Tough times - Hedge Funds Review

40
StatiSticS
Tough times
Hedge funds lost 2.69% on average in September, the second
straight month of steep losses. Fund managers struggled to deal with
increased volatility and falling prices across global markets. However,
hedge outperformed the MSCI World Index, which dropped
10% for the month.
Long/short equity managers were severely impacted by negative
market sentiment, losing 4.63% on average in September. Hedge
funds focusing on Asia (ex-Japan) were the worst performers, dropping
over 6% for the month. US long/short equity funds lost around
5%, while European and Latin American managers outperformed
their peers, keeping losses down to 3% on average. The Eurekahedge
Long/Short Equities Hedge Fund Index is down 8.43% year-to-date.
eurekahedge l/s eq hfI vs eurekahedge hfI vs
eurekahedge fofI
350
300
250
200
150
Eurekahedge Fund of Funds Index
Eurekahedge Hedge Fund Index
Eurekahedge Long/Short Equities Hedge Fund Index
100
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
*Based on information on 4,927 funds constituting 80.85% of funds which have reported September 2011 returns
as at October 24, 2011. Source: Eurekahedge
Top 25 funds by performance over The pasT 36 monThs
Name of the fund % 36 mth
Rank by 36
mth ret
%36 mth
vol
2011
Neg mths
in 36 Primary category
X-Type Trading 150.47 1 44.61 13 Multi-Strategy
Galaxy China Deep Value Fund 71.22 2 39.89 12 Long/Short Equities
The Earth Japan Fund 71.04 3 29.02 11 Multi-Strategy
Gator Financial Partners LLC 65.33 4 32.29 11 Long/Short Equities
AlphaNorth Partners Fund 55.78 5 40.34 11 Long/Short Equities
Regal Zambezi Absolute Return Fund 55.42 6 40.59 12 Long/Short Equities
SPM Structured Servicing Holdings 51.98 7 20.21 3 Arbitrage
Equity Index Program 47.64 8 47.76 14 CTA/Managed Futures
Pine River Fixed Income Fund Ltd 46.43 9 9.06 3 Relative Value
BNY Mellon ARX Long Term FIA 43.93 10 26.33 8 Multi-Strategy
Quantedge Global Fund 43.23 11 32.26 10 Macro
Midway Market Neutral Fund LLC 42.32 12 15.06 4 Fixed Income
Providence MBS Offshore Fund Ltd 42.12 13 13.14 5 Fixed Income
Element Capital Fund 41.47 14 12.18 8 Relative Value
The Vallea Fund 41.46 15 17.52 10 Multi-Strategy
PvB (CH) Asset-Backed Securities Fund - A 40.78 16 45.60 13 Fixed Income
JGP Equity FIC 37.43 17 20.59 10 Long/Short Equities
WAF Master Fund LP 36.11 18 7.71 2 Relative Value
Global-Macro-Portfolio 34.98 19 9.47 4 CTA/Managed Futures
Senior Life Settlements Investment Fund 34.56 20 4.12 0 Others
STS Partners Fund LP 34.15 21 5.34 1 Fixed Income
Investcorp Silverback Arbitrage Fund Ltd 34.01 22 18.33 9 Arbitrage
GCA Credit Opportunities Master Fund Ltd 33.14 23 8.08 3 Distressed Debt
Invicta Fund LLC 32.92 24 13.57 10 Long/Short Equities
Marwyn Value Investors LP 32.84 25 27.66 14 Event Driven
Sector average 4.82 4927* 12.90 12.54
Fund of funds
Max % Pos
Open/
% 3 %12 % 36 draw high % 12 mth
Closed HQ mth mth Rk mth down water mth (12)
FMG Iraq Fund Ltd - Class A USD O Bermuda 3.39 26.32 1-14.82 -73.61-64.99 7.28 10
One Multi-Strategy Fund - Class C EUR O Cayman 3.38 22.40 2 2.78 -39.01-11.33 6.20 10
NWQ Diversified Fund O Australia 9.74 16.61 3 -3.25 0.00 8.55 7
StratiQuant O France 5.01 16.39 4 10.80 -6.29 0.00 4.16 10
BNY Mellon ARX Long Short FIC FIM O Brazil 4.02 15.45 5 16.99 -8.92 0.00 1.68 12
Stenham Gold - USD Class O UK 6.98 14.08 6 18.64 -42.79 -8.94 17.89 8
Prysma Tactical Allocation Fund Seg Ptflo - Cl A USD O Bahamas -0.25 13.61 7 -9.25 -4.71 9.82 8
Bermuda Fund LP O US 1.34 12.82 8 7.03 -14.19 -0.09 3.63 10
Persistent Edge China Partners Master LP O Hong Kong 1.75 11.94 9 8.54 -12.79 -0.11 3.40 9
CSHG Top FIC FIM O Brazil 2.74 11.79 10 14.60 -9.88 0.00 2.05 11
Magnitude Leveraged International O US -2.23 11.14 11 5.28 -45.35 -8.38 4.83 9
AAA Selection FIC FIM O Brazil 3.08 10.87 12 10.87 -1.12 0.00 0.70 12
Commodity Value Chain Fund O Switzerland -0.25 10.52 13 -2.32 -29.47-10.30 8.64 8
Iconic Matador Fund II LLP - ZAR C A Africa 1.99 10.22 14 11.78 -7.07 0.00 1.91 11
AWM Select FIC de FIM O Brazil 3.15 9.28 15 10.30 -1.01 0.00 1.75 11
Fator Clássico Multimercado O Brazil 2.15 9.01 16 9.99 -2.10 0.00 0.87 12
Acantias Offshore Fund - USD Class A O Switzerland -5.46 8.95 17 -5.46 -5.46 7.00 10
AAA Allocation FIC FIM O Brazil 2.56 8.90 18 14.21 -6.42 0.00 2.20 10
Pinnacle Natural Resources LP O US 5.51 8.33 19 10.33 -15.70 -2.51 10.15 6
NEF Energy Diversified O Norway 4.46 8.05 20 1.67 -10.08 -3.65 12.62 7
Alpha Titans LP: Multistrategy 2x O US 1.50 8.04 21 8.07 -31.10 -7.30 11.14 6
Infinity Premier Fund LP O US -1.01 7.86 22 6.34 -23.37 -1.80 2.89 10
Headstart Fund of Funds Ltd - Class B2 USD O UK -8.15 7.79 23 -9.39 -9.39 9.52 8
PCAM Blue Chip Ltd O Germany -0.56 7.67 24 9.76 -16.77 -1.52 2.89 9
Lyrical Multi-Manager Fund LP O US -4.40 7.29 25 2.60 -26.75 -8.46 6.09 9
Sector average -4.87 -2.651240♠ 0.67 -20.57-13.72 6.99 6.13
Long/short equities
Max % Pos
Open/
% 3 %12 % 36 draw high % 12 mth
Closed HQ mth mth Rk mth down water mth (12)
Kerrisdale Capital Partners LP O US 1.16259.56 1 -10.61 -3.41 50.73 11
Kinetics Small Cap Partners LP O US -31.50128.30 2 17.02 -65.13-42.77 94.73 6
AlphaNorth Partners Fund O Canada -20.30 76.11 3 55.78 -63.34-29.12 47.34 8
The Mangrove Partners Fund O US -1.65 59.19 4 -1.94 -1.94 24.38 9
Gator Financial Partners LLC O US -9.74 40.90 5 65.33 -28.92-10.07 20.94 9
Regal Zambezi Absolute Return Fund C Australia -14.33 39.29 6 55.42 -61.24-21.51 39.59 8
Evergreen Australian Equities Return Fund O Australia 4.61 39.09 7 -3.99 0.00 11.43 11
Passport Energy Fund LP O US -2.88 37.22 8 15.79 -52.49-12.30 25.77 7
Varus Fund Ltd - Class A EUR O Switzerland 2.15 35.39 9 -3.78 0.00 8.93 10
TradeWind Equity Fund O Netherlands 5.99 33.66 10 16.74 -34.94 0.00 8.16 11
Tristan Partners LP O US -9.84 32.71 11 13.08 -49.98-13.56 21.57 7
CC Asia Absolute Return Fund - USD Class O UK 3.87 32.57 12 11.90 -27.12 -2.49 16.34 6
Renaissance Institutional Equities Fund O US 5.05 31.52 13 8.73 -34.58 0.00 7.54 10
JW Partners LP O US 1.59 30.02 14 30.92 -70.75 -0.35 11.13 10
MW Global Opportunities Fund - Class A EUR O UK 24.10 27.18 15 -4.69 0.00 13.37 8
Ginga Explorer Fund O Japan 4.18 26.64 16 -6.31 0.00 12.98 9
Ennismore European Smaller Cos Hedge Fund C UK 3.33 24.08 17 7.31 -34.24 0.00 5.88 11
Wada Capital Japan Trust O US 2.81 23.19 18 10.45 -4.75 -0.20 6.00 10
Phileo Emerald Fund LP O US -1.20 23.07 19 -17.71-11.08 26.50 7
Melchior European Fund - EUR O UK 5.35 22.99 20 11.53 -7.71 0.00 6.62 11
Courant Fund O Russia -0.27 22.81 21 16.44 -23.95 -3.53 7.43 10
Thunder Silver Partners LP O US -19.66 22.80 22 19.48 -84.76-33.35 54.27 6
Nezu Japan Fund O Hong Kong -0.43 22.06 23 14.35 -4.43 -0.83 6.95 10
FJ Capital Long Short Equity Fund O US -9.24 22.02 24 10.24 -27.07-10.45 18.45 7
Sensato Asia Pacific Master Fund O US 4.84 21.64 25 -3.22 -1.32 8.80 8
Sector average -7.98 -1.901604♠ 5.39 -24.25-15.4212.02 6.16
Hedge Funds Review November 2011 www.hedgefundsreview.com

cTas struggle
Managed futures funds lost 0.50% on average in September as
trend reversals in bonds and commodities erased gains in other
asset classes. Commodity trading advisers (CTAs) in North America
outperformed other regional managers, posting gains of 2.27% on
average for the month. The Eurekahedge CTA/Managed Futures
Hedge Fund Index is down 1.77% year-to-date.
Arbitrage strategies also struggled with the volatility in September.
The Eurekahedge Arbitrage Hedge Fund Index fell 1.44% for the
month. Latin American managers were the exception to the rule,
finishing the month with a positive 0.7% return. Latin American
arbitrage funds are up over 7% year-to-date.
eurekahedge dIs debT vs eurekahedge cTa/managed
fuTures hfI vs eurekahedge arb hfI
500
400
300
200
100
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
*Based on information on 4,927 funds constituting 80.85% of funds which have reported September 2011 returns
as at October 24, 2011. Source: Eurekahedge
Arbitrage
Eurekahedge Arbitrage Hedge Fund Index
Eurekahedge CTA/Managed Futures Hedge Fund Index
Eurekahedge Distressed Debt Hedge Fund Index
Max % Pos
Open/
% 3 %12 % 36 draw high % 12 mth
Closed HQ mth mth Rk mth down water mth (12)
ABCA Reversion Fund O France 5.52 28.14 1 -0.87 0.00 6.20 10
Rockwell Fulton Capital LP O US 3.48 27.55 2 15.54 -19.94 0.00 4.15 12
SPM Structured Servicing Holdings O US 6.33 24.23 3 51.98 -30.43 0.00 7.79 10
Calderon Fund PCC Ltd - CC1 Fund O Gibraltar 5.97 19.22 4 0.00 0.00 3.71 12
Estee I-Alpha O India 4.06 17.95 5 0.00 0.00 2.02 12
Stratus Feeder Limited - Cl B (USD Std Leverage) O France 4.94 16.72 6 11.91 -6.14 0.00 4.17 10
KWK Partners LP O US 1.42 15.23 7 13.64 -0.90 0.00 1.93 12
MKP Opportunity Offshore Ltd O US 10.00 13.71 8 11.00 -3.70 0.00 5.59 10
III Relative Value Credit Strategies Fund Ltd O US VI -0.44 12.45 9 9.25 -31.27 -0.90 4.65 9
Tang Gamma Opportunity Fund (Aggressive) LP O US 6.29 12.11 10 -9.04 -3.28 18.37 8
Kevlon Fund LP O US 15.49 11.59 11 7.76 -9.69 0.00 12.76 8
Pine River Convertibles Fund LP O US 3.61 11.22 12 -3.80 0.00 5.52 8
Alphabet Partners LP O US -9.23 10.50 13 6.84 -21.27 -9.23 10.29 9
Fator Arbitragem FIM O Brazil 2.20 9.60 14 10.49 -2.62 0.00 1.67 11
Investcorp Silverback Arbitrage Fund Ltd O US -0.32 9.21 15 34.01 -25.78 -1.11 4.19 8
NorCap Diversified Premium Fund LP O US -0.14 9.04 16 9.19 -9.71 -0.23 2.42 11
GS Allocation Dinamico FIM O Brazil 2.33 8.79 17 9.31 0.00 0.00 0.31 12
Amundi Fds Dynarb Forex Asia Pacific - Cl I USD Acc O Luxembourg 4.29 8.23 18 4.01 -2.58 -0.79 5.95 6
Chicago Capital Management Ltd - Offshore Fund O US 1.04 8.22 19 -1.54 0.00 1.86 11
Glazer Enhanced Fund LP O US -0.02 8.05 20 -0.22 -0.22 2.23 11
Salus Alpha Commodity Arbitrage O Liecht -1.18 8.01 21 1.83 -5.24 -1.30 4.49 7
R-SQUARED Fund - Class A JPY O Singapore -3.07 7.48 22 -6.90 -5.58 5.94 10
Barnegat Fund Ltd O US -1.82 7.18 23 31.40 -55.86 -3.29 9.01 10
5:15 Master Fund O US 2.52 6.81 24 -2.52 0.00 1.59 10
Wolverine Convertible Arbitrage Fund LLC O US -2.02 6.61 25 14.37 -25.76 -2.98 4.23 9
Sector average -2.28 3.15 171♠ 6.61 -13.67 -6.33 5.67 7.36
2011
CTA/managed futures
41
StatiSticS
Max % Pos
Open/
% 3 %12 % 36 draw high % 12 mth
Closed HQ mth mth Rk mth down water mth (12)
TriFex Trading Fund LP O US 44.99 87.93 1 12.85 -36.49 0.00 62.50 9
Equity Index Program O US 105.51 70.28 2 47.64 -35.51 0.00 69.98 7
Dairy Advantage Program O US 10.20 62.31 3 32.22 -41.49-17.61 48.35 6
Hamer Trading Inc - Diversified Program O US 21.99 58.96 4 25.53 -38.45 0.00 20.22 8
Iron Fortress FX Management Ltd O US 27.85 57.43 5 -8.05 0.00 17.86 10
MKC Global Fund LP O US 37.77 52.67 6 -20.40 0.00 30.37 8
Pardo Capital Ltd O US 21.99 49.70 7 17.21 -55.16-10.90 18.57 9
Mulvaney Global Markets Fund Ltd O UK 8.17 45.18 8 27.71 -41.28-11.69 40.39 7
Global-Macro-Portfolio O Germany 15.51 45.00 9 34.98 -5.98 0.00 15.20 8
Eagle Global Ltd O US 16.80 41.10 10 19.01 -32.13 0.00 19.59 10
Superfund Cayman C US 8.13 38.24 11 1.44 -60.95-33.14 41.68 6
Duet Commodities Fund - Class A USD O UK -0.08 32.42 12 -3.76 -3.76 10.98 10
Antipodean Capital Man A$ Currency Fund (3X) O Australia 36.21 32.14 13 8.42 -16.60 0.00 37.40 5
Oxeye Growth Fund - USD O UK 5.86 31.80 14 5.16 -26.57 0.00 11.41 9
Clarke Millennium Program O US 13.14 31.13 15 -1.18 -60.98-18.85 26.99 7
FORT Global Diversified LP O US 22.66 29.89 16 27.64 -17.16 0.00 18.56 8
Global Trend Following - Large Account O US 26.34 28.45 17 20.06 -24.75 0.00 30.76 7
SafePort Silver Mining Fund O Liecht -4.27 28.03 18 17.85 -80.96-26.44 45.82 6
Credence Oriental Trade Enterprise Ltd Partnership O China 2.76 27.39 19 31.93 -9.18 0.00 5.42 11
Krom River Commodity Systematic Fund O Switzerland -0.75 26.53 20 -19.96-17.36 28.78 8
Qbasis Futures Fund - Class A O Cayman 18.38 25.66 21 7.87 -35.48-18.92 33.24 6
AIS Futures Fund LP (3x-6x) O US -28.05 25.50 22-10.08 -89.67-65.92 69.08 8
D’Best Futures Fund LP O US 22.00 24.35 23 24.46 -52.06 0.00 28.99 7
Somers Brothers Diversified Futures Program #1 O US 16.94 24.26 24 7.50 -33.56 0.00 23.84 7
Tactical Institutional Commodity Program C US 5.20 23.74 25 31.99 -30.75-17.53 35.77 8
Sector average 2.05 4.81 582♠ 5.12 -23.05-11.7016.68 6.40
Distressed debt
Max % Pos
Open/
% 3 %12 % 36 draw high % 12 mth
Closed HQ mth mth Rk mth down water mth (12)
Simplon Partners LP O US -7.97 20.58 1 7.42 -29.91 -9.72 13.48 9
Simplon International Limited O US -8.05 20.22 2 7.57 -29.51 -9.99 13.57 9
Hildene Opportunities Fund LP O US -9.15 19.64 3 26.91 -9.15 -9.15 13.84 9
Orchard Centar O Hong Kong -0.06 19.09 4 12.92 -12.35 -2.48 7.82 9
KDC Distressed & High Income Securities Fund LP O US -2.31 15.95 5 4.21 -15.92 -2.40 7.42 10
Waterfall Eden Fund LP O US 0.37 15.77 6 8.32 -21.97 -1.44 4.22 9
VR Global Offshore Fund Ltd C US -6.91 13.89 7 26.40 -48.38 -8.95 11.72 10
Candlewood Special Situations Fund LP O US -3.58 8.91 8 10.65 -25.86 -4.06 5.68 9
GCA Credit Opportunities Master Fund Ltd O US -1.05 6.56 9 33.14 -1.95 -1.95 3.19 10
Armory Offshore Fund Ltd O US -25.20 4.10 10 25.94 -72.58-29.56 32.06 6
Zazove High Yield Convertible Securities Fund LP O US -10.57 3.74 11 11.52 -49.89-12.75 10.89 7
Third Avenue Special Situations Offshore Fund Ltd O US -7.38 3.39 12 6.41 -40.43 -7.96 6.93 8
KS Capital Partners LP O US -2.00 2.47 13 7.20 -25.70 -3.01 3.69 7
Restoration Offshore Fund Ltd O US -4.59 2.42 14 1.92 -7.67 -4.88 4.75 10
KS International Inc O US -2.13 2.20 15 6.71 -25.82 -3.10 3.73 7
Credit Renaissance Fund Ltd O US -2.92 0.58 16 2.31 -54.61-25.33 6.49 7
Marathon Special Opportunity Fund O US -5.05 -0.05 17 5.74 -34.17 -7.38 6.32 7
Sothic Capital European Opp Fund Ltd Cl A EUR O UK -4.09 -1.50 18 -7.33 -7.33 6.90 6
Wexford Credit Opportunities Fund LP O US -6.69 -2.79 19 12.45 -12.62 -7.93 7.09 7
Alcentra Global Special Situations Fund O UK -8.52 -3.33 20 18.82 -48.74 -8.58 6.11 7
Argo Distressed Credit Fund O UK -4.35 -5.78 21 5.52 -8.08 -8.08 9.09 7
JLP Credit Opportunity Fund LP O US -23.82 -7.83 22 28.95 -51.75-25.65 21.52 7
PENN Distressed Fund LP O US -16.67 -10.42 23 16.26 -44.28-20.33 14.30 5
TIG Distressed Opportunities LP/Ltd O US -11.35 -11.18 24 8.71 -17.34-17.34 9.59 4
Paulson Credit Opportunites LP O US -21.94 -11.25 25 8.96 -24.07-24.07 18.84 5
Sector average -9.20 4.32 41♠12.57 -29.19-11.9610.24 7.46
www.hedgefundsreview.com Hedge Funds Review November 2011

42
StatiSticS
macro mixed
Global macro funds fell 0.94% on average in September. Returns
were mixed across the board. A number of well known managers,
including Brevan Howard, Tudor Investment Corporation and
Caxton Associates profited from bearish bets on the euro as well as
commodities and equities. However, some managers were caught
out by reversals in bond prices and precious metals.
Relative value strategies were negatively impacted by the heightened
volatility and sharp declines in equity markets. The Eurekahedge
Relative Value Hedge Fund Index was down 1.87% for the
month. It was also a difficult month for multi-strategy funds, which
lost 1.69% in August. The Eurekahedge Multi-Strategy Hedge Fund
Index is currently down 3.14% year-to-date with the losses in August
and September cancelling out strong returns in earlier months.
eurekahedge rel value hfI vs eurekahedge m/s hfI vs
eurekahedge macro hfI
400
350
300
250
200
150
100
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
*Based on information on 4,927 funds constituting 80.85% of funds which have reported September 2011 returns
as at October 24, 2011. Source: Eurekahedge
Global macro
Eurekahedge Macro Hedge Fund Index
Eurekahedge Multi-Strategy Hedge Fund Index
Eurekahedge Relative Value Hedge Fund Index
Max % Pos
Open/
% 3 %12 % 36 draw high % 12 mth
Closed HQ mth mth Rk mth down water mth (12)
Opto Global Macro Fund O US 118.07129.39 1 -15.64 0.00 83.76 6
Haidar Jupiter Fund LLC O US 19.92 43.61 2 28.38 -17.05 0.00 17.42 8
HCAP Global Diversified Fund O Australia 14.23 27.52 3 -11.81 0.00 11.37 9
Quantedge Global Fund O Singapore -2.93 26.61 4 43.23 -44.65-15.46 31.02 9
Vicktor Opportunities Fund O Hong Kong 12.77 25.12 5 -11.38 0.00 12.46 9
Polo Macro FIM O Brazil 5.43 19.00 6 -0.20 0.00 2.33 12
BIA Pacific Macro Fund - US Dollar Class O Hong Kong 16.95 19.00 7 6.80 -19.66 0.00 10.65 9
LGIM Global Macro Fund O UK 12.33 18.37 8 12.26 -19.71 0.00 16.71 7
Paineiras Hedge FIM O Brazil 14.05 18.16 9 19.74 -14.59 0.00 10.27 10
AIS Balanced Fund LP O US 1.92 18.02 10 17.34 -28.15-11.77 20.01 8
Pivot Global Value Fund O Monaco 21.48 17.90 11 16.94 -5.52 0.00 16.02 8
Trinity WS Global Fund O Hong Kong -6.16 15.51 12 -23.87-23.87 44.86 8
Zooz Capital Partners LP O US 10.55 14.94 13 12.72 -8.46 0.00 8.13 7
Sibilla Capital Ltd - Global Class O US 7.63 14.90 14 12.58 -13.11 0.00 9.63 7
QFS Currency Fund LP O US -0.21 14.73 15 14.57 -18.83 -5.31 15.61 7
GAP Absoluto O Brazil 3.91 14.56 16 15.43 -3.84 0.00 2.35 12
The 36 South Cullinan Fund O UK 7.77 14.00 17 -14.34 -5.07 15.21 6
Advis Macro FIM O Brazil 5.60 13.91 18 11.96 0.00 0.00 2.99 12
Bund Macro Fund O US 5.90 12.98 19 9.07 -8.94 0.00 12.97 7
Strand US Fund O Switzerland 16.18 12.68 20 13.75 -31.65 0.00 31.47 6
Camelotfund Capital Guar FX Program Series 1 C Australia 1.20 12.42 21 7.16 -2.63 0.00 7.03 12
Crescat Global Macro Composite O US 2.43 11.44 22 9.05 -44.11-14.79 24.35 6
Bridgewater All Weather @ 12% Strategy O US 4.21 11.30 23 8.18 -32.26 -2.87 9.55 9
Apeiron Global Macro Fund - Class A O Australia 5.82 11.16 24 4.46 -12.68 0.00 9.32 7
Ashmore Brasil 30 O Brazil 2.03 11.11 25 12.56 -2.47 -0.05 2.55 10
Sector average -0.70 0.60 275♠ 7.50 -17.05 -9.0510.54 6.16
2011
Multi-strategy
Max % Pos
Open/
% 3 %12 % 36 draw high % 12 mth
Closed HQ mth mth Rk mth down water mth (12)
X-Type Trading O Germany 27.94122.99 1150.47 -13.58 0.00 33.10 8
Infinium Global Fund O Cayman 19.16104.97 2 0.00 0.00 4.17 12
The Earth Japan Fund C Japan 19.87 43.91 3 71.04 -5.05 0.00 18.33 8
Bridgewater Pure Alpha 18% Volatility Strategy O US 13.91 38.19 4 28.49 -21.69 -0.31 13.84 7
Pivotal Investments Ltd O Hong Kong 25.01 35.29 5 -3.45 -1.71 22.93 8
Segantii Asia-Pacific Equity Multi-Strategy Fund O Hong Kong 15.38 33.45 6 19.64 -5.20 0.00 9.55 9
InnoFusion Asia Multi-Strategy Fund O Hong Kong 16.83 31.80 7 14.24 -22.18 0.00 22.33 8
SW8 Strategy Fund LP - Class B O Canada 0.24 27.16 8 -1.89 0.00 10.79 8
DUNNs Insurance Fund LLC O US 19.07 23.52 9 19.40 -37.69 0.00 29.31 7
Sigma Asia Equity VA Fund O Hong Kong 24.53 20.88 10 6.21 -14.75 0.00 17.85 6
Fairtree Wild Fig Institutional Fund O S Africa 4.88 19.61 11 -4.75 -3.25 11.71 8
FrontFour Capital Partners LP O US -8.85 18.00 12 11.67 -43.31 -9.87 12.57 8
KIS Global Multi-Strategy Fund O Australia 7.77 17.91 13 -2.69 0.00 7.18 10
Heartstrings Fund - Class A USD O Cayman -4.64 17.39 14 -47.76 -7.15 99.38 6
Velocity American Energy Master I LP O US 6.33 16.89 15 15.66 -6.18 0.00 8.52 9
HedgEnergy Partners LP O US -5.93 16.84 16 1.51 -52.43-12.71 15.88 8
CSHG Verde FIC de FIM C Brazil 2.47 16.11 17 20.82 -20.56 0.00 4.79 10
BNY Mellon ARX Extra FIM C Brazil 4.50 15.91 18 16.08 -14.41 0.00 1.88 12
Bresser Hedge Plus FI Multimercado O Brazil 3.84 14.66 19 15.82 -4.35 0.00 4.92 9
Chinook Fund LLC O US 5.15 14.55 20 20.16 -23.96-11.05 27.01 6
The Kawa Fund Limited O US -0.05 13.75 21 21.93 -2.20 -0.25 2.92 11
Theoria Multi-Strategy Fund - JPY C Singapore -1.26 13.40 22 -3.83 -2.02 7.93 9
Fator Hedge Absoluto FIM O Brazil 6.34 13.08 23 12.15 -2.96 0.00 3.30 11
Brait Multi Strategy Fund O S Africa 5.17 13.05 24 21.60 -11.92 -2.18 8.87 8
JGP Max FIM O Brazil 3.67 12.89 25 14.05 -1.61 0.00 0.97 12
Sector average -3.47 1.52 335♠ 9.17 -19.20-10.1710.37 6.79
Relative value
Max % Pos
Open/
% 3 %12 % 36 draw high % 12 mth
Closed HQ mth mth Rk mth down water mth (12)
SPM Core C US 2.90 27.36 1 -0.71 -0.45 6.51 10
WAF Master Fund LP O US 0.47 25.92 2 36.11 -4.79 -1.50 5.04 11
Cassiopeia Fund - Class A CHF O Switzerland 1.47 24.62 3 12.50 -14.50 0.00 10.42 9
Regal Amazon Market Neutral Fund O Australia 0.93 20.17 4 21.85 -20.21 -3.32 8.27 10
Catalysis Partners LLC O US -10.61 19.46 5 19.07 -23.20-10.61 18.28 7
Pine River Fixed Income Fund Ltd O US -0.06 17.32 6 46.43 -1.97 -1.97 5.96 9
Gamma Traders - I LLC O US -8.12 10.90 7 25.07 -28.65 -8.12 45.64 6
Raven Rock Master Fund - Cayman LP O US -3.45 10.83 8 -4.39 -4.39 6.08 9
Element Capital Fund O US -0.19 10.39 9 41.47 -7.83 -0.19 8.62 7
The Somers Real Estate Opportunity Fund Ltd O Bermuda 2.24 9.41 10 11.38 0.00 0.00 0.12 12
Parallax Fund LP O US 2.93 7.91 11 8.84 -11.85 0.00 8.07 8
Empiric Market Neutral Fund LP O US -7.09 7.74 12 20.92 -9.58 -9.58 9.12 8
Trafalgar Recovery Fund - EUR O UK -2.00 6.90 13 12.05 -31.37 -2.95 4.14 9
Alpha Strategies Fund - Class A O Switzerland 1.66 6.64 14 2.53 -9.13 0.00 3.43 9
Sanctum Fixed Income Fund - USD O UK 2.49 6.63 15 9.02 -23.62 0.00 2.20 9
Richland Asia Absolute Return Fund O Hong Kong 1.24 6.51 16 9.02 -2.78 0.00 2.70 9
Leviticus Partners LP O US -16.85 6.42 17 19.29 -56.02-16.85 16.99 8
PIMCO Global Credit Opportunity Fund O US 0.33 6.40 18 8.92 -12.84 0.00 3.85 9
Capula Global Rel Value Fund Share Cl A - USD C UK 3.45 6.01 19 10.07 -7.41 0.00 2.26 10
Brummer & Partners Nektar Hedge Fund O Sweden 1.11 5.95 20 17.20 -12.96 -0.13 3.45 7
Rhapsody Fund LP O US -0.35 5.89 21 18.73 -20.19 -0.88 2.77 9
BlueCrest Capital International Fund O UK 1.51 5.67 22 19.39 -4.83 0.00 2.47 8
Arpeggio Fund O US -0.43 5.64 23 12.50 -36.78 -0.95 2.79 9
CCA Mortgage/Credit Opportunity Fund O US -14.13 5.15 24 16.68 -16.84-16.84 15.71 7
San Diego Foreclosure Fund LLC O US 0.10 4.38 25 -0.58 -0.01 3.29 7
Sector average -3.16 4.07 111♠ 9.79 -17.01 -6.46 7.78 7.41
Hedge Funds Review November 2011 www.hedgefundsreview.com

event driven slide
The Eurekahedge Event Driven Hedge Fund Index registered
losses for the fifth month in succession, dropping almost 3% in
August. Merger funds struggled as deal volume continued to fall,
especially in Europe. The Eurekahedge Event Driven Hedge Fund
Index is down 6.76% year to date.
Fixed income hedge funds recorded average losses of 1.86%
on average in September. US focused fixed income strategies
benefited from a rally in Treasuries as yield continued to fall,
losing less than 1% for the month. Asian and Latin American fixed
income managers found the environment tougher, losing 4% and
5.5% respectively.
eurekahedge fIxed Income hfI vs eurekahedge evenT
drIven hfI vs eurekahedge em hfI
600
500
400
300
200
Eurekahedge Emerging Markets Hedge Fund Index
Eurekahedge Event Driven Hedge Fund Index
Eurekahedge Fixed Income Hedge Fund Index
100
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
*Based on information on 4,927 funds constituting 80.85% of funds which have reported September 2011 returns
as at October 24, 2011. Source: Eurekahedge
dIsclaImer
Intellectual property and copyrights in the data provided, in whole or in part, shall be
held either by Eurekahedge or be subject to Eurekahedge’s control or delegated authority
to administer and provide. Any data forming part of the contents here may not be
disseminated, recompiled, resold, copied or otherwise stored in any electronic system,
fax, photocopy, server, hard-disk, hard-copy paper format or website without receiving
the express written approval of Eurekahedge. Extracts may be made for the purposes of
research or comment, or form part of an article so long as the source is acknowledged.
Investment in the funds may be subject to marketing and investment regulations relating
to qualified and/or accredited investors. Users should be aware of the restrictions relating
to dissemination of data in whole or as part of other marketing activities within your
jurisdiction and comply with applicable law.Your permitted use of the data shall be on the
basis that you shall not look to Eurekahedge for loss or liability relating to your use of the
data whether with reference to intellectual property, accuracy or any reason whatsoever.
The data is provided on the basis of a matter of record only and are provided for information
purposes only. The data does not, and should not be construed to, constitute an offer to sell
or a solicitation of an offer to buy any of the shares, or other interest, in any fund or form
the basis of any contract or commitment whatsoever, nor should it be treated as financial,
professional or expert advice. Past performance is not indicative of future performance. The
data is based on information and data received from the subjects of each and from other
third-party sources and no guarantee of completeness or accuracy can be made, nor is any
representation or warranty made in this regard. Eurekahedge will not be responsible for any
liability resulting from loss pertaining to the use of the data.
All tables’ hedge fund performance statistics are for period ending September 30, 2011 (data
reported to October 24, 2011). All statistics at a glance are for period ending September 30,
2011(data reported to October 24, 2011). All 36-month performance is annualised.* Please note
the data in the Eurekahedge graphs and for the tables thereafter are based on 80.85% of the
NAV returns for September 2011, as at October 24, 2011. The positive- and negative-months
columns show the number of gaining and losing months in the previous 12. Some fund names
have been abbreviated for reasons of space, for example ‘Ltd’ or ‘LLP’ being removed from end
of a fund’s name. Similarly Dighton World Wide Fund (in CTA strategy) has 2X and 2X leveraged
programs – please check with manager for full name/details of fund. The symbol ♠ represents
the total number of funds (in each strategy) that report their performance data to Eurekahedge.
To submit your fund’s or funds’ data, contact Arlyn Soriano at arlyn@eurekahedge.com
2011
Event driven
Fixed income
43
StatiSticS
Max % Pos
Open/
% 3 %12 % 36 draw high % 12 mth
Closed HQ mth mth Rk mth down water mth (12)
Marwyn Value Investors LP O UK 9.14 68.45 1 32.84 -48.48 0.00 27.79 8
Hinde Gold Fund Class USD B Lead (Income) O UK 8.15 41.18 2 30.32 -41.66 -9.32 22.79 9
Sinfonietta O Singapore 17.72 31.76 3 16.55 -13.64 0.00 17.48 8
The SFP Value Realization Fund Ltd USD O Singapore -3.03 27.47 4 -6.21 -55.46-39.24 27.72 6
Passport Special Opportunities Fund LP O US -16.44 26.44 5 17.35 -43.24-21.14 29.34 8
RenFin Fund C UK 10.97 25.46 6 -4.40 -40.68-21.98 17.02 5
Instinct Japan Opportunity Fund O Australia 3.24 18.34 7 -2.13 0.00 4.09 11
Azzy Fund C Singapore 0.36 13.26 8 -1.89 -0.14 4.99 10
Simplex Value Up Trust - USD Unhedged O Japan 0.48 12.35 9 13.89 -19.14 -2.40 10.90 5
Credit Renaissance Structured Products Fund O US -4.59 10.59 10 8.96 -17.49 -4.64 6.37 8
LIM Asia Special Situations Fund - Class A O Hong Kong -2.80 9.79 11 7.53 -11.90 -3.73 6.03 8
Marathon EM Opportunity Fund O US -0.10 9.43 12 -1.51 -1.51 2.85 10
Twin Securities LP O US 2.00 7.18 13 9.48 -36.71 0.00 6.31 8
Pengana Asia Special Events (Offshore) Fund - AUD O Singapore 0.02 6.98 14 13.55 -2.39 -1.60 2.80 9
Rosseau LP O Canada -10.34 6.52 15 20.18 -49.80-17.37 23.71 6
Kayne Anderson MLP Fund LP O US -5.95 6.03 16 16.58 -52.94 -7.49 8.75 7
Overhill Liquid Arbitrage Fund LP O US -0.05 6.00 17 -1.71 -1.23 2.75 9
Forum Absolute Return Fund Ltd O US 1.69 5.73 18 13.12 -13.38 -0.49 4.22 6
Cedarview Opportunities I LP O US -4.61 5.64 19 12.25 -58.51 -4.61 5.24 9
Galbraith Global Strategies Fund LP O US 1.89 5.12 20 3.14 -6.13 -3.22 8.36 7
Litespeed Partners LP - Series A O US -9.21 4.89 21 9.88 -28.83-11.82 10.53 8
Coriolis CaTpricorn Fund O UK 1.42 3.95 22 5.15 -6.26 0.00 2.99 9
Laffitte Risk Arbitrage UCITS Fund O France 1.54 3.82 23 4.63 -2.29 0.00 1.58 8
Helium Special Situations Fund - GBP O Switzerland -8.29 3.03 24 29.17 -58.87 -8.29 9.43 7
The Lion Fund Ltd - USD O Bahamas -0.41 2.74 25 4.34 -34.09 -8.91 2.35 6
Sector average -7.12 -0.70 167♠ 7.49 -23.82-12.6810.33 6.22
Max % Pos
Open/
% 3 %12 % 36 draw high % 12 mth
Closed HQ mth mth Rk mth down water mth (12)
PvB (CH) Asset-Backed Securities Fund - A O Switzerland-14.73 53.97 1 40.78 -81.01-17.22 26.52 9
Toro Capital I A - EUR C UK -2.71 40.09 2 -3.80 -3.68 10.59 11
Midway Market Neutral Fund LLC O US -2.77 36.95 3 42.32 -24.94 -4.69 9.71 10
Global Credit Opportunities Strategy O US 1.84 35.92 4 -0.38 -0.38 9.96 10
STS Partners Fund LP O US 5.03 29.44 5 34.15 -1.50 0.00 2.56 12
Capital Four Credit Opportunities Fund - Class A O Denmark -3.32 26.67 6 -4.69 -4.69 9.71 9
Providence MBS Offshore Fund Ltd O US 0.19 22.63 7 42.12 -9.19 0.00 9.92 11
Cranwood Fixed Income Arbitrage Fund LP O US 6.26 20.86 8 7.85 -9.63 0.00 7.17 10
BlackHawk Credit Fund LP O US 25.43 17.06 9 -17.78 0.00 20.35 7
Luxembourg Life Fund O Luxembourg 5.01 17.06 10 -0.47 0.00 4.28 11
Beachwood Total Return Fund O US -3.98 16.39 11 -5.15 -5.15 7.04 10
Oracle Invest Fd SPC - Oracle Struc Cr Seg Prtflio 1 C Hong Kong -0.67 16.19 12 -4.01 -4.01 7.42 9
Definitive Guardian Partners LP O US 1.08 13.89 13 -2.31 0.00 6.72 9
DKAM Capital Ideas Fund LP O Canada -8.95 13.79 14 28.87 -11.98-11.98 13.85 9
Rosemawr Municipal Partners Fund LP O US 2.02 12.84 15 -0.62 0.00 3.37 11
Concise Capital Offshore Fund SPC O US -3.15 12.28 16 -4.29 -4.29 6.33 10
Maxima Plus O Brazil 3.20 12.06 17 10.82 0.00 0.00 0.34 12
Lynx Fund I (Master Fund) Ltd O US -2.13 12.01 18 17.51 -3.05 -2.76 4.43 10
CSHG DI Private O Brazil 2.93 11.13 19 10.31 0.00 0.00 0.28 12
BNY Mellon ARX Referenciado DI LP O Brazil 2.89 10.96 20 10.12 0.00 0.00 0.27 12
FH Emerging Markets Debt Fund O US 1.24 10.93 21 -9.38 -52.59-37.88 4.96 9
Fairtree Fixed Income Fund O S Africa 4.48 10.59 22 0.00 0.00 2.30 12
Goldstein Capital Managed Bond Portfolio LP O US 1.56 9.58 23 17.53 -22.24 0.00 1.14 12
AlphaBridge Fixed Income Fund Ltd O US 0.15 9.55 24 9.68 -0.83 0.00 2.13 11
Traded Policies Fund - USD Institutional O UK 2.12 9.51 25 9.36 -1.59 0.00 0.12 12
Sector average -2.15 1.58 318♠ 6.91 -11.85 -6.09 5.81 6.54
www.hedgefundsreview.com Hedge Funds Review November 2011