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Hedge Weekly N°45
Investment Funds Performance Review
Alternative Investment Group
Week of Monday 02 Nov to Friday 06 Nov 2009
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Index by Strategies iii
Index by Funds iv
Top 20 (Winners and Losers) 1
Newsletter 4
Disclamer 33
Past performance is not necessarily a guide to future performance ii
Alternative Investment Group
ARBITRAGE Equity-Mid-Small Cap 26
Equity-Pharma-Biotech 27
Convertible 4 Equity-Regulation S&D 28
Fixed Income 5 Equity-Short Bias 28
Multi-Strategy 5 Equity-Statistical Arbitrage 28
CTA Equity-Technology 29
Equity-Utility 29
Discretionary 7
Systematic 8 MACRO
DIRECTIONAL Diversified 30
Equity-Diversified 9 MULTI STRATEGY
EQUITY Diversified 32
Diversified 10
EVENT DRIVEN
Distressed Security 11
Merger-Arbitrage 12
Multi-Strategy 12
FUND OF FUNDS
Arbitrage 14
Event Driven 14
Leveraged Multi-Strategy 14
Long/Short 14
Multi-Strategy 15
Trading 15
LONG/SHORT
Credit 16
Equity-Commodity 17
Equity-Diversified 18
Equity-Energy 25
Equity-Financial 25
Equity-Market Neutral 26
Past performance is not necessarily a guide to future performance iii
Alternative Investment Group
ASUKA JAPANESE EQUITY L/S TST 1 23 BTG BROCADE MACRO FUND LTD CLAS 30
3 ATLAS FUNDAMENTAL TRADING FUND 21 D
ATLAS GLOBAL INVESTMENTS A2/05 21 C
32 CAPITAL FUND, LTD (THE) - A/ 28 DAVIDSON KEMPNER DIST. OPP. INT 11
AVESTA FUND LTD A/1 24
CADUCEUS CAPITAL INTL. LTD 27 DAVIDSON KEMPNER INTL, LTD - CL 12
A CANTILLON GLOBAL EQUITY FUND US 9 DB EQUILIBRIA JAPAN FUND 23
B
CANYON VALUE REALIZATION FD, LT 11 DEEPHAVEN GLOBAL M/S FUND LTD C 6
ADELPHI EUR. FUND $ (A) 19
BASSO INVESTORS LTD 4 CAPITAL FUND, LTD (THE) 30 DELTA FUND EUROPE, LTD 10
AETOS CORPORATION - CLASS A 11
BASSO MULTI-STRATEGY FUND LTD 5 CAPULA GLOBAL RELATIVE VALUE FU 4 DIGILOG OVERSEAS FUND I, LTD 7
AG SUPER FUND INTERNATIONAL, LT 12
BENNELONG ASIA PACIFIC MULTI ST 32 CASTLERIGG INTL LTD - CLASS A/1 12 DISCOVERY GLOBAL OPPORTUNITY FU 18
AJR INTERNATIONAL (BVI), INC. - 27
BG LONG TERM VALUE FUND 9 CASTLEROCK FUND LTD 24 DKR QUANTITATIVE STRATS FUND, L 7
ALEXANDRA GLOBAL INV. FUND I, L 5
BGI - MULTI-STRATEGY FUND LTD - 6 CAXTON ALPHA EQUITY (BVI) LTD 9 DORSET ENERGY FUND, LTD - CLASS 25
ALLBLUE LIMITED 32
BLACK BEAR OS FUND, LTD - A 28 CAXTON EQUITY GROWTH LTD A / 1 24 DOUBLE BLACK DIAMOND LTD - SERI 6
ALPHADYNE INVESTMENT STRATEGIES 30
BLACK DIAMOND, LTD - CLASS B (U 6 CAXTON GLOBAL INVESTMENT LTD 30 DRAKE ABSOLUTE RETURN FUND, LTD 6
ALPHAGEN ACAMAR FUND LIMITED (T 26
BLENHEIM* GL. MARKETS, L.P. 7 CAZENOVE EURO EQ ABS RETURN FUN 19 DRAKE GLOBAL OPPORTUNITIES FUND 4
ALPHAGEN CAPELLA FUND-A- 19
BLUE SKY JAPAN LTD - CLASS A 23 CAZENOVE UK EQUITY ABSOLUTE RET 23 DRAWBRIDGE GL MACRO FD, LTD A/1 30
ALPHAGEN HOKUTO FUND LTD - CLAS 22
BLUECREST CAPL INTL LTD A USD 6 CENTAUR LOWLEV ARBITRAGE FUND L 4
ALPHAGEN OCTANIS CLASS A 23
BLUECREST STRATEGIC FUND, LTD 30 CERBERUS INTL. LTD 11 E
ALPHAGEN REGULUS FUND 28
BLUEMATRIX FUND CLASS -A- USD 28 CHARLEMAGNE FUND LTD -USD- 19
ALPHAGEN TENRO FUND LIMITED 22 EAGLE GLOBAL FUND 7
BLUEMOUNTAIN CREDIT ALTERNATIVE 16 CIPHER DIVERSIFIED FUND-A- 7
ALPHAGEN TUCANA 19 EASTERN ADVISORS LLC 17
BLUEMOUNTAIN EQUITY ALTERNATIVE 26 CLIVE FUND (The ) Class - A - 7
ALPHAGEN VOLANTIS FUND, LTD - A 27 ECOFIN GLOBAL UTILITIES HEDGE F 29
BLUETREND FUND, LTD - CLASS A 7 CLOVIS CAPITAL PARTNERS (CAYMAN 27
ALTIMA GLOBAL SPECIAL SITUATION 21 EGERTON EUROPEAN DOLLAR CLASS - 19
BORONIA DIVERSIFIED FUND 7 COBALT OFFSHORE LTD 27
ANTARES EUROPEAN FUNDS, LTD - U 19 ELEMENT CAPITAL FUND 4
BOYER ALLAN PACIFIC FUND INC-A- 17 COMAC GLOBAL MACRO FUND 30
ARCUS JAPAN FUND -JPY- 23 ELLERSTON ASIA PACIFIC FUND 17
BREVAN HOWARD ASIA FUND LIMITED 30 CONQUEST MACRO FUND, LTD (COMP) 30
ARNOTT OPPORTUNITIES FUND 17 ELLERSTON GEMS - CLASS A 22
BREVAN HOWARD EM. MKT STRATEGIE 30 COREVEST PARTNERS LTD 17
ARROW OFFSHORE LTD 21 ELM RIDGE VALUE PARTNERS OFFSHO 24
BREVAN HOWARD FUND, LTD - USD C 30 CQS ABS FEEDER FUND - CLASS -B- 16
ARROWGRASS INTERNATIONAL FUND L 32 EMF FIXED INCOME FUND, LTD 4
BRIGADE LEVERAGED CAPITAL STRUC 16 CQS CONV & QUANT STRATS FEED FD 6
ARTRADIS BARRACUDA FUND 5 EMINENCE FUND LTD A 24
BRUCE NELSON GLOBAL FD LTD - A 22 CQS DIVERSIFIED FUND (SPC) LTD 32
ASCEND PARTNERS FUND II LTD - A 24 ENNISMORE EUROPEAN SMALLER COMP 26
BRYN MAWR OFFSHORE LTD 25 CRABEL FUND LTD 7
ASPECT DIVERSIFIED FUND - CLASS 7 EPISODE INC. CLASS A 30
Past performance is not necessarily a guide to future performance iv
Alternative Investment Group
EUREKA EURO A CLASS - EURO 19 GREENLIGHT CAPITAL OFFSHORE, LT 27 HSBC MAA FUND USD 14
EXANE MICROMEGAS FUND LTD 26 GROWTH MANAGEMENT LTD 18 HSBC TRADING ADVANTEDGE FUND 15 L
GRT TOPAZ OFFSHORE PARTNERS, LT 27 HT ASIAN CATALYST FUND LLC 18
LANSDOWNE EURO EQTY FD, LTD - A 20
F GSA CAPITAL INTERNATIONAL FUND, 28
LANSDOWNE EUROPEAN LONG ONLY FU 9
I
FEINGOLD OKEEFFE CAPITAL I OFFS 16 LANSDOWNE GLOBAL FINANCIALS FUN 25
H
FINISTERRE SOVEREIGN DEBT FUND 16 III FUND LTD 4 LANSDOWNE UK EQUITY FUND, LTD ( 24
FIREBIRD NEW RUSSIA FUND, LTD - 9 HALBIS EUROPEAN ALPHA FUND - X 20 III GLOBAL LTD 4 LAZARD EUROPEAN EXPLORER FUND L 20
FIREBIRD REPUBLICS FUND, LTD 9 HALBIS EUROPEAN ALPHA FUND -EUR 20 III RELATIVE VALUE CREDIT STRAT 5 LC CAPITAL OFFSHORE FUND, LTD 11
FIRST EAGLE N.V. (A) 12 HALBIS INDIA ALPHA FUND 18 INTREPID CAPITAL FUND LTD A/1 29 LIM ASIA MULTI-STRATEGY FUND CL 5
FOREST GLOB CONV FD, LT - FULCR 4 HALCYON OFFSHORE ASSET-BACKED V 11 INTREPID ENHANCED ALPHA FUND, L 22 LION FUND, LTD (THE) 13
FORT GLOBAL OFFSHORE FUND LTD, 7 HARBINGER CAPITAL PARTNERS OFFS 12 IVORY CAPITAL FLAGSHIP STRATEGY 24 LONDON DIVERSIFIED FUND, LTD - 5
HARMONIC ALPHA PLUS MACRO FUND 31 LONDON SELECT FUND LIMITED -A 31
G HENDERSON CREDIT OPPORTUNITIES 4 J
HENDERSON EURO.STYLE ROTATIONAL 20 M
GABELLI ASSOCIATES LIMITED - CL 12 JANDAKOT FUND LTD USD CLASS A U 20
HENDERSON EUROPEAN ABS RETURN F 20
GAM ARBITRAGE INC 12 JB GLOBAL RATES HEDGE FUND 31 M. KINGDON OFFSHORE NV - A/1 22
HENDERSON JAPAN ABS RETURN FD, 23
GAM JAPAN EQUITY HEDGE FUND 23 JCAM GLOBAL FUND LIMITED 16 MAN AHL ALPHA PLC 8
HENDERSON UK EQUITY L/S FUND LI 23
GAMUT INVESTMENTS 31 JF JAPAN ABSOLUTE RETURN 23 MAN AHL DIVERSIFIED PLC 8
HIGHLINE INTERNATIONAL CLASS A 24
GEOSPHERE FUND, LTD 17 JMG TRITON OFFSHORE FUND, LTD A 4 MARATHON OVERSEAS FUND, LTD - A 16
HIGHVIEW GLOBAL MACRO, LTD 8
GIANO CAPITAL LTD EUR 19 JOHO FUND, LTD-A- 18 MARATHON SPECIAL OPPS FD, LTD - 13
HORSEMAN GLOBAL FUND USD 22
GLC GESTALT EUROPE FUND, LTD A/ 28 JUPITER HYDE PARK HEDGE FUND, L 20 MARTIN CURRIE ARF - GLOBAL ENER 25
HSBC ASIAN ADVANTEDGE FUND 14
GLENROCK GLOBAL PARTNERS (BVI) 22 MARTIN CURRIE ARF - GLOBAL RESO 17
HSBC DISTRESSED MARKETS FUND US 14
GLS OFFSHORE GLOBAL OPP.A 18 K MARTIN CURRIE ARF - JAPAN FUND 23
HSBC DISTRESSED OPPORTUNITY FUN 11
GONDWANA FUND LIMITED 17 MAVERICK FUND, LTD - CLASS A/1 22
HSBC EMERGING ADVANTEDGE FUND 15 KALTCHUGA FUND - RUSSIA EQ. SUB 9
GOOD HOPE INTERNATIONAL LTD 12 MBAM JANDAKOT ENHANCED FUND LTD 20
HSBC EUROPEAN ADVANTEDGE FUND U 14 KAZIMIR RUSSIA GROWTH 9
GRADIENT EUROPE FUND (THE) 19 MBAM PAN-ASIAN FUND LTD 18
HSBC GH FUND USD 15 KINETICS FUND, INC - A/A 24
GRAHAM GIF II PROPRIETARY MATRI 8 MELLON OFF GLOB OPP FUND LTD - 31
HSBC GLOBAL ABSOLUTE LTD USD NA 15 KING STREET CAPITAL, LTD - CLAS 13
GRAHAM GLOBAL INVESTMENT FUND I 8 MELLON OFF. ALPHAACCESS FUND LT 31
HSBC HEDGE INVESTMENTS FUND 15 KING STREET EUROPE LTD CLASS A 16
GRAHAM GLOBAL INVESTMENT FUND I 8 MERCHANT COMMODITY FUND (THE) - 7
HSBC LEVERAGED GH FUND 14
GRAMERCY EMERGING MARKET FUND 16 MILLENNIUM GLOB HIGH YIELD FD L 16
Past performance is not necessarily a guide to future performance v
Alternative Investment Group
MILLENNIUM INTL LTD C/01 A 6 QVT OVERSEAS, LTD - B/1 6 SOFAER CAPITAL NATURAL RESOURCE 17
MKP OFFSHORE CREDIT FUND 17 P SOFAER CAPL ASIAN HEDGE FD (Net 18
MKP OPPORTUNITY OFFSHORE, LTD 5 R SOFAER CAPL EURO HEDGE FD (USD) 21
PALOMINO FUND LTD CLASS B ORIGI 16
MOORE EMERGING MARKET FUND, LTD 30 SPINNER GLOBAL TECHNOLOGY FUND, 29
PARA INTERNATIONAL FUND -A- 13 RAB CROSS EUROPE FUND LIMITED - 12
MOORE GLOBAL INV FD, LTD - A $ 31 SR GLOBAL FUND B - ASIA (Real P 18
PARS IV OFFSHORE FUND II , CL. 5 RAB ENERGY CLASS F 25
MOORE MACRO MANAGERS FUND, LTD 31 SR GLOBAL FUND C - INTERNATIONA 22
PAULSON ADVANTAGE LTD -A- 13 RAB EUROPE FUND LTD-B- 21
MW CORE FUND 20 SR GLOBAL FUND F - EUROPE (€) ( 21
PAULSON ADVANTAGE PLUS LTD 13 RAB SPECIAL SITUATION FD LTD 26
MW GLOBAL FINANCIALS FUND 25 SR GLOBAL FUND G - EMERGING MKT 19
PAULSON CREDIT OPPORTUNITIES LT 11 REAL RETURN ASIAN FUND LTD (THE 18
MW TOPS FUND LTD -C- 20 SR GLOBAL FUND H - JAPAN (Real 23
PAULSON ENHANCED LTD 12 REDWOOD CAPITAL MASTER FUND LTD 11
MW TOPS FUND LTD -D- 20 SR PHOENICIA INC CLASS -A- SERI 19
PAULSON INTERNATIONAL, LTD 12 RIEF LP -B- (Continuing) 24
MW TOPS FUND LTD -J- 20 STANDARD PACIFIC CAPITAL -B- 22
PEAK PARTNERS OFFSH FD, LTD - B 31 RIFF FUND INTL LP CLASS -A- 8
MW TOPS FUND LTD -L- (Asia Dive 18 STG CAPITAL PARTNERS (QP), LP 29
PELHAM LONG/SHORT FUND LTD CLAS 20 ROSEHILL JAPAN FUND -A- 23
MW TOPS FUND LTD -N- 26 STONE LION FUND LTD CLASS A 11
PENTWATER EVENT FUND LTDCLASS - 13 ROTELLA POLARIS FUND, LTD 8
STRATEGIC VALUE RESTRUCTURING F 11
PERCEPTIVE LIFE SCIENCES OFFSH 27 RUSSIAN PROSPERITY FUND - A 9
N STRATUS FUND LIMITED CLASS B 32
PERRY PARTNERS INTERNATIONAL IN 13
SWORDFISH FUND LTD 31
NEVSKY FUND LIMITED CLASS A 19 PF(LUX) - EASTERN EUROPE-P CAP 9 S
NORDIC ALPHA CLASS A - EUR 20 PHARO MASTER FUND 30
SAB OVERSEAS FUND LTD 13 T
PLATINUM FUND LTD 22
SARK FUND LIMITED 13
O PLATINUM PARTNERS VALUE ARBITRA 32 TAIL WIND FUND 28
SATELLITE CREDIT OPP FUND, LTD 16
PMA ASIAN OPPORTUNITIES FUND (C 32 TALENTUM ACTIVEDGE FUND LIMITED 26
OBSIDIAN FUND 5 SATELLITE OVERSEAS FUNDSIE A-H- 13
PMA CREDIT OPPORTUNITIES 04/04 5 TALENTUM ENHANCED FUND LIMITED 26
OCCO EASTERN EUROPEAN FUND 19 SCP OCEAN FUND LTD 22
PMA PROSPECT FUND, LTD 18 TANTALLON FUND (THE) 18
OCEANIC HEDGE FUND - CLASS A 17 SECTOR COGNIMETRICA LTD 25
POLAR CAPITAL EUROP CONVICTION 21 TEMPLETON EMERGING MARKET FUND, 19
ODEY EUROPEAN, INC (EUR) 20 SELECTIUM EUROPE FUND LTD C USD 21
POLAR CAPITAL EUROPEAN FORAGER 26 TEMUJIN INTERNATIONAL FUND LTD 26
OMEGA OVERSEAS PARTNERS, LTD C 24 SEMINOLE OFFSHORE FUND 24
PROLOGUE FEEDER FUND, LTD. CLAS 5 TEWKSBURY INVESTMENT FUND, LTD 8
OPTIMAL ASIA FUND 18 SHEPHERD INVEST LTD CLASS -B-CO 6
THAMES RIVER - HILL SIDE APEX F 16
OPTIMAL JAPAN FUND C1 CAP. INI 23 SIERRA EUROPE OFFSHORE, LTD - U 21
Q THAMES RIVER KINGSWAY FUND, LTD 21
OSMIUM SPECIAL SITUATIONS FUND 13 SINOPIA L/S GL. BOND MK NEUT.FU 5
THEOREMA EUROPE FUND LTD A/1 EU 21
OWL CREEK OVERSEAS FUND, LTD 13 QFS CURRENCY FUND, LTD (INDEX) 8 SINOPIA L/S GL. BOND MK NEUT.FU 5
THIRD POINT OFFSHORE 13
QFS GLOB MACRO FUND, LTD 31 SIVIK GLOBAL HEALTHCARE OFFSHOR 27
Past performance is not necessarily a guide to future performance vi
Alternative Investment Group
THREADNEEDLE UK CRESCENDO FUND 24
TIEDEMANN/MOROSS EUROPEAN GROWT21 Y
TORREY PINES (COMPOSITE) FUND 22
YORK INVESTMENT LTD -CLASS A/1 13
TOSCA CLASS A - USD CONTINUING 25
TRADEX CURRENCY FUND, LTD 7
Z
TRAFALGAR CATALYST FUND CLASS B 12
TRAXIS FUND LP (OFFSHORE) 31 ZADIG FUND CLASS A1 21
TUDOR B.V.I GLOBAL FUND LTD -A- 31 ZAXIS OFFSHORE LTD - CLASS A/1 27
TUDOR TENSOR FUND LIMITED CLASS 8 ZULAUF EUROPE FUND -USD- 21
TULIP TREND FUND, LTD - A 8 ZWEIG-DIMENNA INTL LIMITED - CL 24
TURNBERRY CAPITAL INTL 11
U
UC FINANCIALS FUND LIMITED - A 25
URSA OFFSHORE LIMITED 28
V
VIKING GLOBAL EQUITIES III LTD- 22
VISIUM BALANCE OFFSHORE FUND CL 27
VONTOBEL EASTERN EUROPEAN -A- 9
W
WATERSTONE MKT NEUT OS FUND, LT 4
WF ASIA FUND LTD S/1 18
WF JAPAN FUND LTD - A/1 23
WINTON EVOLUTION FUND (THE) 8
WINTON FUTURES FUND - CLASS B 8
Past performance is not necessarily a guide to future performance vii
Alternative Investment Group
WINNERS LOSERS
Investment Funds Return Date Investment Funds Return Date
TURNBERRY CAPITAL INTL 130.69 31 Oct 09 URSA OFFSHORE LIMITED -32.69 30 Sep 09
PALOMINO FUND LTD CLASS B ORIGINAL SERIES 114.43 30 Sep 09 HORSEMAN GLOBAL FUND USD -23.36 31 Oct 09
HENDERSON EUROPEAN ABS RETURN FD, LTD USD 110.66 31 Oct 09 SR GLOBAL FUND H - JAPAN (Real Perf) -22.18 31 Oct 09
PENTWATER EVENT FUND LTDCLASS -A- SERIES 11.07 81.10 15 Oct 09 TULIP TREND FUND, LTD - A -18.28 31 Oct 09
RAB ENERGY CLASS F 74.96 29 Oct 09 MAN AHL DIVERSIFIED PLC -15.84 02 Nov 09
REDWOOD CAPITAL MASTER FUND LTD 70.38 31 Oct 09 ASPECT DIVERSIFIED FUND - CLASS A -14.04 31 Oct 09
PHARO MASTER FUND 68.25 31 Oct 09 BENNELONG ASIA PACIFIC MULTI STRATEGY EQ. FUND -11.69 31 Oct 09
LTD
HENDERSON UK EQUITY L/S FUND LIMITED 66.23 31 Oct 09
CAPITAL FUND, LTD (THE) -11.31 31 Oct 09
DELTA FUND EUROPE, LTD 64.96 30 Sep 09
MAN AHL ALPHA PLC -11.24 02 Nov 09
DORSET ENERGY FUND, LTD - CLASS A 59.66 23 Oct 09
RIEF LP -B- (Continuing) -10.58 31 Oct 09
TEMPLETON EMERGING MARKET FUND, LTD -A- 58.85 04 Nov 09
SELECTIUM EUROPE FUND LTD C USD -9.02 27 Oct 09
ELEMENT CAPITAL FUND 58.43 30 Sep 09
32 CAPITAL FUND, LTD (THE) - A/1 -8.24 31 Oct 09
PARS IV OFFSHORE FUND II , CL. A/1 56.97 30 Sep 09
ROTELLA POLARIS FUND, LTD -7.57 31 Oct 09
CANYON VALUE REALIZATION FD, LTD - CLASS A 54.78 23 Oct 09
ARTRADIS BARRACUDA FUND -7.21 31 Oct 09
ZADIG FUND CLASS A1 51.68 31 Oct 09
WF JAPAN FUND LTD - A/1 -7.21 31 Oct 09
STONE LION FUND LTD CLASS A 51.37 27 Oct 09
SOFAER CAPITAL NATURAL RESOURCES HEDGE FUND -6.58 31 Oct 09
FOREST GLOB CONV FD, LT - FULCRUM A / A5 51.23 23 Oct 09
BORONIA DIVERSIFIED FUND -6.05 02 Nov 09
GLS OFFSHORE GLOBAL OPP.A 49.47 31 Oct 09
WINTON FUTURES FUND - CLASS B -6.04 04 Nov 09
FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTD 49.14 31 Oct 09
ZWEIG-DIMENNA INTL LIMITED - CLASS A -5.92 30 Sep 09
HSBC DISTRESSED OPPORTUNITY FUND 48.94 31 Oct 09
WINTON EVOLUTION FUND (THE) -5.50 31 Oct 09
This ranking is for information only and should not be considered as exhaustive.
Past performance is not necessarily a guide to future performance 1
Alternative Investment Group
WINNERS LOSERS
Investment Funds Return Date Investment Funds Return Date
CQS ABS FEEDER FUND - CLASS -B- 72.82 31 Dec 08 GRADIENT EUROPE FUND (THE) -75.54 31 Dec 08
TULIP TREND FUND, LTD - A 61.89 31 Dec 08 RAB SPECIAL SITUATION FD LTD -69.72 31 Dec 08
CONQUEST MACRO FUND, LTD (COMP) 46.51 31 Dec 08 KINETICS FUND, INC - A/A -69.11 31 Dec 08
CLIVE FUND (The ) Class - A - 44.23 31 Dec 08 TURNBERRY CAPITAL INTL -68.71 31 Dec 08
BLUETREND FUND, LTD - CLASS A 43.35 31 Dec 08 TOSCA CLASS A - USD CONTINUING SHARES -65.33 31 Dec 08
URSA OFFSHORE LIMITED 41.38 31 Dec 08 RAB ENERGY CLASS F -60.31 31 Dec 08
PAULSON ADVANTAGE PLUS LTD 37.66 31 Dec 08 EASTERN ADVISORS LLC -59.56 31 Dec 08
TUDOR TENSOR FUND LIMITED CLASS I 35.50 31 Dec 08 III FUND LTD -53.68 31 Dec 08
ELEMENT CAPITAL FUND 34.90 31 Dec 08 TEMPLETON EMERGING MARKET FUND, LTD -A- -52.82 31 Dec 08
MAN AHL DIVERSIFIED PLC 33.23 31 Dec 08 SR PHOENICIA INC CLASS -A- SERIES 1 -48.90 31 Dec 08
CAPITAL FUND, LTD (THE) 32.22 31 Dec 08 III GLOBAL LTD -48.66 31 Dec 08
GRAHAM GLOBAL INVESTMENT FUND II - K4D-15 31.30 31 Dec 08 JMG TRITON OFFSHORE FUND, LTD A/1 -48.53 31 Dec 08
HORSEMAN GLOBAL FUND USD 31.27 31 Dec 08 ALEXANDRA GLOBAL INV. FUND I, LTD -47.82 31 Dec 08
COMAC GLOBAL MACRO FUND 30.69 31 Dec 08 GRAMERCY EMERGING MARKET FUND -47.09 31 Dec 08
ARTRADIS BARRACUDA FUND 26.88 31 Dec 08 MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1 -45.12 31 Dec 08
ALPHAGEN OCTANIS CLASS A 26.57 31 Dec 08 BASSO MULTI-STRATEGY FUND LTD -45.12 31 Dec 08
ASPECT DIVERSIFIED FUND - CLASS A 25.42 31 Dec 08 MILLENNIUM GLOB HIGH YIELD FD LTD -42.89 31 Dec 08
GRAHAM GIF II PROPRIETARY MATRIX 25.16 31 Dec 08 SATELLITE OVERSEAS FUNDSIE A-H-05 -41.90 31 Dec 08
PEAK PARTNERS OFFSH FD, LTD - B 24.45 31 Dec 08 SOFAER CAPITAL NATURAL RESOURCES HEDGE FUND -41.67 31 Dec 08
MERCHANT COMMODITY FUND (THE) - COMPOSITE 24.10 31 Dec 08 DORSET ENERGY FUND, LTD - CLASS A -41.59 31 Dec 08
This ranking is for information only and should not be considered as exhaustive.
Past performance is not necessarily a guide to future performance 2
Alternative Investment Group
WINNERS LOSERS
Investment Funds Return Date Investment Funds Return Date
PAULSON CREDIT OPPORTUNITIES LTD 589.62 31 Dec 07 BLUE SKY JAPAN LTD - CLASS A -35.08 31 Dec 07
PAULSON ADVANTAGE PLUS LTD 158.75 31 Dec 07 DRAKE GLOBAL OPPORTUNITIES FUND -23.85 31 Dec 07
PAULSON ENHANCED LTD 116.48 31 Dec 07 MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1 -19.52 31 Dec 07
HARBINGER CAPITAL PARTNERS OFFSHORE FUND I 116.09 31 Dec 07 TURNBERRY CAPITAL INTL -14.48 31 Dec 07
PAULSON ADVANTAGE LTD -A- 100.15 31 Dec 07 DRAKE ABSOLUTE RETURN FUND, LTD (THE) -13.92 31 Dec 07
EASTERN ADVISORS LLC 96.46 31 Dec 07 ROSEHILL JAPAN FUND -A- -11.32 31 Dec 07
ZWEIG-DIMENNA INTL LIMITED - CLASS A 79.45 31 Dec 07 HENDERSON JAPAN ABS RETURN FD, LTD -10.45 31 Dec 07
ALPHAGEN TENRO FUND LIMITED 57.93 31 Dec 07 GRADIENT EUROPE FUND (THE) -10.24 31 Dec 07
DISCOVERY GLOBAL OPPORTUNITY FUND, LTD 57.26 31 Dec 07 OPTIMAL JAPAN FUND C1 CAP. INITIAL SERIES -8.43 31 Dec 07
SOFAER CAPITAL NATURAL RESOURCES HEDGE FUND 57.23 31 Dec 07 MELLON OFF GLOB OPP FUND LTD - MULTICURRENCY - -7.99 31 Dec 07
A1
ODEY EUROPEAN, INC (EUR) 54.85 31 Dec 07
FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTD -6.99 31 Dec 07
PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND 53.69 31 Dec 07
LTD GIANO CAPITAL LTD EUR -5.97 31 Dec 07
BOYER ALLAN PACIFIC FUND INC-A- 52.06 31 Dec 07 GAM JAPAN EQUITY HEDGE FUND -5.68 31 Dec 07
PAULSON INTERNATIONAL, LTD 51.70 31 Dec 07 CHARLEMAGNE FUND LTD -USD- -4.74 31 Dec 07
SCP OCEAN FUND LTD 50.89 31 Dec 07 ALPHAGEN REGULUS FUND -4.45 31 Dec 07
TULIP TREND FUND, LTD - A 46.52 31 Dec 07 CENTAUR LOWLEV ARBITRAGE FUND LTD -A- -4.38 31 Dec 07
MOORE EMERGING MARKET FUND, LTD - A 45.85 31 Dec 07 ALPHAGEN OCTANIS CLASS A -3.33 31 Dec 07
CQS ABS FEEDER FUND - CLASS -B- 45.16 31 Dec 07 UC FINANCIALS FUND LIMITED - A -2.81 31 Dec 07
COREVEST PARTNERS LTD 44.97 31 Dec 07 JF JAPAN ABSOLUTE RETURN -2.43 31 Dec 07
MKP OPPORTUNITY OFFSHORE, LTD 42.83 31 Dec 07 HENDERSON CREDIT OPPORTUNITIES FUND LTD -1.73 31 Dec 07
This ranking is for information only and should not be considered as exhaustive.
Past performance is not necessarily a guide to future performance 3
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Convertible
YTD Avg. 2009 32.26%
Ytd Avg. 2009
Convertible / Global 29.40%
BASSO INVESTORS LTD 30 Sep 95 M $422 M 3,431.32 30 Sep 09 1.08% 11.91% 3,394.66 9.20% 5.77% (25.00%)
Howard Fischer Sep 09 31 Aug 09 Oct 08 - Dec 07
CENTAUR LOWLEV ARBITRAGE FUND LTD -A- 28 Feb 98 M $131 M 232.35 31 Oct 09 0.75% 31.52% 230.62 7.49% 5.92% (24.49%)
John Gordon, Bruce McMahan & Sal Schwartzman May 09 30 Sep 09 Nov 08 - May 07
FOREST GLOB CONV FD, LT - FULCRUM A / A5 30 Sep 97 Q $262 M 26.74 23 Oct 09 0.22% 51.23% 26.68 8.49% 12.59% (42.51%)
Michael A. Boyd Aug 09 30 Sep 09 Oct 08 - Jan 08
JMG TRITON OFFSHORE FUND, LTD A/1 30 Jun 96 M $113 M 3,506.86 31 Oct 09 0.85% 22.92% 3,477.30 9.86% 11.28% (49.38%)
Jonathan Glaser Oct 09 30 Sep 09 Dec 08 - Oct 07
Ytd Avg. 2009
Convertible / USA 43.73%
WATERSTONE MKT NEUT OS FUND, LTD 31 Jul 03 Q $890 M 197.87 30 Sep 09 0.40% 43.73% 197.09 11.69% 12.28% (17.56%)
Shawn Bergerson Jul 09 31 Aug 09 Oct 08 - Aug 08
Fixed Income
YTD Avg. 2009 20.85%
Ytd Avg. 2009
Fixed Income / Global 20.85%
CAPULA GLOBAL RELATIVE VALUE FUND LTD CLASS 30 Sep 05 Q $3'387 M 175.85 31 Oct 09 0.88% 11.28% 174.31 14.81% 6.16% (7.41%)
-A- Oct 09 30 Sep 09 Mar 08 - Feb 08
Yan Huo, Masao Asai
DRAKE GLOBAL OPPORTUNITIES FUND 30 Nov 02 Q $220 M 1,261.63 30 Sep 09 2.50% 0.65% 1,230.86 3.46% 16.50% (57.51%)
Anthony Faillace Sep 09 31 Aug 09 Mar 09 - Sep 07
ELEMENT CAPITAL FUND 31 Mar 05 M $944 M 35,109.99 30 Sep 09 5.28% 58.43% 33,349.15 32.16% 11.73% (7.83%)
Jeffrey Talpins Aug 09 31 Aug 09 Apr 08 - Oct 07
EMF FIXED INCOME FUND, LTD 31 Oct 01 Q $295 M 33,396.96 30 Sep 09 (1.05%) 9.68% 33,751.35 16.44% 17.58% (22.46%)
Eric M. Flanagan/David C. Gottlieb Jul 09 31 Aug 09 Mar 08 - Feb 08
HENDERSON CREDIT OPPORTUNITIES FUND LTD 31 Jan 03 M $623 M 129.50 31 Oct 09 1.08% 30.09% 128.12 3.90% 7.92% (25.02%)
Stephen Thariyan Jul 08 30 Sep 09 Dec 08 - May 07
III FUND LTD 30 Jun 93 Q $211 M 2,297.29 31 Oct 09 2.85% 23.80% 2,233.63 5.22% 12.20% (54.77%)
Cliff G Viner Sep 09 30 Sep 09 Nov 08 - Jan 08
III GLOBAL LTD 31 May 94 Q $22 M 2,564.57 31 Oct 09 3.80% 23.76% 2,470.68 6.29% 12.45% (50.73%)
Cliff G Viner Sep 09 30 Sep 09 Nov 08 - Jan 08
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 4
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Fixed Income
YTD Avg. 2009 20.85%
Ytd Avg. 2009
Fixed Income / Global 20.85%
III RELATIVE VALUE CREDIT STRATEGIES FUND LTD 31 Oct 05 Q $679 M 1,149.41 31 Oct 09 3.00% 29.78% 1,115.93 3.54% 11.26% (31.27%)
Garth Friesen May 09 30 Sep 09 Dec 08 - Nov 07
LONDON DIVERSIFIED FUND, LTD - D 31 May 95 Q $1'250 M 3,908.91 31 Oct 09 0.27% 4.68% 3,898.48 9.91% 7.39% (28.95%)
Robert Standing & David Gorton Jul 09 30 Sep 09 Dec 08 - Jan 08
MKP OPPORTUNITY OFFSHORE, LTD 31 Jul 01 Q $466 M 237.88 31 Oct 09 0.38% 10.47% 236.98 11.07% 5.25% (3.18%)
Patrick McMahon Dec 08 30 Sep 09 Jan 08 - Nov 07
OBSIDIAN FUND 31 Jul 96 Y/Q $211 M 3,397.60 30 Sep 09 5.47% 33.67% 3,221.39 9.63% 9.15% (20.93%)
Stuart Spodek Jul 09 31 Aug 09 Feb 09 - Jan 08
PARS IV OFFSHORE FUND II , CL. A/1 31 Mar 02 Q $ 1'870 M 1,760.96 30 Sep 09 3.10% 56.97% 1,708.01 7.83% 10.32% (25.88%)
Changhong Zhu Sep 09 31 Aug 09 Nov 08 - May 08
PROLOGUE FEEDER FUND, LTD. CLASS A 31 Jan 06 Q $866 M 1,525.42 31 Oct 09 0.34% 11.69% 1,520.24 11.92% 4.25% (1.59%)
David Lofthouse, Graham Walsh Oct 09 30 Sep 09 Aug 07 - Jul 07
SINOPIA L/S GL. BOND MK NEUT.FUND 300 USD Cl.I 30 Jun 01 D $20 M 69,335.02 03 Nov 09 0.06% 2.28% 69,291.58 3.99% 2.15% (2.24%)
Jean-Charles Bertrand Sep 09 31 Oct 09 Oct 08 - Jul 08
SINOPIA L/S GL. BOND MK NEUT.FUND 600 EURO Cl.I 31 May 01 D €18 M 125,934.40 03 Nov 09 0.12% 5.53% 125,788.47 5.57% 4.35% (5.90%)
SINOPIA Asset Management Sep 09 31 Oct 09 Dec 07 - Jul 07
Multi-Strategy
YTD Avg. 2009 13.01%
Ytd Avg. 2009
Multi-Strategy / Asia 5.75%
ARTRADIS BARRACUDA FUND 30 Apr 02 M $791 M 20.89 31 Oct 09 1.32% (7.21%) 20.62 10.31% 8.07% (11.38%)
Richard Magides Oct 09 30 Sep 09 Sep 09 - Apr 09
LIM ASIA MULTI-STRATEGY FUND CLASS A 31 Dec 95 M $29 M 31.45 31 Oct 09 1.81% 19.81% 30.89 8.63% 6.29% (15.79%)
George W. Long Sep 09 30 Sep 09 Nov 08 - Feb 08
PMA CREDIT OPPORTUNITIES 04/04 31 Mar 04 Y/Q $435 M 1,376.40 03 Nov 09 0.08% 4.65% 1,375.30 5.87% 5.52% (16.49%)
Darryl Flint Aug 08 31 Oct 09 Dec 08 - Aug 08
Ytd Avg. 2009
Multi-Strategy / Global 14.83%
ALEXANDRA GLOBAL INV. FUND I, LTD 30 Apr 94 Q $21 M 35.98 30 Sep 09 2.48% 4.62% 35.11 8.65% 9.68% (49.02%)
Mikhail Filimonov Sep 09 31 Aug 09 Mar 09 - Dec 07
BASSO MULTI-STRATEGY FUND LTD 31 Dec 03 Q $283 M 986.14 31 Oct 09 (2.04%) 3.03% 1,006.67 (0.24%) 13.94% (48.27%)
Howard Fischer Sep 09 30 Sep 09 Feb 09 - May 08
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 5
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Multi-Strategy
YTD Avg. 2009 13.01%
Ytd Avg. 2009
Multi-Strategy / Global 14.83%
BGI - MULTI-STRATEGY FUND LTD - CLASS A 30 Apr 05 M $1'129 M 1,128.39 30 Sep 09 0.61% 9.67% 1,121.53 2.77% 7.22% (13.96%)
BGI Global Investors Aug 09 31 Aug 09 Dec 08 - Jun 08
BLACK DIAMOND, LTD - CLASS B (UNRESTRICTED) 31 Dec 95 Q $81 M 272.22 31 Oct 09 1.92% 21.98% 267.09 7.50% 4.28% (18.58%)
Clint D. Carlson Jun 09 30 Sep 09 Dec 08 - Aug 08
BLUECREST CAPL INTL LTD A USD 30 Nov 00 Y/Q $3'900 M 337.52 31 Oct 09 1.99% 41.29% 330.92 14.61% 6.27% (4.83%)
Michael Platt Aug 09 30 Sep 09 Aug 03 - May 03
CQS CONV & QUANT STRATS FEED FD, LTD 1A 12M 29 Feb 00 Q $1'884 M 2,420.51 31 Oct 09 2.19% 25.54% 2,368.74 9.57% 9.14% (34.03%)
Michael Hintze/ Paul Casey Sep 09 30 Sep 09 Dec 08 - Oct 07
DEEPHAVEN GLOBAL M/S FUND LTD CL A1 S-N-09/96 31 Aug 96 M $873 M 2,860.48 19 Oct 09 1.17% 8.50% 2,827.40 8.33% 8.48% (41.77%)
Colin Smith Nov 08 30 Sep 09 Mar 09 - Oct 07
DOUBLE BLACK DIAMOND LTD - SERIES A 31 Mar 98 Q $2'063 M 327.92 31 Oct 09 2.33% 25.84% 320.45 10.79% 5.71% (17.93%)
(UNRESTRICTED) Jun 09 30 Sep 09 Dec 08 - Aug 08
Clint Carlson
DRAKE ABSOLUTE RETURN FUND, LTD (THE) 31 Dec 01 Y/Q $232 M 104.65 30 Sep 09 1.40% 1.40% 103.20 0.59% 13.23% (51.74%)
Anthony Faillace & Steven Luttrell Sep 09 31 Aug 09 Mar 09 - Sep 07
MILLENNIUM INTL LTD C/01 A 31 Dec 97 Q $10'735 M 5,350.31 31 Oct 09 1.37% 13.25% 5,278.00 14.99% 4.87% (7.24%)
Israel A Englander Jun 09 30 Sep 09 Aug 98 - May 98
QVT OVERSEAS, LTD - B/1 31 Oct 03 Y/Q $3'186 M 1,717.02 31 Oct 09 3.34% 16.45% 1,661.53 9.42% 10.52% (37.38%)
Dan Gold Sep 09 30 Sep 09 Dec 08 - Feb 08
SHEPHERD INVEST LTD CLASS -B-COMPOSITE 30 Jun 95 S/Q $3'620 M 3,883.11 19 Oct 09 1.00% 6.38% 3,844.67 9.94% 6.95% (31.74%)
Brian Stark & Mike Roth Sep 09 30 Sep 09 Mar 09 - Oct 07
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 6
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Discretionary
YTD Avg. 2009 11.44%
Ytd Avg. 2009
Discretionary / Global 11.44%
BLENHEIM* GL. MARKETS, L.P. 31 Dec 86 M $2'535 M 93,558.18 30 Sep 09 2.14% 29.58% 91,597.99 22.06% 38.45% (41.20%)
Willem Kooyker Sep 09 31 Aug 09 Nov 98 - Aug 97
CLIVE FUND (The ) Class - A - 30 Nov 07 Q $2'900 M 174.72 31 Oct 09 2.21% 17.20% 170.95 33.72% 20.34% (11.86%)
Christian Levett and Richard Boland Aug 09 30 Sep 09 Aug 08 - Jun 08
MERCHANT COMMODITY FUND (THE) - COMPOSITE 31 May 04 M $1'516 M 360.31 16 Oct 09 (4.30%) 0.65% 376.49 26.90% 19.52% (23.17%)
Michael Coleman and Doug King Sep 09 30 Sep 09 Aug 08 - Feb 08
TRADEX CURRENCY FUND, LTD 31 Oct 98 W $1'400 M 1,754.96 30 Sep 09 1.31% (1.68%) 1,732.27 6.60% 5.18% (4.25%)
Rony Schlapfer Jun 09 31 Aug 09 Feb 02 - Sep 01
Systematic
YTD Avg. 2009 (0.62%)
Ytd Avg. 2009
Systematic / Global (0.62%)
ASPECT DIVERSIFIED FUND - CLASS A 30 Nov 98 M $1'057 M 285.83 31 Oct 09 (4.55%) (14.04%) 299.46 10.09% 17.20% (21.47%)
Gavin Ferris Oct 09 30 Sep 09 Jan 05 - Feb 04
BLUETREND FUND, LTD - CLASS A 31 Mar 04 M $5'200 M 259.46 31 Oct 09 (0.32%) 2.37% 260.28 18.60% 14.00% (12.55%)
Michael Platt & Leda Braga Oct 09 30 Sep 09 Jul 06 - Apr 06
BORONIA DIVERSIFIED FUND 31 Dec 01 M $731 M 1,696.54 02 Nov 09 (0.07%) (6.05%) 1,697.73 6.97% 8.66% (11.46%)
Richard Grinham and Angus Grinham Sep 09 31 Oct 09 Apr 09 - Feb 08
CIPHER DIVERSIFIED FUND-A- 31 Jul 98 M $195 M 3,611.52 31 Oct 09 (3.90%) 3.65% 3,758.08 12.08% 18.14% (22.28%)
A. Knoepffler Feb 09 30 Sep 09 Nov 02 - Oct 01
CRABEL FUND LTD 28 Feb 98 M $571 M 4,433.00 31 Oct 09 (1.19%) 1.50% 4,486.39 13.60% 18.21% (16.71%)
Toby Crabel Oct 09 30 Sep 09 Jun 99 - Oct 98
DIGILOG OVERSEAS FUND I, LTD 31 Dec 93 M $236 M 2,497.61 31 Oct 09 (3.88%) (5.10%) 2,598.43 22.52% 24.53% (36.53%)
Walt Weissman and Blair Wellensiek Sep 09 30 Sep 09 Jan 05 - May 03
DKR QUANTITATIVE STRATS FUND, LTD 31 Dec 99 M $222 M 2,707.43 31 Oct 09 0.40% 0.64% 2,696.64 10.65% 9.49% (9.80%)
Pascal Magnollay Aug 09 30 Sep 09 Sep 08 - Jun 08
EAGLE GLOBAL FUND 30 Sep 95 M $124 M 744,439.29 31 Oct 09 (5.29%) 8.29% 786,019.73 15.31% 24.34% (32.13%)
Menachem Sternberg & Liora Sternberg Sep 09 30 Sep 09 Sep 04 - Oct 03
FORT GLOBAL OFFSHORE FUND LTD, CLASS C 30 Sep 02 M $1.6 M 2,188.35 31 Oct 09 (0.32%) 6.56% 2,195.37 11.68% 12.46% (17.42%)
Yves Balcer, Sanjiv Kumar Oct 09 30 Sep 09 Oct 08 - Mar 08
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 7
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Systematic
YTD Avg. 2009 (0.62%)
Ytd Avg. 2009
Systematic / Global (0.62%)
GRAHAM GIF II PROPRIETARY MATRIX 30 Jun 99 M $297 M 286.33 03 Nov 09 0.45% 13.26% 285.05 10.69% 12.70% (15.71%)
Kenneth G. Tropin Sep 08 31 Oct 09 Apr 02 - Oct 01
GRAHAM GLOBAL INVESTMENT FUND II - K4D-10 31 Jan 95 M $1'389 M 398.27 03 Nov 09 0.51% (0.30%) 396.25 9.81% 12.89% (15.67%)
Kenneth G. Tropin Sep 08 31 Oct 09 Apr 02 - Oct 01
GRAHAM GLOBAL INVESTMENT FUND II - K4D-15 31 Dec 98 M $2'843 M 245.60 03 Nov 09 0.78% 0.75% 243.70 14.86% 20.11% (30.47%)
Kenneth G. Tropin Jul 09 31 Oct 09 Apr 05 - Feb 04
HIGHVIEW GLOBAL MACRO, LTD 30 Jun 03 Q $200 M 1,413.78 31 Oct 09 (1.07%) 13.26% 1,429.05 5.61% 14.05% (32.31%)
Sassan Alizadeh May 08 30 Sep 09 Apr 09 - Oct 07
MAN AHL ALPHA PLC 30 Sep 95 W $74 M 739.46 02 Nov 09 (2.10%) (11.24%) 755.36 15.24% 13.22% (11.49%)
Tim Wong Jul 09 31 Oct 09 Jul 04 - Jan 04
MAN AHL DIVERSIFIED PLC 31 Mar 96 W $3'143 M 87.15 02 Nov 09 (2.90%) (15.84%) 89.75 17.26% 17.95% (17.90%)
Tim Wong Aug 09 31 Oct 09 May 02 - Oct 01
QFS CURRENCY FUND, LTD (INDEX) 31 Mar 97 M $198 M 2,950.69 31 Oct 09 1.16% 13.46% 2,916.86 8.97% 14.20% (20.93%)
Dr. Sandford Grossman Sep 09 30 Sep 09 Aug 06 - Feb 04
RIFF FUND INTL LP CLASS -A- 30 Sep 07 M $981 M 92.57 31 Oct 09 (1.70%) (0.14%) 94.17 (3.63%) 14.30% (22.27%)
Robert Lourie Oct 09 30 Sep 09 Jun 09 - Jun 08
ROTELLA POLARIS FUND, LTD 31 Dec 97 M $137 M 28,337.95 31 Oct 09 (3.12%) (7.57%) 29,251.34 9.19% 12.36% (14.18%)
Robert Rotella Aug 09 30 Sep 09 Sep 08 - Jun 08
TEWKSBURY INVESTMENT FUND, LTD - B 31 Dec 90 M $1'448 M 13,093.95 31 Oct 09 (0.70%) 11.21% 13,186.26 14.62% 4.62% (7.75%)
Matthew Tewksbury Sep 09 30 Sep 09 Aug 07 - Jun 07
TUDOR TENSOR FUND LIMITED CLASS I 31 Aug 05 M $1'026 M 1,662.08 31 Oct 09 (4.32%) 0.98% 1,737.12 12.96% 11.02% (9.35%)
Steve Evans Oct 09 30 Sep 09 Aug 07 - Jun 07
TULIP TREND FUND, LTD - A 31 Mar 03 M $619 M 3,479.08 31 Oct 09 (8.29%) (18.28%) 3,793.57 20.82% 24.94% (22.07%)
Harold de Boer Sep 09 30 Sep 09 Jul 06 - Nov 05
WINTON EVOLUTION FUND (THE) 31 Aug 05 M $100 M 1,198.30 31 Oct 09 (0.67%) (5.50%) 1,206.39 4.43% 11.96% (14.63%)
David Harding Oct 09 30 Sep 09 Jul 09 - Jun 08
WINTON FUTURES FUND - CLASS B 30 Sep 97 M $4'160 M 689.04 04 Nov 09 1.02% (6.04%) 682.08 17.29% 19.07% (25.08%)
David Harding Oct 09 31 Oct 09 Feb 02 - Oct 01
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 8
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Equity-Diversified
YTD Avg. 2009 77.61%
Ytd Avg. 2009
Equity-Diversified / Emerging 105.16%
FIREBIRD NEW RUSSIA FUND, LTD - CLASS A 30 Jun 96 Q $144 M 1,729.43 31 Oct 09 10.25% 112.06% 1,568.64 23.81% 43.74% (81.79%)
Harvey Sawikin & Ian Hague Aug 09 30 Sep 09 Sep 98 - Mar 98
FIREBIRD REPUBLICS FUND, LTD 30 Apr 97 Q $170 M 748.02 31 Oct 09 2.33% 76.46% 730.98 17.45% 33.23% (73.20%)
Harvey Sawikin & Ian Hague Sep 09 30 Sep 09 Jan 99 - Sep 97
KALTCHUGA FUND - RUSSIA EQ. SUB-FUND -$- 15 Nov 00 BM $146 M 6,443.91 31 Oct 09 7.07% 176.31% 6,018.41 23.10% 36.92% (81.80%)
J-L. Tauvy Apr 08 30 Sep 09 Jan 09 - Dec 07
KAZIMIR RUSSIA GROWTH 31 Jul 96 Q $24 M 1,657.14 23 Oct 09 11.39% 64.09% 1,487.69 23.63% 52.20% (93.65%)
Kazimir Partners Jul 09 30 Sep 09 Sep 98 - Jul 97
PF(LUX) - EASTERN EUROPE-P CAP 30 Sep 99 W $345 M 276.41 04 Nov 09 (4.88%) 107.00% 290.60 14.75% 31.27% (75.54%)
Y. Ostrowsky Nov 09 31 Oct 09 Feb 09 - Dec 07
RUSSIAN PROSPERITY FUND - A 31 Aug 96 W $ 628 M 141.56 31 Oct 09 7.32% 164.20% 131.91 22.56% 49.12% (90.26%)
Alexander Branis Oct 09 30 Sep 09 Jan 99 - Jul 97
VONTOBEL EASTERN EUROPEAN -A- 31 Dec 99 D €38 M 96.49 03 Nov 09 (1.30%) 35.98% 97.76 0.94% 23.85% (70.91%)
Luca Parmeggiani Feb 09 31 Oct 09 Jan 09 - Apr 07
Ytd Avg. 2009
Equity-Diversified / Europe 34.78%
BG LONG TERM VALUE FUND 30 Nov 04 W € 12 M 1,414.42 03 Nov 09 (0.58%) 33.69% 1,422.71 7.29% 19.57% (52.63%)
Emmanuel Broussard / Emmanuel Gavaudan Aug 09 31 Oct 09 Feb 09 - May 07
LANSDOWNE EUROPEAN LONG ONLY FUND LTD 31 Dec 04 Q $463 M 160.33 31 Oct 09 (6.10%) 35.88% 170.75 10.25% 18.65% (46.23%)
Steven Heinz / David Craigen Aug 09 30 Sep 09 Feb 09 - May 07
Ytd Avg. 2009
Equity-Diversified / Global 24.01%
CANTILLON GLOBAL EQUITY FUND USD CLASS -A- 31 Mar 05 M $804 M 12.44 31 Oct 09 0.81% 20.31% 12.34 4.87% 12.92% (35.04%)
SERIES 1 Sep 09 30 Sep 09 Mar 09 - Dec 07
Rob Cope
CAXTON ALPHA EQUITY (BVI) LTD 31 Dec 04 M $334 M 1,284.35 03 Nov 09 1.23% 27.71% 1,268.74 5.30% 16.10% (44.66%)
Kurt Feuerman Jul 09 31 Oct 09 Feb 09 - Oct 07
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 9
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Diversified
YTD Avg. 2009 64.96%
Ytd Avg. 2009
Diversified / Europe 64.96%
DELTA FUND EUROPE, LTD 31 Mar 04 Q $448 M 231.30 30 Sep 09 6.67% 64.96% 216.84 16.46% 18.14% (38.55%)
Leif Christian Kvaal Oct 09 31 Aug 09 Jan 09 - May 08
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 10
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Distressed Security
YTD Avg. 2009 42.84%
Ytd Avg. 2009
Distressed Security / Global 42.93%
CANYON VALUE REALIZATION FD, LTD - CLASS A 31 Dec 94 Q $5'000 M 4,889.33 23 Oct 09 2.12% 54.78% 4,787.82 11.30% 9.11% (28.82%)
M.R. Julis & J.S. Friedman Jul 09 30 Sep 09 Nov 08 - Oct 07
CERBERUS INTL. LTD 31 May 93 Q $5'797 M 558,048.36 30 Sep 09 (0.17%) 0.51% 558,998.66 11.09% 5.43% (22.26%)
Steve Feinberg Sep 09 31 Aug 09 Feb 09 - May 08
DAVIDSON KEMPNER DIST. OPP. INT. LTD - A - 31 Mar 05 Y $758 M 1,686.02 31 Oct 09 1.08% 39.59% 1,668.01 12.06% 12.30% (25.73%)
Michael J. Leffell, Anthony A. Yoseloff Jul 09 30 Sep 09 Nov 08 - Oct 07
HSBC DISTRESSED OPPORTUNITY FUND 28 Feb 06 M $76 M 125.27 31 Oct 09 2.58% 48.94% 122.12 6.32% 12.28% (28.28%)
Kim Golden Sep 09 30 Sep 09 Mar 09 - Oct 07
LC CAPITAL OFFSHORE FUND, LTD 30 Sep 99 Y/Q $316 M 289.45 31 Oct 09 0.25% 21.82% 288.73 11.10% 9.80% (34.45%)
Steven G Lampe & Richard F Conway Sep 09 30 Sep 09 Feb 09 - Jun 07
PAULSON CREDIT OPPORTUNITIES LTD 30 Jun 06 Y $1'450 M 1,235.15 31 Oct 09 3.07% 26.78% 1,198.36 112.27% 58.88% (10.41%)
John Paulson Dec 08 30 Sep 09 May 07 - Feb 07
STONE LION FUND LTD CLASS A 31 Oct 08 Q $390 M 1,488.53 27 Oct 09 1.46% 51.37% 1,467.10 49.51% 13.18% (3.31%)
Greg Hanley and Alan Mintz Oct 09 30 Sep 09 Nov 08 - Oct 08
STRATEGIC VALUE RESTRUCTURING FUND 31 Aug 02 Q/Y $1'269 M 237.21 31 Oct 09 2.05% 11.90% 232.44 12.80% 7.88% (24.49%)
Victor Khosla Jul 09 30 Sep 09 Apr 09 - May 07
TURNBERRY CAPITAL INTL 31 Aug 99 Q $40 M 2,546.39 31 Oct 09 2.07% 130.69% 2,494.75 11.21% 24.18% (77.43%)
Jeffrey Dobbs Sep 09 30 Sep 09 Nov 08 - May 07
Ytd Avg. 2009
Distressed Security / USA 42.43%
HALCYON OFFSHORE ASSET-BACKED VALUE FUND 30 Nov 05 Q $510 M 1,566.53 15 Oct 09 1.25% 14.47% 1,547.19 12.27% 6.63% (13.32%)
LIMITED Jul 09 30 Sep 09 Mar 09 - Aug 08
John Bader
REDWOOD CAPITAL MASTER FUND LTD 31 Jul 00 two y rolling $2'025 M 389.62 31 Oct 09 4.50% 70.38% 372.84 15.82% 12.02% (36.28%)
Jonathan Kolatch Sep 09 30 Sep 09 Dec 08 - May 07
Merger-Arbitrage
YTD Avg. 2009 7.13%
Ytd Avg. 2009
Merger-Arbitrage / Global 6.89%
AETOS CORPORATION - CLASS A 31 Dec 85 M $180 M 22,720.61 31 Oct 09 (0.32%) 6.23% 22,792.99 9.70% 12.22% (34.97%)
Jason Dahl, Jonathan Spitzer Mar 09 30 Sep 09 Oct 87 - Aug 87
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 11
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Merger-Arbitrage
YTD Avg. 2009 7.13%
Ytd Avg. 2009
Merger-Arbitrage / Global 6.89%
PAULSON ENHANCED LTD 30 Apr 01 S $2'375 M 681.93 31 Oct 09 (0.80%) 9.63% 687.43 25.31% 15.34% (10.13%)
John Paulson Dec 08 30 Sep 09 Jul 02 - Apr 01
PAULSON INTERNATIONAL, LTD 30 Apr 96 M $624 M 694.13 31 Oct 09 (0.40%) 4.80% 696.92 14.71% 7.67% (13.57%)
John Paulson Aug 09 30 Sep 09 Sep 98 - Jun 98
Ytd Avg. 2009
Merger-Arbitrage / USA 7.84%
GABELLI ASSOCIATES LIMITED - CLASS A 31 Aug 89 M $154 M 510.13 31 Oct 09 (0.21%) 7.84% 511.20 8.41% 3.43% (6.65%)
Mario Gabelli Feb 07 30 Sep 09 Oct 08 - Oct 07
Multi-Strategy
YTD Avg. 2009 21.84%
Ytd Avg. 2009
Multi-Strategy / Europe (0.70%)
RAB CROSS EUROPE FUND LIMITED - CLASS A 31 Oct 98 M $313 M 225.97 29 Oct 09 (0.96%) 2.13% 228.15 7.69% 5.78% (10.96%)
Roderick Campbell Nov 07 30 Sep 09 Jan 09 - Jun 08
TRAFALGAR CATALYST FUND CLASS B $ 31 Oct 01 M $357 M 208.50 31 Oct 09 0.58% (3.52%) 207.29 9.61% 6.86% (8.00%)
Lee Robinson Nov 09 30 Sep 09 Jul 09 - Mar 08
Ytd Avg. 2009
Multi-Strategy / Global 23.89%
AG SUPER FUND INTERNATIONAL, LTD 30 Apr 93 Y $540 M 1,145.74 31 Oct 09 0.55% 25.17% 1,139.47 10.22% 5.40% (23.09%)
J. Angelo & M. Gordon Dec 08 30 Sep 09 Dec 08 - Jun 07
CASTLERIGG INTL LTD - CLASS A/1 31 Dec 97 Y/Q $954 M 275.73 31 Oct 09 (0.31%) 7.66% 276.59 9.00% 7.89% (34.64%)
Thomas Sandell Sep 09 30 Sep 09 Dec 08 - May 07
DAVIDSON KEMPNER INTL, LTD - CLASS A 31 Oct 95 Q $3503 M 342.15 31 Oct 09 0.96% 18.46% 338.89 9.18% 3.93% (10.87%)
Thomas L. Kempner, Marvin H. Davidson Jul 09 30 Sep 09 Nov 08 - Oct 07
FIRST EAGLE N.V. (A) 30 Nov 92 M $399 M 280,995.24 31 Oct 09 2.20% 21.02% 274,933.37 11.12% 14.47% (41.33%)
Colin Morris Apr 09 30 Sep 09 Dec 08 - May 08
GAM ARBITRAGE INC 31 Dec 83 W $182 M 1,237.94 31 Oct 09 (0.75%) 22.13% 1,247.33 10.22% 10.42% (35.39%)
John M. Angelo Sep 09 30 Sep 09 Feb 09 - Jun 07
GOOD HOPE INTERNATIONAL LTD 31 Mar 04 Q $103 M 1,332.29 31 Oct 09 2.10% 20.93% 1,304.83 5.27% 11.23% (35.08%)
Colin Morris Oct 09 30 Sep 09 Dec 08 - May 08
HARBINGER CAPITAL PARTNERS OFFSHORE FUND I 30 Jun 02 Q $6'732 M 392.70 15 Oct 09 2.14% 26.45% 384.47 20.61% 18.73% (50.20%)
Philip Falcone Sep 09 30 Sep 09 Dec 08 - Jun 08
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 12
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Multi-Strategy
YTD Avg. 2009 21.84%
Ytd Avg. 2009
Multi-Strategy / Global 23.89%
KING STREET CAPITAL, LTD - CLASS A/1 31 Dec 96 Y/M $11'200 M 450.83 23 Oct 09 0.78% 16.89% 447.34 12.46% 4.16% (3.91%)
O. Francis Biondi Jr & Brian J. Higgins Jul 09 30 Sep 09 Sep 08 - Feb 08
LION FUND, LTD (THE) 31 Jan 96 M $250 M 34.23 31 Oct 09 (0.48%) 18.11% 34.40 9.24% 10.34% (34.07%)
Nick Walker Jun 09 30 Sep 09 Feb 09 - Oct 07
MARATHON SPECIAL OPPS FD, LTD - A 30 Apr 99 Y $1'960 M 585.41 23 Oct 09 2.67% 32.22% 570.18 18.35% 12.21% (34.16%)
Bruce Richards & Louis Hanover Jul 09 30 Sep 09 Mar 09 - Jun 07
OSMIUM SPECIAL SITUATIONS FUND LTD 28 Feb 05 M $215 M 1,721.94 30 Sep 09 0.91% 16.00% 1,706.43 12.57% 5.50% (7.12%)
Chris Kuchanny Aug 09 31 Aug 09 Nov 08 - Jul 08
OWL CREEK OVERSEAS FUND, LTD 31 Jan 02 Y $3'627 M 3,358.53 31 Oct 09 (1.20%) 16.09% 3,399.32 16.91% 13.59% (20.43%)
Jeffrey Altman Jul 09 30 Sep 09 Apr 09 - Jun 08
PARA INTERNATIONAL FUND -A- 31 Jan 95 M $261 M 351.73 30 Sep 09 2.09% 25.58% 344.53 8.95% 7.59% (26.59%)
Ned Sadaka May 09 31 Aug 09 Feb 09 - May 07
PAULSON ADVANTAGE LTD -A- 31 Mar 04 Q $3'461 M 349.87 31 Oct 09 (2.63%) 10.07% 359.32 25.12% 14.13% (3.02%)
John Paulson Aug 09 30 Sep 09 Apr 09 - Mar 09
PAULSON ADVANTAGE PLUS LTD 31 Dec 04 Q $9'768 M 480.04 31 Oct 09 (4.05%) 14.81% 500.30 38.32% 21.81% (4.93%)
John Paulson Aug 09 30 Sep 09 Apr 09 - Mar 09
PENTWATER EVENT FUND LTDCLASS -A- SERIES 31 Mar 08 n/a $1'050 M 1,090.97 15 Oct 09 3.30% 81.10% 1,056.12 14.77% 28.21% (36.75%)
11.07 Jan 08 30 Sep 09 Dec 08 - Aug 08
Matthew halbower
PERRY PARTNERS INTERNATIONAL INC CLASS A 30 Sep 93 Q / 2Y $4'744 M 655.30 31 Oct 09 2.76% 24.01% 637.70 12.39% 7.36% (25.65%)
Richard Perry Sep 09 30 Sep 09 Nov 08 - Oct 07
SAB OVERSEAS FUND LTD 31 Jul 00 3Q / Q $222 M 288.90 31 Oct 09 (0.70%) 26.72% 290.94 12.14% 10.42% (15.22%)
Scott Bommer Oct 08 30 Sep 09 Nov 08 - Jun 08
SARK FUND LIMITED 28 Feb 03 M €1'005 M 160.35 31 Oct 09 1.15% 24.60% 158.52 7.33% 6.98% (22.71%)
Emmanuel Gavaudan & Emmanuel Boussard Mar 09 30 Sep 09 Nov 08 - May 07
SATELLITE OVERSEAS FUNDSIE A-H-05 31 Oct 99 Y/Q $1'200 M 1,598.27 31 Oct 09 0.27% 17.49% 1,593.97 4.80% 9.82% (43.56%)
Lief D. Rosenblatt, Gabe Nechamkin & Mark Sonnino Aug 09 30 Sep 09 Dec 08 - Oct 07
THIRD POINT OFFSHORE 30 Nov 96 M $1'190 M 7,639.72 31 Oct 09 (0.90%) 26.42% 7,709.10 17.04% 13.84% (35.48%)
Daniel Loeb Jul 09 30 Sep 09 Mar 09 - Jun 08
YORK INVESTMENT LTD -CLASS A/1 28 Feb 94 Q $1'521 M 6,011.33 23 Oct 09 1.20% 33.57% 5,939.82 12.14% 9.01% (29.86%)
James Dinan May 09 30 Sep 09 Feb 09 - Oct 07
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 13
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Arbitrage
YTD Avg. 2009 13.18%
Ytd Avg. 2009
Arbitrage / Global 13.18%
HSBC MAA FUND USD 15 Jun 95 Q/M $173 M 191.03 16 Oct 09 0.64% 13.18% 189.82 4.61% 5.19% (25.30%)
HSBC Alternative Investments Limited Aug 09 30 Sep 09 Dec 08 - Jul 07
Event Driven
YTD Avg. 2009 8.88%
Ytd Avg. 2009
Event Driven / Global 8.88%
HSBC DISTRESSED MARKETS FUND USD Class 31 May 09 M $132 M 108.88 16 Oct 09 1.17% 8.88% 107.62 25.23% 4.52% 0.00%
HSBC Management (Guernsey) Ltd Aug 09 30 Sep 09 Jan 00 - Jan 00
Leveraged Multi-Strategy
YTD Avg. 2009 23.02%
Ytd Avg. 2009
Leveraged Multi-Strategy / Global 23.02%
HSBC LEVERAGED GH FUND 30 Nov 04 M $34 M 119.98 16 Oct 09 1.88% 23.02% 117.77 3.80% 14.33% (37.09%)
HSBC Republic Investment Limited Aug 09 30 Sep 09 Dec 08 - Jun 08
Long/Short
YTD Avg. 2009 14.96%
Ytd Avg. 2009
Long/Short / Asia 12.32%
HSBC ASIAN ADVANTEDGE FUND 30 Jun 02 M $47 M 181.99 16 Oct 09 0.71% 12.32% 180.70 8.55% 9.16% (24.73%)
HSBC Alternative Investments Limited Aug 09 30 Sep 09 Nov 08 - Dec 07
Ytd Avg. 2009
Long/Short / Europe 17.60%
HSBC EUROPEAN ADVANTEDGE FUND USD 02 May 03 M €16 M 143.50 16 Oct 09 1.02% 17.60% 142.05 5.75% 7.05% (21.00%)
HSBC Alternative Investments Limited Aug 09 30 Sep 09 Feb 09 - Oct 07
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 14
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Multi-Strategy
YTD Avg. 2009 14.29%
Ytd Avg. 2009
Multi-Strategy / Emerging 20.19%
HSBC EMERGING ADVANTEDGE FUND 31 Mar 97 M $28 M 168.70 16 Oct 09 1.95% 20.19% 165.47 4.25% 16.64% (59.39%)
HSBC Alternative Investments Limited Aug 09 30 Sep 09 Dec 98 - Sep 97
Ytd Avg. 2009
Multi-Strategy / Global 12.33%
HSBC GH FUND USD 31 May 96 M $1'666 M 273.08 16 Oct 09 1.08% 12.04% 270.17 7.79% 6.94% (18.30%)
HSBC Alternative Investments Limited Aug 09 30 Sep 09 Dec 08 - Jun 08
HSBC GLOBAL ABSOLUTE LTD USD NAV 30 Nov 01 D $110 M 1.98 16 Oct 09 1.09% 12.39% 1.96 5.06% 5.42% (16.88%)
HSBC Alternative Investments Limited Aug 09 30 Sep 09 Dec 08 - Jun 08
HSBC HEDGE INVESTMENTS FUND 28 Feb 02 Q $20 M 140.31 16 Oct 09 1.10% 12.55% 138.78 4.54% 5.52% (17.63%)
HSBC Alternative Investments Limited jul 09 30 Sep 09 Dec 08 - Jun 08
Trading
YTD Avg. 2009 (1.89%)
Ytd Avg. 2009
Trading / Global (1.89%)
HSBC TRADING ADVANTEDGE FUND 31 Oct 05 M $291 M 148.80 16 Oct 09 1.50% (1.89%) 146.60 10.55% 9.79% (6.76%)
HSBC Alternative Investments Limited Aug 09 30 Sep 09 Mar 07 - Jan 07
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 15
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Credit
YTD Avg. 2009 31.31%
Ytd Avg. 2009
Credit / Emerging 22.56%
FINISTERRE SOVEREIGN DEBT FUND 31 Mar 03 Q $131 M 185.89 31 Oct 09 2.71% 44.13% 180.98 9.86% 8.19% (21.00%)
Paul Crean and Xavier Corin-Mick Oct 09 30 Sep 09 Oct 08 - Jun 08
GRAMERCY EMERGING MARKET FUND 31 Mar 99 M $783 M 238.99 30 Sep 09 9.75% 31.89% 217.75 8.64% 14.12% (49.81%)
Robert S. Koenigsberger & Jay A. Johnston Aug 09 31 Aug 09 Feb 09 - Feb 08
MARATHON OVERSEAS FUND, LTD - A 31 Mar 98 Q $495 M 204.14 23 Oct 09 0.72% 7.67% 202.68 6.36% 7.76% (36.00%)
B. Richards & L. Hanover Jun 09 30 Sep 09 Apr 09 - May 07
THAMES RIVER - HILL SIDE APEX FUND 31 Jul 98 M $210 M 2,219.86 16 Oct 09 0.25% 6.57% 2,214.32 7.37% 11.09% (35.69%)
Mehrdad Noorani & Bernt Tallasken Sep 09 30 Sep 09 Dec 08 - May 08
Ytd Avg. 2009
Credit / Europe 6.35%
KING STREET EUROPE LTD CLASS A 30 Jun 07 M $ 335 M 129.09 30 Sep 09 2.65% 6.35% 125.76 11.99% 9.18% (7.88%)
O. Francis Biondi, Jr., Brian J. Higgins Mar 09 31 Aug 09 May 08 - Feb 08
Ytd Avg. 2009
Credit / Global 40.56%
BLUEMOUNTAIN CREDIT ALTERNATIVES FUND 31 Oct 03 M $2'730 M 171.31 23 Oct 09 2.17% 31.83% 167.67 9.41% 7.71% (11.82%)
Andrew T. Feldstein Jun 09 30 Sep 09 Dec 08 - Aug 08
CQS ABS FEEDER FUND - CLASS -B- 30 Sep 06 Q $489 M 3,138.40 30 Sep 09 4.30% 22.91% 3,009.15 46.35% 16.62% (3.86%)
Swallow Steven & Lumdsen Alistair & Michael Hintze Sep 09 31 Aug 09 Jun 07 - Apr 07
FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTD 31 Jul 02 Q $60 M 189.91 31 Oct 09 1.35% 49.14% 187.38 9.24% 8.27% (29.83%)
Andrea S. Feingold & R. Ian O’Keeffe Mar 09 30 Sep 09 Dec 08 - Jun 07
JCAM GLOBAL FUND LIMITED 31 Dec 03 Y $2'000 M 1,847.86 31 Oct 09 1.12% 18.69% 1,827.39 11.09% 7.79% (14.85%)
Tim Leslie Jun 09 30 Sep 09 Dec 08 - Feb 08
MILLENNIUM GLOB HIGH YIELD FD LTD 31 Aug 99 M $211 M 398.79 30 Sep 09 5.02% 16.06% 379.73 14.69% 12.73% (46.60%)
Joseph Strubel Mar 09 31 Aug 09 Mar 09 - Dec 07
PALOMINO FUND LTD CLASS B ORIGINAL SERIES 31 Dec 94 Y $3'297 M 3,830.79 30 Sep 09 6.25% 114.43% 3,605.48 28.02% 21.88% (49.05%)
David Tepper Jul 09 31 Aug 09 Sep 98 - Feb 98
SATELLITE CREDIT OPP FUND, LTD - A 31 Oct 01 Y $398 M 1,427.43 31 Oct 09 0.55% 30.89% 1,419.63 4.55% 11.56% (41.20%)
Steve Shapiro, Lief D. Rosenblatt, Gabe Nechamkin & Aug 09 30 Sep 09 Dec 08 - Oct 07
Mark Sonnino
Ytd Avg. 2009
Credit / USA 28.90%
BRIGADE LEVERAGED CAPITAL STRUCTURES FUND 31 Dec 06 Q $3'655 M 1,255.36 31 Oct 09 1.71% 37.58% 1,234.25 8.35% 9.86% (19.42%)
Don Morgan Oct 09 30 Sep 09 Dec 08 - Jun 08
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 16
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Credit
YTD Avg. 2009 31.31%
Ytd Avg. 2009
Credit / USA 28.90%
MKP OFFSHORE CREDIT FUND 28 Feb 99 Q/Y $1'007 M 367.23 31 Oct 09 3.78% 20.21% 353.85 12.95% 5.00% (8.38%)
Patrick McMahon and Anthony Lembke Jul 09 30 Sep 09 Sep 08 - Sep 07
Equity-Commodity
YTD Avg. 2009 4.17%
Ytd Avg. 2009
Equity-Commodity / Global 4.17%
GEOSPHERE FUND, LTD 30 Jun 07 Q $ 1'100 M 113.47 31 Oct 09 0.39% 8.27% 113.02 5.55% 9.24% (15.83%)
Arvind Sanger and Prashant Kothari Sep 09 30 Sep 09 Oct 08 - Jun 08
GONDWANA FUND LIMITED 31 Jul 03 M €233 M 120.61 31 Oct 09 0.87% 4.12% 119.57 3.04% 15.35% (37.14%)
Urs Marti Dec 07 30 Sep 09 Oct 08 - Feb 08
MARTIN CURRIE ARF - GLOBAL RESOURCES 30 Sep 03 M $406 M 18.72 31 Oct 09 (5.19%) 4.70% 19.75 10.85% 10.65% (16.59%)
Chris Butler / Duncan Goodwin Sep 09 30 Sep 09 Dec 08 - Jun 08
OCEANIC HEDGE FUND - CLASS A 31 Jul 02 M $1'123M 3,040.64 23 Oct 09 1.22% 10.32% 3,003.99 16.61% 8.69% (6.85%)
Cato Brahde, Andreas Vergottis, Bjorn Rise Aug 09 30 Sep 09 Sep 08 - May 08
SOFAER CAPITAL NATURAL RESOURCES HEDGE 31 Dec 05 M $55 M 153.22 31 Oct 09 (0.01%) (6.58%) 153.23 11.77% 21.52% (48.62%)
FUND Dec 08 30 Sep 09 Jun 09 - Jun 08
Julien Garran / Michael Sofaer
Equity-Diversified
YTD Avg. 2009 16.19%
Ytd Avg. 2009
Equity-Diversified / Asia 17.98%
ARNOTT OPPORTUNITIES FUND 31 Oct 05 Q $451 M 1,387.41 31 Oct 09 1.41% 4.63% 1,368.12 8.52% 6.11% (6.20%)
Kenneth Arnott Sep 09 30 Sep 09 Sep 07 - Jul 07
BOYER ALLAN PACIFIC FUND INC-A- 16 Nov 98 M $ 308 M 714.61 31 Oct 09 (1.97%) 32.93% 728.95 19.65% 22.42% (44.65%)
J. Boyer & N. Allan Oct 09 30 Sep 09 Nov 08 - Oct 07
COREVEST PARTNERS LTD 31 Dec 98 Y/Q $111 M 8,239.94 31 Oct 09 (0.90%) (2.20%) 8,315.01 21.47% 25.84% (26.57%)
Kyung Hwa Paik Mar 08 30 Sep 09 Feb 03 - Mar 02
EASTERN ADVISORS LLC 31 Mar 03 Q $62 M 1,879.82 30 Sep 09 7.80% 44.48% 1,743.81 10.19% 25.22% (63.82%)
Scott Booth Jul 09 31 Aug 09 Mar 09 - Jun 08
ELLERSTON ASIA PACIFIC FUND 31 Aug 07 Q $113 M 97.59 15 Oct 09 1.72% 9.79% 95.94 (1.14%) 8.13% (17.60%)
Ashok Jacob Sep 09 30 Sep 09 Feb 09 - Oct 07
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 17
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Equity-Diversified
YTD Avg. 2009 16.19%
Ytd Avg. 2009
Equity-Diversified / Asia 17.98%
HT ASIAN CATALYST FUND LLC 31 Dec 98 M $429 M 18.05 30 Sep 09 2.44% 16.08% 17.62 13.86% 12.53% (23.93%)
Ms. Ophelia Tong Sep 09 31 Aug 09 Mar 01 - Mar 00
JOHO FUND, LTD-A- 31 Oct 96 S $1'873 M 1,090.03 31 Oct 09 (2.25%) 16.80% 1,115.12 22.24% 17.46% (19.38%)
Robert Karr Aug 09 30 Sep 09 Nov 08 - Nov 07
MBAM PAN-ASIAN FUND LTD 31 May 04 M $182 M 166.56 31 Oct 09 0.98% (0.24%) 164.94 9.87% 6.40% (5.99%)
Alex Lewis Jun 09 30 Sep 09 Jun 06 - Apr 06
MW TOPS FUND LTD -L- (Asia Diversified) 31 May 06 Q $18 M 114.73 03 Nov 09 (0.25%) 21.91% 115.02 4.09% 9.11% (26.89%)
Anthony Clake May 09 31 Oct 09 Oct 08 - Oct 07
OPTIMAL ASIA FUND 30 Nov 04 M $112 M 149.53 31 Oct 09 0.74% 6.42% 148.43 8.52% 9.64% (21.74%)
Warwick Johnson Sep 09 30 Sep 09 Nov 08 - Oct 07
PMA PROSPECT FUND, LTD 31 Oct 03 M $232 M 1,097.81 31 Oct 09 1.02% 23.37% 1,086.75 1.57% 13.99% (41.09%)
Tytus Michalski Dec 07 30 Sep 09 Nov 08 - Oct 07
REAL RETURN ASIAN FUND LTD (THE) 30 Sep 04 M $220 M 228.36 31 Oct 09 0.09% 33.28% 228.15 17.62% 11.21% (14.81%)
Ezra Sun Sep 09 30 Sep 09 Oct 08 - Oct 07
SOFAER CAPL ASIAN HEDGE FD (Net Index) 31 Mar 89 M $120 M 1,275.06 31 Oct 09 (2.03%) 17.55% 1,301.48 13.15% 16.41% (35.36%)
Terence Khoo / Terence Lim Jun 07 30 Sep 09 Mar 03 - Mar 00
SR GLOBAL FUND B - ASIA (Real Perf) 31 Dec 93 M $1'200 M 705.35 31 Oct 09 (0.20%) 25.10% 706.77 17.99% 19.36% (36.50%)
Richard Chenevix-Trench Jun 09 30 Sep 09 Nov 98 - Feb 98
TANTALLON FUND (THE) 31 Oct 03 M $116 M 17.72 31 Oct 09 (1.50%) 15.97% 17.99 9.99% 13.46% (36.61%)
Nicholas Harbinson / Alex Hill Sep 09 30 Sep 09 Jan 09 - Oct 07
WF ASIA FUND LTD S/1 31 Jan 01 M $350 M 289.58 31 Oct 09 (3.57%) 21.87% 300.29 12.92% 13.83% (37.65%)
Scobie Ward Aug 09 30 Sep 09 Nov 08 - Oct 07
Ytd Avg. 2009
Equity-Diversified / Emerging 37.14%
DISCOVERY GLOBAL OPPORTUNITY FUND, LTD 31 Jul 99 S $1'419 M 479.53 30 Sep 09 9.19% 47.57% 439.17 16.66% 15.87% (33.03%)
Robert K Citrone Jul 09 31 Aug 09 Dec 08 - Dec 07
GLS OFFSHORE GLOBAL OPP.A 31 Dec 96 Q $56 M 398.15 31 Oct 09 0.24% 49.47% 397.19 11.31% 20.20% (51.73%)
Geoffrey Symonds Jul 09 30 Sep 09 Sep 98 - Sep 97
GROWTH MANAGEMENT LTD 31 May 98 M $276 M 418.34 30 Sep 09 0.17% (1.41%) 417.65 13.45% 7.12% (19.29%)
Stephan Pinter Sep 09 31 Aug 09 Apr 09 - Jun 08
HALBIS INDIA ALPHA FUND 31 Mar 07 M $116 M 121.27 31 Oct 09 (1.17%) 34.05% 122.71 7.73% 21.32% (34.72%)
Sanjiv Duggal, Manish Srivastava, Viresh Mehta Sep 09 30 Sep 09 Nov 08 - Dec 07
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 18
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Equity-Diversified
YTD Avg. 2009 16.19%
Ytd Avg. 2009
Equity-Diversified / Emerging 37.14%
NEVSKY FUND LIMITED CLASS A 30 Sep 00 M $3'354 M 8,739.85 23 Oct 09 2.82% 30.95% 8,500.14 27.01% 14.58% (22.14%)
Martin Taylor, and Nick Barnes Sep 09 30 Sep 09 Feb 09 - Oct 07
OCCO EASTERN EUROPEAN FUND 31 Dec 01 Y/Q $80 M 272.32 31 Oct 09 2.74% 45.21% 265.06 13.63% 10.02% (20.86%)
Pawel Szulc & Andrew Wiles Sep 09 30 Sep 09 Oct 08 - Jun 08
SR GLOBAL FUND G - EMERGING MKTS (Real Perf) 29 Feb 96 M $1'500 M 1,268.52 31 Oct 09 (1.10%) 41.19% 1,282.62 25.28% 19.15% (37.25%)
Richard Chenevix-Trench Jun 09 30 Sep 09 Feb 09 - Oct 07
SR PHOENICIA INC CLASS -A- SERIES 1 31 Jul 01 M $650 M 469.11 31 Oct 09 (3.68%) 28.34% 487.05 20.58% 20.48% (56.02%)
Mark Haworth & Jim Lloyd Jun 09 30 Sep 09 Feb 09 - Oct 07
TEMPLETON EMERGING MARKET FUND, LTD -A- 31 Dec 99 D $1'265 M 30.96 04 Nov 09 1.94% 58.85% 30.37 5.78% 23.02% (61.95%)
Dr. Mark Mobius Aug 08 31 Oct 09 Feb 09 - Oct 07
Ytd Avg. 2009
Equity-Diversified / Europe 17.04%
ADELPHI EUR. FUND $ (A) 30 Sep 97 Q $565 M 317.51 31 Oct 09 (5.24%) 10.77% 335.07 10.02% 12.77% (26.28%)
Roderick Jack Jun 09 30 Sep 09 Feb 09 - May 07
ALPHAGEN CAPELLA FUND-A- 31 Oct 99 M $1'816 M 369.29 31 Oct 09 (0.61%) 12.14% 371.55 13.94% 8.10% (6.03%)
Guillaume Rambourg, Roger Guy Sep 09 30 Sep 09 Sep 08 - May 07
ALPHAGEN TUCANA 31 Dec 04 M $677 M 177.79 31 Oct 09 (2.56%) 39.22% 182.46 12.64% 11.71% (28.68%)
Roger Guy; Guillaume Rambourg, Sep 09 30 Sep 09 Dec 08 - Oct 07
ANTARES EUROPEAN FUNDS, LTD - USD 08 Dec 98 M $656 M 357.12 31 Oct 09 3.62% 25.27% 344.65 12.38% 16.97% (32.68%)
Luca Orsini Jan 07 30 Sep 09 Dec 08 - Jun 07
CAZENOVE EURO EQ ABS RETURN FUND LIMITED 30 Nov 03 M €693 M 1,618.40 31 Oct 09 (2.20%) (1.15%) 1,654.81 8.47% 4.54% (6.50%)
CLASS B Oct 09 30 Sep 09 Jun 09 - Oct 08
Chris Rice, Steve Cordell
CHARLEMAGNE FUND LTD -USD- 31 May 99 M $305 M 241.13 23 Oct 09 0.38% 24.31% 240.21 8.83% 14.83% (42.72%)
Stuart W. Mitchell Jun 07 30 Sep 09 Mar 09 - Jul 07
EGERTON EUROPEAN DOLLAR CLASS -A- 30 Nov 94 M $1'277 M 90.95 31 Oct 09 (1.00%) 8.96% 91.87 15.94% 10.49% (29.18%)
John C. Armitage Aug 09 30 Sep 09 Jan 09 - Oct 07
EUREKA EURO A CLASS - EURO 07 Jan 98 M €218 M 251.04 03 Nov 09 0.06% 30.55% 250.88 14.40% 10.26% (23.24%)
Ernesto Fragomeni , Anthony Clake May 09 31 Oct 09 Oct 08 - Oct 07
GIANO CAPITAL LTD EUR 30 Nov 94 M $69 M 3,143.39 31 Oct 09 0.14% 8.41% 3,138.99 12.80% 13.35% (27.48%)
Michele Ragazzi Sep 09 30 Sep 09 Mar 08 - Jan 07
GRADIENT EUROPE FUND (THE) 30 Nov 01 Q €89 M 92.29 31 Oct 09 (0.91%) 17.44% 93.14 (1.01%) 32.23% (82.25%)
I. Farman & S. Pagel Dec 08 30 Sep 09 Jan 09 - Jun 07
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 19
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Equity-Diversified
YTD Avg. 2009 16.19%
Ytd Avg. 2009
Equity-Diversified / Europe 17.04%
HALBIS EUROPEAN ALPHA FUND - X2.5 LEVERED 30 Nov 07 M $293 M 117.74 31 Oct 09 (2.13%) 9.68% 120.30 8.88% 6.90% (5.07%)
Vincent Bourgeois and Michael O’Mara Sep 09 30 Sep 09 Sep 08 - Jun 08
HALBIS EUROPEAN ALPHA FUND -EUR 31 Dec 02 M $293 M 156.18 31 Oct 09 (0.90%) 3.12% 157.60 6.74% 2.70% (1.34%)
Vincent Bourgeois & Michael O'Mara Sep 09 30 Sep 09 Jul 09 - May 09
HENDERSON EURO.STYLE ROTATIONAL L/S FUND 31 Oct 05 M $45 M 108.37 31 Oct 09 4.01% 4.02% 104.19 2.03% 10.92% (22.85%)
David Bint, Steve Danby Jul 09 30 Sep 09 Jul 09 - Jun 08
HENDERSON EUROPEAN ABS RETURN FD, LTD USD 31 May 01 M €80 M 427.71 31 Oct 09 (2.01%) 110.66% 436.48 18.83% 18.64% (47.67%)
Stephen Peak Jul 09 30 Sep 09 Nov 08 - Feb 08
JANDAKOT FUND LTD USD CLASS A UNRESTRICTED 31 Mar 02 M $1'014 M 207.75 31 Oct 09 (0.18%) 3.02% 208.13 10.11% 5.79% (4.93%)
Hilton Nathanson Jun 09 30 Sep 09 Jun 06 - Apr 06
JUPITER HYDE PARK HEDGE FUND, LTD 29 Feb 00 W $117 M 4.72 31 Oct 09 (1.67%) 0.68% 4.80 17.40% 20.38% (20.38%)
Philip Gibbs Aug 09 30 Sep 09 Jun 09 - Jun 08
LANSDOWNE EURO EQTY FD, LTD - A (EUR) 31 Aug 98 M $988M 179.98 31 Oct 09 (3.83%) 16.50% 187.15 11.92% 12.18% (21.60%)
P. Ruddock & S. Heinz Aug 09 30 Sep 09 Feb 09 - May 08
LAZARD EUROPEAN EXPLORER FUND LTD 30 Apr 04 M $477 M 134.89 31 Oct 09 (4.48%) (5.28%) 141.22 5.59% 8.79% (17.17%)
Robert Rowland Jul 09 30 Sep 09 Jun 09 - Oct 07
MBAM JANDAKOT ENHANCED FUND LTD CLASS A 31 Mar 06 M $688 M 130.44 31 Oct 09 (0.26%) 5.83% 130.78 7.68% 8.16% (12.39%)
Hilton Nathanson Jun 09 30 Sep 09 Jul 06 - Apr 06
MW CORE FUND 31 Oct 06 Q $87 M 109.26 03 Nov 09 0.16% 23.19% 109.09 2.98% 12.89% (26.47%)
Ernesto Fragomeni May 09 31 Oct 09 Sep 08 - Jun 07
MW TOPS FUND LTD -C- 31 Dec 04 M $37 M 144.47 03 Nov 09 (0.50%) 14.30% 145.20 7.89% 8.69% (21.53%)
Anthony Clake May 09 31 Oct 09 Feb 09 - Oct 07
MW TOPS FUND LTD -D- 31 Dec 04 M $74 M 141.63 03 Nov 09 (0.31%) 11.13% 142.07 7.45% 7.61% (17.65%)
Anthony Clake May 09 31 Oct 09 Oct 08 - Oct 07
MW TOPS FUND LTD -J- 31 Dec 04 M $49 M 113.42 03 Nov 09 (0.40%) 12.79% 113.88 7.73% 7.99% (19.28%)
Anthony Clake May 09 31 Oct 09 Feb 09 - Oct 07
NORDIC ALPHA CLASS A - EUR 31 Aug 03 M €130 M 147.07 30 Sep 09 8.48% 36.26% 135.57 6.54% 11.75% (33.00%)
Thomas Raaschou, Christian T. Nygaard Aug 09 31 Aug 09 Feb 09 - Oct 07
ODEY EUROPEAN, INC (EUR) 31 May 92 W $2'204 M 700.91 31 Oct 09 (10.19%) 34.28% 780.42 16.21% 15.83% (50.64%)
Crispin Odey Sep 09 30 Sep 09 Jul 95 - Jan 94
PELHAM LONG/SHORT FUND LTD CLASS A EUR 31 Oct 07 M $200 M 117.79 30 Sep 09 5.32% 25.30% 111.84 8.91% 10.83% (12.25%)
Ross Turner Apr 09 31 Aug 09 Dec 08 - May 08
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 20
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Equity-Diversified
YTD Avg. 2009 16.19%
Ytd Avg. 2009
Equity-Diversified / Europe 17.04%
POLAR CAPITAL EUROP CONVICTION FUND LIMITED 31 Mar 06 M €78 M 135.55 31 Oct 09 2.63% 7.93% 132.08 8.84% 10.79% (5.63%)
Robert Gurner Aug 09 30 Sep 09 Jul 08 - May 08
RAB EUROPE FUND LTD-B- 31 Oct 99 M $200 M 250.81 29 Oct 09 0.04% 6.03% 250.70 9.63% 11.36% (18.53%)
Simon Acton Nov 07 30 Sep 09 Nov 08 - Jun 08
SELECTIUM EUROPE FUND LTD C USD 31 Dec 03 Q €200 M 148.99 27 Oct 09 (0.48%) (9.02%) 149.71 7.08% 6.56% (10.18%)
Marc Bataillon Dec 06 30 Sep 09 Oct 09 - Feb 09
SIERRA EUROPE OFFSHORE, LTD - USD/A 28 Feb 97 M $99 M 421.74 23 Oct 09 (2.40%) 11.12% 432.09 12.04% 9.62% (16.98%)
Charles Michaels Feb 09 30 Sep 09 Jan 03 - Mar 00
SOFAER CAPL EURO HEDGE FD (USD) (Net Index) 30 Jun 98 M $200 M 253.83 31 Oct 09 (4.19%) 9.53% 264.93 8.56% 9.07% (11.03%)
Michael Browne & Steve Frost Aug 09 30 Sep 09 Feb 09 - Jun 08
SR GLOBAL FUND F - EUROPE (€) (Real Perf) 31 Dec 95 M $150 M 259.39 31 Oct 09 (1.30%) 32.90% 262.81 14.17% 19.49% (47.97%)
Rupert Dyson Jun 09 30 Sep 09 Feb 09 - Jun 07
THAMES RIVER KINGSWAY FUND, LTD A 28 Feb 99 3M / M €26 M 3,240.66 23 Oct 09 0.29% 6.68% 3,231.21 11.66% 10.20% (19.51%)
Tony Zucker Jul 09 30 Sep 09 Mar 09 - May 07
THEOREMA EUROPE FUND LTD A/1 EUR 31 May 01 M €545 M 192.15 31 Oct 09 (0.35%) 2.82% 192.82 8.06% 5.66% (6.25%)
G. Govi & F Gautier Jul 08 30 Sep 09 Jul 09 - Aug 08
TIEDEMANN/MOROSS EUROPEAN GROWTH 30 Jun 97 Q $76 M 35.49 23 Oct 09 1.34% 9.78% 35.02 10.82% 20.71% (49.23%)
Dominic Moross Mar 08 30 Sep 09 Jan 03 - Feb 00
ZADIG FUND CLASS A1 30 Nov 05 M €235 M 183.30 31 Oct 09 0.52% 51.68% 182.35 16.71% 13.75% (19.14%)
Laurent Saglio Aug 09 30 Sep 09 Oct 08 - Aug 08
ZULAUF EUROPE FUND -USD- 31 Jul 98 M €104 M 309.22 31 Oct 09 (1.72%) 19.54% 314.63 10.55% 15.01% (24.87%)
Daniel Koppel & Nicolas Mathys Jul 07 30 Sep 09 Oct 08 - Jun 08
Ytd Avg. 2009
Equity-Diversified / Global 12.39%
ALTIMA GLOBAL SPECIAL SITUATIONS FUND LTD A 30 Jun 04 Y/Q $1'551 M 1,836.99 30 Sep 09 4.81% 10.12% 1,752.68 12.27% 11.21% (21.98%)
Mark Donegan Apr 09 31 Aug 09 Feb 09 - Dec 07
ARROW OFFSHORE LTD 30 Jun 05 M $114 M 180.56 15 Oct 09 6.20% 45.43% 170.02 14.75% 19.60% (45.18%)
Mal Serure & Alex Von. Furstenberg Sep 09 30 Sep 09 Jan 09 - May 08
ATLAS FUNDAMENTAL TRADING FUND LTD- CLASS A 30 Jun 08 M $333 M 1,016.50 31 Oct 09 0.04% (2.29%) 1,016.09 1.22% 5.09% (6.52%)
Opt 1 Sep 09 30 Sep 09 Aug 09 - Feb 09
Dmitry Balyasny, Managing Partner & CIO
ATLAS GLOBAL INVESTMENTS A2/05 31 Jan 05 Q $847 M 1,994.78 31 Oct 09 0.53% 6.37% 1,984.27 15.64% 8.70% (9.81%)
Dmitry Balyasny Aug 09 30 Sep 09 May 05 - Mar 05
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 21
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Equity-Diversified
YTD Avg. 2009 16.19%
Ytd Avg. 2009
Equity-Diversified / Global 12.39%
BRUCE NELSON GLOBAL FD LTD - A 31 May 03 M $227 M 130.22 30 Sep 09 2.42% 18.18% 127.15 4.25% 7.82% (24.47%)
Richard Bruce Jun 09 31 Aug 09 Nov 08 - Oct 07
ELLERSTON GEMS - CLASS A 30 Apr 06 Q $515 M 93.14 31 Oct 09 (4.35%) (0.99%) 97.37 (2.01%) 9.79% (27.59%)
Ashok Jacob Sep 09 30 Sep 09 Oct 09 - Jul 07
GLENROCK GLOBAL PARTNERS (BVI) INC 31 May 94 M $ 449 M 2,654.96 30 Sep 09 1.40% 6.13% 2,618.31 6.57% 15.39% (38.76%)
Michael Katz Sep 09 31 Aug 09 Jan 99 - Jul 96
HORSEMAN GLOBAL FUND USD 31 Jan 01 M $2'887 M 377.48 31 Oct 09 (0.72%) (23.36%) 380.23 16.39% 15.83% (25.42%)
John Horseman Sep 09 30 Sep 09 Oct 09 - Feb 09
INTREPID ENHANCED ALPHA FUND, LTD 30 Jun 98 Q $60 M 1,132.41 31 Oct 09 5.14% 36.70% 1,077.05 23.85% 16.52% (36.03%)
Steven Shapiro Sep 09 30 Sep 09 Dec 08 - Oct 07
M. KINGDON OFFSHORE NV - A/1 28 Feb 86 Q $2'319 M 116.55 31 Oct 09 (2.20%) 23.05% 119.17 16.71% 13.10% (30.15%)
Mark Kingdon Oct 09 30 Sep 09 Oct 87 - Sep 87
MAVERICK FUND, LTD - CLASS A/1 28 Feb 95 M $2'900 M 991.94 31 Oct 09 (2.24%) 16.98% 1,014.67 13.70% 11.53% (30.04%)
Lee Ainslie III Jul 09 30 Sep 09 Nov 08 - May 08
PLATINUM FUND LTD 31 May 94 M $450 M 66.80 31 Oct 09 (2.15%) 32.43% 68.27 13.10% 11.91% (30.48%)
Kerr Neilson Sep 09 30 Sep 09 Feb 09 - Oct 07
SCP OCEAN FUND LTD 31 Mar 02 Y/Q $3'400 M 2,765.69 31 Oct 09 0.26% 14.78% 2,758.52 14.33% 7.95% (13.59%)
Chris Shumway Aug 09 30 Sep 09 Dec 08 - May 08
SR GLOBAL FUND C - INTERNATIONAL (Real Perf) 31 Dec 93 M $1'500 M 651.28 31 Oct 09 (3.50%) 0.91% 674.90 16.86% 22.39% (45.08%)
Hugh Sloane Jun 09 30 Sep 09 Jul 01 - Dec 99
STANDARD PACIFIC CAPITAL -B- 30 Sep 95 Q $496 M 434.00 31 Oct 09 0.94% 13.21% 429.96 10.97% 8.20% (8.79%)
Doug Dillard and Raj Venkatesan Sep 09 30 Sep 09 Aug 03 - Jun 02
TORREY PINES (COMPOSITE) FUND 31 Dec 01 Q $354 M 2,249.05 31 Oct 09 0.02% (3.03%) 2,193.92 10.89% 8.81% (15.61%)
Robert K Jafek Mar 09 30 Sep 09 Aug 09 - Oct 07
VIKING GLOBAL EQUITIES III LTD-A/1E 30 Sep 99 Y $6'675 M 7,176.00 31 Oct 09 (0.06%) 15.99% 7,180.10 21.56% 10.86% (11.93%)
Andreas Halvorsen Jun 09 30 Sep 09 Mar 02 - Sep 01
Ytd Avg. 2009
Equity-Diversified / Japan 4.53%
ALPHAGEN HOKUTO FUND LTD - CLASS A 31 Oct 00 M $556 M 179.39 31 Oct 09 (0.50%) (0.74%) 180.30 6.70% 4.49% (2.74%)
John Stewart Sep 09 30 Sep 09 Oct 08 - Jul 08
ALPHAGEN TENRO FUND LIMITED 31 Jan 06 M $76 M 142.50 31 Oct 09 (1.72%) (1.54%) 145.00 9.90% 17.71% (18.30%)
Justin Bowles / John Stewart Sep 09 30 Sep 09 Oct 08 - Dec 07
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 22
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Equity-Diversified
YTD Avg. 2009 16.19%
Ytd Avg. 2009
Equity-Diversified / Japan 4.53%
ARCUS JAPAN FUND -JPY- 31 Mar 99 D ¥6'366 M 24,659.00 04 Nov 09 1.01% 31.28% 24,413.00 8.88% 16.28% (45.94%)
Robert Macrae Jun 08 31 Oct 09 Feb 09 - Feb 07
ASUKA JAPANESE EQUITY L/S TST 1 - B 31 Aug 02 M $76 M 1,713.48 30 Sep 09 0.89% 5.33% 1,698.36 7.89% 7.35% (9.95%)
Tishihiro Hirao Jun 09 31 Aug 09 Sep 08 - Apr 08
BLUE SKY JAPAN LTD - CLASS A 30 Jun 00 M $97 M 242.08 31 Oct 09 (2.58%) 30.19% 248.48 8.53% 25.28% (62.08%)
Michael Hill Sep 09 30 Sep 09 Jan 09 - Dec 05
DB EQUILIBRIA JAPAN FUND 30 Apr 02 M $545 M 204.22 31 Oct 09 (0.68%) 6.79% 205.62 9.97% 4.65% (5.77%)
James Pulsford, Sara Gardiner-Hill Jul 09 30 Sep 09 Sep 08 - May 08
GAM JAPAN EQUITY HEDGE FUND 31 May 98 W $197 M 122.01 02 Nov 09 (1.39%) 8.49% 123.73 1.76% 13.25% (52.04%)
Lesley Kaye Jun 07 31 Oct 09 Feb 09 - Jun 07
HENDERSON JAPAN ABS RETURN FD, LTD 30 Jun 00 M $168 M 216.99 31 Oct 09 (1.45%) 10.99% 220.19 8.65% 9.31% (18.31%)
William Garnett and Jeremy Hall Jul 09 30 Sep 09 Mar 08 - Apr 06
JF JAPAN ABSOLUTE RETURN 31 Aug 03 M ¥3'786 M 14,483.03 31 Oct 09 1.06% 3.22% 14,331.56 6.18% 12.70% (23.01%)
Naoyoshi Yahata Sep 09 30 Sep 09 Jan 09 - Dec 05
MARTIN CURRIE ARF - JAPAN FUND 30 Jun 00 M $86 M 17.29 31 Oct 09 (3.10%) 7.61% 17.85 6.04% 7.88% (12.44%)
John-Paul Temperley Sep 09 30 Sep 09 Jan 09 - Jul 08
OPTIMAL JAPAN FUND C1 CAP. INITIAL SERIES 30 Sep 99 M $175 M 19.27 31 Oct 09 (0.98%) (5.21%) 19.46 6.71% 12.30% (33.21%)
Warwick Johnson Sep 09 30 Sep 09 Oct 09 - Jun 07
ROSEHILL JAPAN FUND -A- 31 May 97 Q $173 M 21,139.51 31 Oct 09 (1.07%) (3.58%) 21,368.15 6.21% 10.94% (26.58%)
Gary Rosenfeld Apr 09 30 Sep 09 Mar 08 - Jan 06
SR GLOBAL FUND H - JAPAN (Real Perf) 30 Sep 03 M $140 M 92.69 31 Oct 09 (4.90%) (22.18%) 97.46 (0.73%) 21.19% (30.74%)
Hugh Sloane Jun 08 30 Sep 09 Apr 09 - Mar 08
WF JAPAN FUND LTD - A/1 30 Jun 03 M $26 M 98.35 31 Oct 09 (1.32%) (7.21%) 99.67 (0.26%) 14.98% (45.77%)
Peter Ferry Jul 09 30 Sep 09 Mar 09 - Oct 07
Ytd Avg. 2009
Equity-Diversified / UK 19.53%
ALPHAGEN OCTANIS CLASS A 28 Feb 05 M $409 M 187.05 31 Oct 09 (1.25%) 12.57% 189.42 14.34% 7.55% (10.72%)
Ben Wallace Sep 09 30 Sep 09 Mar 08 - May 07
CAZENOVE UK EQUITY ABSOLUTE RETURN FUND 31 Oct 03 M £80 M 1,494.73 31 Oct 09 (2.25%) 0.18% 1,529.14 6.92% 3.89% (6.66%)
Tim Russell Oct 09 30 Sep 09 Mar 09 - Jan 09
HENDERSON UK EQUITY L/S FUND LIMITED 30 Jun 03 M £45 M 200.67 31 Oct 09 (3.80%) 66.23% 208.59 11.61% 16.34% (39.26%)
Stephen Peak Jul 09 30 Sep 09 Nov 08 - Jun 08
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 23
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Equity-Diversified
YTD Avg. 2009 16.19%
Ytd Avg. 2009
Equity-Diversified / UK 19.53%
LANSDOWNE UK EQUITY FUND, LTD (£) 31 Jul 01 M $6'922 M 430.80 31 Oct 09 0.32% 22.19% 429.42 19.35% 10.78% (14.51%)
P. Ruddock & S. Heinz Aug 09 30 Sep 09 Feb 09 - Jun 08
THREADNEEDLE UK CRESCENDO FUND LTD (£) 31 May 01 M £62 M 265.72 03 Nov 09 (0.68%) (3.52%) 267.55 12.29% 6.98% (6.74%)
Mark Westwood Jul 09 31 Oct 09 Nov 09 - Jun 08
Ytd Avg. 2009
Equity-Diversified / USA 13.32%
ASCEND PARTNERS FUND II LTD - A 31 Jan 04 Q $876 M 167.42 31 Oct 09 (0.75%) 11.46% 168.68 9.37% 4.57% (4.73%)
Malcolm Fairbairn Aug 09 30 Sep 09 Oct 08 - Aug 08
AVESTA FUND LTD A/1 31 Aug 02 M $1'050 M 1,915.86 31 Oct 09 (1.24%) 6.65% 1,939.95 9.49% 7.00% (7.70%)
Bill Tung Sep 09 30 Sep 09 Oct 05 - Feb 05
CASTLEROCK FUND LTD 31 Aug 96 Q $88 M 719.28 31 Oct 09 (2.45%) 8.13% 737.35 16.16% 17.73% (37.67%)
Paul Tanico Jul 09 30 Sep 09 Mar 03 - Oct 00
CAXTON EQUITY GROWTH LTD A / 1 30 Nov 99 Y/Q $88 M 3,224.85 03 Nov 09 0.56% 7.46% 3,206.91 12.51% 7.79% (9.98%)
Kurt Feuerman jun 09 31 Oct 09 Feb 09 - May 08
ELM RIDGE VALUE PARTNERS OFFSHORE, INC - A 28 Feb 01 Q $1'136 M 252.23 30 Sep 09 2.00% 33.86% 247.28 11.37% 10.59% (19.92%)
Ronald Gutfleish Jun 09 31 Aug 09 Feb 09 - Oct 07
EMINENCE FUND LTD A 31 Dec 98 Q $1'624 M 450.75 31 Oct 09 2.10% 10.51% 441.48 14.90% 9.62% (19.99%)
Ricky C. Sandler Aug 09 30 Sep 09 Dec 08 - Dec 07
HIGHLINE INTERNATIONAL CLASS A 31 May 97 Q $1'007M 307.35 31 Oct 09 (0.20%) 3.21% 307.96 9.46% 9.54% (17.24%)
Jacob W. Doft Oct 09 30 Sep 09 Aug 98 - Apr 98
IVORY CAPITAL FLAGSHIP STRATEGY 30 Nov 98 Q $2'596 M 3,255.82 31 Oct 09 (1.40%) 15.78% 3,302.05 11.41% 6.31% (12.61%)
Curtis Macnguyen Sep 09 30 Sep 09 Nov 08 - May 08
KINETICS FUND, INC - A/A 31 Jan 01 M $175 M 1,627.62 31 Oct 09 (6.60%) 48.49% 1,742.69 5.72% 22.50% (76.20%)
Peter B. Doyle Aug 09 30 Sep 09 Feb 09 - Oct 07
OMEGA OVERSEAS PARTNERS, LTD CLASS A 31 Dec 91 M $771 M 493.39 31 Oct 09 (2.48%) 34.36% 505.93 9.36% 14.82% (42.55%)
Leon Cooperman Jul 09 30 Sep 09 Feb 09 - May 07
RIEF LP -B- (Continuing) 31 Jul 05 M $653 M 92.73 31 Oct 09 (0.52%) (10.58%) 93.22 (1.76%) 10.35% (35.67%)
James Simons Oct 09 30 Sep 09 Apr 09 - May 07
SEMINOLE OFFSHORE FUND 31 May 98 Q $445 M 490.14 31 Oct 09 (0.30%) 9.79% 491.61 14.92% 14.02% (15.62%)
Michael G. Messner, Paul C. Shiverick Sep 09 30 Sep 09 Mar 03 - May 02
ZWEIG-DIMENNA INTL LIMITED - CLASS A 31 May 87 Q $2'033 M 85,168.33 30 Sep 09 1.32% (5.92%) 84,057.34 16.97% 16.11% (50.23%)
Joseph DiMenna / Martin Zweig Aug 09 31 Aug 09 Dec 02 - Feb 00
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 24
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Equity-Energy
YTD Avg. 2009 35.86%
Ytd Avg. 2009
Equity-Energy / Global 27.93%
MARTIN CURRIE ARF - GLOBAL ENERGY 28 Feb 07 M $3 M 9.40 31 Oct 09 (6.55%) (2.99%) 10.06 (2.28%) 9.06% (14.96%)
Duncan Goodwin Sep 09 30 Sep 09 Oct 09 - Jun 08
RAB ENERGY CLASS F 31 Aug 05 Q $92 M 192.42 29 Oct 09 (1.14%) 74.96% 194.64 0.30% 27.99% (64.56%)
Gavin Wilson & Mark Redway Jan 09 30 Sep 09 Feb 09 - Jul 07
SECTOR COGNIMETRICA LTD 30 Jun 04 M $7 M 145.95 31 Oct 09 (1.11%) 11.82% 147.59 7.34% 8.02% (12.85%)
J. Peter Andersland & Wollert Hvide Dec 08 30 Sep 09 Sep 08 - Jul 07
Ytd Avg. 2009
Equity-Energy / USA 59.65%
DORSET ENERGY FUND, LTD - CLASS A 31 Oct 00 M $293 M 40.66 23 Oct 09 5.31% 59.65% 38.61 16.90% 20.18% (49.55%)
David M. Knott, Donald Textor Sep 09 30 Sep 09 Dec 08 - Jun 08
Equity-Financial
YTD Avg. 2009 21.03%
Ytd Avg. 2009
Equity-Financial / Global 23.21%
LANSDOWNE GLOBAL FINANCIALS FUND LTD. -USD 30 Jun 04 M $2'221M 291.38 31 Oct 09 (2.96%) 38.65% 300.27 22.17% 14.58% (18.87%)
Williamde Winton Aug 09 30 Sep 09 Sep 08 - Oct 07
MW GLOBAL FINANCIALS FUND 31 Oct 08 M $ 23 M 112.95 03 Nov 09 0.10% 10.59% 112.84 12.84% 6.32% (2.87%)
Marshall Wace Asia Limited, delegation to Marshall Wace May 09 31 Oct 09 Apr 09 - Feb 09
LLP
TOSCA CLASS A - USD CONTINUING SHARES 30 Sep 00 Q $1'096 M 157.65 31 Oct 09 0.30% 44.24% 157.18 5.13% 19.49% (67.54%)
Martin Hughes Aug 09 30 Sep 09 Nov 08 - Dec 07
UC FINANCIALS FUND LIMITED - A 29 Feb 04 M €50 M 141.93 31 Oct 09 (6.77%) (0.64%) 152.23 6.37% 8.56% (17.02%)
Richard Urwick & Mauro Pizzi Oct 09 30 Sep 09 May 08 - Apr 07
Ytd Avg. 2009
Equity-Financial / USA 12.33%
BRYN MAWR OFFSHORE LTD 31 Dec 95 Q $86 M 4,293.05 31 Oct 09 1.72% 12.33% 4,220.47 11.10% 4.03% (4.11%)
K. Gray Jul 09 30 Sep 09 Dec 99 - Oct 99
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 25
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Equity-Market Neutral
YTD Avg. 2009 2.25%
Ytd Avg. 2009
Equity-Market Neutral / Europe (2.76%)
TALENTUM ACTIVEDGE FUND LIMITED - A - 30 Jun 02 M €103 M 150.09 31 Oct 09 0.46% (1.82%) 149.41 5.69% 4.56% (11.77%)
Gianmarco Mondani / Marco Accorroni May 09 30 Sep 09 Apr 09 - Jun 08
TALENTUM ENHANCED FUND LIMITED - A - 31 Aug 02 M €85 M 197.50 31 Oct 09 0.86% (3.71%) 195.82 9.95% 9.38% (25.03%)
Gianmarco Mondani / Marco Accorroni May 09 30 Sep 09 Apr 09 - Jun 08
Ytd Avg. 2009
Equity-Market Neutral / Global 5.60%
BLUEMOUNTAIN EQUITY ALTERNATIVES FUND 31 Dec 06 M $780 M 1,511.95 23 Oct 09 1.83% 3.02% 1,484.78 13.57% 9.23% (9.74%)
COMPOSITE Jun 09 30 Sep 09 Feb 09 - Sep 08
Andrew Feldstein
MW TOPS FUND LTD -N- 31 Oct 07 M $258 M 98.62 03 Nov 09 (0.03%) 6.67% 98.65 (0.69%) 8.93% (15.98%)
Anthony Clake. May 09 31 Oct 09 Nov 08 - Jun 08
TEMUJIN INTERNATIONAL FUND LTD 30 Sep 04 Q/M $165 M 128.50 31 Oct 09 (1.30%) 7.11% 130.19 5.05% 10.55% (21.13%)
Marco Battaglia Jun 09 30 Sep 09 Feb 09 - Jul 06
Equity-Mid-Small Cap
YTD Avg. 2009 18.30%
Ytd Avg. 2009
Equity-Mid-Small Cap / Europe 14.06%
ALPHAGEN ACAMAR FUND LIMITED (THE) 31 Mar 06 Q $151 M 133.67 31 Oct 09 (3.70%) 13.51% 138.80 8.45% 9.02% (8.01%)
Roger Guy and Mr. Guillaume Rambourg Sep 09 30 Sep 09 May 06 - Apr 06
ENNISMORE EUROPEAN SMALLER COMPANIES 30 Nov 99 M €72 M 205.42 31 Oct 09 (1.03%) 4.15% 207.56 11.27% 12.34% (34.24%)
Geoff Oldfield Sep 09 30 Sep 09 Apr 09 - Jul 07
POLAR CAPITAL EUROPEAN FORAGER FUND LTD - A 31 Jul 03 M €159 M 217.61 31 Oct 09 1.91% 24.52% 213.53 13.23% 8.77% (21.47%)
Rob Gurner Aug 09 30 Sep 09 Feb 09 - Oct 07
Ytd Avg. 2009
Equity-Mid-Small Cap / Global 6.52%
EXANE MICROMEGAS FUND LTD 30 Jun 06 W €160 M 14,359.35 28 Oct 09 (0.91%) 9.01% 14,491.71 7.02% 6.44% (6.92%)
Jerome Poirel Sep 09 30 Sep 09 Feb 08 - Oct 07
RAB SPECIAL SITUATION FD LTD 31 Jul 03 Q $501 M 1,082.52 29 Oct 09 (4.43%) 4.02% 1,132.71 19.52% 40.82% (76.24%)
Philip Richards May 09 30 Sep 09 Mar 09 - Jul 07
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 26
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Equity-Mid-Small Cap
YTD Avg. 2009 18.30%
Ytd Avg. 2009
Equity-Mid-Small Cap / UK 46.83%
ALPHAGEN VOLANTIS FUND, LTD - A (USD) 30 Apr 02 M $307 M 341.17 31 Oct 09 1.26% 46.83% 336.93 17.75% 9.47% (11.36%)
Rob Giles & Gervais Williams Sep 09 30 Sep 09 Dec 08 - Jun 08
Ytd Avg. 2009
Equity-Mid-Small Cap / USA 19.58%
AJR INTERNATIONAL (BVI), INC. - A/1 31 Jan 93 M $108 M 789.02 31 Oct 09 (4.78%) 23.19% 828.59 13.12% 20.23% (44.44%)
Alexander J. Roepers Aug 09 30 Sep 09 Dec 08 - May 08
CLOVIS CAPITAL PARTNERS (CAYMAN), LTD 30 Sep 02 Q $848 M 1,886.29 31 Oct 09 (1.65%) 11.10% 1,917.93 9.36% 9.05% (22.05%)
Michael Prober & Scott Scher Jun 09 30 Sep 09 Dec 08 - Dec 07
COBALT OFFSHORE LTD 31 Dec 96 Q 1'100 M 613.60 31 Oct 09 (0.49%) 10.83% 616.63 15.17% 8.81% (19.53%)
Wayne Cooperman Feb 07 30 Sep 09 Sep 98 - Apr 98
GREENLIGHT CAPITAL OFFSHORE, LTD - A/1 30 Sep 96 Q $2'184 M 106,261.77 31 Oct 09 4.05% 27.88% 102,123.40 19.78% 11.60% (27.17%)
David Einhorn Dec 08 30 Sep 09 Oct 08 - May 08
GRT TOPAZ OFFSHORE PARTNERS, LTD - A/1 31 Aug 01 Q $237 M 1,638.09 31 Oct 09 0.50% 26.67% 1,629.94 6.22% 13.60% (47.07%)
Gregory B Fraser & Rudolph K Kluiber & Timothy A. Jul 08 30 Sep 09 Feb 09 - May 07
Krochuk
ZAXIS OFFSHORE LTD - CLASS A/1 30 Jun 00 M $222 M 2,017.93 30 Sep 09 1.28% 17.83% 1,992.43 7.88% 7.80% (20.58%)
Sanford J. Colen Aug 09 31 Aug 09 Feb 09 - Jun 08
Equity-Pharma-Biotech
YTD Avg. 2009 19.35%
Ytd Avg. 2009
Equity-Pharma-Biotech / USA 19.35%
CADUCEUS CAPITAL INTL. LTD 28 Feb 97 M $231 M 639.98 31 Oct 09 (3.60%) 21.35% 663.88 15.77% 25.93% (34.59%)
Sam Isaly Aug 08 30 Sep 09 Sep 02 - Dec 01
PERCEPTIVE LIFE SCIENCES OFFSH FUND, LTD 31 Dec 99 M $259 M 846.47 31 Oct 09 3.78% 13.95% 815.63 24.24% 29.68% (25.67%)
Joseph Edelman Sep 09 30 Sep 09 May 00 - Feb 00
SIVIK GLOBAL HEALTHCARE OFFSHORE - A/01-01 30 Jun 01 M $565 M 1,448.16 31 Oct 09 (3.95%) 22.06% 1,507.72 4.54% 10.54% (32.70%)
Krishen Sud Jun 08 30 Sep 09 Feb 09 - Oct 07
VISIUM BALANCE OFFSHORE FUND CL 2 31 Mar 01 Y/Q $703 M 146.77 31 Oct 09 (0.51%) 20.05% 147.52 16.38% 10.84% (15.79%)
Jacob Gottlieb Jul 09 30 Sep 09 Dec 08 - Aug 08
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 27
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Equity-Regulation S&D
YTD Avg. 2009 17.80%
Ytd Avg. 2009
Equity-Regulation S&D / USA 17.80%
TAIL WIND FUND 30 Sep 95 M $161 M 14,568.02 30 Sep 09 4.10% 17.80% 13,994.26 21.07% 18.51% (36.82%)
David Crook Jul 07 31 Aug 09 Feb 09 - Jul 08
Equity-Short Bias
YTD Avg. 2009 (12.16%)
Ytd Avg. 2009
Equity-Short Bias / Global 8.37%
BLACK BEAR OS FUND, LTD - A 28 Feb 97 Q $477 M 354.41 30 Sep 09 3.22% 8.37% 343.36 10.57% 13.44% (40.95%)
Rick Barry Jul 09 31 Aug 09 Apr 09 - Oct 07
Ytd Avg. 2009
Equity-Short Bias / USA (32.69%)
URSA OFFSHORE LIMITED 31 Dec 96 M $30 M 1,325.60 30 Sep 09 (5.98%) (32.69%) 1,409.91 2.23% 15.15% (40.71%)
Sanford J. Colen & Daniel S. Katz Aug 09 31 Aug 09 May 07 - Feb 03
Equity-Statistical Arbitrage
YTD Avg. 2009 7.48%
Ytd Avg. 2009
Equity-Statistical Arbitrage / Europe 7.89%
ALPHAGEN REGULUS FUND 30 Nov 03 M $235 M 119.61 31 Oct 09 0.78% 1.39% 118.68 4.98% 5.73% (13.35%)
Mike Gleason Sep 09 30 Sep 09 Sep 08 - Jul 07
GLC GESTALT EUROPE FUND, LTD A/1 31 Jul 99 M $251 M 282.30 31 Oct 09 0.57% 14.38% 280.70 10.64% 9.23% (12.59%)
Laurence Staden & Julian Brooks Sep 09 30 Sep 09 Dec 04 - Oct 03
Ytd Avg. 2009
Equity-Statistical Arbitrage / Global 7.21%
32 CAPITAL FUND, LTD (THE) - A/1 31 Jul 02 Y/M $802 M 1,186.26 31 Oct 09 1.21% (8.24%) 1,172.10 2.38% 7.75% (25.42%)
Barclays Global Investors, N.A. Sep 09 30 Sep 09 Sep 09 - Jun 08
BLUEMATRIX FUND CLASS -A- USD 31 Jan 07 M $251 M 123.83 31 Oct 09 (0.79%) 13.18% 124.82 10.93% 7.24% (4.63%)
BlueCrest Capital management LLP Oct 09 30 Sep 09 Sep 08 - Jul 08
GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS A 28 Feb 05 M $385 M 152.72 31 Oct 09 1.31% 16.69% 150.74 9.48% 5.66% (11.91%)
Jonathan Hiscock Sep 09 30 Sep 09 Sep 08 - Jun 08
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 28
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Equity-Technology
YTD Avg. 2009 14.77%
Ytd Avg. 2009
Equity-Technology / Global 23.06%
SPINNER GLOBAL TECHNOLOGY FUND, LTD 21 Sep 93 M $143 M 90.31 31 Oct 09 (0.98%) 23.06% 91.20 14.63% 17.16% (34.02%)
Art Spinner May 09 30 Sep 09 Sep 02 - Aug 00
Ytd Avg. 2009
Equity-Technology / USA 10.63%
INTREPID CAPITAL FUND LTD A/1 30 Jun 98 Q $98 M 218.70 31 Oct 09 3.36% 22.32% 211.59 20.16% 9.83% (22.96%)
Stephen Shapiro Sep 09 30 Sep 09 Dec 08 - Oct 07
STG CAPITAL PARTNERS (QP), LP 30 Jun 02 Q $103 M 188.29 31 Oct 09 (1.35%) (1.07%) 190.87 9.00% 5.66% (4.36%)
Steven Glass Oct 09 30 Sep 09 May 09 - Mar 09
Equity-Utility
YTD Avg. 2009 1.82%
Ytd Avg. 2009
Equity-Utility / Global 1.82%
ECOFIN GLOBAL UTILITIES HEDGE FUND 30 Sep 04 M $275 M 152.69 30 Sep 09 0.86% 1.82% 151.39 8.83% 7.39% (17.43%)
Bernard Lambilliotte Sep 09 31 Aug 09 Mar 09 - Oct 07
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 29
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Diversified
YTD Avg. 2009 13.67%
Ytd Avg. 2009
Diversified / Asia 5.75%
ALPHADYNE INVESTMENT STRATEGIES FUND LTD 31 Jan 07 M $ 349 M 1,354.81 31 Oct 09 0.72% 6.04% 1,345.12 11.67% 5.30% (3.63%)
Bart Broadman, Philippe Khuong-Huu, Chester Kam Sep 09 30 Sep 09 Jun 09 - May 09
BREVAN HOWARD ASIA FUND LIMITED 30 Sep 04 M $1'818 M 178.08 31 Oct 09 (0.07%) 5.46% 178.20 12.01% 4.30% (1.37%)
Kaspar Ernst Aug 09 30 Sep 09 Jun 05 - Dec 04
Ytd Avg. 2009
Diversified / Emerging 37.82%
BREVAN HOWARD EM. MKT STRATEGIES FUND LTD 31 Dec 07 M $714 M 138.81 23 Oct 09 1.96% 29.91% 136.14 19.82% 10.49% (9.20%)
Geraldine Sundstrom Jun 09 30 Sep 09 Sep 08 - Jul 08
MOORE EMERGING MARKET FUND, LTD - A 31 Aug 93 Q $1'000 M 7,553.86 29 Oct 09 (1.88%) 15.31% 7,698.87 13.32% 14.43% (22.69%)
Greg Coffey Jun 09 30 Sep 09 Nov 08 - May 08
PHARO MASTER FUND 30 Nov 00 M $254 M 3,388.47 31 Oct 09 4.51% 68.25% 3,242.24 14.66% 8.91% (13.16%)
Guillaume Fonkenell Aug 09 30 Sep 09 Oct 08 - Feb 08
Ytd Avg. 2009
Diversified / Global 11.10%
BLUECREST STRATEGIC FUND, LTD 30 Jun 03 Y/Q $413 M 119.45 31 Oct 09 (2.54%) (0.71%) 122.57 2.84% 10.28% (25.32%)
Michael Platt May 09 30 Sep 09 Oct 09 - Aug 08
BREVAN HOWARD FUND, LTD - USD CLASS A 31 Mar 03 M $16276 M 255.23 23 Oct 09 0.98% 17.61% 252.75 15.33% 7.48% (5.17%)
Alan Howard Sep 09 30 Sep 09 Apr 08 - Feb 08
BTG BROCADE MACRO FUND LTD CLASS B Restricted 31 Dec 06 Q $369 M 127.40 31 Oct 09 0.25% 3.42% 127.08 9.66% 7.24% (6.73%)
Patrice De Camaret Sep 09 30 Sep 09 Aug 08 - Mar 08
CAPITAL FUND, LTD (THE) 31 Dec 99 M $153 M 2,419.52 31 Oct 09 (2.17%) (11.31%) 2,473.19 13.50% 11.23% (13.42%)
Kenneth Windheim Aug 09 30 Sep 09 Oct 09 - Jan 09
CAXTON GLOBAL INVESTMENT LTD 31 Jan 97 Y $4'405 M 676.66 03 Nov 09 0.53% 5.21% 673.12 16.16% 7.85% (7.37%)
Bruce S. Kovner jun 09 31 Oct 09 Aug 07 - Jun 07
COMAC GLOBAL MACRO FUND 31 May 06 M $2'900 M 152.16 31 Oct 09 2.75% 11.36% 148.09 13.05% 9.05% (9.22%)
Colm O’Shea Oct 09 30 Sep 09 Dec 06 - Jun 06
CONQUEST MACRO FUND, LTD (COMP) 30 Apr 99 M $539 M 3,549.27 04 Nov 09 (1.65%) (5.42%) 3,608.82 12.79% 18.14% (16.19%)
Marc Malek Jun 09 31 Oct 09 Mar 05 - Sep 03
DRAWBRIDGE GL MACRO FD, LTD A/1 31 May 02 Q $1'600 M 2,024.15 31 Oct 09 2.24% 21.42% 1,979.81 9.96% 9.16% (24.60%)
Michael E. Novogratz & Adam Levinson Mar 09 30 Sep 09 Nov 08 - Feb 08
EPISODE INC. CLASS A 31 Jul 05 Q $474 M 121.88 31 Oct 09 (0.80%) 28.81% 122.86 4.76% 13.81% (32.77%)
David Fishwick / Tony Finding Sep 09 30 Sep 09 Feb 09 - Oct 07
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 30
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Diversified
YTD Avg. 2009 13.67%
Ytd Avg. 2009
Diversified / Global 11.10%
GAMUT INVESTMENTS 30 Jun 86 M $533 M 7,497.91 31 Oct 09 (1.05%) 3.27% 7,577.73 20.31% 14.08% (13.45%)
Bruce Kovner Oct 09 30 Sep 09 Apr 88 - Dec 87
HARMONIC ALPHA PLUS MACRO FUND - USD CLASS 30 Jun 03 Q $350 M 115.92 31 Oct 09 2.65% 5.86% 112.93 6.70% 10.54% (15.27%)
Richard Conyers & Richard Noble Sep 09 30 Sep 09 Aug 07 - Jun 07
JB GLOBAL RATES HEDGE FUND 31 Jan 04 M $207 M 184.98 27 Oct 09 1.36% 18.37% 182.50 11.31% 7.75% (6.31%)
Adrian Owens Sep 09 30 Sep 09 Sep 06 - Apr 06
LONDON SELECT FUND LIMITED -A 31 Mar 04 Q $371 M 1,194.45 31 Oct 09 0.06% 3.43% 1,193.77 3.23% 11.57% (34.16%)
Robert Standing & David Gorton Jul 09 30 Sep 09 Dec 08 - Jan 08
MELLON OFF GLOB OPP FUND LTD - 30 Nov 05 M $158 M 962.29 16 Oct 09 0.09% 15.93% 961.39 (0.99%) 10.47% (31.90%)
MULTICURRENCY - A1 Sep 09 30 Sep 09 Oct 08 - Jan 07
Thomas B. Hazuka & Michael Ho
MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1 31 Jul 05 M $374 M 890.39 16 Oct 09 0.28% 36.80% 887.86 (2.72%) 20.46% (59.00%)
Thomas B. Hazuka & Michael Ho Sep 09 30 Sep 09 Oct 08 - Jan 07
MOORE GLOBAL INV FD, LTD - A $ 31 Dec 89 Q $7'200 M 41,381.17 29 Oct 09 (0.11%) 17.83% 41,426.68 20.64% 12.34% (18.45%)
Louis Bacon Jun 09 30 Sep 09 Feb 95 - Jan 94
MOORE MACRO MANAGERS FUND, LTD 31 Jul 93 Q $2'800 M 10,183.81 29 Oct 09 0.42% 16.71% 10,141.61 15.34% 9.08% (14.47%)
Louis Bacon Jun 09 30 Sep 09 Feb 94 - Jan 94
PEAK PARTNERS OFFSH FD, LTD - B 31 Mar 02 M $256 M 2,738.12 31 Oct 09 (0.93%) (3.88%) 2,763.83 14.19% 18.67% (23.10%)
Timothy Rudderow Jul 09 30 Sep 09 Aug 04 - Feb 04
QFS GLOB MACRO FUND, LTD 30 Apr 98 M $98 M 2,769.21 31 Oct 09 5.30% 5.46% 2,629.83 9.25% 13.82% (28.97%)
Dr. Sandford Grossman Sep 09 30 Sep 09 Aug 06 - Feb 04
SWORDFISH FUND LTD 31 Jan 03 Q $169 M 1,166.31 30 Sep 09 2.18% 7.50% 1,141.46 2.33% 15.75% (42.40%)
James Loh Jun 09 31 Aug 09 Feb 09 - Jun 08
TRAXIS FUND LP (OFFSHORE) 31 May 03 Q $233 M 152.94 30 Sep 09 2.50% 34.73% 149.21 6.93% 13.83% (40.00%)
Barton M. Biggs, Madhav Dhar & Cyril Moullé-Berteaux Sep 09 31 Aug 09 Feb 09 - Oct 07
TUDOR B.V.I GLOBAL FUND LTD -A- 31 Oct 86 Q $9'206 M 92,913.44 31 Oct 09 (2.75%) 11.73% 95,537.50 21.76% 20.09% (17.07%)
Paul Tudor Jones Sep 09 30 Sep 09 Jul 92 - Apr 92
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 31
Alternative Investment Group
Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility
Diversified
YTD Avg. 2009 12.22%
Ytd Avg. 2009
Diversified / Asia (3.97%)
BENNELONG ASIA PACIFIC MULTI STRATEGY EQ. 28 Feb 05 M $856 M 120.19 31 Oct 09 (0.70%) (11.69%) 121.04 4.01% 9.38% (19.42%)
FUND LTD Oct 09 30 Sep 09 Oct 09 - Mar 08
Richard Pegum, Paul Henry
PMA ASIAN OPPORTUNITIES FUND (Composite) 30 Jun 02 Q $59 M 1,701.82 02 Nov 09 (0.08%) 3.76% 1,703.26 7.50% 5.97% (13.37%)
Tytus Michalski, Darryl Flint and Shun Hong Liu Aug 08 31 Oct 09 Dec 08 - May 08
Ytd Avg. 2009
Diversified / Global 18.69%
ALLBLUE LIMITED 31 Aug 05 M $1'960 M 163.63 31 Oct 09 1.22% 20.09% 161.65 12.54% 5.70% (4.51%)
Michal Platt Aug 09 30 Sep 09 Aug 07 - Jun 07
ARROWGRASS INTERNATIONAL FUND LTD 29 Feb 08 Q €1'175 M 126.44 31 Oct 09 1.32% 19.30% 124.80 15.07% 3.88% (0.42%)
Nick Niell , Henry Kenner Sep 09 30 Sep 09 Oct 08 - Sep 08
CQS DIVERSIFIED FUND (SPC) LTD 28 Feb 07 Q $134 M 1,224.14 30 Sep 09 3.98% 19.01% 1,177.32 8.12% 9.37% (14.78%)
James Peattie Sep 09 31 Aug 09 Dec 08 - Jun 08
PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND 31 Dec 02 Q $490 M 3,668.55 30 Sep 09 1.80% 18.40% 3,603.69 21.22% 5.55% (4.42%)
LTD Sep 09 31 Aug 09 Oct 08 - Aug 08
Mark Nordlicht, Ari Glass
STRATUS FUND LIMITED CLASS B 28 Feb 02 M $728 M 1,812.46 31 Oct 09 (1.22%) 16.67% 1,834.84 11.56% 6.40% (8.14%)
Marc Potters Sep 09 30 Sep 09 Sep 07 - Jun 07
* Max DD: Peak to trough
Past performance is not necessarily a guide to future performance 32
Alternative Investment Group
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Past performance is not necessarily a guide to future performance 33
Alternative Investment Group
