHA FUNDSanjiv Duggal, Nilang Mehta , Viresh Mehta

31 Mar 07 M $168 MMay 11

119.06 11 Nov 11 (0.38%) (13.29%) 119.5131 Oct 11

3.85% 16.54% (34.72%)Dec 07 - Nov 08

KALTCHUGA FUND - RUSSIA EQ. SUB-FUND -$-J-L. Tauvy

15 Nov 00 BM $49 Mjun 10

7,765.66 11 Nov 11 (0.95%) (12.91%) 7,840.0931 Oct 11

20.49% 35.55% (81.80%)Dec 07 - Jan 09



10

InceptionDate



AnnualVolatility

Max DD*


Equity-Diversified / EmergingYtd Avg. 2011

(9.93%)

MOORE EMERGING EQUITY L/S FUND LTD -A-Greg Coffey

31 Mar 09 M $582 MMar 11

1,484.99 03 Nov 11 (0.92%) (4.97%) 1,498.8531 Oct 11

16.46% 12.97% (9.72%)Apr 11 - Sep 11

OCCAM GLOBAL EMERGING MARKETS FUND CLASSAEoghan Flanagan & James Mellersh

30 Apr 09 D $107 MJul 11

9.19 15 Nov 11 (4.07%) (20.71%) 9.5831 Oct 11

(3.79%) 18.42% (31.07%)Oct 09 - Sep 11

OCCO EASTERN EUROPEAN FUNDPawel Szulc & Andrew Wiles

31 Dec 01 Y / Q $428 MSep 11

325.71 11 Nov 11 1.84% 4.30% 319.8431 Oct 11

12.71% 8.09% (20.86%)Jun 08 - Oct 08

PICTET-EASTERN EUROPE-P CAPY. Ostrowsky

30 Sep 99 W $333 MNov 11

318.10 16 Nov 11 (1.76%) (21.49%) 323.7931 Oct 11

13.44% 30.20% (75.54%)Dec 07 - Feb 09

POLLUX BRAZILIAN EQUITIES FUNDPollux Capital

31 Oct 07 M $ 184 MMar 11

136.58 11 Nov 11 (0.31%) 0.30% 137.0031 Oct 11

8.04% 9.20% (9.59%)May 08 - Oct 08

SR GLOBAL FUND G - EMERGING MKTS (Real Perf)Richard Chenevix-Trench

29 Feb 96 M $2'650 MMar 11

1,208.49 09 Nov 11 (0.50%) (12.62%) 1,214.5631 Oct 11

21.32% 18.76% (37.25%)Oct 07 - Feb 09

SR PHOENICIA INC CLASS -A- SERIES 1George Robinson

31 Jul 01 M $450 MMar 11

390.46 09 Nov 11 (2.99%) (16.81%) 402.5131 Oct 11

14.17% 19.44% (56.02%)Oct 07 - Feb 09

Equity-Diversified / EuropeYtd Avg. 2011

(4.51%)

ADELPHI EUR. FUND $ (A)Roderick Jack

30 Sep 97 Q $871 MJan 11

364.14 11 Nov 11 (1.73%) (2.03%) 370.5531 Oct 11

9.58% 12.21% (26.28%)May 07 - Feb 09

ALPHAGEN CAPELLA FUND-A-John Bennett, Tomás Pintó & Léopold Arminjon

31 Oct 99 M $66 MSep 11

364.20 11 Nov 11 (0.23%) (2.05%) 365.0531 Oct 11

11.33% 7.65% (6.03%)May 07 - Sep 08

ALPHAGEN TUCANAJohn Bennett, Tomás Pintó & Léopold Arminjon

31 Dec 04 M $53 MSep 11

187.51 11 Nov 11 (0.24%) 1.14% 187.9731 Oct 11

9.59% 10.54% (28.68%)Oct 07 - Dec 08

ANTARES EUROPEAN FUNDS, LTD - USDLuca Orsini

08 Dec 98 M € 169 MJul 10

407.79 11 Nov 11 1.75% (13.15%) 400.7831 Oct 11

11.48% 16.12% (32.68%)Jun 07 - Dec 08

CAZENOVE EURO EQ ABS RETURN FUND LIMITEDCLASS BChris Rice, Steve Cordell

30 Nov 03 M €163 MMay 11

1,490.51 31 Oct 11 4.29% 4.13% 1,429.2030 Sep 11

5.17% 5.62% (17.67%)Oct 08 - Aug 11

EEA EUROPE LONG SHORT FUND -USD-NIJohn Hobson

31 Jul 09 M $ 165 MSep 11

107.40 04 Nov 11 (0.07%) (10.85%) 107.4831 Oct 11

3.61% 16.52% (14.97%)Sep 09 - Jun 10

EGERTON EUROPEAN DOLLAR CLASS -A-John C. Armitage

30 Nov 94 M $1'367 MOct 11

105.33 11 Nov 11 0.52% (2.35%) 104.7831 Oct 11

14.89% 10.35% (29.18%)Oct 07 - Jan 09



11

InceptionDate



AnnualVolatility

Max DD*



(4.51%)

GRADIENT EUROPE FUND (THE)I. Farman & S. Pagel

30 Nov 01 Q €89 MDec 08

97.57 31 Oct 11 1.28% (13.43%) 96.3430 Sep 11

(0.25%) 29.18% (82.25%)Jun 07 - Jan 09

HABROK LTDLeif Christian Kvaal

31 Mar 04 Q $1'070 MJul 11

229.58 31 Oct 11 4.19% (12.13%) 220.3530 Sep 11

11.57% 16.35% (38.24%)May 08 - Jan 09

HENDERSON EUROPEAN ABS RETURN FD, LTD USDStephen Peak

31 May 01 M €127 MJun 11

355.94 11 Nov 11 (0.42%) (41.32%) 357.4431 Oct 11

12.91% 19.72% (47.67%)Feb 08 - Nov 08

HSBC ALPHA FUND LTD - HSBC EUROPEANLEVERED ALPHA FUND EURJakob Nordestedt, Michael O’Mara

30 Nov 07 M $427 MFeb 11

154.11 28 Oct 11 0.43% 4.96% 153.4530 Sep 11

11.69% 5.93% (5.07%)Jun 08 - Sep 08

HSBC EUROPEAN ALPHA FUND -EURJakob Nordestedt, & Michael O'Mara

31 Dec 02 M $461 MJun 11

170.99 11 Nov 11 (0.14%) 1.07% 171.2431 Oct 11

6.24% 2.55% (1.34%)May 09 - Jul 09

JPMORGAN PORT. STRAT. FUNDS-EUROPEDYNAMIC L/S FUND- EURJonathan Ingram, John Baker, Anis Lahlou-Abid, J.P.Morgan Asset Management

30 Sep 03 M $2309 MJul 11

379.33 07 Nov 11 (0.23%) 8.87% 380.2031 Oct 11

17.87% 8.72% (16.39%)Jun 08 - Nov 09

LANSDOWNE EURO EQTY FD, LTD - A (EUR)P. Ruddock & S. Heinz

31 Aug 98 M $741 MSep 11

172.17 11 Nov 11 1.18% (11.11%) 170.1631 Oct 11

9.63% 11.98% (21.60%)May 08 - Feb 09

MARSHALL WACE - MW CORE A USDErnesto Fragomeni

31 Oct 06 M $932 MSep 11

120.89 15 Nov 11 0.72% 5.15% 120.0231 Oct 11

3.83% 10.46% (26.47%)Jun 07 - Sep 08

MARSHALL WACE - MW EUROPEAN TOPS A EURAnthony Clake

31 Dec 04 M $455 MSep 11

157.83 15 Nov 11 1.49% 4.49% 155.5131 Oct 11

6.86% 8.55% (21.75%)Oct 07 - Feb 09

MARTIN CURRIE EUROPEAN HEDGE FUND CLASS-B-Michael Browne & Steve Frost

31 Dec 00 M $124 MAug 11

221.21 11 Nov 11 0.54% (8.70%) 220.0331 Oct 11

6.08% 7.61% (11.03%)Jun 08 - Feb 09

MBAM ACTIVE LONG SHORTHilton Nathanson

31 Jul 10 M $628 MOct 11

109.96 11 Nov 11 0.34% 1.30% 109.5931 Oct 11

7.69% 4.05% (1.81%)Dec 10 - May 11

NORDIC ALPHA CLASS B - NOKThomas Raaschou, Christian T. Nygaard

31 Aug 03 M $160 MSep 11

159.79 31 Oct 11 6.76% (14.87%) 149.6730 Sep 11

5.91% 12.10% (32.36%)Dec 07 - Feb 09

ODEY EUROPEAN, INC (EUR)Crispin Odey

31 May 92 W $2'356 MApr 11

600.49 31 Oct 11 10.33% (13.88%) 544.2430 Sep 11

13.52% 16.24% (50.64%)Jan 94 - Jul 95

PELHAM LONG/SHORT FUND LTD CLASS A EURRoss Turner

31 Oct 07 M € 888 MOct 11

125.94 31 Oct 11 2.15% (6.86%) 123.2930 Sep 11

5.93% 10.92% (12.25%)May 08 - Dec 08



12

InceptionDate



AnnualVolatility

Max DD*



(4.51%)

PENSATO EUROPA FUND LTD EURO CLASSGraham Clapp & Edward Rumble

31 May 08 M €172 MOct 11

118.99 31 Oct 11 3.49% 1.33% 114.9830 Sep 11

5.21% 5.79% (5.40%)Jun 08 - Sep 08

POLAR CAPITAL EUROP CONVICTION FUND LIMITEDRobert Gurner

31 Mar 06 M €78 MAug 11

143.94 11 Nov 11 (0.49%) 5.45% 144.6531 Oct 11

6.70% 9.40% (5.84%)May 11 - Aug 11

SIERRA EUROPE OFFSHORE, LTD - USD/ACharles Michaels

28 Feb 97 M $122 MJul 11

436.37 11 Nov 11 1.55% 2.81% 429.7131 Oct 11

10.53% 9.31% (16.98%)Mar 00 - Jan 03

SR GLOBAL FUND F - EUROPE (€) (Real Perf)Rupert Dyson

31 Dec 95 M $60 MMar 11

219.44 09 Nov 11 (3.30%) (18.80%) 226.9331 Oct 11

11.08% 18.69% (47.97%)Jun 07 - Feb 09

THEOREMA EUROPE FUND LTD A/1 EURG. Govi & P. Mortarotti,

31 May 01 M $ 279 MFeb 11

197.77 11 Nov 11 (1.05%) 0.60% 199.8731 Oct 11

6.74% 5.55% (6.25%)Aug 08 - Jul 09

THEOREMA EUROPE FUND PLUS LTD B/1 USDG. Govi & P. Mortarotti

31 Aug 04 M $115 MJun 11

237.35 11 Nov 11 (2.21%) 1.34% 242.7231 Oct 11

12.76% 12.91% (13.96%)Aug 08 - Jul 09

ZADIG FUND CLASS A1Laurent Saglio

30 Nov 05 M €343 MOct 11

187.00 11 Nov 11 (1.73%) 2.47% 190.3031 Oct 11

11.09% 12.44% (19.14%)Aug 08 - Oct 08

Equity-Diversified / GlobalYtd Avg. 2011

(4.84%)

ELLERSTON GEMS - CLASS AAshok Jacob

30 Apr 06 Q $1'433 MSep 11

95.07 31 Oct 11 0.14% (12.83%) 94.9330 Sep 11

(0.92%) 10.30% (34.38%)Jul 07 - Feb 10

EXANE TEMPLIERS FUNDJean-Francois Roussel, Stéphane Arrouays, Henri-DanielSamama, Exane Asset Management

28 Feb 06 w € 692 MOct 11

17,360.39 15 Nov 11 (0.19%) 1.49% 17,393.2431 Oct 11

7.30% 3.19% (2.26%)Apr 11 - Aug 11

GLENROCK GLOBAL PARTNERS (BVI) INCMichael Katz

31 May 94 M $ 377 MMay 11

2,441.39 31 Oct 11 (3.70%) (8.07%) 2,535.1930 Sep 11

5.25% 14.58% (38.76%)Jul 96 - Jan 99

HORSEMAN GLOBAL FUND USDRussell Clark

31 Jan 01 M $131 MSep 11

392.35 16 Nov 11 (6.10%) 0.37% 417.8531 Oct 11

13.50% 17.03% (33.75%)Feb 09 - Jun 10

M. KINGDON OFFSHORE NV - A/1Mark Kingdon

28 Feb 86 Q $2'017 MSep 11

111.30 11 Nov 11 (1.16%) (17.17%) 112.6131 Oct 11

15.09% 13.03% (30.15%)Sep 87 - Oct 87

MARSHALL WACE - MW EUREKA A1 EURPaul Marshall

07 Jan 98 M $1'591 MSep 11

301.90 15 Nov 11 1.17% 10.30% 298.4031 Oct 11

13.67% 9.67% (23.24%)Oct 07 - Oct 08

MARSHALL WACE - MW GLOBAL OPPORTUNITIES AUSDFehim Sever

28 Feb 09 M $474 MSep 11

184.27 15 Nov 11 1.72% 27.08% 181.1631 Oct 11

25.28% 11.32% (4.70%)Mar 10 - May 10



13

InceptionDate



AnnualVolatility

Max DD*


Equity-Diversified / GlobalYtd Avg. 2011

(4.84%)

MAVERICK FUND, LTD - CLASS A/1Lee Ainslie III

28 Feb 95 M $1'085 MApr 11

1,042.31 11 Nov 11 0.71% (11.16%) 1,034.9631 Oct 11

12.27% 11.87% (30.04%)May 08 - Nov 08

NEVSKY FUND PLC (COMPOSITE)Martin Taylor and Nick Barnes

30 Sep 00 M $797 MAug 11

1,006.21 31 Oct 11 10.65% 3.49% 909.3230 Sep 11

23.14% 14.46% (22.14%)Oct 07 - Feb 09

PLATINUM FUND LTDKerr Neilson

31 May 94 M $546 MSep 11

65.74 11 Nov 11 (2.05%) (10.12%) 67.1231 Oct 11

11.39% 12.28% (30.48%)Oct 07 - Feb 09

RAB GL. MINING & RESOURCES FUND LTD -B-Philip Richards

31 Oct 07 M $82 MJan 11

97.96 10 Nov 11 (1.70%) (21.86%) 99.6531 Oct 11

(0.48%) 25.48% (53.66%)May 08 - Nov 08

RIDLEY PARK PARAGON FUND LTD - CLASS A1Julian Barnett

30 Apr 10 M $400 MFeb 11

86.01 31 Oct 11 1.34% (21.50%) 84.8730 Sep 11

(9.54%) 16.74% (24.07%)Dec 10 - Aug 11

SR GLOBAL FUND C - INTERNATIONAL (Real Perf)Hugh Sloane

31 Dec 93 M $1'300 MMar 11

481.67 09 Nov 11 (1.70%) (18.05%) 490.0031 Oct 11

12.89% 21.66% (45.08%)Dec 99 - Jul 01

STANDARD PACIFIC CAPITAL -B-Doug Dillard and Raj Venkatesan

30 Sep 95 Q $1'587 MSep 11

458.55 31 Oct 11 (3.16%) (2.22%) 473.5130 Sep 11

9.92% 8.15% (8.79%)Jun 02 - Aug 03

VIKING GLOBAL EQUITIES III LTD-A/1EAndreas Halvorsen

30 Sep 99 Y $8'112 MSep 11

8,343.40 11 Nov 11 (0.70%) 7.63% 8,402.2331 Oct 11

19.12% 10.48% (11.93%)Sep 01 - Mar 02

Equity-Diversified / JapanYtd Avg. 2011

(7.62%)

ALPHAGEN HOKUTO FUND LTD - CLASS AJohn Stewart & Robert Tull

31 Oct 00 M $421 MSep 11

197.26 11 Nov 11 (0.95%) 0.47% 199.1531 Oct 11

6.35% 4.32% (2.74%)Jul 08 - Oct 08

ARCUS JAPAN FUND -JPY-Robert Macrae

31 Mar 99 D $4'587 MMar 10

26,017.00 16 Nov 11 (4.94%) (7.03%) 27,369.0031 Oct 11

7.86% 15.76% (45.94%)Feb 07 - Feb 09

BLUE SKY JAPAN LTD - CLASS AMichael Hill

30 Jun 00 M $78 MApr 10

184.99 31 Oct 11 (0.26%) (23.59%) 185.4730 Sep 11

4.47% 23.99% (62.08%)Dec 05 - Jan 09

GAM JAPAN EQUITY HEDGE FUNDLesley Kaye

31 May 98 W $1'502 MMar 11

116.80 14 Nov 11 (2.58%) (8.37%) 119.8931 Oct 11

1.16% 13.62% (52.04%)Jun 07 - Feb 09

HENDERSON JAPAN ABS RETURN FD, LTDWilliam Garnett and Jeremy Hall

30 Jun 00 M $438 MJul 11

214.47 11 Nov 11 (3.73%) (8.60%) 222.7831 Oct 11

6.94% 9.75% (18.31%)Apr 06 - Mar 08

MARATHON VERTEX JAPAN FD, LTD CLASS BWilliam Arah

31 May 03 Q $654 MSep 11

1,870.45 11 Nov 11 (1.15%) (1.82%) 1,892.1531 Oct 11

7.69% 7.83% (11.76%)Jun 09 - Oct 10

MARTIN CURRIE ARF - JAPAN FUNDJohn-Paul Temperley

30 Jun 00 M $214 MAug 11

17.29 14 Nov 11 (1.59%) (6.89%) 17.5731 Oct 11

4.93% 7.68% (12.44%)Jul 08 - Jan 09



14

InceptionDate



AnnualVolatility

Max DD*


Equity-Diversified / JapanYtd Avg. 2011

(7.62%)

SR GLOBAL FUND H - JAPAN (Real Perf)Hugh Sloane

30 Sep 03 M $95 MDec 09

88.19 09 Nov 11 0.50% (5.13%) 87.7531 Oct 11

(1.15%) 19.74% (35.57%)Mar 08 - Jul 10

Equity-Diversified / UKYtd Avg. 2011

(7.88%)

ALPHAGEN OCTANIS CLASS ABen Wallace & Luke Newman

28 Feb 05 M $574 MSep 11

196.85 11 Nov 11 (0.00%) 0.12% 196.8531 Oct 11

10.63% 6.79% (10.72%)May 07 - Mar 08

BLACKROCK UK EQUITY HEDGE FUNDNigel Ridge & Imran Sattar

30 Apr 05 M $512 MOct 11

176.52 11 Nov 11 (0.28%) 1.65% 177.0231 Oct 11

9.08% 6.49% (11.70%)Jun 08 - Oct 08

CAZENOVE UK EQUITY ABSOLUTE RETURN FUNDSteven Cordell

31 Oct 03 M £36 MMay 11

1,482.61 31 Oct 11 0.10% 8.77% 1,481.1330 Sep 11

5.04% 4.55% (10.86%)Sep 09 - Dec 10

HENDERSON UK EQUITY L/S FUND LIMITEDStephen Peak

30 Jun 03 M $ 55 MMay 11

187.19 11 Nov 11 2.04% (29.34%) 183.4431 Oct 11

7.78% 18.88% (41.35%)Jan 11 - Sep 11

LANSDOWNE UK EQUITY FUND, LTD (£)P. Ruddock & S. Heinz

31 Jul 01 M $6'845 MSep 11

401.67 11 Nov 11 (1.25%) (16.63%) 406.7431 Oct 11

14.47% 11.02% (16.63%)Dec 10 - Nov 11

POLAR CAPITAL UK ABSOLUTE RETURN FUNDUCITS III GBPPolar Capital LLP

31 May 08 Daily £ 69 MAug 09

9.81 16 Nov 11 (2.68%) (11.86%) 10.0831 Oct 11

(0.55%) 9.88% (15.00%)Dec 10 - Sep 11

Equity-Diversified / USAYtd Avg. 2011

(1.46%)

AJR INTERNATIONAL (BVI), INC. - A/1Alexander J. Roepers

31 Jan 93 M $445 MApr 10

988.73 11 Nov 11 0.25% (3.79%) 986.2531 Oct 11

12.97% 19.86% (44.44%)May 08 - Dec 08

ALLIANCE BERNSTEIN SELECT US EQUITY LONGSHORTKurt Feuerman

30 Nov 99 Y / Q $193 MJul 11

3,609.45 15 Nov 11 0.50% 0.97% 3,591.4931 Oct 11

11.32% 7.55% (9.98%)May 08 - Feb 09

ALYDAR FUND LTDJohn Murphy

28 Feb 03 Q $1'050 MFeb 11

197.73 31 Oct 11 (1.70%) 2.17% 201.1530 Sep 11

8.17% 4.60% (5.40%)Jul 08 - Nov 08

ALYSHEBA FUND LIMITEDJohn A. Murphy, Philip C. Furse

31 Mar 05 Q $475 MJul 10

2,550.47 11 Nov 11 (2.60%) 8.50% 2,618.5631 Oct 11

15.19% 13.74% (25.80%)May 08 - Nov 08

ASCEND PARTNERS FUND II LTD - AMalcolm Fairbairn

31 Jan 04 Q $1'321 MOct 10

170.27 11 Nov 11 (0.46%) (2.90%) 171.0631 Oct 11

7.08% 4.76% (5.27%)Apr 11 - Nov 11

AVESTA FUND LTD A/1Bill Tung

31 Aug 02 M $509 MOct 11

1,887.58 11 Nov 11 (1.94%) (3.09%) 1,924.9231 Oct 11

7.15% 7.42% (7.91%)Dec 09 - Jul 10



15

InceptionDate



AnnualVolatility

Max DD*


Equity-Diversified / USAYtd Avg. 2011

(1.46%)

BAY RESOURCES PARTNERS OFFSHORE FUNDThomas Claugus

31 Jul 98 M $2'480 MOct 11

7,813.29 31 Oct 11 13.90% (8.39%) 6,859.7830 Sep 11

16.77% 16.90% (38.76%)May 08 - Feb 09

CASTLEROCK FUND LTDPaul Tanico

31 Aug 96 Q $90 MSep 11

700.77 31 Oct 11 0.96% (20.29%) 694.1030 Sep 11

13.69% 17.53% (37.70%)May 01 - Feb 03

COBALT OFFSHORE LTDWayne Cooperman

31 Dec 96 Q $1'299 MAug 10

676.99 31 Oct 11 3.58% (0.25%) 653.5930 Sep 11

13.75% 8.56% (19.53%)Apr 98 - Sep 98

ELM RIDGE VALUE PARTNERS OFFSHORE, INC - ARonald Gutfleish

28 Feb 01 Q $2'450 MMar 11

240.57 31 Oct 11 1.10% (1.77%) 237.9630 Sep 11

8.57% 10.22% (19.92%)Oct 07 - Feb 09

EMINENCE FUND LTD ARicky C. Sandler

31 Dec 98 Q $2'497 MMar 11

462.16 11 Nov 11 1.50% (0.72%) 455.3331 Oct 11

12.63% 10.04% (19.99%)Dec 07 - Dec 08

HIGHBRIDGE LONG/SHORT EQUITY FUND, LTDAlex McAree

30 Apr 04 Q $1'850 MApr 11

1,724.52 15 Nov 11 (2.21%) (12.94%) 1,763.5031 Oct 11

7.49% 10.41% (21.12%)Mar 11 - Sep 11

IVORY CAPITAL FLAGSHIP STRATEGYCurtis Macnguyen

30 Nov 98 Q $2'349 MAug 11

3,250.85 11 Nov 11 0.05% (3.39%) 3,249.2231 Oct 11

9.53% 6.23% (12.61%)May 08 - Nov 08

KINETICS FUND, INC - A/APeter B. Doyle

31 Jan 01 M $103 MAug 11

2,076.10 11 Nov 11 (3.95%) (9.03%) 2,161.4731 Oct 11

7.01% 23.33% (76.20%)Oct 07 - Feb 09

OMEGA OVERSEAS PARTNERS, LTD CLASS ALeon Cooperman

31 Dec 91 M $1'003 MJun 11

648.01 31 Oct 11 11.07% (2.90%) 583.4230 Sep 11

9.87% 15.19% (42.55%)May 07 - Feb 09

RENAISSANCE INSTITUTIONAL EQUITIES LP (B)James Simons

31 Jul 05 M $240 MMar 11

148.72 11 Nov 11 1.97% 32.54% 145.8531 Oct 11

6.52% 10.53% (35.73%)May 07 - Apr 09

RWC BILTMORE FUND - E -DOLLARMike Corcell, Gabe Marshank

30 Sep 09 M $438 MMay 11

92.65 11 Nov 11 (0.09%) (3.66%) 92.7331 Oct 11

(3.55%) 4.70% (10.42%)Apr 10 - Nov 11

SAB OVERSEAS FUND LTDScott Bommer

31 Jul 00 3Q / Q $610 MSep 11

325.93 31 Oct 11 7.90% (0.23%) 302.0630 Sep 11

11.07% 11.57% (17.57%)Mar 10 - Aug 10

SEMINOLE OFFSHORE FUNDMichael G. Messner, Paul C. Shiverick

31 May 98 Q $924 MOct 11

573.89 11 Nov 11 (0.10%) 0.95% 574.4631 Oct 11

13.86% 13.35% (15.62%)May 02 - Mar 03

ZWEIG-DIMENNA INTL LIMITED - CLASS AJoseph DiMenna / Martin Zweig

31 May 87 Q $1'456 MJul 11

87,025.21 31 Oct 11 (0.32%) (0.97%) 87,301.7730 Sep 11

15.52% 15.59% (50.23%)Feb 00 - Dec 02



16

InceptionDate



AnnualVolatility

Max DD*

Equity-EnergyYTD Avg. 2011 5.90%

Equity-Energy / USAYtd Avg. 2011

5.90%

DORSET ENERGY FUND, LTD - CLASS ADavid M. Knott, Donald Textor

31 Oct 00 M $366 MMay 11

49.14 11 Nov 11 3.78% 5.90% 47.3531 Oct 11

15.52% 21.77% (49.55%)Jun 08 - Dec 08

Equity-FinancialYTD Avg. 2011 (1.31%)

Equity-Financial / GlobalYtd Avg. 2011

(2.65%)

LANSDOWNE GLOBAL FINANCIALS FUND LTD.-N-USDWilliamde Winton

30 Jun 04 M $1'700 MSep 11

233.04 11 Nov 11 (1.65%) (18.43%) 236.9431 Oct 11

12.16% 14.26% (24.65%)Apr 10 - Sep 11

MARSHALL WACE - MW GLOBAL FINANCIALS M/N AUSDAmit Rajpal

31 Oct 08 M $ 273 MSep 11

123.86 15 Nov 11 0.99% 3.66% 122.6431 Oct 11

7.29% 5.45% (2.87%)Feb 09 - Apr 09

TOSCA CLASS A - USDJohnny de la Hey

30 Sep 00 M $491 MMar 11

185.04 31 Oct 11 6.77% 6.83% 173.3130 Sep 11

5.71% 18.41% (67.54%)Dec 07 - Nov 08

Equity-Financial / USAYtd Avg. 2011

2.71%

BRYN MAWR OFFSHORE LTDK. Gray

31 Dec 95 Q $86 MJul 09

4,688.56 11 Nov 11 0.06% 2.71% 4,685.5731 Oct 11

10.22% 4.03% (4.11%)Oct 99 - Dec 99

Equity-HealthcareYTD Avg. 2011 1.58%

Equity-Healthcare / GlobalYtd Avg. 2011

1.58%

MLIS - CCI HEALTHCARE LONG SHORT UCITS FUND -B (acc) USDOliver Marti, CCI Healthcare Partners

31 Jan 10 W $257 MAug 11

105.00 15 Nov 11 0.01% 3.49% 104.9931 Oct 11

2.76% 8.69% (8.67%)Mar 10 - Aug 10

VISIUM INSTITUTIONAL PARTNERS FUND LTD-(PROFORMA)Jacob Gottlieb, Visium Asset Management

31 Oct 05 Q $97MMar 11

178.00 11 Nov 11 0.94% (0.33%) 176.3431 Oct 11

10.03% 7.73% (6.10%)Jun 08 - Dec 08



17

InceptionDate



AnnualVolatility

Max DD*

Equity-Mid-Small CapYTD Avg. 2011 (4.10%)

Equity-Mid-Small Cap / EuropeYtd Avg. 2011

7.49%

ENNISMORE EUROPEAN SMALLER COMPANIESGeoff Oldfield

30 Nov 99 M €257 MJul 11

290.69 10 Nov 11 (0.47%) 12.80% 292.0631 Oct 11

12.49% 11.49% (34.24%)Jul 07 - Apr 09

POLAR CAPITAL EUROPEAN FORAGER FUND LTD -AXRob Gurner

31 Jul 03 M €324 MAug 11

246.36 11 Nov 11 0.05% 2.18% 246.2331 Oct 11

11.49% 8.02% (21.47%)Oct 07 - Feb 09

Equity-Mid-Small Cap / GlobalYtd Avg. 2011

(10.89%)

RAB SPECIAL SITUATION FD LTDPhilip Richards

31 Jul 03 Q $135 MSep 11

899.59 10 Nov 11 3.70% (10.89%) 867.5031 Oct 11

11.88% 36.22% (78.99%)Jul 07 - Sep 11

Equity-Mid-Small Cap / UKYtd Avg. 2011

2.48%

ALPHAGEN VOLANTIS FUND, LTD - A (USD)Rob Giles & Adam McConkey

30 Apr 02 M $501 MSep 11

394.49 11 Nov 11 (1.24%) 2.48% 399.4331 Oct 11

15.47% 8.84% (11.36%)Jun 08 - Dec 08

Equity-Mid-Small Cap / USAYtd Avg. 2011

(9.84%)

GREENLIGHT CAPITAL OFFSHORE, LTD - A/1David Einhorn

30 Sep 96 Q $7'220 MJan 11

123,531.00 31 Oct 11 7.85% 1.20% 114,543.1330 Sep 11

18.12% 11.27% (27.17%)May 08 - Oct 08

GRT TOPAZ OFFSHORE PARTNERS, LTD - A/1Gregory B Fraser & Rudolph K Kluiber & Timothy A.Krochuk

31 Aug 01 Q $237 MJul 08

1,975.78 11 Nov 11 2.05% (1.73%) 1,936.0931 Oct 11

6.90% 13.86% (47.07%)May 07 - Feb 09

SENVEST PARTNERS, LTD - CLASS ARichard Mashaal

31 Mar 97 Q $183 MSep 11

983.86 31 Oct 11 16.50% (32.09%) 844.5130 Sep 11

16.96% 39.74% (70.55%)Feb 00 - Sep 02

ZAXIS OFFSHORE LTD - CLASS A/1Sanford J. Colen

30 Jun 00 M $560 MOct 11

2,236.98 31 Oct 11 3.37% (6.73%) 2,164.0530 Sep 11

7.36% 8.40% (20.58%)Jun 08 - Feb 09

Equity-Pharma-BiotechYTD Avg. 2011 (1.44%)

Equity-Pharma-Biotech / USAYtd Avg. 2011

(1.44%)

PERCEPTIVE LIFE SCIENCES OFFSH FUND, LTDJoseph Edelman

31 Dec 99 M $423 MOct 11

1,087.17 11 Nov 11 3.46% 0.81% 1,050.8131 Oct 11

22.26% 27.34% (25.67%)Feb 00 - May 00



18

InceptionDate



AnnualVolatility

Max DD*

Equity-Pharma-BiotechYTD Avg. 2011 (1.44%)

Equity-Pharma-Biotech / USAYtd Avg. 2011

(1.44%)

TRAXIS SIVIK GLOBAL HEALTHCARE OFFSHORE -A/01-01Krishen Sud

30 Jun 01 M $110 MJun 11

1,523.94 31 Oct 11 8.28% (5.78%) 1,407.4030 Sep 11

4.16% 11.76% (32.70%)Oct 07 - Feb 09

VISIUM BALANCE OFFSHORE FUND CL 2Jacob Gottlieb

31 Oct 05 Y/Q $1'763 MSep 11

186.94 11 Nov 11 1.06% 0.66% 184.9731 Oct 11

10.93% 9.82% (15.79%)Aug 08 - Dec 08

Equity-TechnologyYTD Avg. 2011 (0.69%)

Equity-Technology / GlobalYtd Avg. 2011

(1.75%)

EXANE ARCHIMEDES FUND CLASS A CAPGilles Lenoir and César Zeitouni

30 Sep 06 W € 1'077 MOct 11

15,437.76 15 Nov 11 0.82% 5.82% 15,312.4231 Oct 11

8.84% 4.57% (3.45%)Feb 08 - Mar 08

SPINNER GLOBAL TECHNOLOGY FUND, LTDArt Spinner

21 Sep 93 M $155 MSep 11

99.76 31 Oct 11 5.31% (9.32%) 94.7230 Sep 11

13.53% 16.95% (34.02%)Aug 00 - Sep 02

Equity-Technology / USAYtd Avg. 2011

1.44%

SELIGMAN TECH SPECTRUM FUND CLASS-A1-S/2-2002J. & W. Seligman & Co. Incorporated

31 Dec 06 M $2'000MFeb 11

305.41 04 Nov 11 0.00% 1.44% 305.4131 Oct 11

9.12% 12.71% (19.91%)May 08 - Nov 08

Equity-UtilityYTD Avg. 2011 (0.49%)

Equity-Utility / GlobalYtd Avg. 2011

(0.49%)

ECOFIN GLOBAL LONG/SHORT FUND UCITS IIIBernard Lambilliotte

31 Jan 11 W $29 MOct 11

99.51 09 Nov 11 (0.25%) (0.49%) 99.7631 Oct 11

(0.63%) 3.96% (3.10%)Jul 11 - Aug 11



19

InceptionDate



AnnualVolatility

Max DD*


Multi-Strategy / EmergingYtd Avg. 2011

(10.06%)

MONEDA ABSOLUTE RETURN LTDJuan Luis Rivera

31 Jan 07 Q $ 108 MJan 11

131.79 31 Oct 11 4.00% (10.06%) 126.7230 Sep 11

5.98% 13.71% (29.89%)Jun 08 - Dec 08

Multi-Strategy / GlobalYtd Avg. 2011

(8.90%)

DAVIDSON KEMPNER INTL, LTD - CLASS C Tranche 1Thomas L. Kempner, Jr.

31 Oct 95 Q $5'662 MSep 10

389.53 11 Nov 11 0.02% 1.12% 389.4531 Oct 11

8.85% 3.95% (10.87%)Oct 07 - Nov 08

FIRST EAGLE GOOD HOPE INTERNATIONAL LTDColin Morris

31 Mar 04 Q $62 MOct 11

1,461.61 11 Nov 11 0.28% (10.07%) 1,457.5831 Oct 11

5.11% 10.49% (35.08%)May 08 - Dec 08

FORE MULTI STRATEGY FUND LTDMatthew Li

31 Mar 04 Q $1'400 MSep 11

287.66 04 Nov 11 0.95% 7.40% 284.9631 Oct 11

14.92% 11.92% (27.01%)Feb 08 - Sep 08

OWL CREEK OVERSEAS FUND, LTDJeffrey Altman

31 Jan 02 Y $3'827 MSep 11

3,205.17 11 Nov 11 (0.30%) (11.20%) 3,214.8131 Oct 11

12.64% 13.43% (20.92%)Mar 10 - Sep 11

PARA INTERNATIONAL FUND -A-Ned Sadaka

31 Jan 95 M $356 MApr 11

405.64 31 Oct 11 5.86% (1.26%) 383.1830 Sep 11

8.71% 7.87% (26.59%)May 07 - Feb 09

PAULSON ADVANTAGE LTD -A-John Paulson

31 Mar 04 Q $ 3'000 Moct 11

282.97 31 Oct 11 4.73% (29.37%) 270.1930 Sep 11

14.69% 15.44% (33.80%)Feb 11 - Sep 11

PAULSON ADVANTAGE PLUS LTDJohn Paulson

31 Dec 04 Q $4'330 MOct 11

323.42 31 Oct 11 2.49% (45.59%) 315.5630 Sep 11

18.73% 23.94% (48.40%)Feb 11 - Sep 11

PAULSON RECOVERY FUND LTDJohn Paulson

31 Oct 08 Y $ 1'744 MJan 10

116.98 31 Oct 11 10.00% (24.57%) 106.3530 Sep 11

5.36% 24.38% (35.13%)Apr 11 - Sep 11

PERRY PARTNERS INTERNATIONAL INC CLASS -1 -TN ARichard Perry

30 Sep 93 Q / 2Y $4'835 MSep 11

756.37 11 Nov 11 0.02% (4.12%) 756.2231 Oct 11

11.81% 7.32% (25.65%)Oct 07 - Nov 08

PERSHING SQUARE INTL.LTDWilliam Ackman

31 Dec 04 Y/Q $5'848 MOct 11

2,955.42 31 Oct 11 13.51% (4.42%) 2,603.5830 Sep 11

17.18% 14.98% (20.35%)Jan 08 - Feb 09

REVELATION SPECIAL SITUATIONS FUND LTDChris Kuchanny

28 Feb 05 M $427 MSep 11

1,830.00 31 Oct 11 (3.90%) (6.57%) 1,904.2730 Sep 11

9.48% 5.76% (8.56%)May 11 - Oct 11

THIRD POINT OFFSHOREDaniel Loeb

30 Nov 96 M $4'273 MSep 11

11,294.22 09 Nov 11 0.50% 1.41% 11,238.0331 Oct 11

17.60% 13.51% (35.48%)Jun 08 - Mar 09

THIRD POINT ULTRADaniel Loeb

30 Apr 97 Q $1'118 MSep 11

3,115.54 09 Nov 11 0.80% (0.31%) 3,090.8231 Oct 11

26.69% 23.07% (41.80%)Jun 08 - Mar 09



20

InceptionDate



AnnualVolatility

Max DD*



(8.90%)

TYRUS CAPITAL EVENT FUND LTDTony Chedraoui

31 Oct 09 Q $1'480 MOct 11

116.68 11 Nov 11 0.15% 0.02% 116.5131 Oct 11

7.89% 5.78% (7.95%)Feb 11 - Sep 11

YORK INVESTMENT LTD -CLASS A/1James Dinan

28 Feb 94 Q $2'092 MDec 09

6,597.87 04 Nov 11 (0.05%) (5.95%) 6,601.1731 Oct 11

11.25% 9.16% (29.86%)Oct 07 - Feb 09



21

InceptionDate



AnnualVolatility

Max DD*

Fixed IncomeYTD Avg. 2011 3.90%

Fixed Income / EmergingYtd Avg. 2011

7.36%

MARATHON OVERSEAS FUND, LTD - AB. Richards & L. Hanover

31 Mar 98 Q $495 MJun 09

262.86 11 Nov 11 0.03% 7.36% 262.7831 Oct 11

7.35% 7.26% (36.00%)May 07 - Apr 09

Fixed Income / GlobalYtd Avg. 2011

3.61%

BLACKROCK FIXED INCOME GLOBAL ALPHA FUNDTim Webb

30 Sep 06 M $ 841 MJul 11

165.67 11 Nov 11 1.10% 17.25% 163.8631 Oct 11

10.37% 6.14% (10.54%)Jun 08 - Dec 08

BLACKROCK OBSIDIAN FUNDStuart Spodek

30 Jun 96 M $594 MSep 11

4,466.19 31 Oct 11 0.25% (13.04%) 4,455.0530 Sep 11

10.24% 9.57% (20.93%)Jan 08 - Feb 09

CAPULA GLOBAL RELATIVE VALUE FUND LTD CLASS-A-Yan Huo, Masao Asai

30 Sep 05 Q $6'880 MSep 11

205.71 11 Nov 11 0.79% 5.86% 204.1031 Oct 11

12.51% 5.24% (7.41%)Feb 08 - Mar 08

DRAKE GLOBAL OPPORTUNITIES FUNDAnthony Faillace

30 Nov 02 Q $107 MApr 11

1,671.52 31 Oct 11 4.00% 8.83% 1,607.2330 Sep 11

5.93% 14.90% (57.51%)Sep 07 - Mar 09

EMF FIXED INCOME FUND, LTDEric M. Flanagan/David C. Gottlieb

31 Oct 01 Q $255 MFeb 11

39,196.89 21 Oct 11 (1.80%) 6.43% 39,915.3730 Sep 11

14.67% 15.89% (22.46%)Feb 08 - Mar 08

III FUND LTDCliff G Viner

30 Jun 93 Q $134 MSep 11

3,082.16 11 Nov 11 (0.10%) 9.01% 3,085.2431 Oct 11

6.32% 11.64% (54.77%)Jan 08 - Nov 08

III RELATIVE VALUE CREDIT STRATEGIES FUND LTDGarth Friesen

31 Oct 05 Q $160 MJun 11

1,479.60 11 Nov 11 0.01% 9.67% 1,479.4531 Oct 11

6.71% 9.59% (31.27%)Nov 07 - Dec 08

LONDON DIVERSIFIED FUND, LTD - DRobert Standing & David Gorton

31 May 95 Q $226 MSep 10

4,348.69 11 Nov 11 0.19% 3.23% 4,340.6231 Oct 11

9.34% 6.96% (28.95%)Jan 08 - Dec 08

PARS IV OFFSHORE FUND II , CL. A/1William H. Gross

31 Mar 02 Q $2'250 MSep 11

2,080.04 31 Oct 11 1.07% 1.93% 2,058.0230 Sep 11

7.93% 9.43% (25.88%)May 08 - Nov 08

PROLOGUE FEEDER FUND, LTD. CLASS ADavid Lofthouse, Graham Walsh

31 Jan 06 Q $1'233 MOct 11

1,733.27 10 Nov 11 0.61% 5.87% 1,722.7331 Oct 11

9.99% 3.78% (1.59%)Jul 07 - Aug 07

SINOPIA L/S GL. BOND MK NEUT.FUND 300 USD Cl.IJean-Charles Bertrand

30 Jun 01 D $18 MFeb 11

66,537.56 15 Nov 11 (0.64%) (4.26%) 66,965.0931 Oct 11

2.79% 2.48% (5.61%)Jan 11 - Sep 11

SINOPIA L/S GL. BOND MK NEUT.FUND 600 EURO Cl.IJean-Charles Bertrand

31 May 01 D €18 MSep 09

117,795.30 15 Nov 11 (1.80%) (7.45%) 119,950.3631 Oct 11

3.80% 4.87% (9.64%)Jan 11 - Sep 11



22

InceptionDate



AnnualVolatility

Max DD*

ArbitrageYTD Avg. 2011 (2.98%)

Arbitrage / GlobalYtd Avg. 2011

(2.98%)

HSBC MAA FUND USDHSBC Alternative Investments Limited

15 Jun 95 Q / M $171 MJun 11

193.78 31 Oct 11 0.73% (2.98%) 192.3830 Sep 11

4.12% 5.02% (25.30%)Jul 07 - Dec 08

Event DrivenYTD Avg. 2011 (6.18%)

Event Driven / GlobalYtd Avg. 2011

(6.18%)

HSBC DISTRESSED MARKETS FUND USD ClassHSBC Management (Guernsey) Ltd

31 May 09 M $169 MJun 11

110.64 31 Oct 11 (0.96%) (6.18%) 111.7130 Sep 11

4.27% 4.62% (7.90%)Feb 11 - Oct 11

Leveraged Multi-StrategyYTD Avg. 2011 (6.82%)

Leveraged Multi-Strategy / GlobalYtd Avg. 2011

(6.82%)

HSBC LEVERAGED GH FUNDHSBC Republic Investment Limited

30 Nov 04 M $2'624 MJun 11

120.23 31 Oct 11 0.78% (6.82%) 119.3030 Sep 11

2.70% 12.88% (37.09%)Jun 08 - Dec 08

Long/ShortYTD Avg. 2011 (8.73%)

Long/Short / AsiaYtd Avg. 2011

(8.73%)

HSBC ASIAN ADVANTEDGE FUNDHSBC Alternative Investments Limited

30 Jun 02 M $46 MJun 11

171.22 31 Oct 11 0.30% (8.73%) 170.7130 Sep 11

5.93% 8.65% (24.73%)Dec 07 - Nov 08


Multi-Strategy / EmergingYtd Avg. 2011

(7.33%)

HSBC EMERGING ADVANTEDGE FUNDHSBC Alternative Investments Limited

31 Mar 97 M $29 MJun 11

157.58 31 Oct 11 1.74% (7.33%) 154.8930 Sep 11

3.17% 15.69% (59.39%)Sep 97 - Dec 98



23

InceptionDate



AnnualVolatility

Max DD*



(2.26%)

HSBC GH FUND USDHSBC Alternative Investments Limited

31 May 96 M $2'625 MJun 11

279.29 31 Oct 11 0.48% (2.53%) 277.9630 Sep 11

6.88% 6.68% (18.30%)Jun 08 - Dec 08

HSBC HEDGE INVESTMENTS FUNDHSBC Alternative Investments Limited

28 Feb 02 Q $38 MJun 11

145.43 31 Oct 11 0.52% (1.99%) 144.6830 Sep 11

3.95% 5.21% (17.63%)Jun 08 - Dec 08

TradingYTD Avg. 2011 (2.62%)

Trading / GlobalYtd Avg. 2011

(2.62%)

HSBC TRADING ADVANTEDGE FUNDHSBC Alternative Investments Limited

31 Oct 05 M $352 MJun 11

148.65 31 Oct 11 (3.95%) (2.62%) 154.7730 Sep 11

6.83% 9.75% (10.20%)Jan 09 - Jan 10



24

InceptionDate



AnnualVolatility

Max DD*

CommodityYTD Avg. 2011 (22.72%)

Commodity / GlobalYtd Avg. 2011

(22.72%)

CLIVE FUND (The ) Class - A -Christian Levett and Richard Boland

30 Nov 07 Q $4'100 MOct 11

191.13 11 Nov 11 0.13% (8.82%) 190.8831 Oct 11

17.82% 19.46% (18.05%)Apr 11 - Aug 11

MERCHANT COMMODITY FUND (THE) - COMPOSITEMichael Coleman and Doug King

31 May 04 M $988 MSep 11

302.24 11 Nov 11 0.50% (36.61%) 300.7431 Oct 11

16.00% 21.79% (36.93%)Dec 10 - Oct 11

CurrencyYTD Avg. 2011 3.40%

Currency / GlobalYtd Avg. 2011

3.40%

QFS CURRENCY FUND, LTD CLASS B SHARES(INDEX)Dr. Sanford Grossman

28 Feb 93 M $132 MOct 11

821.52 11 Nov 11 (1.35%) 3.40% 832.7731 Oct 11

11.91% 14.48% (18.85%)Feb 04 - Aug 06

DiversifiedYTD Avg. 2011 (0.12%)

Diversified / AsiaYtd Avg. 2011

3.66%

ALPHADYNE INVESTMENT STRATEGIES FUND LTDBart Broadman, Philippe Khuong-Huu

31 Jan 07 M $ 272 MApr 11

1,497.93 11 Nov 11 (0.56%) 0.11% 1,506.3731 Oct 11

8.82% 4.77% (3.63%)May 09 - Jun 09

BREVAN HOWARD ASIA FUND LIMITEDKaspar Ernst

30 Sep 04 M $1'292 MSep 11

196.71 31 Oct 11 0.48% 7.22% 195.7730 Sep 11

10.02% 4.07% (1.94%)Jan 10 - Mar 10

Diversified / EmergingYtd Avg. 2011

0.32%

BLUECREST EMERGING MARKETS FUNDSBluecrest Capital Management LLP

31 Aug 05 Q $1'170 MOct 10

171.16 31 Oct 11 (0.14%) 0.08% 171.3930 Sep 11

9.12% 12.48% (22.89%)Oct 07 - Oct 08

BREVAN HOWARD EM. MKT STRATEGIES FUND LTDGeraldine Sundstrom

31 Dec 07 M $2'190 MSep 11

135.18 31 Oct 11 4.57% (0.73%) 129.2730 Sep 11

8.18% 10.27% (9.52%)Aug 11 - Sep 11

EMSO LTD (Emerging Markets Special Opportunities )Mark Franklin

30 Apr 00 Q $ 912 MSep 11

318.31 11 Nov 11 0.33% 0.99% 317.2731 Oct 11

10.55% 5.44% (5.90%)Apr 06 - Jun 06

GAVEA FUND LTD . CLASS A S/1Fraga Arminio

31 Jul 03 Q $1'620 MSep 11

213.34 11 Nov 11 0.00% 0.48% 213.3431 Oct 11

9.57% 7.08% (12.50%)Jul 08 - Oct 08



25

InceptionDate



AnnualVolatility

Max DD*


Diversified / EmergingYtd Avg. 2011

0.32%

GREEN II FUND-S/ 01.06 COMPOSITELuis Stuhlberger

31 Jan 01 M $1'500 MMay 10

627.71 31 Oct 11 11.02% 1.64% 565.3830 Sep 11

17.36% 14.85% (33.00%)Jun 08 - Nov 08

MOORE EMERGING FX . INC & CRY FUND - CLASS AGreg Coffey

31 Mar 09 M $231 MMar 11

1,204.20 03 Nov 11 0.60% 4.53% 1,196.9831 Oct 11

7.42% 4.01% (3.02%)Oct 09 - Jan 10

PHARO TRADING FUNDGuillaume Fonkenell

30 Nov 00 M $484 MSep 11

3,852.84 31 Oct 11 (4.22%) (4.78%) 4,022.5930 Sep 11

13.14% 9.93% (13.16%)Feb 08 - Oct 08

Diversified / GlobalYtd Avg. 2011

(0.53%)

BREVAN HOWARD FUND, LTD - USD CLASS AAlan Howard

31 Mar 03 M $24'270 MJun 11

288.22 31 Oct 11 (0.73%) 10.82% 290.3530 Sep 11

13.11% 7.09% (5.17%)Feb 08 - Apr 08

BTG PACTUAL GLOBAL EMERGING MARKETS ANDMACRO FUNDBTG Pactual Global Asset Management

31 Jan 09 Q $ 2'340 MOct 11

2,006.18 31 Oct 11 0.10% 3.91% 2,004.1730 Sep 11

28.83% 8.94% (3.33%)May 11 - Aug 11

CAPITAL FUND, LTD (THE)Kenneth Windheim

31 Dec 99 M $84 MAug 11

2,483.99 11 Nov 11 0.22% 4.33% 2,478.5431 Oct 11

11.32% 10.59% (17.38%)Jan 09 - Mar 10

CAXTON GLOBAL INVESTMENT LTDAndrew E. Law

31 Jan 97 Y $5'051 MSep 11

754.05 15 Nov 11 1.79% 1.37% 740.8031 Oct 11

14.63% 7.56% (7.37%)Jun 07 - Aug 07

COMAC GLOBAL MACRO FUNDColm O’Shea

31 May 06 M $ 4'719 MJun 11

165.75 11 Nov 11 2.70% 4.35% 161.3931 Oct 11

9.71% 8.55% (10.20%)Apr 10 - Mar 11

DRAKE ABSOLUTE RETURN FUND, LTD (THE)Anthony Faillace & Steven Luttrell

31 Dec 01 Y / Q $219 MApr 11

130.17 31 Oct 11 2.00% 4.52% 127.6230 Sep 11

2.72% 11.95% (51.74%)Sep 07 - Mar 09

ELEMENT CAPITAL FUNDJeffrey Talpins

31 Mar 05 M $2'893 MJul 11

50,842.65 30 Sep 11 3.43% 0.55% 49,156.5831 Aug 11

28.41% 10.94% (7.83%)Oct 07 - Apr 08

EPISODE INC. CLASS ADavid Fishwick / Tony Finding

31 Jul 05 Q $649 MJul 11

134.58 11 Nov 11 0.26% 0.07% 134.2331 Oct 11

4.84% 12.56% (32.77%)Oct 07 - Feb 09

FORTRESS MACRO FUND LTD. CLASS AMichael E. Novogratz & Adam Levinson

31 Dec 08 M $ 2'387 MOct 11

976.17 11 Nov 11 0.29% (9.10%) 973.3531 Oct 11

5.17% 6.22% (11.06%)Mar 11 - Oct 11

GAM GLOBAL RATES HEDGE FUNDAdrian Owens

31 Jan 04 M $353 MMar 11

189.30 08 Nov 11 0.09% (6.98%) 189.1231 Oct 11

8.55% 7.78% (12.25%)Mar 11 - Sep 11

GAMUT INVESTMENTSAndrew E. Law

30 Jun 86 M $418 MSep 10

8,103.80 09 Nov 11 1.48% (0.30%) 7,985.8931 Oct 11

18.91% 13.60% (13.45%)Dec 87 - Apr 88

HARMONIC ALPHA PLUS MACRO FUND - USD CLASSRichard Conyers

30 Apr 03 M $881 MOct 11

115.95 04 Nov 11 0.16% (6.70%) 115.7631 Oct 11

6.04% 11.66% (15.20%)Jun 07 - Aug 07



26

InceptionDate



AnnualVolatility

Max DD*



(0.53%)

INVESTCORP STONEWORKS GLOBAL MACRO FUNDLTDInvestcorp Investment Advisers Limited

31 Jul 07 M $ 200 MAug 11

113.22 11 Nov 11 0.50% (0.05%) 112.6531 Oct 11

2.94% 9.37% (14.97%)Jul 09 - Mar 11

MELLON OFF GLOB OPP FUND LTD -MULTICURRENCY - A1Alexander Huberts & Jeff Zhang

30 Nov 05 M $283 MAug 11

1,168.72 31 Oct 11 1.79% 4.66% 1,148.2030 Sep 11

2.67% 9.57% (31.90%)Jan 07 - Oct 08

MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1Alexander Huberts & Jeff Zhang

31 Jul 05 M $318 MAug 11

1,120.52 31 Oct 11 5.08% 4.69% 1,066.3030 Sep 11

1.84% 18.55% (59.00%)Jan 07 - Oct 08

MKP OPPORTUNITY OFFSHORE, LTDPatrick McMahon

31 Jul 01 M $1'540 MOct 11

269.50 10 Nov 11 0.47% 11.18% 268.2431 Oct 11

10.12% 5.47% (3.70%)Dec 09 - Feb 10

MLM MACRO PEAK PARTNERS OFFSH FD, LTD - BTimothy Rudderow

31 Mar 02 M $1'183 MNov 10

2,093.94 11 Nov 11 0.02% (29.76%) 2,093.5231 Oct 11

7.98% 18.31% (30.44%)Dec 10 - Sep 11

MOORE GLOBAL INV FD, LTD - A $Louis Bacon

31 Dec 89 Q $7'600 MSep 10

43,948.88 03 Nov 11 0.44% (2.17%) 43,758.3631 Oct 11

18.90% 12.16% (18.45%)Jan 94 - Feb 95

MOORE MACRO MANAGERS FUND, LTD CLASS -A-Louis Bacon

31 Jul 93 Q $3'599 MSep 11

11,186.73 03 Nov 11 0.09% (1.84%) 11,176.1931 Oct 11

14.13% 8.70% (14.47%)Jan 94 - Feb 94

PHARO MACRO FUND LTDGuillaume Fonkenell

30 Apr 05 Q $3'118 MSep 11

2,153.01 31 Oct 11 (2.53%) (7.16%) 2,208.8930 Sep 11

12.51% 9.31% (9.64%)Jun 08 - Nov 08

PIA MACRO FUND LTDChris Pia

31 May 09 M $ 156 MSep 11

93.92 11 Nov 11 (0.84%) (14.61%) 94.7231 Oct 11

(2.53%) 7.51% (14.83%)Dec 10 - Sep 11

QFS GLOBAL MACRO FUND, LTD CLASS B SHARESDr. Sanford Grossman

31 Jan 98 M $60 MOct 11

380.26 30 Sep 11 (3.40%) (2.05%) 393.6431 Aug 11

10.26% 14.33% (27.08%)Feb 04 - Aug 06

RUBICON GLOBAL FUND, LTDPaul Brewer

31 Oct 99 M $408 MNov 11

473.54 10 Nov 11 3.53% 8.74% 457.3931 Oct 11

13.79% 14.97% (36.03%)Dec 04 - May 07

SWORDFISH FUND LTDJames Loh

31 Jan 03 M $62 MApr 11

1,407.24 31 Oct 11 14.17% 4.81% 1,232.6230 Sep 11

3.98% 16.09% (42.40%)Jun 08 - Feb 09

TRAXIS FUND LP (OFFSHORE)Barton M. Biggs, Madhav Dhar & Cyril Moullé-Berteaux

31 May 03 Q $ 547 MNov 10

157.51 31 Oct 11 8.20% (0.12%) 145.5730 Sep 11

5.54% 13.04% (40.00%)Oct 07 - Feb 09

TUDOR B.V.I GLOBAL FUND LTD -A-Paul Tudor Jones

31 Oct 86 Q $7'896 MSep 11

106,178.93 11 Nov 11 0.16% 3.03% 106,005.4131 Oct 11

20.47% 19.39% (17.07%)Apr 92 - Jul 92



27

InceptionDate



AnnualVolatility

Max DD*

CurrencyYTD Avg. 2011 4.74%

Currency / GlobalYtd Avg. 2011

4.74%

ORTUS FUND (CAYMAN) LTDDr Joe Zhou

30 Sep 03 M $578 MAug 11

282.69 15 Nov 11 (0.12%) 4.74% 283.0331 Oct 11

13.63% 12.40% (23.33%)Jul 08 - Oct 08

DiscretionaryYTD Avg. 2011 (2.06%)

Discretionary / GlobalYtd Avg. 2011

(2.06%)

KROM RIVER COMMODITY FUNDChristopher Brodie

30 Jun 06 M $ 900 MNov 11

182.38 11 Nov 11 (0.05%) (2.06%) 182.4731 Oct 11

11.84% 10.42% (10.45%)Oct 08 - Mar 10

SystematicYTD Avg. 2011 (4.30%)

Systematic / GlobalYtd Avg. 2011

(4.30%)

ASPECT DIVERSIFIED FUND - CLASS AAnthony Todd

30 Nov 98 W $1'121 MSep 11

353.66 15 Nov 11 3.19% 3.88% 342.7231 Oct 11

10.23% 16.73% (21.47%)Feb 04 - Jan 05

BLUETREND FUND, LTD - CLASS AMichael Platt & Leda Braga

31 Mar 04 M $10'300 MOct 11

307.15 11 Nov 11 3.77% 0.10% 295.9831 Oct 11

15.87% 14.23% (12.55%)Apr 06 - Jul 06

BORONIA DIVERSIFIED FUNDRichard Grinham and Angus Grinham

31 Dec 01 M $681 MOct 11

1,722.06 15 Nov 11 (1.45%) (7.32%) 1,747.3931 Oct 11

5.66% 8.79% (11.46%)Feb 08 - Apr 09

CIPHER DIVERSIFIED FUND-A-A. Knoepffler

31 Jul 98 M $41 MMar 11

2,981.27 11 Nov 11 1.30% (29.28%) 2,943.0131 Oct 11

8.57% 19.53% (36.43%)Apr 11 - Oct 11

CONQUEST MACRO FUND, LTD (COMP)Marc Malek

30 Apr 99 M $729 MOct 11

3,162.71 16 Nov 11 1.55% (5.88%) 3,114.4431 Oct 11

9.60% 18.90% (29.12%)Jul 09 - Jun 11

CRABEL FUND SPC LTD CLASS AToby Crabel

28 Feb 98 M $323 MJan 10

4,717.34 11 Nov 11 (1.07%) 1.52% 4,768.3631 Oct 11

11.98% 16.97% (16.71%)Oct 98 - Jun 99

DISCUS FEEDER LTD CL. B USD STANDARDLEVERAGETeam managed

31 Dec 90 M $545 MSep 11

1,311.64 11 Nov 11 1.42% 22.58% 1,293.3331 Oct 11

13.41% 16.00% (34.56%)Jun 94 - Oct 95

DKR QUANTITATIVE STRATS FUND, LTDPascal Magnollay

31 Dec 99 M $408 MJun 11

2,615.50 11 Nov 11 0.60% (11.58%) 2,599.9031 Oct 11

8.44% 10.27% (14.52%)Feb 11 - Oct 11



28

InceptionDate



AnnualVolatility

Max DD*

SystematicYTD Avg. 2011 (4.30%)


(4.30%)

EAGLE GLOBAL FUNDMenachem Sternberg & Liora Sternberg

30 Sep 95 M $81 MMar 11

1,018,493.13 11 Nov 11 3.34% 14.25% 985,576.1131 Oct 11

15.48% 24.04% (32.13%)Oct 03 - Sep 04

GRAHAM GIF II PROPRIETARY MATRIX - 10VKenneth G. Tropin

30 Jun 99 M $764 MOct 11

295.94 15 Nov 11 1.51% (8.30%) 291.5331 Oct 11

9.15% 12.24% (15.71%)Oct 01 - Apr 02

GRAHAM GLOBAL INVESTMENT FUND II - K4D-10VKenneth G. Tropin

31 Jan 95 M $3'662 MOct 11

362.12 15 Nov 11 1.05% (10.83%) 358.3731 Oct 11

7.96% 12.59% (15.67%)Oct 01 - Apr 02

GRAHAM GLOBAL INVESTMENT FUND II - K4D-15VKenneth G. Tropin

31 Dec 98 M $3'662 MOct 11

217.41 15 Nov 11 1.58% (15.94%) 214.0331 Oct 11

11.32% 19.38% (30.47%)Feb 04 - Apr 05

KEYNES LEVERAGED QUANTITATIVE STRATEGIESFUND CLASS - B -COMPOSITESushil Wadhwani,

31 Dec 04 M $231 MAug 09

104.03 11 Nov 11 0.31% (3.38%) 103.7131 Oct 11

9.20% 12.27% (12.83%)Apr 06 - Sep 06

MAN AHL DIVERSIFIED PLCTim Wong

31 Mar 96 W $2'415 MSep 11

94.41 15 Nov 11 1.55% (4.46%) 92.9731 Oct 11

15.44% 17.63% (19.39%)Dec 08 - Feb 10

RENAISSANCE INSTITUTIONAL FUTURES FUND LPRobert Lourie

30 Sep 07 M $685 MSep 11

122.81 11 Nov 11 1.09% 4.04% 121.4831 Oct 11

5.11% 12.33% (22.27%)Jun 08 - Jun 09

TEWKSBURY INVESTMENT FUND, LTD - BMatthew Tewksbury

31 Dec 90 M $3'420 MSep 11

15,094.43 11 Nov 11 (0.30%) 5.20% 15,139.8531 Oct 11

13.88% 4.62% (7.75%)Jun 07 - Aug 07

TRADELINK INTEGRATED PROGRAM LTDWalt Weissman and Blair Wellensiek

31 Dec 93 M $81 MOct 11

2,381.78 11 Nov 11 0.54% (20.05%) 2,368.9831 Oct 11

19.41% 23.80% (36.53%)May 03 - Jan 05

TUDOR TENSOR FUND LIMITED CLASS ISteve Evans

31 Aug 05 M $523 MOct 11

1,580.09 11 Nov 11 2.13% (7.10%) 1,547.1931 Oct 11

7.66% 12.17% (13.94%)Sep 09 - Aug 10

TULIP TREND FUND, LTD - AHarold de Boer

31 Mar 03 M $619 MSep 09

3,449.63 11 Nov 11 4.70% (22.26%) 3,294.7331 Oct 11

15.44% 26.04% (34.25%)Feb 09 - Jan 10

TWO SIGMA COMPASS CAYMAN FUNDTwo Sigma Investments, LLC

31 Jul 09 M $ 489 MSep 11

1,462.29 31 Oct 11 1.24% (0.89%) 1,444.3630 Sep 11

18.36% 9.15% (9.85%)Apr 11 - Sep 11

WINTON FUTURES FUND - CLASS BDavid Harding

30 Sep 97 M $ 8'930 MOct 11

843.15 16 Nov 11 1.69% 5.31% 829.1331 Oct 11

16.28% 18.01% (25.08%)Oct 01 - Feb 02



29

InceptionDate



AnnualVolatility

Max DD*

DiscretionaryYTD Avg. 2011 2.90%

Discretionary / AsiaYtd Avg. 2011

10.60%

AMAZON MARKET NEUTRAL FUND CLASS A USDAugust Investment Management Ltd

31 Aug 05 M $409 MSep 11

346.06 11 Nov 11 1.45% 11.07% 341.1131 Oct 11

22.17% 13.20% (20.20%)Jun 08 - Dec 08

MACQUARIE ASIAN ALPHA FUNDAndrew Alexander & Nick Bird

30 Sep 05 M $801 MOct 11

1,636.57 11 Nov 11 1.40% 10.13% 1,613.9831 Oct 11

11.32% 6.56% (14.05%)Oct 07 - Apr 09

Discretionary / EuropeYtd Avg. 2011

0.10%

EXANE MICROMEGAS FUND LTD- CLASS A - CAPJerome Poirel

30 Jun 06 W € 262 MOct 11

15,091.68 16 Nov 11 (0.34%) (0.64%) 15,143.5831 Oct 11

5.26% 5.52% (6.92%)Oct 07 - Feb 08

TALENTUM ACTIVEDGE FUND LIMITED - A -Gianmarco Mondani / Marco Accorroni

30 Jun 02 M €43 MSep 11

164.77 17 Nov 11 0.00% (0.12%) 164.7731 Oct 11

5.46% 4.35% (11.77%)Jun 08 - Apr 09

TALENTUM ENHANCED FUND LIMITED - A -Gianmarco Mondani / Marco Accorroni

31 Aug 02 M €138 MAug 11

243.38 11 Nov 11 1.70% 1.06% 239.3131 Oct 11

10.15% 8.92% (25.03%)Jun 08 - Apr 09

Discretionary / GlobalYtd Avg. 2011

1.26%

BLACK DIAMOND RELATIVE VALUE LTD -C-ShsClint Carlson

31 Jul 99 Q $827 MSep 11

290.18 11 Nov 11 (0.36%) (1.82%) 291.2331 Oct 11

9.05% 5.46% (8.09%)Mar 11 - Sep 11

MARSHALL WACE - MW MARKET NEUTRAL TOPS AUSDAnthony Clake.

31 Oct 07 M $395 MSep 11

101.69 15 Nov 11 1.10% 3.36% 100.5831 Oct 11

0.42% 7.13% (15.98%)Jun 08 - Nov 08

TEMUJIN INTERNATIONAL FUND LTDMarco Battaglia

30 Sep 04 Q/M $85 MSep 09

148.34 31 Oct 11 3.10% 2.23% 143.8830 Sep 11

5.72% 10.68% (21.13%)Jul 06 - Feb 09

Discretionary / JapanYtd Avg. 2011

(1.56%)

DB EQUILIBRIA JAPAN FUNDJames Pulsford, Sara Gardiner-Hill

30 Apr 02 M $180 MSep 11

223.17 11 Nov 11 (1.49%) (0.89%) 226.5431 Oct 11

8.78% 4.60% (5.77%)May 08 - Sep 08

DB EQUILIBRIA JAPAN FUND LTD 2X (USD)James Pulsford, Sara Gardiner-Hill

30 Apr 09 M $407 MSep 11

130.05 11 Nov 11 (3.16%) (2.22%) 134.3031 Oct 11

10.92% 8.69% (8.91%)Jul 11 - Nov 11

Discretionary / UKYtd Avg. 2011

6.30%

ABSOLUTE INSIGHT UK EQUITY MKT NEUTRALFUND-CLASS B2P GBPAndrew Cawker, Iain Brown, Richard Howarth

31 May 08 D £ 170 MSep 09

1.13 17 Nov 11 (0.12%) 1.89% 1.1331 Oct 11

3.14% 1.37% (0.49%)Jun 11 - Aug 11



30

InceptionDate



AnnualVolatility

Max DD*

DiscretionaryYTD Avg. 2011 2.90%

Discretionary / UKYtd Avg. 2011

6.30%

CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBPSteven Cordell

30 Jun 08 Daily £ 228 MJan 11

108.83 16 Nov 11 0.48% 10.71% 108.3131 Oct 11

2.53% 6.49% (9.96%)Sep 09 - Dec 10


Multi-Strategy / AsiaYtd Avg. 2011

(1.05%)

LIM ASIA MULTI-STRATEGY FUND CLASS AGeorge W. Long

31 Dec 95 Q $ 864 MOct 11

33.85 31 Oct 11 (1.57%) (1.05%) 34.3930 Sep 11

8.00% 6.04% (15.79%)Feb 08 - Nov 08

Statistical ArbitrageYTD Avg. 2011 1.79%

Statistical Arbitrage / EuropeYtd Avg. 2011

(4.57%)

BLACKROCK EOS CLASS B USD COMPOSITERobert Fisher

28 Feb 02 M $ 219 MApr 11

1,170.34 16 Nov 11 0.66% (2.65%) 1,162.6431 Oct 11

9.84% 9.19% (14.33%)Jul 07 - Jan 08

GLC GESTALT EUROPE FUND, LTD A/1Laurence Staden & Julian Brooks

31 Jul 99 M $86 MSep 11

224.84 11 Nov 11 (1.22%) (6.49%) 227.6231 Oct 11

6.81% 9.31% (23.47%)Oct 09 - Sep 11

Statistical Arbitrage / GlobalYtd Avg. 2011

4.98%

A.R.T. INTERNATIONAL INVESTOR (BVI) LtdAaron Sosnick

28 Feb 07 Q $901 MOct 11

194.97 09 Nov 11 0.96% 7.59% 193.1231 Oct 11

15.27% 9.46% (10.48%)Jul 07 - Aug 07

BLUEMATRIX FUND CLASS -A- USDBlueCrest Capital management LLP

31 Oct 07 M $434 MSep 11

130.13 21 Oct 11 1.72% (4.90%) 127.9330 Sep 11

6.85% 7.53% (9.96%)Apr 11 - Sep 11

GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS AJonathan Hiscock

28 Feb 05 Q $985 MOct 11

198.52 11 Nov 11 0.78% 13.84% 196.9931 Oct 11

10.77% 4.90% (11.91%)Jun 08 - Sep 08

HIGHBRIDGE STATISTICAL OPP. LTD – CLASS AEvan Dick, Greg Howel

31 Oct 06 M $1'070 MFeb 11

1,246.00 15 Nov 11 1.69% 3.37% 1,225.2931 Oct 11

4.46% 11.23% (21.48%)Jun 07 - Aug 07



31

InceptionDate



AnnualVolatility

Max DD*

SystematicYTD Avg. 2011 21.66%


21.66%

BLACKROCK 32 CAPITAL MASTER FUND SPC, LTD(THE) - A/1BlackRock SAE Team

31 Jul 02 Y / M $403 MSep 11

1,619.25 11 Nov 11 1.26% 21.66% 1,599.0431 Oct 11

5.33% 7.53% (25.62%)Jun 08 - Sep 09



32

InceptionDate



AnnualVolatility

Max DD*

Merger-ArbitrageYTD Avg. 2011 (3.04%)

Merger-Arbitrage / GlobalYtd Avg. 2011

(4.01%)

AETOS CORPORATION - CLASS AJason Dahl, Jonathan Spitzer

31 Dec 85 M $126 MSep 11

24,995.72 11 Nov 11 (1.02%) 2.34% 25,252.4931 Oct 11

9.30% 11.75% (34.97%)Aug 87 - Oct 87

CENTAURUS INTERNATIONAL RISK ARBITRAGEFUNDRandy Freeman

30 Jun 09 M €370 MJul 11

109.25 31 Oct 11 1.77% (3.16%) 107.3530 Sep 11

3.85% 5.33% (7.66%)May 11 - Aug 11

LION FUND, LTD (THE)Nick Walker

31 Jan 96 M $260 MOct 11

38.15 31 Oct 11 1.82% 3.33% 37.4630 Sep 11

8.76% 9.72% (34.07%)Oct 07 - Feb 09

PAULSON ENHANCED LTDJohn Paulson

30 Apr 01 S $2'223 MOct 11

715.07 31 Oct 11 4.23% (19.18%) 686.0530 Sep 11

20.58% 16.87% (30.43%)Apr 11 - Sep 11

PAULSON INTERNATIONAL, LTDJohn Paulson

30 Apr 96 M $1'521 MOct 11

721.09 31 Oct 11 1.55% (8.94%) 710.0830 Sep 11

12.97% 8.19% (15.52%)May 11 - Sep 11

PSAM MERGER FUND LTDPeter Schoenfeld

31 May 09 M $70 MAug 11

109.41 11 Nov 11 0.30% 1.56% 109.0831 Oct 11

3.74% 2.49% (2.08%)Apr 11 - Aug 11

Merger-Arbitrage / USAYtd Avg. 2011

2.78%

GABELLI ASSOCIATES LIMITED - CLASS AMario Gabelli

31 Aug 89 M $154 MFeb 07

566.67 11 Nov 11 0.18% 2.78% 565.6531 Oct 11

8.12% 3.32% (6.65%)Oct 07 - Oct 08



33

InceptionDate



AnnualVolatility

Max DD*


Diversified / AsiaYtd Avg. 2011

(21.35%)

BENNELONG ASIA PACIFIC MULTI STRATEGY EQ.FUND LTDRichard Pegum, Paul Henry

28 Feb 05 M $ 102 MSep 11

93.04 11 Nov 11 (2.72%) (21.35%) 95.6431 Oct 11

(1.07%) 12.69% (37.62%)Mar 08 - Nov 11


(2.58%)

ALLBLUE LIMITEDMichael Platt

31 Aug 05 M $6'759 MAug 11

181.14 11 Nov 11 0.97% 1.56% 179.4031 Oct 11

10.06% 5.08% (4.51%)Jun 07 - Aug 07

ARROWGRASS INT FUND LTDNick Niell , Henry Kenner

29 Feb 08 Q €2'460 MSep 11

134.66 11 Nov 11 (0.30%) 0.00% 135.0631 Oct 11

8.37% 4.63% (4.40%)Apr 11 - Sep 11

BLACK RIVER DYNAMIC STRATEGIES FUND LTDWilliam Schatten

31 Jul 09 Q $107 MApr 11

100.13 31 Oct 11 (1.81%) (3.65%) 101.9730 Sep 11

0.05% 4.93% (7.79%)Apr 10 - Jul 11

BREVAN HOWARD M/S FUND, LTD – CL. A/USDAlan Howard

29 Feb 08 M $1'093 MSep 11

122.44 31 Oct 11 (0.30%) 5.50% 122.8130 Sep 11

5.67% 5.36% (6.29%)Feb 08 - Sep 08

BRUMMER MULTISTRATEGY 2XL, LTD - C -B&P Asset Management (Bermuda) Ltd.

30 Apr 09 M €141 MJun 10

1,214.38 15 Nov 11 0.10% 2.77% 1,213.1731 Oct 11

7.93% 6.99% (5.98%)Apr 11 - Aug 11

CQS DIRECTIONAL OPP. FUND. Ltd – 1A NIMichael Hintze

31 Jul 05 Q $1'109 MSep 11

3,014.14 31 Oct 11 13.81% (8.56%) 2,648.4030 Sep 11

19.29% 15.43% (24.58%)Apr 11 - Sep 11

CQS DIVERSIFIED FUND (SPC) LTD ALPHA CLASS BUSDJames Peattie & Peter Warren

28 Feb 07 Q $455 MJun 11

1,435.80 04 Nov 11 0.28% (2.56%) 1,431.7931 Oct 11

8.02% 8.05% (14.78%)Jun 08 - Dec 08

GLC DIVERSIFIED FUND LTD -A-Lawrence Staden

30 Jun 93 M $176 MMar 11

64.27 11 Nov 11 (3.82%) (6.10%) 66.8231 Oct 11

10.65% 11.45% (19.38%)Oct 09 - Nov 11

HUTCHIN HILL CAPITAL OFFSHORE FUND LTDNeil Chriss

30 Jun 08 Q $1'400 MOct 11

1,346.76 11 Nov 11 1.24% (4.64%) 1,330.2731 Oct 11

9.24% 6.95% (7.34%)Apr 11 - Oct 11

JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NIPhilippe Jabre

30 Apr 07 W $1'508 MMar 11

143.55 08 Nov 11 (2.02%) (21.92%) 146.5131 Oct 11

8.31% 13.55% (24.79%)Apr 10 - Sep 11

JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NIPhilippe Jabre

31 Jan 07 M $1'036 MSep 11

106.71 31 Oct 11 (0.07%) (21.76%) 106.7930 Sep 11

1.38% 18.40% (40.20%)Feb 08 - Jan 09

PLATINUM PARTNERS VALUE ARBITRAGE INT. FUNDLTDMark Nordlicht

31 Dec 02 Q $680 MOct 11

5,316.99 31 Oct 11 1.23% 19.81% 5,252.3930 Sep 11

20.81% 5.12% (4.42%)Aug 08 - Oct 08

STRATUS FUND LIMITED CLASS BTeam managed

30 Nov 03 M $ 3'179 MJul 11

2,122.91 11 Nov 11 0.57% 17.28% 2,110.8131 Oct 11

9.93% 5.87% (8.14%)Jun 07 - Sep 07



34

InceptionDate



AnnualVolatility

Max DD*



(2.58%)

TWO SIGMA HORIZON CAYMAN LTDTwo Sigma Investments, LLC

30 Apr 08 Q $630 MSep 11

1,171.08 31 Oct 11 (0.87%) (13.87%) 1,181.3630 Sep 11

4.61% 11.18% (17.41%)May 11 - Oct 11

Diversified / JapanYtd Avg. 2011

(0.04%)

LIM JAPAN FUNDLIM Advisors Limited

31 Oct 04 Q $ 115 MOct 11

164.42 11 Nov 11 (1.62%) (0.04%) 167.1331 Oct 11

7.33% 6.41% (10.09%)Jun 08 - Feb 09

Multi-StrategyYTD Avg. 2011 0.95%


0.95%

AG SUPER FUND INTERNATIONAL, LTDJ. Angelo & Michael Gordon & Dave Kamin

30 Apr 93 Y $625 MMar 11

1,273.06 11 Nov 11 (0.60%) (3.03%) 1,280.7431 Oct 11

9.68% 5.63% (24.78%)Jun 07 - Dec 08

BLACK DIAMOND, LTD - CLASS B (UNRESTRICTED)Clint D. Carlson

31 Dec 95 Q $102 MSep 11

290.81 11 Nov 11 (0.14%) (0.12%) 291.2231 Oct 11

6.96% 4.18% (18.58%)Aug 08 - Dec 08

BLACKROCK MULTI-STRATEGY FUND LTD - CLASS AGrace Gu

30 Apr 05 M $1'490 MAug 11

1,315.77 30 Sep 11 0.44% 1.64% 1,309.9831 Aug 11

4.36% 6.25% (13.96%)Jun 08 - Dec 08

BLUECREST CAPL INTL LTD A USDMichael Platt

30 Nov 00 Q $8'670 MOct 11

412.35 11 Nov 11 0.62% 5.24% 409.8131 Oct 11

13.81% 5.82% (4.83%)May 03 - Aug 03

BLUEMOUNTAIN EQUITY ALTERNATIVES FUNDAlan Gerstein

28 Feb 06 Q $324 MAug 11

1,835.30 11 Nov 11 (0.85%) 7.41% 1,851.0331 Oct 11

11.23% 7.81% (9.57%)Sep 08 - Feb 09

BOUSSARD & GAVAUDAN HOLDING., LTD ordinarysharesEmmanuel Gavaudan

31 Jan 07 D €679 MApr 11

13.80 16 Nov 11 (1.71%) 0.04% 14.0531 Oct 11

5.16% 7.81% (20.69%)May 07 - Sep 08

DOUBLE BLACK DIAMOND LTD - SERIES A(UNRESTRICTED)Clint Carlson

31 Mar 98 Q $2'897 MSep 11

365.17 11 Nov 11 (0.27%) 0.08% 366.1631 Oct 11

9.97% 5.57% (17.93%)Aug 08 - Dec 08

HIGHBRIDGE CAPITAL CORPORATION CLASS-A-Series NHighbridge Capital Mngt.

31 Aug 92 Q / Y $5'900 MDec 09

24,040.62 31 Oct 11 3.05% (4.62%) 23,329.0830 Sep 11

4.68% 17.84% (78.81%)Jun 08 - Jan 09

LINDEN INTERNATIONAL LTDJoe Wong

31 May 03 Q $1'780 MOct 11

260.13 31 Oct 11 1.54% (5.83%) 256.1830 Sep 11

12.02% 10.39% (24.60%)Feb 08 - Dec 08



35

InceptionDate



AnnualVolatility

Max DD*

Multi-StrategyYTD Avg. 2011 0.95%


0.95%

MILLENNIUM INTL LTDIsrael A Englander

31 Dec 89 Q $12'900 MSep 11

2,134.39 10 Nov 11 0.87% 7.36% 2,115.9831 Oct 11

15.00% 4.51% (7.24%)May 98 - Aug 98

QVT OVERSEAS, LTD - B - Serie 1Dan Gold

31 Oct 03 Y / Q $3'565 MSep 11

2,027.08 15 Nov 11 3.23% 6.21% 1,963.6531 Oct 11

9.18% 9.62% (37.38%)Feb 08 - Dec 08

SHEPHERD INVEST LTD CLASS -A -COMPOSITEBrian Stark & Mike Roh

30 Jun 95 S / Q $1'456 MMay 11

4,481.84 31 Oct 11 1.08% (3.00%) 4,433.9530 Sep 11

9.61% 7.19% (32.63%)Oct 07 - Mar 09

SystematicYTD Avg. 2011 1.57%


1.57%

WINTON EVOLUTION FUND (THE)David Harding

31 Aug 05 M $123 MOct 11

1,403.28 16 Nov 11 0.31% 1.57% 1,398.9531 Oct 11

5.60% 10.85% (14.61%)Jun 08 - Jul 09



36

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