AUSTRALIAN HEDGE

July 2011 NEWSLETTER

Superannuation: Equity Asset Allocation at 55%!
!
With the Dow Jones up 400 down 500, up down,
and the Australian market continuing its overpriced
A$ related decline, what do Superannuates do?
Year to date Australian Equities are -13%. The US
S&P is -11%. Europe is a disaster. FTSE -15%,
CAC -21%, DAX -21%. At some stage most these
markets were positive on the year.

The average Superannuation Fund allocation to
Australian Equities is 30%. To International
Equities it is 25%. Total Equity asset allocation is
55%. So in general, portfolios have been subjected
to August 2011s massive volatility. This is just
totally and utterly wrong!

Lucky that 2011 performance is measured to June
30 and it doesnt include the recent volatility.

Asset allocation must be tactical. Default Strategic
Asset Allocation, just doesnt work. I have
previously mentioned Future Funds total equity
allocation as ranging from 28% up to 38%.
Domestic and International. I recently met with the
Future Fund and we discussed equity exposure. As
at a couple of weeks ago it was around 30% which
included Domestic and International Shares. How
did they get to an asset allocation which is nearly
half of the standard Superfund? FF use a top down
macro approach to markets. FFs Portfolio
Managers PMs, implement the macro strategy by
allocating to managers in those asset classes or by
direct asset exposures. A strategy group or
committee look at market inputs and they a call.
These inputs are probably closely discussed with
the PMs and then the asset class allocation is
implemented. FF could correct me if I am wrong but
I am fairly sure that this is their approach.

Just think about it? There are enough market
metrics and inputs that will give you a top down
approach to investing over the short, medium and
long terms. Years ago I worked as a floor trader on
the Sydney Futures Exchange. Most of us never
held ourselves out to be top quartile analysts but
we were very close to market movements and
psychology. Fear and greed moving markets.
Patterns repeat, over and over. One of the simplest
momentum indicators was the Weighted Moving
Average Crossover. One market guru who seemed
to have an uncanny knack of picking markets
simply used a 30 day and 90 day Moving Average
Crossover to tell him whether markets were
trending up or down. We used other well known
technical indicators such as the 14 day Relative
Strength Index which gave you an idea of whether
markets were overbought or oversold. You cant tell
me that you couldnt run some set of quantitative
factors which assisted a Superfund manager in
down weighting exposures to various asset classes,
in particular equities. Infact, any asset class could
be monitored as to whether is was at the top end or
bottom end of relative risk value.

Recently, Challenger have been running TV ads
describing their annuity products which are not
affected by equity market downturns. The ads are
very specific in targeting retirees who have been
affected by the Global Financial Crisis. Challenger
is right on the money here. Investors will not accept
significant risk asset downdrafts affecting their
planned retirement. Mark Bouris, the very high
profile Chairman of Yellow Brick Road recently
wrote an article in the Sunday Telegraph
highlighting the recent equity market volatility and
the need for retirees to diversify into assets
specifically Fixed Income and Credit. This is the
same as the Challenger message and it will
steadily gather momentum. Superannuation Funds
will be questioned on return and volatility related to
equity exposure. Maybe the horse has bolted and
with equity markets down as much as what they
are, now may be not the time to sell. Having said
that, I think equity markets will be in a down to
sideways market for some time. Fixed Interest,
Corporate Credit, Cash Term Deposits, Gold, and
Short USD positions must be considered in
Superfund portfolios. Or an increased allocation to
these assets. I understand that only 2% of global
gold holdings are attributed to Pension Funds.
Rainmaker reports that in 1997 Fixed Interest and
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Cash made up 39% of Superfund asset allocation.
That amount has dropped to the current 34%. This
amount was a bump from the down trend because
of the GFC. The projected asset allocation is to fall
to 26%. Considering where our cash rates are, that
is appalling! This 55% asset allocation to Equities
will come under scrutiny and Trustee Boards will be
held to account. I am not sure that I would want to
be a Superfund Trustee. In the years to come, I can
see some very unhappy members phoning
Trustees complaining about their retirement nest
eggs. When the results from MySuper start to be
reported, this unhappy state of mind will only gather
momentum.


NEWS

Global fund of hedge funds seeking managers

SAIL Advisors (HK) and Parker Global Strategies
have both announced plans to launch further fund
of hedge funds vehicles this year, according to the
latest Preqin global hedge fund spotlight edition.

Other key findings;
Princeton Futures, Casteel Capital,
Clariden Leu (500 million) and Blue Rock
Advisors (US$970 million) are adding
funds to their existing fund of funds
vehicles.
Nearly one-third of institutional investors
plan to make a commitment to the hedge
fund asset class in the coming 12 months,
investing up to a combined US$195 billion.
Of these investors, 47% are seeking
opportunities to invest in funds of hedge
funds.
Over half of funds of hedge funds are
seeking new investments themselves.
50% of those institutions with investment
plans are looking to commit to North
America-based managers.
Europe-based investors have the greatest
appetite for new commitments; 45% are
seeking new opportunities, compared to
29% of North American, and 32% of Asia
and Rest of World-based investors.
87% of those planning to invest include
long/short equity as a strategic preference,
and 58% are taking an opportunistic
approach.
Emerging managers have grown in
popularity, with 28% of all investors stating
that they are more open to marketing from
emerging managers than they were one
year ago.
60% of investors will focus on managers
with a track record of at least three years.
Just over one-third will consider vehicles
with less than $100 million in assets under
management.

Details at;
http://www.preqin.com/docs/newsletters/HF/Hedge
_Fund_Spotlight_July_2011.pdf

HAIL in Australia

HSBC Global Investments has commenced
marketing its HSBC Alternative Investments
Limited (HAIL) to Australian institutional clients.
Marketing is being undertaken by Christopher
Smith, HAILs Regional Product Head, and Chris
Comino, Associate Director, Client & Consultant
Relationships for HSBC Global Investments in
Australia.

HAIL is a US$28 billion hedge fund advisory
business within the global HSBC Group. The firm
annually conducts on-site due diligence at more
than 800 hedge funds, and recommends around
200 of them.

Customised portfolios account for 86 per cent of
HAILs AUM. The firm says it is seeing increasing
demand from institutional investors for direct
investing, portfolio construction and manager
selection support.


UBS eyes alternatives expansion in Australia

UBSs new Asian fund administration platform is
eyeing opportunities in Australia, according to
AsianInvestor citing Colin Lunn, the units Hong
Kong based business development head.

The investment bank recently acquired INGs $34
billion Australian investment unit which will provide
scope for UBS to offer fund administration services.
The firms admin business is initially focussing on
hedge funds and other alternatives in Asia.

Meanwhile, Ben Heap, head of UBS Global Asset
Management Australia, plans to build up its range
of alternative investment products, according to I&T
News. The products will include funds-of-funds,
UBSs own hedge funds, property and
infrastructure funds.

AUSTRALIAN HEDGE Monday, August 22, 2011

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Australia rises is HNW world rankings

Capgemini and Merrill Lynch have released their
annual World Wealth Report, which covers the
global high-net-worth industry.

Key findings;
1. Australian HNWIs increased by 11.1 per
cent to 193,000. The nation gained one
place in the rankings to become the ninth
largest population of HNWIs, overtaking
Italy in 2010. Australia also has the third
largest HNWI population in the Asia-Pacific
after Japan and China.
2. HNWI allocations to alternative
investments changed little in 2010,
remaining at around 5 per cent of total
HNWI asset investments. Within this
category, allocations to hedge funds
dipped to 24 per cent from 27 per cent in
the previous year, while commodity
investments rose to 22 per cent from 16
per cent.
3. Allocations to equity was 33 per cent; fixed
income (29 per cent); real estate (19
percent); and cash (14 per cent).
4. The Asia-Pacific now ranks as the worlds
second largest region for HNWI, exceeding
Europe for the first time. (below)

Number of
HNW - million
Assets of HNW -
US$ trillion
North America 3.4 11.6
Asia Pacific 3.3 10.8
Europe 3.1 10.2



HFA sees AUM rise, Certitude sews up
Threadneedle

HFA Group had assets under management and
advice of US$5.8 billion in June 2011, a 22 per
cent rise from the prior year.

The rise was due substantially to its wholly-owned
US subsidiary, Lighthouse Investment Partners
LLC, which has received significant mandates in
recent months. These include US$500 million from
a US pension, US$40 million from an Australian
pension fund, US$20-25 million from a US hospital
district and US$20 million from a non-US retirement
fund.

Meanwhile, HFAs subsidiary, Certitude Global
Investments, has entered into an exclusive
distribution partnership with international asset
manager Threadneedle to sell its products to retail
and high net worth investors in Australia.
Threadneedle is an international investment
manager with more than $110 billion in AUM.


Professionally managed assets at record $56.4
trillion

The global value of professionally managed assets
rose 8 per cent to an all-time high of US$56.4
trillion in end 2010, surpassing its previous record
of $56.2 trillion in 2007, according to Boston
Consulting Groups Global Asset Management
Report.

Other highlights;
Retail AUM reached $22.8 trillion (up 9 per
cent from end 2009) while institutional
AUM was $33.6 trillion, (up 7 per cent).
Retail growth was driven by gains in
discretionary mandates for high-net-worth
individuals as well as in unit-linked
insurance and pension products.
Institutional growth was supported by the
pension and insurance sectors and also by
government funds.

Details (32 pages) at
http://www.bcg.com/documents/file81068.pdf

Hedge funds capturing mid-sized pension
funds interest

State Street has released its latest VisionFocus
Hedge Funds: Rebuilding on a New Foundation
report.

Highlights;
The expansion of hedge fund industry
assets represents the endorsement by
institutional investors of a more transparent
and rational hedge fund industry.
Hedge funds have evolved beyond their
traditional markets among high-net-worth
investors, foundations, endowments and
the largest pension funds, to the mid-sized
pension funds that make up the vast centre
of the asset management marketplace.
As pension assets shift from traditional
asset management firms to hedge funds,
many industry analysts anticipate
convergence between both types of fund
AUSTRALIAN HEDGE Monday, August 22, 2011

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TRIPLE A PARTNERS AUSTRALIA
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management. But thus far, convergence
has primarily been evident in the
distribution of investment products.

Details (16 pages) at;
http://www.statestreet.com/wps/wcm/connect/d691f
c004792b33995849f076814bbba/CS-0002-
2042_VF_HedgeFund_vfnl3.pdf?MOD=AJPERES
&CONVERT_TO=url&CACHEID=d691fc004792b3
3995849f076814bbba


Manager developments

Bennelong Funds Management is establishing a
new Australian equity long/short absolute return
boutique fund with Mark Burgess and Kristiaan
Rehder. The pair will join the firm on 1 Sept. They
were previously running the Herschel Absolute
Return fund for Herschel Asset Management.

*
Melbourne-based Imperia Investment Group
attracted inflows of $50 million earlier in July,
including a sizeable allocation from a major global
investor, according to AsianInvestor.

The Asian equities event-driven hedge fund,
headed by ex-Citadel executive Simon Leversha,
now manages $65 million. The firm reportedly
counts US investors, family offices, high-net-worth
individuals and Japan and Asian institutions
amongst its investors.

*
Morningstar has released its latest sector wrap on
alternative investment strategies. Twelve individual
investment strategies were assessed. Five were
awarded a recommended rating, while seven
received an investment grade rating.

The five recommended were AQR Delta, Aspect
Diversified Futures, Blackrock Scientific Diversified
Markets, Fauchier Partners Absolute Return, and
Winton Global Alpha.

*
Taurus Funds Management is launching the
Taurus Enhanced Gold and Precious Metals Fund,
targeted at Australian institutional and retail
investors. It will be the firms first move into the
retail market. Equity Trustees is the fund's
responsible entity (RE).

An institutional investor has seeded the fund with
$230 million, according to InvestorDaily. Taurus
has nearly $1 billion AUM and specialises in long-
only and hedge fund strategies in physical precious
metals and resources, and related stocks.

*
Five Oceans Asset Management has gained a
$150 million global equities mandate from the $6
billion NSW-based Local Government Super (LGS).
The mandate will be managed by CIO Chris Selth
and Kim Tracey, portfolio manager of Five Oceans
130:30 global equities fund, according to I&T News.

Five Oceans has $500 million AUM, which was
boosted by Catholic Supers $80 million allocation
to its World Fund earlier this year. The firm is part
of Challengers boutique manager stable.

*
New Yorkbased Artio Global Investors has opened
a Sydney office, appointing Ian Webber as Director,
Institutional Investments for Australia & NZ.
Webber was previously CoHead of Australia/Head
of Sales and Marketing for AXA Rosenberg
Investment Management.

Artios initial focus in Australia will be on its Global
Equity strategy, which the firm has managed since
1995, and its Global High Yield offering, which it
has been running since 2003. Artio manages
US$45.2 billion across a range of equity and fixed
income strategies. Sydney will be the firms third
nonUS office, after Toronto and London.

*
Australias John Hempton, (44) founder of Bronte
Capital, was recently featured in a Reuters expose
about a small global group of short sellers in
Chinese stocks. In the past nine months, this
disparate group has separately published research
exposing accounting fraud at a number of Chinese
companies listed in the United States and Canada,
resulting in sharp declines in the stock prices of the
entire sub-sector, and handsome profits for the
short sellers.

Hempton is reported to have "semi-retired" at the
age of 39, after making a fortune on the flotation of
Platinum Asset Management, where he was an
executive. He now manages private money with a
business partner, Simon Maher, at Bronte Capital.



Details at
http://www.reuters.com/article/2011/08/05/us-
china-accounting-shorts-
idUSTRE7740PC20110805

AUSTRALIAN HEDGE Monday, August 22, 2011

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People on the move

Certitude Global Investments has appointed Gary
Burke to the newly-created position of Head of
Investments. Burke was most recently the Head of
Mercers investment management business in
Australia and NZ. Certitude is part of ASX-listed
HFA Holdings, a fund of hedge funds firm. Its
investment partners are Threadneedle Asset
Management, Marshall Wace GaveKal, and
Lighthouse Investments Partners, the latter being
also owned by HFA.


*
Amanda Gillespie has been promoted to research
general manager at Lonsec. She replaces Grant
Kennaway has left the firm to take an extended
break. Lukasz de Pourbaix will assume
responsibility for Lonsec's investment consulting
team. Lonsec was recently sold to Financial
Research Holdings. (see Australian Hedge, June
2011).


Industry developments

European and UK fund managers at the 2011 Fund
Forum International in Monaco have expressed
interest in entering the Australian retail market,
according to InvestorDaily citing feedback from an
Australian delegation to the event.

An Australian panel presented to around 100
delegates at the forum. Questions were reportedly
asked on how the Australian retail market was
changing, the possible impact of Future of
Financial Advice (FOFA) reforms, and opportunities
to by-pass planners to go direct to retail investors.

*
nabInvest has acquired a non-controlling interest in
Altrinsic Global Advisors, a global equities high
conviction fund manager based in Connecticut,
USA. About 25 per cent of Altrinsic's US$12 billion
in AUM comes from Australian institutional
investors, according to InvestorDaily.

Garry Mulcahy, CEO nabInvest, said the
acquisition is nabInvests first investment in a
global equities manager. nabInvest is National
Australia Banks direct asset management
business, which through its in-house management
teams and 11 external partners, manages
approximately $45 billion.

*
AsiaHedges New Funds Survey reported 24 new
hedge funds being launched in Asia during the first
six months of 2011. The funds raised a combined
US$2.86 billion in new assets, nearly triple that of
last year. However, a major factor in the AUM rise
was the launch of a $1 billion Hong Kong based
hedge fund by Azentus Capital, founded by high
profile ex-Goldman Sachs proprietary trading head
Morgan Sze.

*
The global hedge funds industry hit a record
$2.044 trillion in AUM in June 2011, according to
Hedge Fund Research. For the six months ended
June 30, net inflows to hedge funds totalled $62
billion, the highest half-year inflows since $75
billion was raised in the second half of 2007.
Details at
http://www.pionline.com/article/20110719/DAILYRE
G/110719896#ixzz1TAdmwSDg

Investor developments

MilitarySuper is reportedly in a legal stoush with
Melbourne-based hedge fund manager Agora
Asset Management over a $7.88 million exit fee.
The superfund has more than $152 million invested
in the Agora Absolute Return Fund II and sought to
redeem the investment in May 2011 after it had
become "dissatisfied" with the fund's performance,
according to InvestorDaily citing court documents.

However, MilitarySuper tried to cancel its
redemption request after it was told it would need
to pay a 5 per cent exit fee, but Agora reportedly
denied this request. The superfund, which
claimed the extent of the exit fee had not been
made sufficiently clear, is the major investor in the
fund, according to InvestorDaily.

*
The $36 billion Victorian Funds Management
Corporation (VFMC) is believed to have appointed
Aksia, a New York-headquartered hedge fund
research and advisory firm, to consult on its hedge
fund investments, according to I&T News. Both
firms declined to comment to I&T but a
spokesperson did say that VFMC invested in
absolute return funds within its non-traditional
assets asset class, which accounted for 5.5 per
cent of its AUM.

AUSTRALIAN HEDGE Monday, August 22, 2011

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Aksia already consults to Sunsupers alternatives
specialist, Bruce Tomlinson, in the management of
the $17 billion funds global hedge fund program,
according to I&T.

*
Axa has added 25 new managed funds to its
investment platform, AXA North. Of these, three
are non-infrastructure alternatives including; Aurora
Corals Commodities Fund, MAN AHL Alpha Fund,
and Platinum International Brands Fund (which can
short). AXA North administers $1.7 billion on behalf
of 15,000 investors.

*
Japanese and Korean pension funds are expected
to allocate to Australian alternatives, according to
InvestorDaily citing AMP Capital Investors Hong
Kong based international chief executive Anthony
Fasso.

Fasso expects investor interest in infrastructure
(assets and debt), unlisted real estate and
uncorrelated longer dated assets, including forestry
investments. Asian pension funds also see
Australia as a relatively safe way to get exposure to
growth in China. Their allocations to alternatives
are expected to grow to four to five per cent from
one per cent currently, said Fasso.

*
Dixon Advisory has appointed US based Passport
Capital as an underlying manager to its ASX-listed
fund of fund, the Global Resource Masters Fund,
according to InvestorDaily. The $100 million Dixon
fund has two-thirds of AUM allocated to equities,
and one-third invested in physical commodities.
The Taurus Precious Metals Fund has a 2.8 per
cent allocation.

*
Institutional investors are in danger of allocating too
much to alternatives, according to independent
investment consultant Chris Condon. Condon, (ex-
CIO MLC) was speaking at the annual Rainmaker
Sales & Marketing Symposium. He sees
alternatives as a sound investment as long as they
are "genuinely alternative and can be bought in a
competitive way," according to Financial Standard.

However, he warned that a groundswell of
attractiveness for alternatives can enable providers
to package up products to convince investors that
they are buying alternatives when in fact investors
could have bought in more cheaply, efficiently and
with more transparency.

A recent survey by Towers Watson/Financial Times
found that allocations to alternative assets
accounted for 19% of global pension fund assets in
2010, up from 5% in 1995. (see Australian Hedge,
June 2011).

*
The China Investment Corporation (CIC) boosted
its allocation to alternatives to 21 per cent of AUM
in 2010 from 6 per cent the previous year,
according to AsianInvestor citing data from CICs
annual report.

However, most of this is going to private equity,
real estate/REITs, infrastructure and direct
investment, particularly in the resources and
utilities industries. CIC is Chinas US$410 billion
sovereign wealth fund, with $135 billion in its
international investment portfolio.


Hatfields Gadget
Corner: Mac OS X Lion
is a DOG!

I am normally an eager
upgrader sometimes to
my detriment. So when
Mac OS Lion was
released I eagerly
upgraded. In all my years of eagerly awaiting a new
OS, this is the first time that I am very unhappy. I
strongly recommend that readers do not upgrade
and stick with Snow Leopard!

There has been an eerie quiet about this operating
system. I think the reason is that commentators are
scared to voice negative opinions. On the Opinions
Page of Cult of Mac, a blogger wrote an article
entitled OS X Lion turned me into a ranting bitch!.

http://www.cultofmac.com/os-x-lion-turned-me-into-
a-ranting-bitch-opinion/107853

The Apple acolytes were quick to jump to the
defense of OS X Lion. I read the article and thought
blogger made very good points.

My issues are as follows:

1. The new Mail program crashes
regularly.
2. I use an outsourced Exchange Server
and although Mail 5 is Exchange
compatible, I have certain days where
AUSTRALIAN HEDGE Monday, August 22, 2011

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TRIPLE A PARTNERS AUSTRALIA
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the sub folders just dont appear. And it
varies from Mac to Mac.
3. MobileMe email regularly fails to send.
I have found this on multiple Macs. It
brings up the Account Box after a
failed send. This is really bizarre.
4. The Mail search is a disaster. I spend
hours trying to find old emails that I
need to follow up.
5. Enough on Mail, I have had to go over
to the dark side and use MS Outlook
for Mac. It works!
6. Preview, what is this disaster? I get a
lot of PDF documents. You open the
document in Preview and when you go
to save it, you get the choice of
UNLOCK or DUPLICATE. I just want to
save the PDF on the Server!!!!! Just
like MS Outlook I have had to
download Adobe Reader another Dark
Side software.
7. Safari crashes regularly.
8. Safari leaves open all your viewed
windows and then reopens all of them
when you reboot.
9. I always do rebuild OS from scratch
once or twice a year. This gets rid of
derelict files and cluttered stuff. A
general spring clean. I did this with
Lion and when I went to copy my
MobileMe website domain, I could not
find the Library sub directory. As it
turns out, I had ask my Techo how to
find it. It turn out that Apple have
hidden this sub directory. This is quite
bizarre. Why would they do this?
10. When I do a clean install, I sync
everything up to MobileMe, Contacts,
Safari Settings, Calendar and some
Mail Settings. My Contacts all
disappeared. I got them back but it was
after cutting and pasting the old file
from an old Library backup.
11. The Finder Window looks like some
sort of bad programming. It doesnt
show the old disc usage, which I found
important.
12. This scrolling business is giving me
RSI. I hate it.
13. Processor overload. My 13 inch
MacBook goes into Processor
Overload on a daily basis. I have seen
this before and Apple always bring out
an update to fix this. But when? My
MacBook is only a few months old and
I find it quite disconcerting to hear the
processor overload.

So the first Update 10.7.1 has been released but it
seems just a small bug fix at 80 MBs.

Sorry Mr. Jobs but this Lion upgrade is a
shocker!!!!!!!




Damien Hatfield
M: +61 400 560 240
dh@tripleapartners.net

CONTRIBUTORS

David Chin is the consulting editor for the
Australian Hedge newsletter. He is also the
managing director of Basis Point Consulting, a
research and news syndication firm focused on the
Australian and Asia-Pacific hedge funds, financial
markets, and derivatives industries.

Contact contact@davidkochin.com

DISCLAIMER

The information in this newsletter is based on data
collected from sources within the market and believed to
be accurate at the time of compilation. The publishers
have taken every care to ensure the information
contained herein is accurate, but take no responsibility
for any errors. This report has been prepared with all
reasonable care by Point Break Advisors Pty Ltd. trading
as Triple A Partners Australia (ACN 124 312 081). It is
provided for information purposes only and should not be
construed as an offer or solicitation. It should not be
relied upon as the sole basis for making an investment
decision, nor should a decision be made until the risks of
the investment are fully understood. Triple A Partners
Australia assumes no responsibilities for errors,
inaccuracies or omissions in this summary. The
information is provided without warranty of any kind.
Past performance is not indicative of future performance.
Investors may not get back the full amount originally
invested.

Triple A Partners Australia is the trading name of Point
Break Advisors Pty Ltd ABN 17 124 312 081 AFSL
317532.

Copyright 2009 Triple A Partners Australia. All rights
reserved. Neither this publication nor any part of it may
be reproduced, stored in a retrieval system or transmitted
in any form or by any means; electronic, photocopying or
otherwise without prior consent of Triple A Partners
Australia.!!
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ClC Clobal llxed lnLeresL Alpha lund (Auu - Cnshore) -2.91 -1.39 7.93 3.31 1.43 13.60 7.67 11.21 !ul-03 !ul-11
8A8 Luropean CredlL CpporLunlLles lund LLd-Class 8 (uSu) -0.10 3.33 9.00 11.03 8.24 46.33 -28.86 9.03 !ul-01 !ul-11
8amlus Clobal CredlL lund LLd - Class 8 0.74 8.78 13.82 2.33 17.06 2.79 CcL-09 !ul-11
6748"7%9"3.4:!4554(/,/'#:0;,;.'#
36 SouLh Culllnan lund Lu8 7.61 8.89 22.67 13.18 Mar-11 !ul-11
AcLlve Clobal CommodlLles lund (Auu$) 1.33 2.39 10.19 12.72 12.63 7.00 1.37 16.89 uec-99 !ul-11
AnLlpodean CaplLal Clobal Currency SLraLegy -0.72 -4.49 2.68 14.19 1.37 -8.32 2.02 3.60 leb-06 !un-11
Argus uynamlc MulLl-sLraLegy rogram 2.67 -8.09 13.26 23.29 4.27 -2.19 43.44 4.92 CcL-96 !ul-11
AspecL ulverslfled luLures lund - Class A 8.22 3.98 14.79 13.93 13.40 Apr-10 !ul-11
ALLunga AgrlculLural 1radlng lund (LurekahedgePl) -1.33 21.92 17.23 10.64 4.02 9.73 22.08 Apr-08 !ul-11
ALLunga ower & Lnvlro (Cffshore) lund 1.27 -18.03 -4.98 16.92 -10.38 27.01 -8.20 !un-08 !un-11
ALLunga ower & Lnvlro lund -1.63 -14.91 17.13 22.17 -3.77 17.99 -6.73 86.79 Aug-06 !ul-11
8lack8ock AsseL AllocaLlon Alpha lund -0.83 -3.83 13.42 12.70 -4.38 1.40 32.39 38.31 Mar-06 !un-11
8lack8ock Clobal AscenL lund -0.90 1.43 19.37 14.83 17.70 18.43 -3.33 14.69 leb-03 !un-11
8lue lln CaplLal - Managed CommodlLles rogram (LurekahedgePl) -1.29 3.40 9.20 6.96 13.98 -2.82 11.43 14.73 Apr-07 !ul-11
8lue lln CaplLal - Managed Currency rogram 1.68 2.38 8.41 11.83 4.30 3.14 8.73 -2.01 !an-02 !ul-11
8lue lln CaplLal - Cmega rogram 2.44 7.69 13.67 9.44 23.31 -3.01 nov-09 !ul-11
8lue lln CompacL Cmega rogram 11.99 -1.71 44.36 31.73 70.91 20.32 Sep-09 !ul-11
8lue Sky Apelron Clobal Macro lund - Class A (LurekahedgePl) -0.63 -1.16 10.04 10.87 4.99 -1.68 19.32 20.79 leb-06 !ul-11
8lue Sky World lnc. (Class A) -3.83 -3.87 13.97 23.22 3.79 22.66 -3.93 73.73 leb-06 !un-11
81 Clobal Macro lund -0.94 -0.77 2.23 3.92 7.36 6.49 -6.18 Sep-08 !ul-11
CameloLfund CaplLal CuaranLeed lx rogram Serles 1 0.30 9.93 3.22 4.84 4.71 0.47 4.44 3.23 Mar-07 !un-11
CommodlLy SLraLegles - Long Cnly 2.23 1.36 12.36 13.13 9.41 27.78 10.47 23.08 uec-99 !ul-11
CommodlLy SLraLegles LLd - Clobal CommodlLy lund Long-ShorL 3.36 -2.98 14.99 20.83 8.67 21.07 20.82 10.73 CcL-07 !ul-11
ulscreLlonary-6v orLfollo (uSu - Cffshore) -0.67 1.46 8.26 3.38 7.12 17.09 8.66 -6.93 Sep-03 !un-11
eSLaLs 8evoluLlon MasLer lund LLd 1.62 -27.11 -46.87 13.90 !an-11 !un-11
Lxcallbur AbsoluLe 8eLurn lund -2.10 -1.39 12.38 8.19 10.38 0.98 12.23 21.39 !ul-06 !ul-11
Clobal 1radlng SLraLegles (Cayman) lund -1.06 -7.32 11.60 12.38 -1.07 -3.78 44.83 27.30 nov-06 !ul-11
CMC SysLemaLlc Clobal Macro 1rusL - Class 8 2.39 4.78 11.63 10.24 14.00 9.38 12.03 13.77 leb-06 !ul-11
P3 Clobal CommodlLles lund - Class Auu -2.02 -2.96 7.33 13.32 7.32 13.33 -2.33 14.33 nov-03 !un-11
P3 Clobal SLraLegles lund -1.31 -2.29 -1.38 7.66 -4.89 -4.27 6.88 May-08 !un-11
Peadland Clobal ulverslfled lund 1.73 -1.49 6.32 9.39 11.11 3.90 1.61 9.96 nov-06 !ul-11
lnvesLmenL Sclence Access S8A-16 lund 0.02 -2.18 18.36 18.33 14.73 7.87 31.80 0.92 nov-07 !un-11
lnvesLmenL Sclence Alllance S8A-16 lund 0.67 -0.92 3.09 17.30 6.93 May-10 !un-11
lSAM SysLemaLlc lund 2.36 -2.86 16.70 19.07 17.70 11.48 77.78 10.83 !un-01 !ul-11
k4u-10v orLfollo (uSu - Cffshore) -1.94 -4.11 9.67 12.63 3.06 1.13 21.82 12.72 leb-93 !un-11
k4u-13v orLfollo (uSu - Cffshore) -2.83 -3.78 13.76 18.20 4.32 3.11 33.63 16.90 leb-93 !un-11
kalser 1radlng lund 1x SC -0.60 -2.30 3.67 3.92 4.66 -4.32 8.39 11.76 Apr-04 !ul-11
kalser 1radlng lund 2x SC -0.99 -4.07 6.31 9.33 9.62 -7.78 13.30 19.33 CcL-06 !ul-11
kalser 1radlng lund 2x SC (LurekahedgePl) -1.04 -4.11 6.34 9.34 9.84 -7.78 13.28 19.34 CcL-06 !ul-11
kohlnoor Serles 1hree lund 0.64 -0.49 14.23 13.16 0.44 -1.83 73.31 7.03 Aug-03 !ul-11
Macquarle CommodlLy Alpha SegregaLed orLfollo -0.96 -0.96 2.89 3.37 -6.41 1.83 8.68 7.44 Sep-07 !an-11
Merrlcks CaplLal SofL CommodlLles lund 0.03 2.12 12.83 7.43 16.09 20.33 8.04 !an-08 !ul-11
MCP lnvesLmenL lund LLd 1.37 3.32 13.20 11.08 16.22 16.61 -21.67 10.03 !an-03 !ul-11
engana Clobal volaLlllLy lund - Class A -16.60 -16.38 0.30 32.83 -16.38 12.89 4.23 2.92 nov-07 Apr-10
remler Clobal SelecL lund -3.29 -6.98 4.84 8.61 0.39 13.39 -13.63 6.37 CcL-01 !ul-11
roprleLary MaLrlx-10v orLfollo (uSu - Cffshore) -2.66 -2.73 10.00 12.23 10.37 13.46 23.14 8.48 !ul-99 !un-11
8A8 Lnergy lund - Class 8-1 -3.61 -16.09 14.32 23.76 46.38 86.90 -60.11 4.96 !un-04 !ul-11
8A8 CcLane lund LLd. Class u (uSu) -0.96 10.27 6.81 12.32 30.71 11.86 -31.12 16.86 !ul-00 !un-11
8A8 Speclal SlLuaLlons lund (uSu) -3.73 -14.63 11.34 36.80 -8.74 4.94 -69.76 9.43 !ul-03 !un-11
81M AbsoluLe 8eLurn lund 0.00 0.68 6.91 3.20 1.94 8.69 6.37 7.00 Sep-03 leb-11
1aurus reclous MeLals SLraLegy -2.88 0.69 22.64 13.24 32.61 leb-10 !un-11
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8l Asla aclflc arLners lund -0.31 -2.92 13.02 19.03 23.78 leb-10 !ul-11
90 WesL Clobal 8aslc MaLerlals lund (Auu - Cnshore) 6.39 -9.73 26.24 22.76 73.07 49.03 -11.90 !ul-08 !ul-11
Agora AbsoluLe 8eLurn lund -3.63 -2.99 7.12 8.30 -2.12 23.99 -12.23 9.78 Mar-04 !ul-11
Allard CrowLh lund 2.10 3.48 13.63 13.09 19.90 49.20 -28.83 16.89 !an-96 !ul-11
Allard lnvesLmenL lund 0.10 -2.84 12.30 9.82 8.97 23.43 -13.82 13.36 !ul-03 !ul-11
A8 CaplLal ManagemenL 1he AscoL lund -0.72 0.23 10.24 3.73 -2.69 20.01 3.24 26.07 Aug-03 !un-11
Arnhem Long ShorL AusLrallan LqulLy lund -4.94 -3.62 9.37 13.32 -1.44 31.49 -30.28 22.23 !un-03 !ul-11
ArLelacL arLners Clobal CpporLunlLles lund LLd. -0.08 -13.63 -7.33 13.93 -13.63 14.10 -38.99 17.11 May-06 !ul-10
ALrlum LqulLy lus 4.36 6.23 0.36 6.72 -4.18 -1.16 CcL-09 !un-11
Avlva lnvesLors Plgh CrowLh Shares lund -3.39 -3.21 11.46 13.70 2.27 43.34 -32.84 23.84 uec-99 !ul-11
Avlva lnvesLors Long ShorL LqulLy lund (Cross 8eLurns) -1.74 0.08 4.69 14.87 0.63 38.76 -31.36 18.12 leb-06 !un-11
8lack8ock LqulLlsed Long ShorL lund 1.19 11.01 17.07 13.33 -0.84 33.43 -43.91 38.48 uec-01 !un-11
8lue Sky !apan - Class A uSu -0.49 -9.92 7.29 24.22 4.68 24.39 -17.97 -33.08 !un-00 !un-11
Cadence CaplLal LlmlLed (LurekahedgePl) 1.16 24.67 17.32 17.80 24.88 43.37 -34.73 3.89 CcL-03 !ul-11
LllersLon Asla aclflc lund -0.74 -1.64 2.24 8.19 17.39 3.09 -16.73 6.73 Sep-07 leb-11
LnllhLan Clobal CpporLunlLy lund 1.19 3.18 3.66 4.31 4.30 Apr-10 !ul-11
LqulLy 1rusLees - LC1 SCP Wholesale AbsoluLe 8eLurn 1rusL -1.62 -10.30 6.31 13.31 -10.30 -3.47 -32.91 14.77 nov-01 Aug-10
Lvergreen AusLrallan LqulLles 8eLurn lund 2.14 16.23 40.94 10.94 32.13 May-10 !ul-11
Payberry AusLrallan LqulLy lund (LurekahedgePl) 3.34 -0.94 12.32 13.38 11.82 28.86 -24.26 -3.27 leb-03 !ul-11
Perschel AbsoluLe 8eLurn lund (LurekahedgePl) -1.41 3.72 16.23 8.89 9.34 23.47 0.30 16.36 May-06 !un-11
lnsLlncL !apan CpporLunlLy lund 0.08 2.73 27.12 10.14 33.67 4.89 CcL-09 Apr-11
!aguar AusLrallan Leaders Long ShorL unlL 1rusL 1.92 4.46 2.69 20.17 -28.94 82.39 -33.97 9.74 Mar-03 !ul-11
k2 Aslan AbsoluLe 8eLurn lund (LurekahedgePl) -1.98 -3.71 11.84 16.24 3.48 40.77 -28.33 22.33 Sep-99 !ul-11
k2 AusLrallan AbsoluLe 8eLurn lund (LurekahedgePl) -3.41 -3.99 13.23 12.97 4.12 41.03 -18.61 10.36 CcL-99 !ul-11
k2 SelecL lnLernaLlonal AbsoluLe 8eLurn lund (LurekahedgePl) -2.18 -1.64 11.31 12.34 8.93 31.92 -22.44 13.87 !an-03 !ul-11
LanLerne Arran lund (LurekahedgePl) -1.27 -9.29 6.88 7.26 7.06 28.81 -3.44 10.33 Aug-04 !ul-11
LanLerne SLraLeglc Asla-aclflc lund (LurekahedgePl) -4.82 -6.31 10.36 6.70 3.90 26.92 -3.70 9.01 !an-02 !un-11
LodesLar AusLrallan SLraLeglc Share lund 0.48 -3.09 -0.14 13.01 -3.09 26.86 -23.61 8.13 Mar-07 CcL-10
Macquarle Alpha CpporLunlLles lund -0.83 0.22 7.33 16.48 2.96 39.63 -42.37 29.93 !un-03 May-11
Macquarle AusLrallan LqulLy lncome lund -2.62 -3.10 4.33 9.80 1.13 22.23 -29.09 12.63 Apr-04 !ul-11
Macquarle AusLrallan Long ShorL LqulLlsed lund -1.04 1.84 12.31 16.16 4.03 41.99 -46.17 37.99 May-03 May-11
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MaLhews CaplLal SearchllghL Asla-aclflc lund 2.80 7.41 30.17* 24.39 30.63 CcL-10 !ul-11
MaLhews veloclLy lund 9.01 1.10 40.37 33.49 37.93 62.30 8.66 30.23 !ul-06 !ul-11
Merrlcks CaplLal Long/ShorL LqulLy lund 0.00 11.70 11.38 6.30 12.33 8.00 9.28 !an-08 !ul-11
naos AbsoluLe 8eLurn lund (LurekahedgePl) 0.39 -22.01 4.17 14.60 19.48 20.32 -23.96 3.77 leb-03 !ul-11
naos Small Companles lund (LurekahedgePl) 0.49 3.39 19.61 28.39 36.30 174.83 -63.39 21.69 leb-03 !ul-11
CC ConcenLraLed LqulLy lund -3.00 -9.98 14.32 22.13 30.46 136.41 -38.04 9.93 uec-03 !ul-11
CpLlmal AusLralla AbsoluLe 1rusL 1.69 4.81 16.17 3.98 13.63 23.81 3.00 Sep-08 !ul-11
CpLlmal !apan lund uSu -0.33 0.64 3.33 12.08 4.31 -8.92 -13.68 -9.23 CcL-99 !ul-11
CpLlmal !apan 1rusL -0.36 2.00 6.63 12.00 7.06 -6.14 -13.41 -8.76 uec-99 !ul-11
engana Aslan LqulLles Long ShorL (Cffshore) lund -3.30 -16.29 0.30 8.12 -3.73 17.94 8.46 !ul-08 !ul-11
engana Clobal 8esources lund -0.33 -1.69 16.44 20.73 30.07 32.98 -32.87 49.13 Mar-07 !ul-11
erpeLual's Cl Long ShorL lund 2.20 0.76 6.02 17.03 0.76 20.38 -33.91 26.17 Aug-03 CcL-10
laLlnum Asla lund 0.73 -7.30 17.22 14.87 4.34 40.04 -29.30 31.13 Mar-03 !ul-11
laLlnum Luropean lund -4.02 3.30 11.22 17.28 9.13 28.11 -23.01 -2.93 !ul-98 !ul-11
laLlnum lnLernaLlonal 8rands lund -1.27 2.07 12.97 10.87 13.99 31.71 -18.32 3.27 May-00 !ul-11
laLlnum lnLernaLlonal lund -3.28 -3.90 12.41 11.63 -4.90 19.73 -7.40 3.37 May-93 !ul-11
laLlnum lnLernaLlonal PealLh Care lund -2.16 8.73 3.16 12.74 6.60 7.63 -13.73 0.02 nov-03 !ul-11
laLlnum lnLernaLlonal 1echnology lund -2.64 -6.43 6.77 18.94 -3.36 30.98 -14.77 -2.17 May-00 !ul-11
laLlnum !apan lund - Auu -1.00 -3.61 13.23 17.69 2.11 9.01 -7.79 -6.93 !ul-98 !ul-11
laLlnum unhedged lund -1.10 -3.80 8.68 13.13 8.01 30.71 -20.67 4.38 leb-03 !ul-11
laLo AusLrallan Shares 130/30 ComposlLe -4.17 -2.39 -8.03 17.89 1.63 29.06 -42.02 !an-08 !ul-11
M CAl1AL AbsoluLe erformance lund Auu -9.88 -11.33 3.32 20.38 -0.67 32.03 -43.19 -16.30 nov-98 !ul-11
M CAl1AL AusLrallan CpporLunlLles lund Auu -8.98 -10.04 9.71 16.13 8.28 38.18 -47.14 12.60 !an-00 !ul-11
remler LqulLy 8eLurn lund 0.42 1.41 4.88 3.04 7.62 9.80 -1.73 3.36 !un-07 !ul-11
rodlgal LqulLy 8elaLlve value lund (LurekahedgePl) -0.07 0.13 8.83 4.90 4.97 12.37 13.68 !an-08 !un-11
8A8 Lurope lund LLd-Class A (Lu8) -4.74 -4.33 8.76 11.10 -3.17 8.91 1.33 12.30 nov-99 !un-11
8A8 Clobal Mlnlng and 8esources lund LLd. Class 8 (uSu) -2.90 -11.30 2.86 26.02 22.72 76.32 -43.49 3.90 nov-07 !un-11
8A8-l Asla lund LlmlLed 3.88 -1.83 8.77 10.38 -1.83 12.91 1.02 3.20 Sep-02 Sep-10
8amlus value & CpporLunlLy lund, LLd. -2.04 6.92 17.23 13.03 31.20 16.89 -20.80 6.33 CcL-02 !un-11
SlxLlna lalcon lund -2.12 -6.84 -8.16 7.30 -6.84 leb-10 nov-10
SA8x Long-ShorL lund LLd - uSu 1.17 2.28 7.82 9.32 8.46 0.43 -3.93 -11.93 !un-97 !un-11
SSgA AusLralla Alpha Ldge 1rusL 4.47 -2.24 3.47 16.41 -2.24 31.16 -42.14 21.28 !an-03 !ul-10
SSgA AusLrallan Long/ShorL LqulLles 1rusL 1.83 -3.43 7.38 16.90 -3.43 28.73 -30.30 27.47 Aug-03 CcL-10
SummlL WaLer LqulLy lund, L.. -0.31 -0.49 9.38 9.63 7.76 3.36 -8.43 7.02 !an-99 !ul-11
1rlbeca Alpha lus lund -2.27 -3.60 7.18 17.29 7.18 33.93 -38.99 29.60 Sep-06 !ul-11
WAM CaplLal LLd 0.20 1.13 18.62 11.63 16.37 30.83 -32.10 11.78 Aug-99 !ul-11
WaveSLone CaplLal AbsoluLe 8eLurn lund (LurekahedgePl) -1.69 -0.23 10.29 12.09 1.26 37.18 -20.71 28.33 Sep-06 !ul-11
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Aurora lorLlLude AbsoluLe 8eLurn lund 0.31 1.04 8.89 3.12 4.34 3.91 12.03 9.48 Mar-03 !ul-11
8ennelong Long ShorL LqulLy lund(nL1) 2.12 18.37 22.88 12.36 12.72 23.63 17.81 20.77 !an-03 !ul-11
8lack8ock AusLrallan LqulLy MarkeL neuLral 3.80 16.23 13.73 6.43 2.63 16.82 -6.29 28.43 Sep-01 !un-11
Pellx arLners Clobal lund 2.70 6.83 12.00 4.89 !an-11 !ul-11
Macquarle Aslan Alpha lund 0.13 9.44 13.74 6.93 16.02 18.01 -9.47 19.21 CcL-03 !un-11
Macquarle AusLrallan MarkeL neuLral lund 0.28 2.60 7.86 6.86 2.60 12.31 -4.81 23.48 May-03 !un-10
Macquarle Clobal MulLl LvenLs SegregaLed orLfollo 1.12 3.83 7.37 4.93 8.93 -0.92 13.37 8.41 !an-07 !un-11
engana AusLrallan LqulLles MarkeL neuLral lund 2.40 3.40 10.36 6.36 12.60 8.49 4.08 Sep-08 !ul-11
laLo AusLrallan Shares MarkeL neuLral lund 0.07 3.47 2.04 3.37 4.37 -3.24 -2.76 8.96 Aug-07 !ul-11
ClC Asla aclflc MArkeL neuLral -0.34 6.20 20.37 3.37 28.42 7.89 !ul-09 !ul-11
8egal Amazon MarkeL neuLral lund (uSu - Cffshore) 3.84 12.63 23.64 13.37 21.83 38.39 -8.23 32.03 Sep-03 !ul-11
8egal 1asman MarkeL neuLral lund (Auu - Cnshore) 3.20 26.66 29.19 14.83 33.23 30.63 -9.80 29.49 May-07 !ul-11
SSgA AusLrallan Long/ShorL MarkeL neuLral LqulLles 1rusL 0.33 0.73 3.41 3.77 0.73 -2.36 -11.88 17.28 Aug-03 CcL-10
1aurus Clobal 8esources Pedge lund LlmlLed -2.16 -11.92 -7.01 3.88 2.43 leb-10 !un-11
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Amundl vA88 AbsoluLe 8eLurn lund 1.30 1.34 2.39 7.34 1.34 20.38 -7.12 -3.04 Sep-07 Aug-10
Angelo, Cordon - Super lund lnLernaLlonal -1.20 3.84 10.30 3.43 13.42 28.74 -22.87 3.42 May-93 !un-11
8lack8ock - MulLl CpporLunlLy lund 1.80 9.77 10.38 4.81 13.23 13.06 -1.33 7.04 !ul-04 !un-11
uv01 Mechelle Ly LLd 0.32 -16.47 17.20 20.48 22.49 48.03 -20.88 24.82 !ul-03 !ul-11
L.l.. Aleph lund (LurekahedgePl) -1.78 -1.24 6.13 6.97 6.31 9.48 Apr-09 !ul-11
L.l.. Cverlay lund -0.29 1.27 9.03 6.37 2.86 8.34 17.31 22.90 !un-02 !ul-11
klS Clobal MulLl-SLraLegy lund -2.69 1.61 22.30 7.02 23.66 11.40 CcL-09 !un-11
CpLlmal Asla lund (hedgefund.neL) 1.38 -2.19 7.81 9.37 7.02 12.23 -18.83 28.32 uec-04 !ul-11
rodlgal AbsoluLe Cayman lund 0.27 0.39 10.13 13.69 8.31 37.39 -20.38 8.30 !un-07 !un-11
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arvesL AusLralla -2.42 -0.73 8.46 14.77 -3.89 33.17 -42.36 9.84 !an-91 May-11
laLo AusLrallan Shares Core lund -3.98 -3.13 -1.90 17.20 1.83 34.34 -40.86 19.32 leb-07 !ul-11
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Aurum lnvesLor lund LLd (LurekahedgelCl) -1.47 -2.62 7.63 7.37 2.49 8.48 -6.28 3.38 Sep-94 !un-11
Aurum lsls lund LLd (LurekahedgelCl) -1.07 -0.09 7.08 3.29 1.43 7.46 -4.90 9.82 Apr-98 !un-11
Lyxor Clobal ArblLrage lund LLd Class (uSu) -1.32 -1.26 2.33 3.22 3.37 3.49 -1.91 3.46 !ul-06 !un-11
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locus Speclal CpporLunlLles lund LLd 7.17 4.39 3.47 13.86 -0.60 !ul-10 !ul-11
l8M Slgma lund CC LlmlLed - Class A 3.00 -1.44 11.30 13.12 17.38 -10.19 33.23 19.98 nov-03 !ul-11
lbboLson Clobal 1radlng SLraLegles 1rusL -0.32 3.01 0.32 6.93 11.91 3.91 -13.07 -4.32 May-07 !un-11
8amlus 81S Clobal lund 1.68 -6.16 -1.29 6.84 4.61 Mar-10 !ul-11
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AAM AbsoluLe LqulLy - Asla lund -4.18 -3.62 3.06 11.36 -3.38 -3.98 10.76 18.36 May-06 !un-11
ALLalus Long-ShorL LqulLy lund LLd 1.24 2.73 6.38 6.67 2.43 7.98 -18.12 17.24 leb-01 !ul-11
AW! lund -0.71 -1.89 9.76 6.72 1.46 8.79 -9.71 28.63 !ul-00 !ul-11
AW! CSl -0.42 1.49 2.41 4.27 1.91 Mar-10 !ul-11
8n arlbas - lauchler arLners AbsoluLe LqulLy 1rusL -0.22 1.93 6.30 4.61 7.31 !an-10 !un-11
81 1oLal 8eLurn lund (LurekahedgelCl) 0.08 2.33 3.43 3.07 3.14 9.84 -8.61 8.92 !an-01 !ul-11
locus Luropa lund -0.41 -1.90 8.32 8.20 4.39 13.41 -16.09 3.90 !an-97 !ul-11
PlA lnLernaLlonal Shares lund PW -1.08 2.60 6.04 4.93 8.07 8.17 -4.76 11.16 Apr-01 !un-11
!AnA AusLrallan Share Long ShorL 1rusL 2.07 -9.33 -2.33 18.36 -9.33 26.36 -42.84 23.43 May-06 !ul-10
!AnA Clobal Share Long ShorL 1rusL (unhedged) 1.07 -3.69 -9.30 12.27 -3.69 -7.32 -27.73 -3.19 May-06 !ul-10
Lyxor Long shorL LqulLy lund leeder - uSu -0.34 -0.14 1.92 6.38 -0.14 1.43 -11.23 12.49 !ul-06 Aug-10
nZAM Clobal lund LLd (Class Auu - Auu - Cffshore) -0.83 -1.82 1.10 4.78 0.78 2.93 uec-09 !ul-11
en[lng Asla LqulLy lund - Class A 1.29 -1.92 -2.33 12.31 3.13 23.09 -30.84 2.31 CcL-07 !ul-11
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Alpha 1lLans LLd: MulLlsLraLegy 1.49 0.13 2.87 6.31 9.29 12.18 -11.10 1.89 nov-07 !ul-11
Alpha 1lLans LLd: MulLlsLraLegy 2x 3.13 0.23 2.93 13.43 21.16 24.28 -28.29 2.93 nov-07 !ul-11
ALLalus MulLl-SLraLegy lund LLd 0.32 0.82 3.40 4.90 1.83 12.34 -21.42 12.40 leb-00 !ul-11
Aurum MulLl SLraLegy uollar lund LLd. -1.32 -0.24 3.67 3.04 4.39 10.74 -3.99 8.30 !an-07 !un-11
Ausbll uexla Alpha uynamlc lund 0.46 4.03 9.06 4.02 2.36 nov-10 !ul-11
8n arlbas - lauchler arLners AbsoluLe 8eLurn 1rusL -0.33 1.14 3.67 6.73 6.43 17.72 -12.86 3.98 Sep-07 !un-11
81 Clobal 8eLurn lund -0.16 8.33 4.18 7.08 8.33 13.42 -29.62 9.43 CcL-01 !un-10
Callburn Clobal lnefflclencles lund SegregaLed orLfollo (uSu) -0.72 1.47 0.37 3.82 4.38 4.06 -9.63 2.31 !ul-07 !un-11
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Callburn SLraLeglc lund (uSu) -2.27 -2.31 0.72 10.71 3.34 11.40 -30.02 21.33 !un-06 !un-11
CoasLal Magnum ulverslfled erformance lund (Auu - Cnshore) -0.11 2.31 6.12 3.38 3.93 11.32 -11.86 8.66 !ul-00 May-11
uWS SLraLeglc value lund -0.73 3.77 4.94 3.96 3.64 9.30 -23.63 9.66 uec-99 May-11
llnLan arLners 0.32 3.33 6.93 6.90 10.80 31.83 -21.28 9.73 May-03 !ul-11
locus CpporLunlLy lund 0.47 0.08 3.71 7.39 3.33 8.21 -14.73 11.32 !ul-96 !ul-11
locus SelecL lund LLd. 0.09 -0.32 6.28 7.71 4.68 13.32 -20.96 16.68 Aug-04 !ul-11
l8M AbsoluLe Alpha lund CC LLd ulverslfled 0.96 3.13 6.07 6.07 9.37 13.42 -23.47 16.71 nov-02 !ul-11
CMC MulLl-SLraLegy 1rusL 1.48 3.12 6.66 3.49 1.11 -2.01 18.32 3.37 !ul-03 !ul-11
Pul AslavesL LLd. - Class A (Lu8) 0.76 0.93 4.02 7.83 0.93 3.16 -19.36 10.24 Aug-03 CcL-10
Pul LurovesL Class A uSu -1.33 -4.43 9.36 8.77 8.08 14.76 -22.43 7.06 !an-00 !un-11
Pul llxed lncome AlLernaLlve Class A uSu -0.33 -0.48 4.67 3.33 4.68 8.11 -13.36 7.93 !an-97 !un-11
Pul MulLlvesL LLd. (Class A uSu) 1.03 -0.42 2.16 6.62 3.63 3.21 -21.37 7.36 Sep-04 Apr-11
Pul xlphlas lnLernaLlonal Class AA uSu -1.33 -2.33 1.38 7.12 3.86 6.94 -19.68 9.27 CcL-03 !un-11
PlA ulverslfled lnvesLmenLs lund PW -0.33 4.34 4.66 6.90 3.99 19.03 -28.79 9.37 Apr-01 !un-11
lbboLson Alpha SLaLegles 1rusL -0.36 3.03 1.11 6.83 9.83 11.07 -13.77 -1.37 CcL-07 !un-11
lS Clobal CpporLunlLles lund -0.99 0.00 4.73 6.70 0.00 8.69 -13.38 16.33 uec-03 leb-10
LlongaLe MulLl SLraLegy lund - uSu Class -2.03 -0.66 9.02 6.14 4.89 8.43 -9.99 17.71 Apr-04 !un-11
Lyxor ulverslfled lund LLd Class (uSu) -2.36 -1.87 2.89 3.04 3.06 3.64 -6.71 10.63 !ul-06 !un-11
Lyxor locus lund LLd (uSu Class) 0.99 0.20 4.02 3.80 0.20 3.41 -4.78 13.21 !ul-06 !ul-10
MC AbsoluLe 8eLurn SLraLegles - Asla - uSu 0.00 -1.77 6.28 7.04 -1.77 9.03 -12.87 26.64 Mar-06 Aug-10
nWC ulverslfled lund 3.11 7.30 7.84 8.23 4.83 !an-10 !ul-11
8amlus AlLernaLlve 8epllcaLlon lund LLd -0.87 -1.13 0.21 4.00 -0.69 2.23 CcL-09 !ul-11
SelecL AlLernaLlves orLfollo (Auu - Cnshore) 1.20 -0.93 3.80 7.67 11.73 12.33 -13.60 9.64 Apr-04 !ul-11
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Callburn CreaLer Chlna lund SegregaLed orLfollo (uSu) -1.00 0.36 3.26 9.31 6.13 16.63 -20.06 23.22 Apr-07 !un-11
en[lng Asla MarkeL lndependenL lund - Class A 0.96 -0.33 3.10 3.38 3.36 12.27 -3.88 1.32 CcL-07 !ul-11
locus 8ecovery lund LLd. -0.42 -2.33 6.72 3.32 6.06 19.31 -13.43 10.16 Mar-03 !ul-11
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