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Annual
Annual Std
Average
Hedge Fund Strategies Feb 2011 YTD* Dev since Sharpe Ratio
Return since
January 2001
January 2001
Convertible Arbitrage 1.66% 3.5% 7.3% 7.5% 0.44
CTA Global 1.72% 1.1% 7.6% 8.7% 0.42
Distressed Securities 1.49% 3.3% 11.5% 6.1% 1.23
Emerging Markets -0.45% -1.1% 12.1% 10.5% 0.77
Equity Market Neutral 0.61% 1.2% 4.8% 3.0% 0.27
Event Driven 1.34% 2.8% 8.9% 5.9% 0.83
Fixed Income Arbitrage 1.10% 2.9% 6.4% 4.6% 0.52
Global Macro 0.93% 0.4% 7.7% 4.4% 0.83
Long/Short Equity 1.44% 2.0% 6.2% 7.1% 0.31
Merger Arbitrage 0.63% 1.6% 5.7% 3.3% 0.52
Relative Value 1.12% 2.1% 7.0% 4.8% 0.64
Short Selling -3.22% -4.0% -0.1% 13.9% -0.29
Funds of Funds 0.87% 1.0% 4.5% 5.1% 0.10
* Cumulative return since January 1st of the current year

In February, the stock market continued its positive trend. In a favourable context of decreasing implied
volatility (18.4%), the S&P 500 Index (+3.43%) recorded a sixth consecutive month of profits and a
remarkable cumulative return of 27.73% over the past half year.

A more contrasted situation prevailed on the fixed income market. Like the stock market, convertible bonds
(+2.03%) remained on the rise with a less remarkable but still comfortable return of 15.54% over the same
period. Conversely, regular bonds (-0.15%) registered another limited but persistent loss.

With yet another remarkable return in February, the soaring commodities market (+5.43%) generated a
stunning profit of 38.40% over the past six months, similar to its record progression of the beginning of
2008. The dollar remained depressed and scored negatively (-1.29%) for the third consecutive month.

With the good performance of convertible bonds compensating its negative exposure to the stock market,
the Convertible Arbitrage strategy (+1.66%) managed another month of solid profits. The uptrend of the
commodities market and the declining dollar seemed to sustain the CTA Global strategy (+1.72%) which
renewed with profitability despite the poor performance of regular bonds.

The equity-oriented strategies all managed positive returns that were proportional to their exposure to the
stock market. The Equity Market Neutral strategy registered another moderate but steady gain whereas
both Long/Short Equity (+1.44%) and Event Driven (+1.34%) strategies scored well above their respective
averages.

Overall, the Funds of Funds strategy (+0.87%) managed an above average return in February.