Hedge Weekly 2011

Hedge Weekly N°53
Investment Funds Performance Review

Alternative Investment Group

Week of Monday 26 Dec to Friday 30 Dec 2011

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Index by Strategies iii
Index by Funds iv
Top/Bottom 20 1
Newsletter 4
Disclamer 37

Past performance is not a guide to future performance Alternative ii
Investment Group

Convertible Arbitrage Commodity 25
Currency 25
Convertible 4 Diversified 25
Credit Long/Short Managed Futures
Credit 5 Currency 28
Multi-Strategy 6 Discretionary 28
Distressed Systematic 29
Distressed Security 7 Market Neutral
Equity Long/Short Discretionary 30
Multi-Strategy 31
Equity-Commodity 9 Statistical Arbitrage 31
Equity-Diversified 10 Systematic 32
Equity-Energy 16
Equity-Financial 17 Merger Arbitrage
Equity-Healthcare 17 Merger-Arbitrage 33
Equity-Mid-Small Cap 17
Multi-Strategy
Equity-Pharma-Biotech 18
Equity-Technology 19 Diversified 34
Equity-Utility 19 Multi-Strategy 36
Event Driven Systematic 36

Multi-Strategy 20
Fixed Income Arbitrage
Fixed Income 22
Fund of Funds
Arbitrage 23
Event Driven 23
Leveraged Multi-Strategy 23
Long/Short 23
Multi-Strategy 24
Trading 24
Macro

Past performance is not a guide to future performance Alternative iii
Investment Group

BAY RESOURCES PARTNERS OFFSHORE 15 BRUMMER MULTISTRATEGY 2XL, LTD 34 CQS DIVERSIFIED FUND (SPC) LTD 34
A BEACH POINT TOTAL RETURN OFFSHO 8 BRYN MAWR OFFSHORE LTD 17 CRABEL FUND SPC LTD CLASS A 28
BENNELONG ASIA PACIFIC MULTI ST 34 BTG PACTUAL DISTRESSED MORTGAGE 8
A.R.T. INTERNATIONAL INVESTOR ( 31
BLACK DIAMOND RELATIVE VALUE LT 30 BTG PACTUAL GLOBAL EMERGING MAR 26 D
ABSOLUTE INSIGHT UK EQUITY MKT 30
BLACK DIAMOND, LTD - CLASS B (U 34
ADELPHI EMERGING EUROPE. FUND 10 DAVIDSON KEMPNER DIST. OPP. INT 7
BLACK RIVER DYNAMIC STRATEGIES 34 C
ADELPHI EUR. FUND $ (A) 11 DAVIDSON KEMPNER INTL, LTD - CL 20
BLACKROCK EOS CLASS B USD COMP 31
AETOS CORPORATION - CLASS A 33 CANYON BALANCED FUND LTD - CLAS 7 DB EQUILIBRIA JAPAN FUND 30
BLACKROCK MULTI-STRATEGY FUND 34
AG SUPER FUND INTERNATIONAL, LT 34 CANYON VALUE REALIZATION FD, LT 7 DB EQUILIBRIA JAPAN FUND LTD 2X 30
BLACKROCK 32 CAPITAL MASTER FUN 32
AJR INTERNATIONAL (BVI), INC. - 15 CAPITAL FUND, LTD (THE) 26 DISCOVERY GLOBAL OPPORTUNITY FU 25
BLACKROCK FIXED INCOME GLOBAL A 22
ALLBLUE LIMITED 34 CAPULA GLOBAL RELATIVE VALUE FU 22 DISCUS FEEDER LTD CL. B USD STA 28
BLACKROCK OBSIDIAN FUND 22
ALLIANCE BERNSTEIN SELECT US EQ 15 CASTLEROCK FUND LTD 15 DKR QUANTITATIVE STRATS FUND, L 28
BLACKROCK UK EQUITY HEDGE FUND 15
ALPHADYNE INVESTMENT STRATEGIES 25 CAXTON GLOBAL INVESTMENT LTD 26 DORSET ENERGY FUND, LTD - CLASS 16
BLUE SKY JAPAN LTD - CLASS A 14
ALPHAGEN CAPELLA FUND-A- 11 CAZENOVE EURO EQ ABS RETURN FUN 11 DOUBLE BLACK DIAMOND LTD - SERI 35
BLUECREST CAPL INTL LTD A USD 34
ALPHAGEN HOKUTO FUND LTD - CLAS 14 CAZENOVE UK ABSOLUTE TARGET FUN 31 DRAKE ABSOLUTE RETURN FUND, LTD 26
BLUECREST EMERGING MARKETS FUND 25
ALPHAGEN OCTANIS CLASS A 15 CAZENOVE UK EQUITY ABSOLUTE RET 15 DRAKE GLOBAL OPPORTUNITIES FUND 22
BLUECREST MULTI STRATEGY CREDIT 5
ALPHAGEN TUCANA 11 CENTAUR COMMERCIAL MATERIALS FU 4
BLUEMATRIX FUND CLASS -A- USD 31
ALPHAGEN VOLANTIS FUND, LTD - A 18 CENTAURUS INTERNATIONAL RISK AR 33 E
BLUEMOUNTAIN CREDIT ALTERNATIVE 5
ALYDAR FUND LTD 15 CERBERUS INTL. LTD 7
BLUEMOUNTAIN EQUITY ALTERNATIVE 34 EAGLE GLOBAL FUND 29
ALYSHEBA FUND LIMITED 15 CHILTON CHINA OPPORTUNITIES FUN 9
BLUETREND FUND, LTD - CLASS A 28 ECOFIN GLOBAL LONG/SHORT FUND 19
AMAZON MARKET NEUTRAL FUND CLAS 30 CIPHER DIVERSIFIED FUND-A- 28
BORONIA DIVERSIFIED FUND MASTER 28 EEA EUROPE LONG SHORT FUND -USD 11
ANTARES EUROPEAN FUNDS, LTD - U 11 CLIVE FUND (The ) Class - A - 25
BOUSSARD & GAVAUDAN HOLDING., L 34 EGERTON EUROPEAN DOLLAR CLASS - 11
ARCUS JAPAN FUND -JPY- 14 COBALT OFFSHORE LTD 16
BOYER ALLAN GREATER CHINA FUND 9 ELEMENT CAPITAL FUND 26
ARROWGRASS INT FUND LTD 34 COMAC GLOBAL MACRO FUND 26
BOYER ALLAN PACIFIC FUND INC-A- 9 ELLERSTON ASIA PACIFIC FUND 9
ASCEND PARTNERS FUND II LTD - A 15 CONQUEST MACRO FUND, LTD (COMP) 28
BREVAN HOWARD ASIA FUND LIMITED 25 ELLERSTON GEMS - CLASS A 13
ASPECT DIVERSIFIED FUND - CLASS 28 COREVEST PARTNERS LTD 9
BREVAN HOWARD CREDIT CATALYSTS 5 ELM RIDGE VALUE PARTNERS OFFSHO 16
AVESTA FUND LTD A/1 15 CQS ABS FEEDER FUND - CLASS -B- 5
BREVAN HOWARD EM. MKT STRATEGIE 25 EMF FIXED INCOME FUND, LTD 22
CQS ASIA FEEDER FUND LTD- CLAS 4
BREVAN HOWARD FUND, LTD - USD C 26 EMINENCE FUND LTD A 16
B CQS CONV & QUANT STRATS FEED FD 4
BREVAN HOWARD M/S FUND, LTD – C 34 ENNISMORE EUROPEAN SMALLER COMP 17
CQS DIRECTIONAL OPP. FUND. Ltd 34
BASSO INVESTORS LTD 4 BRIGADE LEVERAGED CAPITAL STRUC 6 EPISODE INC. CLASS A 26

Past performance is not a guide to future performance Alternative iv
Investment Group

EVEREST CAPITAL ASIA 9 GRAHAM GLOBAL INVESTMENT FUND I 29 HSBC INDIA ALPHA FUND 10
EVEREST CAPITAL FRONTIER MARKET 10 GRAHAM GLOBAL INVESTMENT FUND I 29 HSBC LEVERAGED GH FUND 23 L
EXANE ARCHIMEDES FUND CLASS A C 19 GREEN II FUND-S/ 01.06 COMPOSIT 26 HSBC MAA FUND USD 23
LANSDOWNE EURO EQTY FD, LTD - A 12
EXANE MICROMEGAS FUND LTD- CLAS 30 GREEN T G2 FUND 5 HSBC TRADING ADVANTEDGE FUND 24
LANSDOWNE GLOBAL FINANCIALS FUN 17
EXANE TEMPLIERS FUND 13 GREENLIGHT CAPITAL OFFSHORE, LT 18 HT ASIAN CATALYST FUND LLC 9
LANSDOWNE UK EQUITY FUND, LTD ( 15
GROWTH MANAGEMENT LTD 10 HUTCHIN HILL CAPITAL OFFSHORE F 35
LAZARD RATHMORE FUND - CLASS A- 4
F GRT TOPAZ OFFSHORE PARTNERS, LT 18
LC CAPITAL OFFSHORE FUND, LTD 7
GSA CAPITAL INTERNATIONAL FUND, 31 I
FEINGOLD OKEEFFE CAPITAL I OFFS 5 LIM ASIA MULTI-STRATEGY FUND CL 31
FINISTERRE SOVEREIGN DEBT FUND 5 III FUND LTD 22 LIM JAPAN FUND 36
H
FIREBIRD NEW RUSSIA FUND, LTD - 10 III RELATIVE VALUE CREDIT STRAT 22 LINDEN INTERNATIONAL LTD 35
FIREBIRD REPUBLICS FUND, LTD 10 HABROK LTD 12 INVESTCORP STONEWORKS GLOBAL MA 27 LION FUND, LTD (THE) 33
FIRST EAGLE GOOD HOPE INTERNATI 20 HALCYON OFF. ASSET-BACKED VALUE 8 IRONSHIELD SPECIAL SITUATIONS F 7 LONDON DIVERSIFIED FUND, LTD - 22
FORE MULTI STRATEGY FUND LTD 35 HARMONIC ALPHA PLUS MACRO FUND 26 IVORY CAPITAL FLAGSHIP STRATEGY 16
FORTRESS MACRO FUND LTD. CLASS 26 HENDERSON EUROPEAN ABS RETURN F 12 M
HENDERSON JAPAN ABS RETURN FD, 14 J
M. KINGDON OFFSHORE NV - A/1 13
G HENDERSON UK EQUITY L/S FUND LI 15
JABCAP GLOBAL BALANCED FUND LTD 35 MACQUARIE ASIAN ALPHA FUND 30
HIGHBRIDGE CAPITAL CORPORATION 35
GABELLI ASSOCIATES LIMITED - CL 33 JABCAP MULTI STRATEGY FUND LTD 35 MAN AHL DIVERSIFIED PLC 29
HIGHBRIDGE LONG/SHORT EQUITY FU 16
GAM GLOBAL RATES HEDGE FUND 26 JCAM GLOBAL FUND LIMITED CLASS 5 MARATHON OVERSEAS FUND, LTD - A 22
HIGHBRIDGE STATISTICAL OPP. LTD 31
GAM JAPAN EQUITY HEDGE FUND 14 JOHO FUND, LTD-A- 9 MARATHON VERTEX JAPAN FD, LTD C 14
HORSEMAN GLOBAL FUND USD 13
GAMUT INVESTMENTS 26 JPMORGAN PORT. STRAT. FUNDS-EUR 12 MARINER-TRICADIA CREDIT STRATEG 5
HSBC ALPHA FUND LTD - HSBC EURO 12
GAVEA FUND LTD . CLASS A S/1 25 MARSHALL WACE - MW CORE A USD 12
HSBC ASIAN ADVANTEDGE FUND 23
GEOSPHERE DIRECTIONAL FUND LTD 9 K MARSHALL WACE - MW EUREKA A1 EU 13
HSBC CREDIT MARKET OPPORTUNITIE 23
GEOSPHERE FUND, LTD 9 MARSHALL WACE - MW EUROPEAN TOP 12
HSBC DISTRESSED MARKETS FUND US 23 KALTCHUGA FUND - RUSSIA EQ. SUB 10
GLC DIVERSIFIED FUND LTD -A- 35 MARSHALL WACE - MW GLOBAL FINAN 17
HSBC EMERGING ADVANTEDGE FUND 24 KEYNES LEVERAGED QUANTITATIVE S 29
GLC GESTALT EUROPE FUND, LTD A/ 31 MARSHALL WACE - MW GLOBAL OPPOR 13
HSBC EUROPEAN ALPHA FUND -EUR 12 KINETICS FUND, INC - A/A 16
GLENROCK GLOBAL PARTNERS (BVI) 13 MARSHALL WACE - MW MARKET NEUTR 30
HSBC GH FUND USD 24 KING STREET CAPITAL, LTD 7
GRACIE CREDIT OPPORTUNITIES L.P 5 MARTIN CURRIE ARF - GLOBAL RESO 9
HSBC GIF GEM EQUITY ABSOLUTE RE 10 KING STREET EUROPE LTD CLASS A 7
GRADIENT EUROPE FUND (THE) 12 MARTIN CURRIE ARF - JAPAN FUND 14
HSBC HEDGE INVESTMENTS FUND 24 KROM RIVER COMMODITY FUND 28
GRAHAM GIF II PROPRIETARY MATRI 29 MARTIN CURRIE EUROPEAN HEDGE FU 12

Past performance is not a guide to future performance Alternative v
Investment Group

MAVERICK FUND, LTD - CLASS A/1 14 ORTUS FUND (CAYMAN) LTD 28 POLLUX BRAZILIAN EQUITIES FUND 11 SINOPIA L/S GL. BOND MK NEUT.FU 22
MBAM ACTIVE LONG SHORT 12 OWL CREEK OVERSEAS FUND, LTD 20 PROLOGUE FEEDER FUND, LTD. CLAS 22 SOFAER CAPL ASIAN HEDGE FD (Net 10
MELLON OFF GLOB OPP FUND LTD - 27 PSAM MERGER FUND LTD 33 SOMERSET SPECIAL OPPORTUNITIES 8
MELLON OFF. ALPHAACCESS FUND LT 27 P SPINNER GLOBAL TECHNOLOGY FUND, 19
MERCHANT COMMODITY FUND (THE) - 25 Q SR GLOBAL FUND - B - ASIA (Real 10
PALOMINO FUND LTD CLASS B ORIGI 5
MILLENNIUM INTL LTD 35 SR GLOBAL FUND C - INTERNATIONA 14
PARA INTERNATIONAL FUND -A- 20 QFS CURRENCY FUND, LTD CLASS B 25
MKP CREDIT OFFSHORE FUND 6 SR GLOBAL FUND F - EUROPE (€) ( 13
PARS IV OFFSHORE FUND II , CL. 22 QFS GLOBAL MACRO FUND, LTD CLAS 27
MKP OPPORTUNITY OFFSHORE, LTD 27 SR GLOBAL FUND G - EMERGING MKT 11
PAULSON ADVANTAGE LTD -A- 20 QVT OVERSEAS, LTD - B - Serie 1 35
MLIS - CCI HEALTHCARE LONG SHOR 17 SR GLOBAL FUND H - JAPAN (Real 14
PAULSON ADVANTAGE PLUS LTD 20
MLM MACRO PEAK PARTNERS OFFSH F 27 SR PHOENICIA INC CLASS -A- SERI 11
PAULSON CREDIT OPPORTUNITIES LT 7 R
MONARCH DEBT RECOVERY FUND LTD 7 STANDARD PACIFIC CAPITAL -B- 14
PAULSON ENHANCED LTD 33
MONEDA ABSOLUTE RETURN LTD 20 RAB GL. MINING & RESOURCES FUND 14 STONE LION FUND LTD CLASS A 7
PAULSON INTERNATIONAL, LTD 33
MOORE EMERGING EQUITY L/S FUND 11 RAB SPECIAL SITUATION FD LTD 18 STRATEGIC VALUE RESTRUCTURING F 7
PAULSON RECOVERY FUND LTD 20
MOORE EMERGING FX . INC & CRY F 26 REAL RETURN ASIAN FUND LTD (THE 10 STRATUS FUND LIMITED CLASS B 35
PELHAM LONG/SHORT FUND LTD CLAS 12
MOORE GLOBAL INV FD, LTD - A $ 27 RENAISSANCE INSTITUTIONAL EQUIT 16 SWORDFISH FUND LTD 27
PENSATO EUROPA FUND LTD EURO CL 13
MOORE MACRO MANAGERS FUND, LTD 27 RENAISSANCE INSTITUTIONAL FUTUR 29
PERCEPTIVE LIFE SCIENCES OFFSH 18
REVELATION SPECIAL SITUATIONS F 20 T
PERRY PARTNERS INTERNATIONAL IN 20
N RUBICON GLOBAL FUND, LTD 27
PERSHING SQUARE INTL.LTD 20 TALENTUM ACTIVEDGE FUND LIMITED 30
NEVSKY FUND PLC (COMPOSITE) 14 PHARO MACRO FUND LTD 27 TALENTUM ENHANCED FUND LIMITED 30
S
NEZU CYCLICALS FUND LTD 9 PHARO TRADING FUND 26 TANTALLON FUND (THE) 10
NORDIC ALPHA CLASS B - NOK 12 PIA MACRO FUND LTD 27 SAB OVERSEAS FUND LTD 16 TEMUJIN INTERNATIONAL FUND LTD 30
PICTET-EASTERN EUROPE-P CAP 11 SABA CAPITAL OFFSHORE FUND LTD 5 TEWKSBURY INVESTMENT FUND, LTD 29
O PINPOINT CHINA FUND CLASS A USD 10 SELIGMAN TECH SPECTRUM FUND CLA 19 THEOREMA EUROPE FUND LTD A/1 EU 13
PLATINUM FUND LTD 14 SEMINOLE OFFSHORE FUND 16 THEOREMA EUROPE FUND PLUS LTD B 13
OCCAM GLOBAL EMERGING MARKETS F 11
PLATINUM PARTNERS VALUE ARBITRA 35 SENVEST PARTNERS, LTD - CLASS A 18 THIRD POINT OFFSHORE 20
OCCO EASTERN EUROPEAN FUND 11
PMA CREDIT OPPORTUNITIES 04/04 6 SHEPHERD INVEST LTD CLASS -A -C 35 THIRD POINT ULTRA 20
OCEANIC HEDGE FUND - CLASS A 9
POLAR CAPITAL EUROP CONVICTION 13 SIERRA EUROPE OFFSHORE, LTD - U 13 TOSCA CLASS A - USD 17
OCTAGON PAN ASIA FUND 10
POLAR CAPITAL EUROPEAN FORAGER 17 SILVER POINT CAPITAL OFFSHORE L 7 TRADELINK INTEGRATED PROGRAM LT 29
ODEY EUROPEAN, INC (EUR) 12
POLAR CAPITAL UK ABSOLUTE RETUR 15 SINOPIA L/S GL. BOND MK NEUT.FU 22 TRAXIS FUND LP (OFFSHORE) 27
OMEGA OVERSEAS PARTNERS, LTD C 16

Past performance is not a guide to future performance Alternative vi
Investment Group

TRAXIS SIVIK GLOBAL HEALTHCARE 18
TUDOR B.V.I GLOBAL FUND LTD -A- 27
TUDOR TENSOR FUND LIMITED CLASS 29
TULIP TREND FUND, LTD - A 29
TWO SIGMA COMPASS CAYMAN FUND 29
TWO SIGMA HORIZON CAYMAN LTD 35
TYRUS CAPITAL EVENT FUND LTD 20

V
VIKING GLOBAL EQUITIES III LTD- 14
VISIUM BALANCE OFFSHORE FUND CL 18
VISIUM CREDIT OPPORTUNITIES FUN 5
VISIUM INSTITUTIONAL PARTNERS F 17
VR GLOBAL OFFSHORE FUND LTD 36

W
WATERSTONE MKT NEUT OS FUND, LT 4
WF ASIA FUND LTD S/1 10
WINTON EVOLUTION FUND (THE) 36
WINTON FUTURES FUND - CLASS B 29

Y
YORK INVESTMENT LTD -CLASS A/1 21

Z
ZADIG FUND CLASS A1 13
ZAXIS OFFSHORE LTD - CLASS A/1 18
ZWEIG-DIMENNA INTL LIMITED - CL 16

Past performance is not a guide to future performance Alternative vii
Investment Group

TOP BOTTOM
Investment Funds Return Date Investment Funds Return Date
RENAISSANCE INSTITUTIONAL EQUITIES LP (B) 34.66 23 Dec 11 PAULSON ADVANTAGE PLUS LTD -47.77 30 Nov 11
MARSHALL WACE - MW GLOBAL OPPORTUNITIES A USD 26.57 27 Dec 11 HENDERSON EUROPEAN ABS RETURN FD, LTD USD -42.80 16 Dec 11
BLACKROCK 32 CAPITAL MASTER FUND SPC, LTD (THE) 24.41 23 Dec 11 SENVEST PARTNERS, LTD - CLASS A -36.98 30 Nov 11
- A/1
MLM MACRO PEAK PARTNERS OFFSH FD, LTD - B -35.31 23 Dec 11
DISCUS FEEDER LTD CL. B USD STANDARD LEVERAGE 21.50 23 Dec 11
PAULSON ADVANTAGE LTD -A- -31.77 30 Nov 11
BLACKROCK FIXED INCOME GLOBAL ALPHA FUND 19.93 28 Dec 11
CIPHER DIVERSIFIED FUND-A- -31.20 23 Dec 11
PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND 19.17 30 Nov 11
HENDERSON UK EQUITY L/S FUND LIMITED -31.02 16 Dec 11
LTD
MERCHANT COMMODITY FUND (THE) - COMPOSITE -30.86 23 Dec 11
STRATUS FUND LIMITED CLASS B 15.75 23 Dec 11
PAULSON RECOVERY FUND LTD -27.71 30 Nov 11
GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS A 15.06 23 Dec 11
JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NI -26.88 20 Dec 11
BREVAN HOWARD FUND, LTD - USD CLASS A 12.31 09 Dec 11
RAB GL. MINING & RESOURCES FUND LTD -B- -26.35 15 Dec 11
MKP OPPORTUNITY OFFSHORE, LTD 11.10 23 Dec 11
BLUE SKY JAPAN LTD - CLASS A -24.62 30 Nov 11
AMAZON MARKET NEUTRAL FUND CLASS A USD 10.97 23 Dec 11
SR GLOBAL FUND C - INTERNATIONAL (Real Perf) -24.27 20 Dec 11
CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP 10.85 28 Dec 11
JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI -24.18 15 Dec 11
ENNISMORE EUROPEAN SMALLER COMPANIES 10.21 15 Dec 11
CHILTON CHINA OPPORTUNITIES FUND LTD -23.23 16 Dec 11
JPMORGAN PORT. STRAT. FUNDS-EUROPE DYNAMIC 10.20 23 Dec 11
L/S FUND- EUR OCCAM GLOBAL EMERGING MARKETS FUND CLASS A -22.95 23 Dec 11
III RELATIVE VALUE CREDIT STRATEGIES FUND LTD 10.14 23 Dec 11 TULIP TREND FUND, LTD - A -22.71 23 Dec 11
FINISTERRE SOVEREIGN DEBT FUND 9.92 30 Nov 11 ODEY EUROPEAN, INC (EUR) -22.67 14 Dec 11
CAZENOVE UK EQUITY ABSOLUTE RETURN FUND 9.92 30 Nov 11 SR GLOBAL FUND - B - ASIA (Real Perf) -22.10 20 Dec 11
III FUND LTD 9.61 23 Dec 11 TRADELINK INTEGRATED PROGRAM LTD -21.51 23 Dec 11
MARSHALL WACE - MW EUREKA A1 EUR 9.59 27 Dec 11 Source - HSBC Private Bank
EAGLE GLOBAL FUND 9.28 23 Dec 11

Source - HSBC Private Bank

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

Past performance is not a guide to future performance Alternative 1
Investment Group

TOP BOTTOM
VR GLOBAL OFFSHORE FUND LTD 58.35 31 Dec 10 GLC GESTALT EUROPE FUND, LTD A/1 -13.42 31 Dec 10
HENDERSON EUROPEAN ABS RETURN FD, LTD USD 41.65 31 Dec 10 CAZENOVE EURO EQ ABS RETURN FUND LIMITED -12.05 31 Dec 10
CLASS B
SENVEST PARTNERS, LTD - CLASS A 39.59 31 Dec 10
SR GLOBAL FUND C - INTERNATIONAL (Real Perf) -11.82 31 Dec 10
TULIP TREND FUND, LTD - A 38.39 31 Dec 10
GLC DIVERSIFIED FUND LTD -A- -11.56 31 Dec 10
THIRD POINT ULTRA 37.91 31 Dec 10
SOFAER CAPL ASIAN HEDGE FD (Net Index) -10.14 31 Dec 10
HENDERSON UK EQUITY L/S FUND LIMITED 35.91 31 Dec 10
INVESTCORP STONEWORKS GLOBAL MACRO FUND LTD -9.08 31 Dec 10
THIRD POINT OFFSHORE 33.75 31 Dec 10
CAZENOVE UK EQUITY ABSOLUTE RETURN FUND -8.62 31 Dec 10
MOORE EMERGING EQUITY L/S FUND LTD -A- 32.18 31 Dec 10
PMA CREDIT OPPORTUNITIES 04/04 -8.53 31 Dec 10
VISIUM CREDIT OPPORTUNITIES FUND 31.67 31 Dec 10
CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP -7.62 31 Dec 10
CQS DIRECTIONAL OPP. FUND. Ltd – 1A NI 31.45 31 Dec 10
RAB SPECIAL SITUATION FD LTD -7.59 31 Dec 10
KINETICS FUND, INC - A/A 30.80 31 Dec 10
DISCUS FEEDER LTD CL. B USD STANDARD LEVERAGE -6.67 31 Dec 10
EVEREST CAPITAL FRONTIER MARKETS 30.64 31 Dec 10
BOYER ALLAN GREATER CHINA FUND -6.31 31 Dec 10
JPMORGAN PORT. STRAT. FUNDS-EUROPE DYNAMIC 28.88 31 Dec 10
L/S FUND- EUR OCCAM GLOBAL EMERGING MARKETS FUND CLASS A -5.93 31 Dec 10
QFS CURRENCY FUND, LTD CLASS B SHARES (INDEX) 28.78 31 Dec 10 SR GLOBAL FUND H - JAPAN (Real Perf) -4.22 31 Dec 10
BLACKROCK OBSIDIAN FUND 28.71 31 Dec 10 TANTALLON FUND (THE) -3.54 31 Dec 10
ANTARES EUROPEAN FUNDS, LTD - USD 28.25 31 Dec 10 SIERRA EUROPE OFFSHORE, LTD - USD/A -3.08 31 Dec 10
ORTUS FUND (CAYMAN) LTD 27.89 31 Dec 10 OCTAGON PAN ASIA FUND -2.68 31 Dec 10
PALOMINO FUND LTD CLASS B ORIGINAL SERIES 27.86 31 Dec 10 POLLUX BRAZILIAN EQUITIES FUND -2.62 31 Dec 10
ELEMENT CAPITAL FUND 27.60 31 Dec 10 HIGHBRIDGE STATISTICAL OPP. LTD – CLASS A -2.39 31 Dec 10
MERCHANT COMMODITY FUND (THE) - COMPOSITE 27.40 31 Dec 10 SR PHOENICIA INC CLASS -A- SERIES 1 -1.87 31 Dec 10

Source - HSBC Private Bank Source - HSBC Private Bank


Investment Group

TOP BOTTOM
SENVEST PARTNERS, LTD - CLASS A 229.09 31 Dec 09 HORSEMAN GLOBAL FUND USD -24.73 31 Dec 09
PALOMINO FUND LTD CLASS B ORIGINAL SERIES 129.54 31 Dec 09 TULIP TREND FUND, LTD - A -24.68 31 Dec 09
HENDERSON EUROPEAN ABS RETURN FD, LTD USD 110.93 31 Dec 09 BENNELONG ASIA PACIFIC MULTI STRATEGY EQ. FUND -20.16 31 Dec 09
LTD
JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI 85.11 31 Dec 09
SR GLOBAL FUND H - JAPAN (Real Perf) -18.52 31 Dec 09
VR GLOBAL OFFSHORE FUND LTD 82.53 31 Dec 09
MAN AHL DIVERSIFIED PLC -16.89 31 Dec 09
PHARO TRADING FUND 81.79 31 Dec 09
CONQUEST MACRO FUND, LTD (COMP) -14.12 31 Dec 09
GREEN II FUND-S/ 01.06 COMPOSITE 79.57 31 Dec 09
CAPITAL FUND, LTD (THE) -13.02 31 Dec 09
ELEMENT CAPITAL FUND 78.82 31 Dec 09
ASPECT DIVERSIFIED FUND - CLASS A -11.24 31 Dec 09
RAB GL. MINING & RESOURCES FUND LTD -B- 76.76 31 Dec 09
GROWTH MANAGEMENT LTD -8.34 31 Dec 09
CANYON BALANCED FUND LTD - CLASS A 75.67 31 Dec 09
KROM RIVER COMMODITY FUND -8.08 31 Dec 09
EVEREST CAPITAL ASIA 72.88 31 Dec 09
BLACKROCK 32 CAPITAL MASTER FUND SPC, LTD (THE) -7.66 31 Dec 09
LINDEN INTERNATIONAL LTD 72.86 31 Dec 09 - A/1
HABROK LTD 67.07 31 Dec 09 HSBC TRADING ADVANTEDGE FUND -7.51 31 Dec 09
DISCOVERY GLOBAL OPPORTUNITY FUND, LTD 64.98 31 Dec 09 RENAISSANCE INSTITUTIONAL EQUITIES LP (B) -6.17 31 Dec 09
LAZARD RATHMORE FUND - CLASS A-2 64.10 31 Dec 09 BORONIA DIVERSIFIED FUND MASTER -6.13 31 Dec 09
STONE LION FUND LTD CLASS A 63.71 31 Dec 09 WINTON EVOLUTION FUND (THE) -5.36 31 Dec 09
PARS IV OFFSHORE FUND II , CL. A/1 63.30 31 Dec 09 WINTON FUTURES FUND - CLASS B -4.63 31 Dec 09
PINPOINT CHINA FUND CLASS A USD 62.34 31 Dec 09 MARATHON VERTEX JAPAN FD, LTD CLASS B -4.12 31 Dec 09
HENDERSON UK EQUITY L/S FUND LIMITED 61.47 31 Dec 09 ELLERSTON GEMS - CLASS A -3.53 31 Dec 09
BAY RESOURCES PARTNERS OFFSHORE FUND 59.98 31 Dec 09 ZWEIG-DIMENNA INTL LIMITED - CLASS A -3.35 31 Dec 09
Source - HSBC Private Bank MLM MACRO PEAK PARTNERS OFFSH FD, LTD - B -2.95 31 Dec 09

Source - HSBC Private Bank


Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*
Date or Index since Inception Volatility

Convertible
YTD Avg. 2011 (0.10%)
Ytd Avg. 2011
Convertible / Asia (4.72%)
CQS ASIA FEEDER FUND LTD- CLASS -B- 30 Apr 07 Q $180 M 1,175.66 22 Dec 11 0.06% (4.72%) 1,174.92 3.54% 9.13% (24.55%)
Michael Hintze, Jean-Christophe Blanc Aug 11 30 Nov 11 Oct 07 - Oct 08
Ytd Avg. 2011
Convertible / Global 0.78%
BASSO INVESTORS LTD 30 Sep 95 Q $373 M 5,794.37 23 Dec 11 0.28% 2.55% 5,778.19 11.42% 6.27% (25.00%)
Howard Fischer Dec 10 30 Nov 11 Dec 07 - Oct 08

CENTAUR COMMERCIAL MATERIALS FUND LTD 28 Feb 98 M $140 M 257.35 30 Nov 11 (0.33%) 4.86% 258.20 7.11% 5.58% (24.49%)
Carrigaholt Holdings Ltd Dec 11 31 Oct 11 May 07 - Nov 08

CQS CONV & QUANT STRATS FEED FD, LTD CLASS 29 Feb 00 M $643 M 2,686.15 22 Dec 11 (0.06%) (1.75%) 2,687.71 8.72% 8.73% (34.03%)
-A-N/R Nov 11 30 Nov 11 Oct 07 - Dec 08
Michael Hintze/ Oliver Dobbs
LAZARD RATHMORE FUND - CLASS A-2 31 May 07 Q/M $ 1'074 M 182.36 23 Dec 11 0.84% (2.52%) 180.84 14.06% 10.06% (16.23%)
Sean Reynolds, Christopher Sferruzzo Nov 11 30 Nov 11 Aug 08 - Nov 08
Ytd Avg. 2011
Convertible / USA 1.00%
WATERSTONE MKT NEUT OS FUND, LTD 31 Jul 03 Q $1'810 M 220.23 23 Dec 11 1.86% 1.00% 216.20 9.85% 10.96% (17.56%)
Shawn Bergerson Nov 11 30 Nov 11 Aug 08 - Oct 08

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

Investment Group


Credit
YTD Avg. 2011 (0.14%)
Ytd Avg. 2011
Credit / Emerging 9.92%
FINISTERRE SOVEREIGN DEBT FUND 31 Mar 03 Q $531 M 239.69 30 Nov 11 0.78% 9.92% 237.83 10.60% 7.51% (21.00%)
Paul Crean and Xavier Corin-Mick Nov 11 31 Oct 11 Jun 08 - Oct 08
Ytd Avg. 2011
Credit / Global (0.79%)
BLUECREST MULTI STRATEGY CREDIT FUND 30 Nov 07 Q $1'204 M 139.40 16 Dec 11 1.52% (0.48%) 137.31 6.41% 6.41% (6.61%)
Bluecrest Capital Management LLP Mar 11 30 Nov 11 Apr 11 - Nov 11

BLUEMOUNTAIN CREDIT ALTERNATIVES FUND 31 Oct 03 Q $3'379 M 208.29 23 Dec 11 0.38% 3.85% 207.50 9.42% 6.85% (11.82%)
Andrew T. Feldstein Aug 11 30 Nov 11 Aug 08 - Dec 08

BREVAN HOWARD CREDIT CATALYSTS FUND LTD 31 Jul 09 M $ 1'928 M 133.93 09 Dec 11 (0.52%) 1.17% 134.63 13.18% 5.59% (5.09%)
CLASS A USD Sep 11 30 Nov 11 May 11 - Dec 11
DW Investment Management ,LP
CQS ABS FEEDER FUND - CLASS -B- 30 Sep 06 Q $1'901 M 3,991.70 30 Nov 11 0.43% 2.06% 3,974.45 30.70% 13.52% (3.86%)
Alistair Lumsden, Nov 11 31 Oct 11 Apr 07 - Jun 07

FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTD 31 Jul 02 Q $120 M 214.07 16 Dec 11 (0.30%) (10.24%) 214.71 8.45% 8.54% (29.78%)
Andrea S. Feingold & R. Ian O’Keeffe Dec 10 30 Nov 11 Jun 07 - Dec 08

GRACIE CREDIT OPPORTUNITIES L.P. 30 Jun 04 Q $2'053 M 212.89 31 Oct 11 (1.05%) 0.49% 215.15 10.84% 5.23% (4.17%)
James Palmisciano Mar 11 30 Sep 11 Mar 08 - Sep 08

GREEN T G2 FUND 28 Feb 99 Q $1'552 M 247.92 23 Dec 11 (0.21%) 0.93% 248.44 7.34% 3.75% (4.26%)
Darryl Green, Geoffrey Sherry Dec 10 30 Nov 11 Dec 03 - Jul 04

JCAM GLOBAL FUND LIMITED CLASS A 31 Dec 03 M $2'000 M 1,823.25 16 Dec 11 (1.36%) (9.89%) 1,848.31 7.83% 7.29% (14.85%)
Tim Leslie Nov 11 30 Nov 11 Feb 08 - Dec 08

MARINER-TRICADIA CREDIT STRATEGIES, LTD 31 Mar 05 Q $ 1'573 M 276.14 15 Dec 11 (0.20%) (1.10%) 276.69 16.34% 8.45% (10.77%)
Arif Inayatullah & Michael Barnes Oct 11 30 Nov 11 Jun 08 - Nov 08

PALOMINO FUND LTD CLASS B ORIGINAL SERIES 31 Dec 94 Y $4'912 M 4,976.35 30 Nov 11 (3.48%) (5.09%) 5,155.77 25.97% 21.06% (49.05%)
David Tepper Nov 11 31 Oct 11 Feb 98 - Sep 98

SABA CAPITAL OFFSHORE FUND LTD 31 Jul 09 Q $3'273 M 130.38 23 Dec 11 0.27% 8.95% 130.02 11.70% 2.52% (0.25%)
Saba Capital mgmt Dec 11 30 Nov 11 Apr 11 - May 11

VISIUM CREDIT OPPORTUNITIES FUND 30 Apr 09 Q $ 280 M 157.75 23 Dec 11 0.07% (0.09%) 157.64 18.77% 6.33% (5.95%)
Visium Asset Management Nov 11 30 Nov 11 Jun 11 - Oct 11


Investment Group


Credit
YTD Avg. 2011 (0.14%)
Ytd Avg. 2011
Credit / USA (1.30%)
BRIGADE LEVERAGED CAPITAL STRUCTURES FUND 31 Dec 06 Q $4'910 M 1,407.62 23 Dec 11 (0.34%) 2.73% 1,412.43 7.10% 7.64% (19.42%)
Don Morgan Dec 11 30 Nov 11 Jun 08 - Dec 08

MKP CREDIT OFFSHORE FUND 28 Feb 99 Y/ Q $2'738 M 390.41 23 Dec 11 (0.16%) (5.33%) 391.04 11.20% 5.47% (8.94%)
Patrick McMahon and Anthony Lembke Sep 11 30 Nov 11 Feb 11 - Oct 11

Multi-Strategy
YTD Avg. 2011 (3.31%)
Ytd Avg. 2011
Multi-Strategy / Asia (3.31%)
PMA CREDIT OPPORTUNITIES 04/04 31 Mar 04 Y/Q $435 M 1,236.19 16 Dec 11 0.29% (3.31%) 1,232.57 2.79% 5.52% (21.74%)
Darryl Flint Aug 08 30 Nov 11 Aug 08 - Nov 11


Investment Group


Distressed Security
YTD Avg. 2011 (2.67%)
Ytd Avg. 2011
Distressed Security / Europe (5.73%)
IRONSHIELD SPECIAL SITUATIONS FUND 31 Jul 07 Q $ 130 M 140.68 30 Nov 11 (3.30%) (5.88%) 145.48 8.19% 12.51% (16.83%)
Ironshield Capital Management LLP Nov 11 31 Oct 11 Oct 07 - Apr 09

KING STREET EUROPE LTD CLASS A 30 Jun 07 Q $ 559 M 135.96 23 Dec 11 (0.08%) (5.59%) 136.07 7.09% 7.61% (8.97%)
O. Francis Biondi, Jr., Brian J. Higgins Sep 11 30 Nov 11 May 11 - Dec 11
Ytd Avg. 2011
Distressed Security / Global (2.87%)
CANYON BALANCED FUND LTD - CLASS A 31 May 04 Q $1'500 M 2,319.26 30 Nov 11 0.10% (5.08%) 2,316.94 11.86% 11.50% (30.14%)
M.R. Julis & J.S. Friedman May 11 31 Oct 11 Oct 07 - Nov 08

CANYON VALUE REALIZATION FD, LTD - CLASS A 31 Dec 94 Q $5'407 M 5,476.52 30 Nov 11 (0.45%) (4.95%) 5,501.28 10.57% 8.82% (28.82%)
M.R. Julis & J.S. Friedman Nov 11 31 Oct 11 Oct 07 - Nov 08

CERBERUS INTL. LTD 31 May 93 Q $1'878 M 674,117.42 30 Nov 11 0.00% 7.43% 674,117.42 10.86% 5.32% (22.26%)
Steve Feinberg Sep 11 31 Oct 11 May 08 - Feb 09

DAVIDSON KEMPNER DIST. OPP. INT. LTD - CLASS C 31 Mar 05 Y $820 M 1,893.40 30 Nov 11 (0.71%) (3.19%) 1,906.94 10.04% 11.31% (25.73%)
TRN 1 - Dec 10 31 Oct 11 Oct 07 - Nov 08
Anthony A. Yoseloff, Avi Z. Friedman and Conor Bastable
KING STREET CAPITAL, LTD 31 Dec 96 Q $12'200 M 477.03 23 Dec 11 0.26% (1.84%) 475.79 10.99% 4.22% (5.35%)
O. Francis Biondi Jr & Brian J. Higgins Jul 11 30 Nov 11 May 11 - Nov 11

LC CAPITAL OFFSHORE FUND, LTD 30 Sep 99 Y/Q $204 M 340.25 30 Nov 11 (0.62%) 0.49% 342.38 10.58% 9.10% (34.48%)
Steven G Lampe & Richard F Conway Oct 11 31 Oct 11 Jun 07 - Feb 09

MONARCH DEBT RECOVERY FUND LTD 31 Mar 02 Y $ 946 M 2,928.68 30 Nov 11 (0.44%) 0.40% 2,941.62 11.75% 8.74% (33.02%)
Michael Weinstock, Andrew Herenstein Dec 10 31 Oct 11 Oct 07 - Dec 08

PAULSON CREDIT OPPORTUNITIES LTD 30 Jun 06 Y $4'987 M 1,276.49 30 Nov 11 (3.55%) (18.02%) 1,323.48 59.95% 48.54% (24.80%)
John Paulson Nov 11 31 Oct 11 Apr 11 - Sep 11

SILVER POINT CAPITAL OFFSHORE LTD 31 Dec 01 Q $4'438 M 3,156.34 15 Dec 11 0.95% 4.54% 3,126.63 12.23% 9.07% (35.48%)
Silver Point Capital Offshore Ltd Sep 10 30 Nov 11 Jun 07 - Dec 08

STONE LION FUND LTD CLASS A 31 Oct 08 Q $ 743 M 1,747.08 20 Dec 11 1.22% (0.66%) 1,726.02 19.46% 10.68% (8.74%)
Greg Hanley and Alan Mintz Aug 11 30 Nov 11 Apr 11 - Sep 11

STRATEGIC VALUE RESTRUCTURING FUND 31 Aug 02 Q/Y $1'622 M 256.78 16 Dec 11 (1.54%) (10.64%) 260.79 10.67% 8.25% (24.47%)
Victor Khosla Mar 11 30 Nov 11 May 07 - Jan 09


Investment Group


Distressed Security
YTD Avg. 2011 (2.67%)
Ytd Avg. 2011
Distressed Security / USA (0.60%)
BEACH POINT TOTAL RETURN OFFSHORE FUND II, 30 Jun 96 Q $ 496 M 486.38 15 Dec 11 (0.39%) (1.80%) 488.28 10.77% 8.64% (24.04%)
LTD Jan 10 30 Nov 11 Oct 07 - Dec 08
Carl Goldsmith, Scott Klein,
BTG PACTUAL DISTRESSED MORTGAGE FUND 28 Feb 10 Q $ 168 M 112.52 30 Nov 11 (0.16%) (4.29%) 112.70 6.95% 8.90% (12.88%)
BTG Pactual Global Asset Management Nov 11 31 Oct 11 Apr 11 - Nov 11

HALCYON OFF. ASSET-BACKED VALUE FUND LTD 30 Nov 05 Q $1'683 M 2,211.56 15 Dec 11 0.05% 4.44% 2,210.46 14.03% 6.08% (13.32%)
Joseph Wolnick ,Joseph Godley and Jim Coppola Nov 11 30 Nov 11 Aug 08 - Mar 09

SOMERSET SPECIAL OPPORTUNITIES FUND LP 31 Jul 07 Q $ 200 M 151.86 31 Oct 11 6.23% (0.75%) 142.95 10.32% 13.22% (25.61%)
Robert Feingold Aug 11 30 Sep 11 Aug 08 - Mar 09


Investment Group


Equity-Commodity
YTD Avg. 2011 (4.29%)
Ytd Avg. 2011
Equity-Commodity / Global (4.29%)
GEOSPHERE DIRECTIONAL FUND LTD 31 Dec 09 Q $ 191M 100.94 23 Dec 11 (3.70%) (7.75%) 104.82 0.47% 11.17% (11.80%)
Arvind Sanger and Prashant Kothari Nov 11 30 Nov 11 Jul 11 - Sep 11

GEOSPHERE FUND, LTD 30 Jun 07 Q $ 305 M 121.43 23 Dec 11 (2.16%) (1.72%) 124.11 4.42% 7.92% (15.83%)
Arvind Sanger and Prashant Kothari Nov 11 30 Nov 11 Jun 08 - Oct 08

MARTIN CURRIE ARF - GLOBAL RESOURCES 30 Sep 03 M $146 M 17.10 19 Dec 11 (3.61%) (12.26%) 17.74 6.74% 10.27% (20.24%)
Chris Butler / Duncan Goodwin Nov 11 30 Nov 11 Jun 08 - Dec 11

OCEANIC HEDGE FUND - CLASS A 31 Jul 02 M $1'453 M 3,122.78 23 Dec 11 (2.04%) 4.57% 3,187.81 12.87% 8.33% (8.26%)
Cato Brahde, Andreas Vergottis, Bjorn Rise Sep 11 30 Nov 11 Jan 10 - Jun 10

Equity-Diversified
YTD Avg. 2011 (7.20%)
Ytd Avg. 2011
Equity-Diversified / Asia (9.89%)
BOYER ALLAN GREATER CHINA FUND 31 Oct 06 M $ 15 M 186.53 16 Dec 11 (0.85%) (8.56%) 188.12 12.93% 18.22% (24.83%)
Boyer Allan Investment Management LLP Oct 11 30 Nov 11 Oct 07 - Oct 08

BOYER ALLAN PACIFIC FUND INC-A- 16 Nov 98 M $ 235 M 633.91 16 Dec 11 (0.39%) (18.97%) 636.38 15.15% 21.71% (44.65%)
J. Boyer & N. Allan Nov 11 30 Nov 11 Oct 07 - Nov 08

CHILTON CHINA OPPORTUNITIES FUND LTD 31 Dec 06 Q $ 400 M 165.74 16 Dec 11 (0.86%) (23.23%) 167.18 10.72% 18.90% (25.66%)
Chilton Investments Co., Inc. Nov 11 30 Nov 11 Oct 10 - Dec 11

COREVEST PARTNERS LTD 31 Dec 98 Y/Q $48 M 7,226.74 30 Nov 11 4.28% (15.71%) 6,929.94 16.54% 25.19% (28.80%)
Kyung Hwa Paik Nov 11 31 Oct 11 Apr 08 - Oct 11

ELLERSTON ASIA PACIFIC FUND 31 Aug 07 Q $1'664 M 100.98 15 Dec 11 (0.38%) (8.07%) 101.37 0.23% 9.01% (17.60%)
Ashok Jacob Aug 11 30 Nov 11 Oct 07 - Feb 09

EVEREST CAPITAL ASIA 31 Dec 05 Q $ 215 M 198.78 30 Nov 11 (8.20%) (9.27%) 216.54 12.31% 20.87% (43.59%)
Everest Capital Limited Sep 11 31 Oct 11 Oct 07 - Feb 09

HT ASIAN CATALYST FUND LLC 31 Dec 98 M $467 M 17.30 30 Nov 11 (1.86%) (10.55%) 17.63 11.05% 12.15% (23.93%)
Ms. Ophelia Tong Aug 11 31 Oct 11 Mar 00 - Mar 01

JOHO FUND, LTD-A- 31 Oct 96 S $2'075 M 1,318.51 23 Dec 11 0.04% 0.10% 1,317.98 20.31% 16.62% (19.38%)
Robert Karr Nov 11 30 Nov 11 Nov 07 - Nov 08

NEZU CYCLICALS FUND LTD 31 Jul 05 Q $367 M 194.32 23 Dec 11 (2.34%) (5.60%) 198.98 10.94% 13.53% (25.06%)
Fuyuki Fujiwara Dec 11 30 Nov 11 Oct 07 - Feb 09


Investment Group


Equity-Diversified
YTD Avg. 2011 (7.20%)
Ytd Avg. 2011
Equity-Diversified / Asia (9.89%)
OCTAGON PAN ASIA FUND 30 Sep 04 M $136 M 188.86 30 Nov 11 0.15% (4.98%) 188.58 9.27% 9.51% (10.69%)
Poh Min Lam & Nelson Chia Oct 11 31 Oct 11 Oct 07 - Jan 09

PINPOINT CHINA FUND CLASS A USD 31 May 05 M $584 M 633.14 16 Dec 11 (0.69%) 1.34% 637.54 32.55% 23.07% (42.16%)
Qiang Wang Aug 11 30 Nov 11 Oct 07 - Nov 08

REAL RETURN ASIAN FUND LTD (THE) 30 Sep 04 M $882 M 229.34 16 Dec 11 (1.31%) (9.12%) 232.38 12.19% 10.66% (14.81%)
Ezra Sun Sep 11 30 Nov 11 Oct 07 - Oct 08

SOFAER CAPL ASIAN HEDGE FD (Net Index) 31 Mar 89 M $120 M 1,101.37 30 Nov 11 (0.16%) (6.00%) 1,103.13 11.16% 15.94% (35.36%)
Terence Khoo / Terence Lim Jun 07 31 Oct 11 Mar 00 - Mar 03

SR GLOBAL FUND - B - ASIA (Real Perf) 31 Dec 93 M $1'400 M 614.26 20 Dec 11 (2.30%) (22.10%) 628.72 14.80% 19.05% (36.50%)
Richard Chenevix-Trench Mar 11 30 Nov 11 Feb 98 - Nov 98

TANTALLON FUND (THE) 31 Oct 03 M $61 M 17.15 26 Dec 11 (2.44%) (10.12%) 17.58 6.83% 13.94% (36.61%)
Nicholas Harbinson / Alex Hill Sep 11 30 Nov 11 Oct 07 - Jan 09

WF ASIA FUND LTD S/1 31 Jan 01 M $215 M 280.77 23 Dec 11 (1.17%) (7.43%) 284.10 9.94% 14.00% (37.65%)
Scobie Ward Oct 11 30 Nov 11 Oct 07 - Nov 08
Ytd Avg. 2011
Equity-Diversified / Emerging (13.50%)
ADELPHI EMERGING EUROPE. FUND USD SHARES 31 Mar 07 Q $221 M 133.96 16 Dec 11 (2.72%) (16.18%) 137.70 6.40% 14.46% (28.62%)
Lars Dollmann Jan 11 30 Nov 11 May 08 - Jan 09

EVEREST CAPITAL FRONTIER MARKETS 31 Jul 08 Q $ 145 M 113.53 30 Nov 11 (3.70%) (16.89%) 117.90 3.88% 16.01% (25.56%)
Everest Capital Limited Nov 11 31 Oct 11 Jul 08 - Feb 09

FIREBIRD NEW RUSSIA FUND, LTD - CLASS A 30 Jun 96 Q $189 M 2,160.87 22 Dec 11 (3.94%) (13.20%) 2,249.50 21.95% 41.40% (81.79%)
Harvey Sawikin & Ian Hague Oct 11 30 Nov 11 Mar 98 - Sep 98

FIREBIRD REPUBLICS FUND, LTD 30 Apr 97 Q $175 M 809.11 16 Dec 11 (5.50%) (20.45%) 856.20 15.35% 31.99% (73.20%)
Harvey Sawikin & Ian Hague Oct 11 30 Nov 11 Sep 97 - Jan 99

GROWTH MANAGEMENT LTD 31 May 98 M $203 M 377.23 30 Nov 11 1.02% (4.04%) 373.43 10.33% 7.10% (27.48%)
Stephan Pinter jul 11 31 Oct 11 Jun 08 - Sep 11

HSBC GIF GEM EQUITY ABSOLUTE RETURN INSTIT. 31 Mar 10 D $30 M 9.97 28 Dec 11 (2.52%) (3.96%) 10.23 (0.15%) 8.76% (9.31%)
SHS Apr 11 30 Nov 11 Mar 11 - Sep 11
Nick Timberlake & Omar Negyal
HSBC INDIA ALPHA FUND 31 Mar 07 M $168 M 110.81 23 Dec 11 (2.92%) (19.29%) 114.14 2.19% 16.61% (34.72%)
Sanjiv Duggal, Nilang Mehta , Viresh Mehta May 11 30 Nov 11 Dec 07 - Nov 08

KALTCHUGA FUND - RUSSIA EQ. SUB-FUND -$- 15 Nov 00 BM $49 M 7,192.18 23 Dec 11 (8.84%) (19.34%) 7,889.53 19.43% 35.55% (81.80%)
J-L. Tauvy jun 10 30 Nov 11 Dec 07 - Jan 09


Investment Group


Equity-Diversified
YTD Avg. 2011 (7.20%)
Ytd Avg. 2011
Equity-Diversified / Emerging (13.50%)
MOORE EMERGING EQUITY L/S FUND LTD -A- 31 Mar 09 M $582 M 1,460.91 15 Dec 11 (0.10%) (6.50%) 1,462.35 15.02% 12.92% (9.72%)
Greg Coffey Mar 11 30 Nov 11 Apr 11 - Sep 11

OCCAM GLOBAL EMERGING MARKETS FUND CLASS 30 Apr 09 D $107 M 8.93 23 Dec 11 (3.04%) (22.95%) 9.21 (4.69%) 18.19% (31.07%)
A Jul 11 30 Nov 11 Oct 09 - Sep 11
Eoghan Flanagan & James Mellersh
OCCO EASTERN EUROPEAN FUND 31 Dec 01 Y/Q $441 M 330.87 16 Dec 11 1.04% 5.95% 327.46 12.76% 8.06% (20.86%)
Pawel Szulc & Andrew Wiles Nov 11 30 Nov 11 Jun 08 - Oct 08

PICTET-EASTERN EUROPE-P CAP 30 Sep 99 W $278 M 295.32 23 Dec 11 (3.19%) (27.11%) 305.06 12.64% 30.18% (75.54%)
Y. Ostrowsky Nov 11 30 Nov 11 Dec 07 - Feb 09

POLLUX BRAZILIAN EQUITIES FUND 31 Oct 07 M $ 184 M 136.16 23 Dec 11 (0.47%) (0.01%) 136.80 7.72% 9.12% (9.59%)
Pollux Capital Mar 11 30 Nov 11 May 08 - Oct 08

SR GLOBAL FUND G - EMERGING MKTS (Real Perf) 29 Feb 96 M $2'650 M 1,143.95 20 Dec 11 (3.10%) (17.28%) 1,180.55 20.73% 18.78% (37.25%)
Richard Chenevix-Trench Mar 11 30 Nov 11 Oct 07 - Feb 09

SR PHOENICIA INC CLASS -A- SERIES 1 31 Jul 01 M $450 M 369.96 20 Dec 11 (1.54%) (21.18%) 375.74 13.41% 19.49% (56.02%)
George Robinson Mar 11 30 Nov 11 Oct 07 - Feb 09
Ytd Avg. 2011
Equity-Diversified / Europe (5.67%)
ADELPHI EUR. FUND $ (A) 30 Sep 97 Q $871 M 352.77 16 Dec 11 (1.07%) (5.09%) 356.58 9.27% 12.22% (26.28%)
Roderick Jack Jan 11 30 Nov 11 May 07 - Feb 09

ALPHAGEN CAPELLA FUND-A- 31 Oct 99 M $66 M 363.26 16 Dec 11 (0.27%) (2.30%) 364.25 11.22% 7.63% (6.03%)
John Bennett, Tomás Pintó & Léopold Arminjon Sep 11 30 Nov 11 May 07 - Sep 08

ALPHAGEN TUCANA 31 Dec 04 M $53 M 187.48 16 Dec 11 (0.09%) 1.12% 187.65 9.45% 10.48% (28.68%)
John Bennett, Tomás Pintó & Léopold Arminjon Sep 11 30 Nov 11 Oct 07 - Dec 08

ANTARES EUROPEAN FUNDS, LTD - USD 08 Dec 98 M € 169 M 416.84 22 Dec 11 0.26% (11.22%) 415.77 11.56% 16.08% (32.68%)
Luca Orsini Jul 10 30 Nov 11 Jun 07 - Dec 08

CAZENOVE EURO EQ ABS RETURN FUND LIMITED 30 Nov 03 M €163 M 1,435.38 30 Nov 11 (3.88%) 0.28% 1,493.32 4.62% 5.81% (17.67%)
CLASS B May 11 31 Oct 11 Oct 08 - Aug 11
Chris Rice, Steve Cordell
EEA EUROPE LONG SHORT FUND -USD-NI 31 Jul 09 M $ 153 M 109.13 30 Nov 11 1.54% (9.41%) 107.48 4.20% 16.54% (14.97%)
John Hobson Oct 11 31 Oct 11 Sep 09 - Jun 10

EGERTON EUROPEAN DOLLAR CLASS -A- 30 Nov 94 M $1'367 M 101.88 22 Dec 11 (1.93%) (5.55%) 103.89 14.56% 10.36% (29.18%)
John C. Armitage Oct 11 30 Nov 11 Oct 07 - Jan 09


Investment Group


Equity-Diversified
YTD Avg. 2011 (7.20%)
Ytd Avg. 2011
GRADIENT EUROPE FUND (THE) 30 Nov 01 Q €89 M 94.03 30 Nov 11 (3.63%) (16.57%) 97.57 (0.61%) 29.08% (82.25%)
I. Farman & S. Pagel Dec 08 31 Oct 11 Jun 07 - Jan 09

HABROK LTD 31 Mar 04 Q $1'030 M 227.11 30 Nov 11 (1.11%) (13.08%) 229.66 11.28% 16.28% (38.24%)
Leif Christian Kvaal Nov 11 31 Oct 11 May 08 - Jan 09

HENDERSON EUROPEAN ABS RETURN FD, LTD USD 31 May 01 M $116 M 346.98 16 Dec 11 (0.67%) (42.80%) 349.33 12.51% 19.67% (47.67%)
Stephen Peak Nov 11 30 Nov 11 Feb 08 - Nov 08

HSBC ALPHA FUND LTD - HSBC EUROPEAN 30 Nov 07 M $427 M 152.91 09 Dec 11 (0.78%) 4.14% 154.11 11.12% 5.88% (5.07%)
LEVERED ALPHA FUND EUR Feb 11 30 Nov 11 Jun 08 - Sep 08
Jakob Nordestedt, Michael O’Mara
HSBC EUROPEAN ALPHA FUND -EUR 31 Dec 02 M $461 M 170.95 23 Dec 11 (0.15%) 1.05% 171.21 6.15% 2.55% (1.34%)
Jakob Nordestedt, & Michael O'Mara Jun 11 30 Nov 11 May 09 - Jul 09

JPMORGAN PORT. STRAT. FUNDS-EUROPE 30 Sep 03 M $384 M 383.95 23 Dec 11 0.84% 10.20% 380.76 17.75% 8.67% (16.39%)
DYNAMIC L/S FUND- EUR Nov 11 30 Nov 11 Jun 08 - Nov 09
Jonathan Ingram, John Baker, Anis Lahlou-Abid, J.P.
Morgan Asset Management
LANSDOWNE EURO EQTY FD, LTD - A (EUR) 31 Aug 98 M $730 M 169.54 23 Dec 11 1.51% (12.47%) 167.01 9.42% 11.96% (21.60%)
P. Ruddock & S. Heinz Nov 11 30 Nov 11 May 08 - Feb 09

MARSHALL WACE - MW CORE A USD 31 Oct 06 M $932 M 121.22 27 Dec 11 0.68% 5.44% 120.40 3.80% 10.37% (26.47%)
Ernesto Fragomeni Sep 11 30 Nov 11 Jun 07 - Sep 08

MARSHALL WACE - MW EUROPEAN TOPS A EUR 31 Dec 04 M $455 M 157.33 27 Dec 11 (0.37%) 4.16% 157.91 6.70% 8.50% (21.75%)
Anthony Clake Sep 11 30 Nov 11 Oct 07 - Feb 09

MARTIN CURRIE EUROPEAN HEDGE FUND CLASS 31 Dec 00 M $106 M 220.07 09 Dec 11 (1.48%) (9.17%) 223.38 5.99% 7.61% (11.03%)
-B- Nov 11 30 Nov 11 Jun 08 - Feb 09
Michael Browne & Steve Frost
MBAM ACTIVE LONG SHORT 31 Jul 10 M $622 M 108.37 23 Dec 11 (1.11%) (0.17%) 109.59 5.92% 4.18% (1.81%)
Hilton Nathanson Nov 11 30 Nov 11 Dec 10 - May 11

NORDIC ALPHA CLASS B - NOK 31 Aug 03 M $130 M 157.66 30 Nov 11 (1.33%) (16.00%) 159.79 5.68% 12.06% (32.36%)
Thomas Raaschou, Christian T. Nygaard Nov 11 31 Oct 11 Dec 07 - Feb 09

ODEY EUROPEAN, INC (EUR) 31 May 92 W $2'356 M 539.18 14 Dec 11 (5.34%) (22.67%) 569.60 12.81% 16.30% (50.64%)
Crispin Odey Apr 11 30 Nov 11 Jan 94 - Jul 95

PELHAM LONG/SHORT FUND LTD CLASS A EUR 31 Oct 07 M € 888 M 123.04 30 Nov 11 (2.30%) (9.00%) 125.94 5.21% 10.90% (12.25%)
Ross Turner Oct 11 31 Oct 11 May 08 - Dec 08


Investment Group


Equity-Diversified
YTD Avg. 2011 (7.20%)
Ytd Avg. 2011
PENSATO EUROPA FUND LTD EURO CLASS 31 May 08 M €172 M 116.49 30 Nov 11 (2.10%) (0.81%) 118.99 4.45% 5.88% (5.40%)
Graham Clapp & Edward Rumble Oct 11 31 Oct 11 Jun 08 - Sep 08

POLAR CAPITAL EUROP CONVICTION FUND LIMITED 31 Mar 06 M €91 M 143.99 23 Dec 11 (1.92%) 5.49% 146.81 6.56% 9.38% (5.84%)
Robert Gurner Nov 11 30 Nov 11 May 11 - Aug 11

SIERRA EUROPE OFFSHORE, LTD - USD/A 28 Feb 97 M $122 M 442.64 23 Dec 11 (0.04%) 4.29% 442.81 10.56% 9.31% (16.98%)
Charles Michaels Jul 11 30 Nov 11 Mar 00 - Jan 03

SR GLOBAL FUND F - EUROPE (€) (Real Perf) 31 Dec 95 M $60 M 214.52 20 Dec 11 (0.60%) (20.62%) 215.81 10.84% 18.68% (47.97%)
Rupert Dyson Mar 11 30 Nov 11 Jun 07 - Feb 09

THEOREMA EUROPE FUND LTD A/1 EUR 31 May 01 M $ 279 M 196.72 23 Dec 11 0.18% 0.06% 196.36 6.61% 5.56% (6.25%)
G. Govi & P. Mortarotti, Feb 11 30 Nov 11 Aug 08 - Jul 09

THEOREMA EUROPE FUND PLUS LTD B/1 USD 31 Aug 04 M $115 M 234.30 23 Dec 11 0.50% 0.03% 233.13 12.34% 12.91% (13.96%)
G. Govi & P. Mortarotti Jun 11 30 Nov 11 Aug 08 - Jul 09

ZADIG FUND CLASS A1 30 Nov 05 M €343 M 186.00 16 Dec 11 (0.61%) 1.92% 187.15 10.81% 12.37% (19.14%)
Laurent Saglio Oct 11 30 Nov 11 Aug 08 - Oct 08
Ytd Avg. 2011
Equity-Diversified / Global (5.66%)
ELLERSTON GEMS - CLASS A 30 Apr 06 Q $1'433 M 94.64 15 Dec 11 (0.68%) (13.22%) 95.29 (0.97%) 10.15% (34.38%)
Ashok Jacob Sep 11 30 Nov 11 Jul 07 - Feb 10

EXANE TEMPLIERS FUND 28 Feb 06 w € 673 M 17,165.56 27 Dec 11 (1.11%) 0.35% 17,358.45 6.95% 3.24% (2.26%)
Jean-Francois Roussel, Stéphane Arrouays, Henri-Daniel Nov 11 30 Nov 11 Apr 11 - Aug 11
Samama, Exane Asset Management
GLENROCK GLOBAL PARTNERS (BVI) INC 31 May 94 M $ 344 M 2,450.92 23 Dec 11 1.20% (7.71%) 2,421.86 5.23% 14.52% (38.76%)
Michael Katz Nov 11 30 Nov 11 Jul 96 - Jan 99

HORSEMAN GLOBAL FUND USD 31 Jan 01 M $127 M 380.54 28 Dec 11 1.02% (2.66%) 376.71 13.03% 17.15% (33.75%)
Russell Clark Nov 11 30 Nov 11 Feb 09 - Jun 10

M. KINGDON OFFSHORE NV - A/1 28 Feb 86 Q $2'022 M 110.54 23 Dec 11 1.00% (17.73%) 109.45 14.98% 13.02% (30.15%)
Mark Kingdon Nov 11 30 Nov 11 Sep 87 - Oct 87

MARSHALL WACE - MW EUREKA A1 EUR 07 Jan 98 M $1'591 M 299.98 27 Dec 11 (0.21%) 9.59% 300.60 13.49% 9.65% (23.24%)
Paul Marshall Sep 11 30 Nov 11 Oct 07 - Oct 08

MARSHALL WACE - MW GLOBAL OPPORTUNITIES A 28 Feb 09 M $474 M 183.53 27 Dec 11 (1.29%) 26.57% 185.93 23.96% 11.32% (4.70%)
USD Sep 11 30 Nov 11 Mar 10 - May 10
Fehim Sever


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