~ -------------------------------------------- -------------------------------------------- 2000 1 2009 3 1
1. 2. 3. 3.1 3.2 / 3.3 () () () () 2
URL 1 3
10 Benchmark Broad, AllHedge, Blue Chip 3 Specialty 5 1 Benchmark Broad HFRI HFRX 1 HFRI 4 5 4
HFRX HFRI HFRX 50 24 200 5
4 Convertible Arbitrage Dedicated Short Bias Emerging Markets Equity Market Neutral Event Driven Fixed Income Arbitrage Global Macro Long/Short Equity Managed Futures Multi-Strategy HFRI Fund Weighted Composite HFRI RV: Fixed Income- Convertible Arbitrage HFRI EH: Short Bias HFRI Emerging Markets (Total) HFRI EH: Equity Market Neutral HFRI Event-Driven (Total) HFRI Macro (Total) Hennessee Hedge Fund Hennessee Convertible Arbitrage Hennessee Short Biased Hennessee Emerging Markets Hennessee Market Neutral Hennessee Event Driven Hennessee Fixed Income Eurekahedge Hedge Fund Eurekahedge Emerging Markets Hedge Fund Eurekahedge Event Driven Hedge Fund Eurekahedge Fixed Income Hedge Fund Eurekahedge Macro Hedge Hennessee Global/Macro Fund Hennessee Long/Short Equity Eurekahedge Long / Short Equities Hedge Fund Eurekahedge CTA / Managed Futures Hedge Fund Eurekahedge Multi-Strategy Hedge Fund 3 3 ( 2 ) 2000 1 2009 3 (111 ) 4 (/) 3.1 16 (/ ) 6
Credit Suisse/Tremont Hedge Fund 4.62 12.06-0.66 1.64-0.18 0.45 0.63 0.68 HFRI Fund Weighted Composite 4.26 12.37-0.67 1.35-0.21 0.53 0.59 0.78 Hennessee Hedge Fund 4.16 12.50-0.65 1.56-0.19 0.51 0.58 0.77 Eurekahedge Hedge Fund 9.09 11.52-0.51 1.26-0.17 0.46 0.64 0.71 Credit Suisse/Tremont Hedge Fund Emerging Markets 6.11 15.04-1.11 2.98-0.20 0.58 0.54 0.76 HFRI Emerging Markets (Total) 7.09 16.30-1.14 2.71-0.22 0.63 0.51 0.81 Hennessee Emerging Markets 3.76 13.88-1.03 2.81-0.20 0.56 0.57 0.77 Eurekahedge Emerging Markets Hedge Fund 13.94 13.79-0.91 1.85-0.20 0.54 0.55 0.76 Credit Suisse/Tremont Hedge Fund Event Driven 6.63 11.68-0.84 1.36-0.14 0.42 0.60 0.69 HFRI Event-Driven (Total) 5.28 12.64-0.91 1.57-0.17 0.49 0.60 0.78 Hennessee Event Driven 4.49 12.79-1.19 2.60-0.15 0.48 0.59 0.74 Eurekahedge Event Driven Hedge Fund 8.21 12.77-1.08 2.45-0.17 0.49 0.61 0.77 Credit Suisse/Tremont Hedge Fund Global Macro 10.71 11.67-0.43 2.13-0.10 0.30 0.66 0.52 HFRI Macro (Total) 6.95 10.66 0.18 0.10-0.14 0.34 0.66 0.53 Hennessee Global/Macro 4.58 12.64-0.75 1.43-0.23 0.57 0.57 0.77 Eurekahedge Macro Hedge Fund 9.50 10.54 0.07 0.57-0.16 0.37 0.65 0.59 1.60 2.02-0.50 1.87 1.00-0.34 0.15-0.15-6.81 17.62-0.46 1.02-0.34 1.00 0.21 0.60 () 7.28 10.48-0.81 4.21 0.15 0.21 1.00 0.49-3.85 19.36-1.08 2.81-0.15 0.60 0.49 1.00 3 1 1 7
3.2 3.2 () 5 8
Credit Suisse/Tremont Hedge Fund HFRI Fund Weighted Composite Hennessee Hedge Fund Eurekahedge Hedge Fund Credit Suisse/Tremont Hedge Fund Emerging Markets HFRI Emerging Markets (Total) Hennessee Emerging Markets Eurekahedge Emerging Markets Hedge Fund Credit Suisse/Tremont Hedge Fund Event Driven HFRI Event-Driven (Total) Hennessee Event Driven Eurekahedge Event Driven Hedge Fund Credit Suisse/Tremont Hedge Fund Global Macro HFRI Macro (Total) Hennessee Global/Macro Eurekahedge Macro Hedge Fund t 0.63 0.16 0.18 0.07-0.52 0.48 0.75 7.22 3.53 2.15 1.56-1.66 2.67 0.61 0.26 0.06 0.09-0.42 0.54 0.81 7.69 6.33 0.77 2.23-1.48 3.37 0.65 0.26 0.03 0.09-0.31 0.54 0.80 7.89 6.16 0.33 1.99-1.06 3.23 0.66 0.16 0.12 0.08-0.31 0.85 0.79 8.65 4.08 1.71 2.02-1.16 5.47 0.36 0.36 0.19 0.16-0.43 0.69 0.70 3.00 5.74 1.66 2.49-1.01 2.83 0.34 0.44 0.14 0.21-0.44 0.87 0.75 2.83 7.10 1.22 3.39-1.04 3.59 0.49 0.31 0.14 0.13-0.42 0.49 0.74 4.69 5.63 1.47 2.46-1.13 2.33 0.54 0.30 0.07 0.13-0.34 1.34 0.73 5.19 5.57 0.72 2.42-0.91 6.31 0.77 0.17 0.01 0.07-0.09 0.69 0.79 9.98 4.06 0.09 1.82-0.32 4.39 0.68 0.27 0.04 0.07-0.26 0.61 0.82 8.74 6.66 0.56 1.76-0.95 3.88 0.72 0.23 0.03 0.10-0.08 0.54 0.78 8.26 4.93 0.42 2.21-0.27 3.01 0.68 0.26 0.07 0.08-0.26 0.83 0.81 8.44 6.10 0.95 1.93-0.90 5.11 0.64 0.04 0.29 0.03-0.40 0.83 0.65 6.42 0.77 3.13 0.64-1.13 4.09 0.62 0.01 0.26 0.07-0.47 0.56 0.68 6.98 0.22 3.14 1.46-1.50 3.14 0.50 0.27 0.11 0.13-0.51 0.57 0.77 5.66 5.79 1.30 2.73-1.63 3.16 0.71 0.05 0.14 0.07-0.35 0.83 0.76 9.40 1.36 2.02 1.67-1.34 5.47 5 9
3 4 4 2000 1 2009 3 2 2 2007 2000 1 2004 12 (60 )2005 1 2009 3 (51 ) 10
11
()2000 1 2009 3 15 (,%) 10 5 0-5 Eurekahedge Hedge Fund () Credit Suisse/Tremont Hedge Fund Hennessee Hedge Fund HFRI Fund Weighted Composite () -10 0 5 10 15 20 (,%) 15 Eurekahedge Emerging Markets Hedge Fund (,%) 10 5 0 () HFRI Emerging Markets (Total) Credit Suisse/Tremont Hedge Fund Emerging Markets Hennessee Emerging Markets -5 () -10 0 5 10 15 20 (,%) 15 (,%) 10 5 0 () Credit Suisse/Tremont Hedge Fund Event Driven Eurekahedge Event Driven Hedge Fund HFRI Event-Driven (Total) Hennessee Event Driven -5 () -10 0 5 10 15 20 (,%) 15 (,%) 10 5 0 Eurekahedge Macro Hedge Fund () Credit Suisse/Tremont Hedge Fund Global Macro HFRI Macro (Total) Hennessee Global/Macro -5 () -10 0 5 10 15 20 (,%) 12
Appendix Credit Suisse Tremont Blue Chip Hedge Fund Credit Suisse Tremont Lipper TASS 50 1 10 Blue Chip Hedge Fund (Convertible Arbitrage) (CB) CB (Dedicated Short Bias) ( ) (Emerging Market) (Equity Market Neutral) (Event Driven) 13
(Fixed Income Arbitrage) (Global Macro) (Long/Short Equity) / (Managed Futures) (Multi Strategy) () Credit Suisse/Tremont Hedge Fund Rules. December 1, 2008 14