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  • pg 1
									The Hedge Fund Service
 Expo and Conference

       June 2008



                         1
Alpha Equity Management Organizational Structure

              Alpha Equity Management Ownership :
                •   75% employee-owned
                •   25% owned by RidgeWorth Capital


              Strategic Partnership with RidgeWorth Capital:
                •   $74B asset management subsidiary of
                    SunTrust Banks Inc., a top 10 US bank
                •   Seeded three 130/30 mutual funds


              Joint Venture with The Praedium Group:
                •   $7B private equity firm with 16+ years of
                    private real estate investment experience
                •   JV includes 130/30 and mkt. neutral U.S. real
                    estate securities funds and related SMAs
                                                                    2
Alpha Equity Products


                International     Real Estate          U.S.           Global
                    Equity          Equity            Equity          Equity


   130/30        RidgeWorth       RidgeWorth       RidgeWorth
 Mutual Funds   International     Real Estate      U.S. Equity
                Equity 130/30       130/30           130/30


 130/30 Style   International    Alpha Praedium       U.S.
 Hedge Funds       130/30            130/30         200/100


   Market       International                         U.S.
                                 Alpha Praedium                       Global
   Neutral      Market Neutral                    Market Neutral
                                 Market Neutral                    Market Neutral
 Hedge Funds

 Long/Short                                                            Global
   Hedge                                                            Long/Short*
   Funds




                                                                                    3
                                                                                                               *Annualized                     *Annualized
Fund Performance Summary                                                                                        Fund Net
                                                                                                                 Return
                                                                                                                                                Benchmark
                                                                                                                                                  Return
                                                                                                                                                                              *Annualized
                                                                                                                                                                                 Alpha


 International Equities
        Alpha Equity International “130/30”                                                                            19.56%                         7.84%                        11.72%
           Inception: June 1, 2001
           Benchmark: FTSE All-World ex US**

        Alpha Equity International Market Neutral                                                                       5.33%
           Inception: January 1, 2004

 U.S. Real Estate Equities
        Alpha Praedium “130/30”                                                                                        25.11%                        15.85%                         9.26%
           Inception: June 1, 2001
           Benchmark: NAREIT Equity Index

        Alpha Praedium Market Neutral                                                                                   7.81%
           Inception: January 1, 2003

 U.S. Equities
        Alpha Equity Market Plus “200/100” (Tax Efficient)                                                              4.05%                         1.24%                         2.82%
           Inception: July 1, 2000
           Benchmark: S&P 500

        Alpha Equity Leveraged Market Neutral                                                                           6.55%
           Inception: July 1, 2000

 Global Equities
        Alpha Equity Global Long/Short                                                                                 12.19%
           Inception: January 1, 2003

        Alpha Equity Global Market Neutral                                                                              4.91%
           Inception: July 1, 2004

 *Since fund inception through May 2008. May returns are estimated.

 **The fund Benchmark changed from the Bank of New York ADR Index to the FTSE All-World ex US Index on 1/1/2007 to reflect the expansion of the portfolio’s composition. Data referring to the
 “Benchmark” refers to the Benchmark that was in effect at the time in question.
                                                                                                                                                                                                 4
 Investment Process

• Quantitative
   • Multifactor models for each asset class
   • Dynamic factor weighting
   • Daily rebalancing
   • Dynamic leverage policy

• Fundamental
   • Factors are fundamentally-based
   • Final oversight by portfolio managers

• Process
   • Stable
   • Systematic
   • Scalable
                                               5
   Alpha Equity International 130/30 Fund
                                                                                                                                                                                                                     350%
                                                                         Performance Statistics
                                                                           (Jun 01— May 08):                                                                                                                         300%


                                     Fund Avg Annlzd Net Rtrn                                                                                                            19.56%                                      250%

                                     Benchmark Avg Annlzd Net Rtrn                                                                                                         7.84%                                     200%
                                     Fund Avg Annlzd Net Alpha                                                                                                            11.72%




                                                                                                                                                                                                 Cumulative Return
                                                                                                                                                                                                                     150%
                                                                            PERFORMANCE ATTRIBUTION
                                                                         ALPHA EQUITY INTERNATIONAL 130/30 FUND
                                                                                             Inception Through 4/30/08                                                                                               100%

                                    1.4%

                                    1.2%                                                                                                                                                                              50%
       Avg. Monthly Excess Return




                                    1.0%

                                    0.8%
                                                                                                                                                                                                                       0%

                                    0.6%

                                    0.4%
                                                                                                                                                                                                                     -50%

                                    0.2%
                                                                                                                                                                                                                     -100%
                                    0.0%
                                                                                                                                                                                                                         y   -01     v- 0
                                                                                                                                                                                                                                         1
                                                                                                                                                                                                                                              y-0
                                                                                                                                                                                                                                                  2
                                                                                                                                                                                                                                                      v- 0
                                                                                                                                                                                                                                                          2
                                                                                                                                                                                                                                                               y-0
                                                                                                                                                                                                                                                                   3
                                                                                                                                                                                                                                                                       v- 0
                                                                                                                                                                                                                                                                           3
                                                                                                                                                                                                                                                                                y-0
                                                                                                                                                                                                                                                                                    4
                                                                                                                                                                                                                                                                                        v- 0
                                                                                                                                                                                                                                                                                            4
                                                                                                                                                                                                                                                                                                 y-0
                                                                                                                                                                                                                                                                                                     5
                                                                                                                                                                                                                                                                                                         v- 0
                                                                                                                                                                                                                                                                                                             5
                                                                                                                                                                                                                                                                                                                  y-0
                                                                                                                                                                                                                                                                                                                      6
                                                                                                                                                                                                                                                                                                                          v- 0
                                                                                                                                                                                                                                                                                                                              6
                                                                                                                                                                                                                                                                                                                                   y-0
                                                                                                                                                                                                                                                                                                                                       7
                                                                                                                                                                                                                                                                                                                                           v- 0
                                                                                                                                                                                                                                                                                                                                               7
                                                                                                                                                                                                                                                                                                                                                    y-0
                                                                                                                                                                                                                                                                                                                                                        8
                                    -0.2%
                                                                                                                                                                                                                      Ma           No      Ma       No      Ma       No      Ma       No      Ma       No      Ma       No      Ma       No      Ma
                                              cy                     k        ha           r           .          es           g            s                                    s           s
                                                         gio
                                                             n
                                                                 Ris                   ct o        s id                    din           os                           o ld     ng       or t
                                         rr e
                                             n                            Alp       Se          Re             ns
                                                                                                                       Tra            Gr                           d-H       Lo      Sh
                                      Cu             /Re                                     ck          Ex
                                                                                                            pe                   t al                          n
                                                 try                            C/R                                            To                          y- a
                                          Co
                                              un                                         Sto
                                                                                                                                                  t al
                                                                                                                                                         Bu                                                                                                                 Net Fund                                  Benchmark
                                                                                                                                                To
                                                                                                            Jan                       Feb                             Mar                  Apr               May                     Jun            Jul           Aug            Sep           Oct            Nov            Dec                  Year
     NET FUND                                                                                                                                                                                                                      -2.69%         -2.95%         -0.49%        -10.31%        5.85%          -0.31%         4.31%                   -7.23%
     Bk of NY ADR
                                                                                2001                                                                                                                                               -4.90%         -3.01%         -4.47%        -11.05%         3.77%          5.01%         1.57%                   -13.27%
     NET FUND                                                                                             0.29%                     2.11%                           8.22%               3.21%         2.25%                        1.56%          -5.88%         4.63%          0.17%         -2.83%         -3.44%         -3.35%                    6.25%
     Bk of NY ADR
                                                                                2002                      -4.37%                    -0.50%                          5.09%               -1.83%        -0.61%                       -5.35%         -10.19%        -0.16%        -11.91%         7.03%          5.78%         -4.64%                  -21.24%
     NET FUND                                                                                            -1.95%                     2.96%                          -1.20%               8.09%         7.53%                        2.15%          1.10%          2.84%          2.21%         8.35%          4.02%          9.94%                   55.91%
     Bk of NY ADR
                                                                                2003                      -2.15%                    -4.75%                          -1.67%             10.01%           7.01%                       0.90%         1.89%          2.70%          1.54%          6.40%          2.92%         8.24%                    37.10%
     NET FUND                                                                                             3.38%                     1.79%                          -0.85%              -6.71%         2.77%                        2.09%          -2.76%         0.25%          5.23%         4.53%          8.06%          2.70%                   21.52%
     Bk of NY ADR
                                                                                2004                      1.40%                      2.23%                          -1.81%              -3.33%          0.39%                       1.93%         -3.67%         0.48%          2.81%          3.65%          6.10%         3.90%                    14.47%
     NET FUND                                                                                            -0.48%                     6.97%                          -3.12%              -2.09%         1.63%                        2.32%          5.56%          5.10%          7.55%         -3.36%         3.94%          4.93%                   32.07%
     Bk of NY ADR
                                                                                2005                      -2.37%                     4.61%                          -3.46%              -2.32%          0.09%                       1.13%         3.60%          2.58%          3.87%         -3.19%          1.57%         3.67%                     9.69%
     NET FUND                                                                                            11.18%                    -1.40%                           3.65%               5.60%       -6.43%                         -0.56%         1.16%          1.56%         -1.68%         3.56%          3.60%          3.59%                   25.33%
     Bk of NY ADR
                                                                                2006                      7.17%                     -1.63%                          3.56%                5.48%        -5.14%                       -0.58%         1.48%          1.87%          -0.25%         4.53%          2.87%         3.15%                    24.20%
     NET FUND                                                                                             0.33%                    -0.05%                           3.89%               6.57%         4.52%                        0.66%          0.74%          -2.09%         6.96%         5.68%          -6.73%         -2.40%                  18.55%
     FTSE All-World xUS
                                                                                2007                      0.35%                      0.56%                          2.80%                4.86%          2.94%                       0.91%         -0.22%         -1.54%         6.63%          5.78%         -4.23%         -1.47%                   18.17%
     NET FUND                                                                                            -9.70%                     1.52%                          -3.42%               5.23%         2.25%                                                                                                                                          -4.72%
     FTSE All-World xUS
                                                                                2008                      -9.70%                     2.85%                          -2.01%               6.20%          1.68%                                                                                                                                     -1.73%
                                                                                                                                                                                                                                                                                                                              *Estimated May 2008 Returns
Note on the Benchmar k and Universe: The fund Benchmark changed from the Bank of N ew York A D R Index to the F TS E A ll-World xU S Index on 1/1/2007 to reflect the expansion of the
portfolio’s composition. Through N ov ember 2006, our univ erse consisted of the 650 most liquid A D Rs and U S G D Rs. O n D ecember 1, 2006, our univ erse expanded to include 4,000 of the most
liquid common equity shares on local exchanges in the global markets ex-U S . D ata referring to the “Benchmark” refers to the Benchmark that w as in effect at the time in question.
Note on Retur ns: “N et F und” returns are net of a high w atermark until 1/1/2007                                                                                                                                                                                                                                                                          6
Securities Universe: FTSE All-World ex US
   Alpha Equity International Market Neutral Fund

                                                                 Performance Statistics                                                                                   35%

                                                                   (Jan 04— May 08):
                                                                                                                                                                          30%
                               Fund Avg Annlzd Net Rtrn                                                                            5.33%
                                                                                                                                                                          25%




                                                                                                                                                      Cumulative Return
                                                                  PERFORMANCE ATTRIBUTION
                                                       ALPHA EQUITY INTERNATIONAL MARKET NEUTRAL FUND                                                                     20%
                                                                              Inception Through 4/30/08

                                1.0%
                                                                                                                                                                          15%
                                0.8%
         Avg. Monthly Return




                                0.6%
                                                                                                                                                                          10%

                                0.4%


                                0.2%                                                                                                                                       5%

                                0.0%

                                                                                                                                                                           0%
                               -0.2%
                                                                                                                                                                                   3          4       4        4        5       5        5        6       6        6        7       7        7        8
                                                                               r     .                                                                                      c- 0         r -0     g-0     c- 0     r -0     g-0     c- 0     r -0     g-0     c- 0     r -0     g-0     c- 0     r -0
                                      nc
                                         y
                                               gio
                                                   n
                                                         Ris
                                                             k      ha                    s
                                                                           ct o Resid ense radin
                                                                                                 g
                                                                                                        os
                                                                                                           s
                                                                                                                          - Ho
                                                                                                                               ld    ng
                                                                                                                                        s
                                                                                                                                            ort
                                                                                                                                                s                         De           Ap       Au      De       Ap       Au      De       Ap       Au      De       Ap       Au      De       Ap
                                 r re      /Re                   Alp    Se                            Gr                nd        Lo      Sh
                               Cu      try                           C/R Stoc
                                                                                 k  Ex
                                                                                       p    T     tal               y-a
                                    un                                                        To                 Bu
                                Co                                                                           tal                                                                                                           Net Fund                         1 Mo. T-bill Yield
                                                                                                         To

                                                                             Jan              Feb             Mar              Apr             May      Jun                               Jul             Aug               Sep              Oct              Nov                 Dec              Year
     NET FUND                                                               3.81%            1.08%           0.48%           -1.59%           2.60%   -0.49%                            1.37%            -1.03%            0.59%            0.23%            0.54%               -0.89%            6.77%
     1 Mo. T-bill Yield
                                                            2004             0.07%           0.07%            0.08%           0.08%           0.07%         0.08%                        0.09%            0.10%            0.12%            0.12%            0.14%               0.17%                1.20%
     NET FUND                                                               0.81%            2.90%           -0.27%          0.84%           -0.07%      0.34%                          1.70%            1.56%             2.89%            0.14%            0.67%               0.75%             12.90%
     1 Mo. T-bill Yield
                                                            2005             0.15%           0.17%            0.21%           0.22%           0.22%         0.23%                        0.25%            0.27%            0.28%            0.26%            0.31%               0.33%                2.94%
     NET FUND                                                               2.75%            0.02%           0.33%           1.22%           -0.75%      1.48%                          0.36%            -0.31%           -1.39%           -1.00%            0.51%               0.24%               3.47%
     1 Mo. T-bill Yield
                                                            2006             0.33%           0.35%            0.37%           0.39%           0.38%         0.40%                        0.37%            0.42%            0.43%            0.38%            0.43%               0.44%                4.78%
     NET FUND                                                               -0.09%          -1.30%           1.23%           1.79%            1.36%      0.42%                          1.33%            -0.64%            1.86%            0.33%           -1.48%               -0.71%              4.10%
     1 Mo. T-bill Yield
                                                            2007             0.39%           0.41%            0.43%           0.42%           0.40%         0.40%                        0.35%            0.42%            0.35%            0.28%            0.32%               0.31%                5.00%
     NET FUND                                                               -1.29%           0.72%           -1.83%          -0.91%           0.17%                                                                                                                                                -3.12%
     1 Mo. T-bill Yield
                                                            2008             0.22%           0.13%            0.17%           0.10%           0.09%                                                                                                                                   0.71%
                                                                                                                                                                                                                                                                 *Estimated May 2008 Returns
Note on the univer se: Through N ov ember 2006, our univ erse consisted of the 650 most liquid A D Rs and U S G D Rs. O n D ecember 1, 2006, our univ erse expanded to include 4,000 of the most
liquid common equity shares on local exchanges in the global markets ex-U S .
Note on Retur ns: “N et F und” returns are net of hurdle rate of the 1 Yr. T -bill Yield and 1% management fee until 11/1/05.
                                                                                                                                                                                                                                                                                                              7
Securities Universe: FTSE All-World ex US
   Alpha Praedium 130/30 Fund
                                                                                                                                                                                                400%
                                                                         Performance Statistics
                                                                           (Jun 01— May 08):                                                                                                    350%



                                         Fund Avg Annlzd Net Rtrn                                                                             25.11%                                            300%

                                         NAREIT Annlzd Net Rtn                                                                                 15.85%




                                                                                                                                                                            Cumulative Return
                                                                                                                                                                                                250%
                                         Fund Avg Annlzd Net Alpha                                                                              9.26%
                                                                                                                                                                                                200%
                                                                             PERFORMANCE ATTRIBUTION
                                                                                  ALPHA PRAEDIUM 130/30 FUND
                                                                                         Inception Through 4/30/08                                                                              150%

                                        1.2%
           Avg. Monthly Excess Return




                                        1.0%                                                                                                                                                    100%
                                        0.8%

                                        0.6%
                                                                                                                                                                                                50%
                                        0.4%

                                        0.2%
                                        0.0%                                                                                                                                                     0%
                                        -0.2%
                                                                                                                                                                                                   y   -01     v- 0
                                                                                                                                                                                                                   1       2     2    3
                                                                                                                                                                                                                        y-0 ov- 0 ay-0 ov- 0
                                                                                                                                                                                                                                            3       4
                                                                                                                                                                                                                                                 y-0 ov- 0
                                                                                                                                                                                                                                                          4       5
                                                                                                                                                                                                                                                               y-0 ov- 0
                                                                                                                                                                                                                                                                        5       6
                                                                                                                                                                                                                                                                             y-0 ov- 0
                                                                                                                                                                                                                                                                                      6       7
                                                                                                                                                                                                                                                                                           y-0 ov- 0
                                                                                                                                                                                                                                                                                                    7
                                                Ris
                                                      k         ha       t or     u st
                                                                                      ry      i d.  ses rading Gross                 Ho
                                                                                                                                        ld
                                                                                                                                              Lon
                                                                                                                                                 gs         rt s                                Ma           No      Ma      N     M    N     Ma      N     Ma      N     Ma      N     Ma      N
                                                          Alp        S ec     Ind          Res xpen     T      al                nd-                  Sho
                                                                                        ck       E          Tot              y-a
                                                                                    Sto                                   Bu
                                                                                                                   To tal                                                                                                    Net Fund                            FTSE NAREIT Equity REITs Index
                                                                                      Jan               Feb               Mar                 Apr                   May                    Jun                    Jul          Aug          Sep           Oct           Nov          Dec                Year
         NET FUND                                                                                                                                                                         5.62%                 -0.94%        -1.49%       -0.25%       -0.35%         5.01%        3.36%                11.20%
         NAREIT
                                                                     2001                                                                                                                   5.86%               -1.99%        3.66%        -4.15%        -2.86%        5.50%        2.44%                 8.22%
         NET FUND                                                                   2.70%             2.80%             7.58%                5.35%             -0.08%                     5.11%                 -3.67%        2.41%        -3.23%       -1.46%         2.97%        2.26%               24.48%
         NAREIT
                                                                     2002            0.20%             1.93%             6.00%               0.85%                 1.35%                    2.73%               -5.23%        -0.20%       -3.84%        -4.81%        4.71%        0.74%                 3.82%
         NET FUND                                                                   -1.23%            4.66%             2.87%                5.22%                 5.04%                  4.71%                 5.20%         1.21%        1.46%         4.27%         6.30%        4.16%               53.47%
         NAREIT
                                                                     2003           -2.91%             1.65%             2.00%               4.40%                 6.04%                    2.18%                5.35%        0.54%         3.35%        1.81%         4.40%        3.50%                37.13%
         NET FUND                                                                   3.72%             5.02%             6.72%            -17.94%                   8.32%                  5.45%                 0.74%         7.04%        1.39%         4.54%         5.99%        5.17%               38.82%
         NAREIT
                                                                     2004            4.32%             1.75%             5.53%           -14.58%                   7.13%                    2.93%                0.33%        7.94%        -0.06%        5.35%         4.31%        4.85%                31.58%
         NET FUND                                                                   -6.21%            0.57%             -1.58%               4.70%                 2.83%                  5.26%                 6.95%         -3.39%       1.82%        -2.49%         4.63%       -0.26%               12.66%
         NAREIT
                                                                     2005           -8.40%             3.07%            -1.55%               5.32%                 3.47%                    5.03%                7.14%        -3.66%        0.60%        -2.37%        4.21%        -0.20%               12.16%
         NET FUND                                                                   8.31%             3.06%             3.88%            -4.15%                -2.52%                     5.74%                 3.40%         3.48%        1.50%         6.57%         4.34%       -0.85%               37.18%
         NAREIT
                                                                     2006            7.30%             1.79%             5.05%               -3.72%                -2.85%                   5.20%                3.37%        3.78%         1.85%        6.26%         4.65%        -1.56%               35.06%
         NET FUND                                                                   8.59%             -2.53%            -0.13%           -0.53%                -1.04%                  -9.27%                   -7.46%        5.95%        2.17%         8.27%        -1.27%       -3.93%                -2.90%
         NAREIT
                                                                     2007            8.42%            -2.24%            -2.39%               -0.02%                0.05%                  -9.07%                -7.80%        6.57%         4.41%        1.12%         -9.07%       -5.03%               -15.69%
         NET FUND                                                                   -2.53%            0.52%             7.34%                2.64%                 0.46%                                                                                                                                  8.44%
         NAREIT
                                                                     2008           -1.03%            -3.56%             6.23%               5.86%                 0.77%                                                                                                                                 8.17%
                                                                                                                                                                                                                                                                                    *Estimated May 2008 Returns
Note on the Benchmar k: The fund Benchmark is the F TS E N AREIT E quity RE ITs Index
Note on Retur ns: “N et F und” returns are net of a high w atermark until 1/1/2008.

Securities Universe: Largest 200 US REIT Stocks
                                                                                                                                                                                                                                                                                                                   8
    Alpha Praedium Market Neutral Fund

                                                          Performance Statistics                                                                           60%

                                                            (Jan 03— May 08):
                                                                                                                                                           50%
                             Fund Avg Annlzd Net Rtrn                                                               7.81%
                                                                                                                                                           40%




                                                                                                                                       Cumulative Return
                                                           PERFORMANCE ATTRIBUTION
                                                        ALPHA PRAEDIUM MARKET NEUTRAL FUND
                                                                      Inception Through 4/30/08
                                                                                                                                                           30%
                           1.1%

                           0.8%
     Avg. Monthly Return




                                                                                                                                                           20%
                           0.6%

                           0.4%
                                                                                                                                                           10%
                           0.2%

                           0.0%
                                                                                                                                                            0%
                           -0.2%                                                                                                                                 2     3    3     3     4    4     4     5    5     5     6    6     6     7    7     7      8
                                                                                                                                                             c- 0 pr -0 ug-0 ec- 0 pr -0 ug-0 ec- 0 pr -0 ug-0 ec- 0 pr -0 ug-0 ec- 0 pr -0 ug-0 ec- 0 pr -0
                                         k       ha ect or ustry       d.    s      g       s                   ld    gs     rt s                          De      A    A    D      A    A    D      A    A    D      A    A    D      A    A    D      A
                                   Ris       Alp                   esi    nse Tradin l Gros                  Ho    Lon   Sho
                                                    S     Ind ock R Expe              a                  nd-
                                                               t                  Tot                y-a
                                                             S
                                                                                              a l Bu                                                                                            Net Fund                  1 Mo. T-bill Yield
                                                                                          Tot
                                                                         Jan           Feb          Mar           Apr          May                    Jun             Jul          Aug          Sep          Oct          Nov            Dec              Year
    NET FUND                                                            3.36%         1.33%        0.61%         0.83%        -2.73%                 2.99%          0.05%        -0.94%        0.38%        1.98%        2.78%          -0.15%             10.82%
    1 Mo. T-bill Yield
                                                          2003          0.10%         0.10%         0.10%        0.10%         0.09%                   0.10%         0.07%        0.07%        0.08%        0.07%         0.08%          0.08%                   1.03%
    NET FUND                                                           -0.18%         4.03%        1.46%        -3.07%         0.80%                 2.16%          0.34%        -0.92%        0.56%        -0.09%       0.83%           0.25%               6.19%
    1 Mo. T-bill Yield
                                                          2004          0.07%         0.07%         0.08%        0.08%         0.07%                   0.08%         0.09%        0.10%        0.12%        0.12%         0.14%          0.17%                   1.20%
    NET FUND                                                            1.35%        -1.39%        -0.19%        0.46%        -0.63%                 0.31%          0.07%         1.30%        1.35%        -0.77%       0.03%          -0.35%               1.50%
    1 Mo. T-bill Yield
                                                          2005          0.15%         0.17%         0.21%        0.22%         0.22%                   0.23%         0.25%        0.27%        0.28%        0.26%         0.31%          0.33%                   2.94%
    NET FUND                                                            1.86%         2.34%        -0.63%       -1.22%         0.47%                 1.00%          1.35%         0.02%        0.16%        -0.16%       0.86%           1.62%               7.90%
    1 Mo. T-bill Yield
                                                          2006          0.33%         0.35%         0.37%        0.39%         0.38%                   0.40%         0.37%        0.42%        0.43%        0.38%         0.43%          0.44%                   4.78%
    NET FUND                                                            1.54%         0.75%        1.34%        -0.73%        -0.49%             -0.58%             2.84%        -0.31%       -0.81%        6.43%        5.35%          -0.33%              15.73%
    1 Mo. T-bill Yield
                                                          2007          0.39%         0.41%         0.43%        0.42%         0.40%                   0.40%         0.35%        0.42%        0.35%        0.28%         0.32%          0.31%                   4.78%
    NET FUND                                                           -1.44%         2.32%        1.99%        -0.79%        -1.28%                                                                                                                         0.73%
    1 Mo. T-bill Yield
                                                          2008          0.22%         0.13%         0.17%        0.10%         0.09%                                                                                                                         0.71%
                                                                                                                                                                                                                                        *Estimated May 2008 Returns




Note on Retur ns: “N et F und” returns are net of a hurdle rate of the 1 Yr. T -bill Yield until 1/1/2008.
Securities Universe: Largest 200 US REIT Stocks
                                                                                                                                                                                                                                                                     9
              Alpha Equity Leveraged Market Neutral Fund
                                                                                                                                                                                                              100%

                                                                   Performance Statistics
                                                                     (Jul 00— May 08):                                                                                                                         80%



                             Fund Avg Annlzd Net Rtrn                                                                                                    6.55%                                                 60%




                                                                                                                                                                                        Cumulative % Return
                                                                                                                                                                                                               40%
                                                                    PERFORMANCE ATTRIBUTION
                                                     ALPHA EQUITY LEVERAGED MARKET NEUTRAL FUND
                                                                                   Inception Through 4/30/08
                         2.5%                                                                                                                                                                                  20%

                         2.0%
   Avg. Monthly Return




                         1.5%                                                                                                                                                                                   0%
                         1.0%

                         0.5%
                                                                                                                                                                                                              -20%
                         0.0%

                         -0.5%

                         -1.0%                                                                                                                                                                                -40%
                                     k           a            or          try          .         es         g          s                                       gs          s                                            0     0     1     1     2     2     3     3     4     4     5     5     6     6     7      7
                                 Ris     Alp
                                             h
                                                          ect          us        Re
                                                                                   si d       ns        din       Gr
                                                                                                                    os                            ol d       on        ort                                          n- 0 ec- 0 un- 0 ec- 0 un- 0 ec- 0 un- 0 ec- 0 un- 0 ec- 0 un- 0 ec- 0 un- 0 ec- 0 un- 0 ec- 0
                                                      S            Ind                     pe       Tra       tal                             d- H       L           Sh                                        Ju         D     J     D     J     D     J     D     J     D     J     D     J     D     J     D
                                                                              ck        Ex                                            y-a
                                                                                                                                          n
                                                                        Sto                               To                     Bu
                                                                                                                           tal
                                                                                                                      To                                                                                                                           Net Fund                   1 Mo. T-bill Yield
                                                                                          Jan                Feb                      Mar                     Apr               May                            Jun              Jul         Aug           Sep         Oct          Nov              Dec               Year
  NET FUND                                                                                                                                                                                                                    2.33%       -0.96%        -9.30%      -14.06%       -8.27%           3.25%               -25.18%
  1 Mo. T-bill Yield
                                                                    2000                                                                                                                                                      0.48%        0.50%        0.52%         0.51%        0.51%           0.49%                  3.05%
  NET FUND                                                                              -5.62%             -2.94%                 1.24%                      3.17%             3.02%                          11.55%         16.42%       12.10%        9.80%       -14.52%      -11.07%           -1.36%               18.12%
  1 Mo. T-bill Yield
                                                                    2001                 0.45%              0.38%                 0.37%                      0.34%             0.33%                          0.30%           0.30%        0.29%        0.28%         0.19%        0.18%           0.16%                  3.62%
  NET FUND                                                                               3.34%              1.04%                -1.42%                  12.44%                3.81%                          15.16%         15.23%       10.25%        8.91%        -2.60%      -14.28%           8.90%                74.04%
  1 Mo. T-bill Yield
                                                                    2002                 0.14%              0.14%                 0.15%                      0.15%             0.15%                          0.14%           0.14%        0.14%        0.14%         0.13%        0.12%           0.10%                  1.65%
  NET FUND                                                                               1.90%              0.50%                 5.20%                      1.43%             5.71%                          1.05%          -8.78%       -4.29%        2.41%        4.10%        0.38%            -3.90%                4.82%
  1 Mo. T-bill Yield
                                                                    2003                 0.10%              0.10%                 0.10%                      0.10%             0.09%                          0.10%           0.07%        0.07%        0.08%         0.07%        0.08%           0.08%                  1.03%
  NET FUND                                                                              -0.56%              0.16%                 4.11%                  -11.62%               4.32%                          -1.79%          0.67%       -5.58%        5.19%        -6.07%       2.76%            1.80%                -7.74%
  1 Mo. T-bill Yield
                                                                    2004                 0.07%              0.07%                 0.08%                      0.08%             0.07%                          0.08%           0.09%        0.10%        0.12%         0.12%        0.14%           0.17%                  1.20%
  NET FUND                                                                               2.46%             -0.45%                 0.23%                  -1.56%                1.48%                          -0.48%         -2.36%       -0.53%        3.08%        5.06%        1.82%            -0.71%                8.09%
  1 Mo. T-bill Yield
                                                                    2005                 0.15%              0.17%                 0.21%                      0.22%             0.22%                          0.23%           0.25%        0.27%        0.28%         0.26%        0.31%           0.33%                  2.94%
  NET FUND                                                                              -4.42%             -2.06%                -0.12%                      8.29%             -3.62%                         5.16%           1.87%        2.33%        1.47%        1.52%        -2.35%           -0.16%                7.42%
  1 Mo. T-bill Yield
                                                                    2006                 0.33%              0.35%                 0.37%                      0.39%             0.38%                          0.40%           0.37%        0.42%        0.43%         0.38%        0.43%           0.44%                  4.78%
  NET FUND                                                                               2.87%              3.05%                -0.84%                      0.50%             0.48%                          -0.51%         -6.71%       -6.43%        0.20%        -6.36%       5.24%            -0.26%               -9.20%
  1 Mo. T-bill Yield
                                                                    2007                 0.39%              0.41%                 0.43%                      0.42%             0.40%                          0.40%           0.35%        0.42%        0.35%         0.28%        0.32%           0.31%                  4.78%
  NET FUND                                                                               1.39%              0.53%                -0.10%                      0.88%             2.57%                                                                                                                                     5.37%
  1 Mo. T-bill Yield
                                                                    2008                 0.22%              0.13%                 0.17%                      0.10%             0.09%                                                                                                                                      0.71%
                                                                                                                                                                                                                                                                                                     *Estimated May 2008 Returns
Note on Retur n: “N et F und” return is net of a hurdle rate of the 1 Yr. T -bill Yield until 1/1/2008.
Securities Universe: Largest 3000 US Stocks
                                                                                                                                                                                                                                                                                                                           10
   Alpha Equity Global Long/Short Fund
                                                              Current Allocations                                                                                                        Performance Statistics
                                                                                                                                                                                           (Jan 03 — May 08):
                                         Global
                                     Market Neutral
                                                                                                                                                                       Fund Avg Annlzd Net Rtrn                                               12.19%
                                                                                                           U.S. "200/100"
                                         49.1%                                                                 15.2%


                                                                                                           Real Estate
                                                                                                                                                             100%
                                                                                                            "130/30"
             International "130/30"                                                                           5.4%                                            90%
                      30.3%
                                                                                                                                                              80%




                                                                                                                                   Cumulative Return Index
                                                                                                                                                              70%


                                                    PERFORMANCE ATTRIBUTION                                                                                   60%

                                             ALPHA EQUITY GLOBAL LONG/SHORT FUND                                                                              50%
                                                                   Inception Through 4/30/08

                                                                                                                                                              40%
                                     1.3%

                                                                                                                                                              30%
                                     1.1%
               Avg. Monthly Return




                                     0.8%                                                                                                                     20%

                                     0.6%                                                                                                                     10%

                                     0.4%                                                                                                                      0%

                                     0.2%
                                                                                                                                                              -10%
                                                                                                                                                                  2     03 g-0 3      3     04 g-0 4      4     05 g-0 5 -0 5      6    6
                                                                                                                                                                                                                                r-0 ug-0 ec-0
                                                                                                                                                                                                                                              6      7    7
                                                                                                                                                                                                                                                  r-0 ug-0 ec-0
                                                                                                                                                                                                                                                                7
                                                                                                                                                                                                                                                                    r-0
                                                                                                                                                                                                                                                                       8
                                     0.0%                                                                                                                      c-0 Apr-            c-0 Apr-            c-0 Apr-           c   Ap                Ap                Ap
                                                                                                                                                             De           Au     De           Au     De           Au    De           A   D             A    D
                                                              on                                      on
                                                        ocati                                   electi
                                            Ass   et All                            Stoc
                                                                                           kS
                                                                                                                                                                                                                      Net Fund
                                                                                                                 Fund Performance Since Inception - Net of All Fees
                                                        Jan             Feb           Mar                  Apr        May         Jun                                 Jul           Aug             Sep            Oct            Nov            Dec                  YTD
             2003                                     -0.91%           1.40%         1.39%             5.16%          3.21%      2.76%                               -0.05%        0.56%           1.22%          4.49%          2.62%          4.34%                  29.31%
             2004                                     1.49%            1.56%         1.15%             -8.84%         4.23%      1.91%                               -0.86%        0.74%           2.63%          1.73%          4.37%          1.86%                  11.89%
             2005                                     -1.44%           3.03%        -1.94%             0.10%          1.41%      1.41%                               3.03%         0.61%           2.95%          -0.57%         2.54%          0.43%                  12.02%
             2006                                     3.14%            0.27%         1.10%             2.00%         -2.15%      2.22%                               1.03%         0.94%           0.48%          1.75%          0.54%          0.79%                  12.71%
             2007                                     1.54%            0.16%         0.87%             2.24%          1.51%      -1.00%                              -1.98%        -1.30%          2.00%          1.69%          -0.71%         -1.23%                     3.72%
             2008                                     -3.99%           0.66%        -0.66%             1.74%          0.78%                                                                                                                                            -1.57%
                                                                                                                                                                                                                                                *Estimated May 2008 Returns        11
Note on Retur n: “N et F und” return is net of a hurdle rate of a blended benchmark until 4/1/2007.
    Alpha Equity Global Market Neutral Fund
                                                                Current Allocations
                                                                        6/1/2008
                                                                                                                                                                                                 Performance Statistics
                                                                                                                                                                                                   (Jul 04— May 08):
                                                                                                     U.S. Equity
                                          International
                                           Mkt. Neutral
                                                                                                     Mkt. Neutral                                                            Fund Avg Annlzd Net Rtrn                                                         4.91%
                                                                                                       33.0%
                                              33.4%

                                                                                                                                                                       25%

                                                                                                    Real Estate
                                                                                                    Mkt. Neutral
                                                                                                      33.7%                                                            20%




                                                                                                                                                  Cumulative Return
                                                                                                                                                                       15%
                                                              PERFORMANCE ATTRIBUTION
                                                           ALPHA EQUITY GLOBAL MARKET NEUTRAL FUND
                                                                      Inception Through 4/30/08                                                                        10%

                                   0.80%
                                   0.70%
                                                                                                                                                                        5%
             Avg. Monthly Return




                                   0.60%
                                   0.50%
                                   0.40%
                                                                                                                                                                        0%
                                   0.30%
                                   0.20%
                                   0.10%
                                                                                                                                                                       -5%
                                   0.00%                                                                                                                                    4     4     4      5     5     5     5      6     6     6     6      7     7     7     7      8
                                                                                                                                                                         n-0 ep -0 ec-0     r-0 u n-0 ep -0 ec-0     r-0 u n-0 ep -0 ec-0     r-0 u n-0 ep -0 ec-0     r-0
                                   -0.10%                                                                                                                             Ju      S     D     Ma     J     S     D     Ma     J     S     D     Ma     J     S     D     Ma
                                                       s                          rn           rn                   n                g
                                                Gr
                                                  os                        etu            et u                t ur            din
                                                                       NR                                   Re            un
                                          tal                                            NR             N               Ro
                                                                                                                                                                                            Alpha Equity Global Market Neutral Fund      1 Mo. T-bill Yield
                                     To                              LM                RM            IM
                                                                         Jan                Feb             Mar            Apr            May                          Jun          Jul          Aug          Sep           Oct          Nov          Dec                Year
        NET FUND                                                                                                                                                                  0.53%        -1.31%        1.30%        -0.48%        0.80%        -0.04%                0.79%
        1 Mo. T-bill Yield
                                                              2004                                                                                                                 0.09%        0.10%        0.12%         0.12%        0.14%         0.17%                   0.75%
        NET FUND                                                       0.60%               0.59%        -0.31%           0.35%           -0.55%                       0.07%       -0.05%        0.90%        2.26%        1.24%         0.79%        -0.02%                   6.00%
        1 Mo. T-bill Yield
                                                              2005      0.15%              0.17%            0.21%         0.22%          0.22%                        0.23%        0.25%        0.27%        0.28%         0.26%        0.31%         0.33%                   2.94%
        NET FUND                                                       0.59%               0.30%        -0.13%           2.33%           -1.05%                       2.24%       1.17%         0.66%        0.07%        0.14%        -0.31%         0.59%                   6.76%
        1 Mo. T-bill Yield
                                                              2006      0.33%              0.35%            0.37%         0.39%          0.38%                        0.40%        0.37%        0.42%        0.43%         0.38%        0.43%         0.44%                   4.78%
        NET FUND                                                       1.48%               0.96%        0.51%            0.56%           0.44%                        -0.18%      -0.49%       -2.32%        0.41%        0.95%         3.19%        -0.36%                   5.17%
        1 Mo. T-bill Yield
                                                              2007      0.39%              0.41%            0.43%         0.42%          0.40%                        0.40%        0.35%        0.42%        0.35%         0.28%        0.32%         0.31%                   5.00%
        NET FUND                                                       -0.54%              1.12%        0.15%            -0.31%          0.15%                                                                                                                                0.56%
        1 Mo. T-bill Yield
                                                              2008      0.22%              0.13%            0.17%         0.10%          0.09%                                                                                                                            0.71%
                                                                                                                                                                                                                                                     *Estimated May 2008 Returns
                                                                                                                                                                                                                                                                                      12
Note on Retur n: “N et F und” return is net of a hurdle rate of the 1 Yr. T -bill Yield until 1/1/2008.
 Outperforming the Competition
The Barclay Hedge Alternative Investment
Database ranks Alpha Equity Real Estate
Securities “130/30” and Real Estate                                                           Top 10 Sector – Real Estate Hedge Funds


Securities Market Neutral as two of the best
                                                                                                      From Mar-2007 to Feb-2008



real estate hedge funds.
                                                                             Ranked by Compound Annual return
                                                                             P rogram Name or Manager                     12-Mo. Comp Ann. Return

                                                                             1. Alpha Eq R/E Sec Mkt Ntrl Fund 14.19%
Alpha Equity Real Estate Securities Market Neutral                           2. Value Fund II LP                                        13.28%

(now known as the Alpha Praedium Market Neutral)
                                                                             3. Marathon Real Estate Opportunity                        11.02%
                                                                             4. Skylight Capital Build-Up GBP                           10.17%
                                                                             5. ING Clarion Mkt Ntrl. LP                                 4.31%
 •1st for 12-month compounded annual return                                  6. ING Clarion Global LP                                    2.89%
                                                                             7. Third Avenue Real Estate Opp LP                          8.49%
                                                                             8. ING Clarion Global Ltd                                   7.04%

 •10th for 36-month compounded annual return
                                                                             9. CRM Windridge P artners LP                               6.29%
                                                                             10.CRM Windridge Fund Ltd                                   5.80%


                                                                                                   From Mar-2005 to Feb-2008


Alpha Equity Real Estate Securities “130/30”
                                                                             Ranked by Compound Annual Return
                                                                             P rogram Name or Manager                       36-Mo. Comp Ann. Return

(now known as the Alpha Praedium 130/30)                                     1. Alpha Equity Real Estate Sec.                           16.39%
                                                                             2. Skylight Capital Build-Up GBP                           14.62%
 •1st for 36-month compounded annual return                                  3. Marathon Real Estate Opportunity                         14.19%
                                                                             4. Thames River P rop Growth & Inc GBP Dbn                  12.80%
                                                                             5. Thames River P rop Growth & Inc GBP Acc                 12.76%
                                                                             6. Thames River P rop Growth & Inc EUR Dbn                 10.98%
                                                                             7. Thames River P rop Growth & Inc EUR Acc                 10.88%
                                                                             8. LIM Asia Alt Real Estate Fund                             9.29%
                                                                             9. ING Clarion U.S. LP                                      8.64%

                                                                             10.Alpha Eq R/E Sec Mkt Ntrl Fund 8.64%
  BAID (Barclay Alternative Investment Database) Ranking through Feb 2008.                                                                            13
Our Edge - Three “P’s”

    •   Experienced People
        •   Investment team together since 1994
        •   Managed $22 billion at former employer
        •   Full institutional infrastructure


    •   Solid Process
        •   Repeatable: structured and disciplined
        •   Flexible: automatically adjusts to the market


    •   Outstanding Performance
        •   Alpha across all products
        •   Alpha from both longs and shorts
        •   Alpha from exposure to return factors, not risk factors
                                                                      14
Fund Terms
Investment Minimum        $1 million

Redemptions               Monthly

Lock-up                   None

Onshore Legal Domicile    Delaware

Offshore Legal Domicile   British Virgin Islands

Legal Counsel             Edwards Angell Palmer & Dodge

Onshore Administrator     MadisonGrey

Offshore Administrator    MadisonGrey

Prime Broker              Morgan Stanley

Auditor                   KPMG



                                                          15
Contact Information




            AlphaEquityMarketing@AlphaEquityLLC.com


         Hartford Office               New York Office

       90 State House Square           405 Park Avenue
             Suite 1100                   Suite 803
         Hartford, CT 06103           New York, NY 10022

        Tel. (860) 218-1520           Tel. (646) 708-9396

                                                            16
Disclaimer

   This document is for informational purposes only, and it does not constitute an offer or solicitation to buy the limited partnership
   interests described herein. Any such offer or solicitation will only be made to qualified investors solely by means of a pri vate
   offering memorandum and only where permitted by law.

   Before making an investment decision with respect to the partnership, potential investors are advised to carefully read the
   private offering memorandum, the limited partnership agreement and the related subscription documents and to consult with
   their tax, legal and financial advisors.

   This document contains a preliminary summary of the purpose of the partnership and the principal business terms of the
   partnership; this summary does not purport to be complete and is qualified in its entirety by reference to the more detailed
   discussion contained in the private offering memorandum and the actual text of the limited partnership agreement.

   This document is being provided to you on a confidential basis solely to assist you in deciding whether or not to proceed with
   further investigation of the investment vehicles of Alpha Equity Management LLC. Accordingly, this document may not be
   reproduced in whole or in part and may not be delivered to any person without prior written consent of Alpha Equity
   Management LLC.




                                                                                                                                          17

								
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