In Europe, just as in the U.S., 2003 was the year that institutional investment in hedge funds began to take off. After three years of dismal returns in their traditional bond and stock portfolios, British, Dutch, Scandinavian and Swiss pension funds and insurance companies turned their attention to alternative investments, whose value as noncorrelated holdings they craved even as equity markets worldwide recovered last year.
On the whole, continental European institutions increased their average strategic allocation to hedge funds to 3.2 percent last year, double the level of 2001. According to a 2003 study by Goldman Sachs International and Russell Investment Group, U.K. institutional investors boosted their average strategic allocation to hedge funds to 5.0 percent last year, compared with 1.8 percent in 2001. The increased interest in alpha-oriented investing swelled the coffers of the fast-growing group of hedge fund managers based in Europe, where asset growth is outstripping that of the hedge fund market as a whole, according to analysts.
Much of that money is run by the very biggest managers. The Europe Hedge Fund 25, Alpha’s ranking of the biggest families of single-manager hedge funds based in Europe, which is published for the first time in this issue, shows that the 25 top managers run $83 billion in assets, or about half of the total assets of $150 billion to $190 billion that industry analysts estimate Europe’s hedge fund managers held at year-end 2003.
Leading our list of Europe’s biggest hedge fund groups is London-based Man Investments, which ran $7.4 billion in its AHL managed-futures program as of September 30, 2003. Man is followed by multistrategy firm GLG Partners, also in London, with $7.05 billion and Barclays Global Investors, which offers equity market-neutral and other hedge funds around the world and managed $6.5 billion. Rounding out the top five are Dublin-based Vega Asset Management I, with $5.8 billion, and UBS, a fund-of-funds giant that oversaw $4.8 billion in single-manager funds as of September.
The European hedge fund managers who are attracting assets fastest have one thing in common -- an increasingly sophisticated infrastructure to manage portfolios and risk. The big European hedge fund managers no longer work out of small offices in the smarter parts of London (and most of the members of the Europe Hedge Fund 25 are in London, with a few in Paris, one in Switzerland and one operating out of Sweden). They look like veteran investment managers rather than upstart boutiques, and they sport extensive staff to develop trading models, manage risk and handle back office chores.
“There is a growing belief that larger hedge fund managers should have an infrastructure commensurate with their size, and we can show a huge infrastructure -- we can tick those boxes,” says Mark Chambers, Man Investments’ head of sales management for Europe. “This is attractive for people allocating $500 million -- there are not many [managers] that can take that capacity.”
Man benefited from 2003’s markets, which aided systematic trend followers. The firm’s AHL program returned 21 percent for the year, helping to boost assets by $1.7 billion from year-end 2002. BGI added currency hedge funds to its product line last year. “What better place to harvest alpha than the currency markets?” asks Mark Fitzgerald, director of the Alternative Investment Group at BGI Europe. He points out that 90 percent of the foreign exchange market’s participants -- such as central banks trying to support a currency or corporations hedging exposures -- are not trading for profit. That creates inefficiencies for fund managers such as BGI to exploit.
In our list we provide each manager’s total assets under management as of September 30, 2003. Where possible, we also show assets at the individual fund level with 2003 returns net of fees through September 30, along with the fund’s investing style. Asset totals reflect a firm’s internally run, single-manager hedge funds and separate accounts but exclude funds of funds, funds managed by third parties, mutual funds and other long-only money, and private equity and venture capital. Assets run anywhere in the world are included, as long as the manager’s ultimate parent company is located in Europe; we also count stand-alone money management units of U.S. companies if they are headquartered in Europe. We gathered our data through questionnaires completed by hedge fund managers and supplemented by extensive staff research. In some cases, asset totals or returns represent Alpha estimates. Additional data on the Europe Hedge Fund 25 and information on firms that completed our questionnaire but are too small to make the list this year are available on our Web site, www.institutionalinvestor.com/alpha.
Given the opacity of the hedge fund business, we may have missed some firms that belong on the Europe Hedge Fund 25. If we overlooked your firm, please e-mail us at hfeurope@iimagazine.com with your contact details so we can send you a questionnaire for the 2005 ranking.
This ranking was compiled by Institutional Investor’s Alphaunder the direction of Assistant Managing Editor for Research Lewis Knox and Senior Editor Jane B. Kenney with Researchers Rachel Markus and Abel Lee.
Alpha’s Europe Hedge Fund Top 5
Rank Firm Total capital ($ millions)
1 Man Investments $7,400
2 GLG Partners 7,050
3 Barclays Global Investors 6,500
4 Vega Asset Mgmt I 5,800
5 UBS 4,800
RANK FIRM/FUND NAME(S) FIRM/FUND CAPITAL ($MILLIONS) NET RETURNS (1/03-9/03; %) STYLE
1 Man Investments (London, U.K.) $7,400 Managed futures
2 GLG Partners (London, U.K.) 7,050
3 Barclays Global Investors (London, U.K.) 6,500 *
4 Vega Asset Mgmt I (Dublin, Ireland) 5,800
Vega Relative Value Fund 2,243 15.94% Fixed-income G10 sovereign relative-value arbitrage
Vega Global Fund 1,786 11.61 Macro
Vega Select Opportunities Fund 964 29.29 Macro
5 UBS (Zurich, Switzerland) 4,800 *
6 Brevan Howard Asset Mgmt (London, U.K.) 4,300
7 Brummer & Partners (Stockholm, Sweden) 3,892
Zenit 1,703 ?4.14 Long-short equity
Nektar 1,419 10.83 Mortgage-backed-securities arbitrage, other directional fixed-income, market-neutral, macro, fixed-income statistical arbitrage
Futuris 347 5.67 Long-short equity
Avenir 191 1.3 Long-short equity
Lynx 151 23.02 Commodities trading adviser
Manticore 75 7.44 Long-short equity, sector-specific equity: technology, media, telecommunications
8 Gartmore Investment Mgmt (London, U.K.) 3,500
AlphaGen Capella 1,427 3.8 Long-short equity
AlphaGen Avior 378 13 Long-short equity
AlphaGen Altai 317 ?0.8 Long-short equity
AlphaGen Volantis 150 21.5 Long-short equity
AlphaGen Hokuto 137 8.7 Long-short equity
AlphaGen Cepheus 119 6.7 Long-short equity
AlphaGen Pictor 94 12 Long-short equity
AlphaGen WhiteOak 38 ?0.3 Convertible arbitrage, long-short equity
AlphaGen Arneb 20 12.1 Long-short equity
AlphaGen Caelum 18 ?10.3 Long-short equity
9 BlueCrest Capital Mgmt (London, U.K.) 3,051
BlueCrest Capital International 2,259 1.03 Multistrategy arbitrage
BlueCrest Strategic 511 ?1.6 1 Multistrategy arbitrage, emerging-markets bonds, other directional fixed-income, emerging-markets equity, macro
BlueCrest Capital 281 1 Multistrategy arbitrage
10 Egerton Capital (London, U.K.) 3,000 *
11 Dexia Asset Mgmt (Paris, France) 2,984
Dexia Long Short Double Alpha 199 19.96 Merger-risk arbitrage, market-neutral
Dexia High Yield BB 146 31.49 High-yield credit
Dexia Long Short Risk Arbitrage 140 32.67 Merger-risk arbitrage, long-short equity
Dexia Index Arbitrage
12 DB Absolute Return Strategies (London, U.K.) 2,896
13 Rubicon Fund Mgmt (London, U.K.) 2,816
Rubicon Global Fund N/A 13.19 Macro
14 Marshall Wace (London, U.K.) 2,700
Eureka Euro Fund 1,932 2 9.03 Long-short equity
Eureka USD Fund 1,132 7.59 Long-short equity
Eureka Interactive Fund 451 5.23 Long-short equity, sector-specific equity: technology, media, telecommunications
Affinium Fund 134 7.2 3 Statistical arbitrage
15 Barep Asset Mgmt (Paris, France) $2,600
Barep Nouveaux Horizons 424 5.09% International sovereign debt
Barep Convertible Arbitrage 417 2.97
Epsilon 387 ?2.93
Barep Protea M&A Euro 97 2.22 Merger-risk arbitrage
Barep Commodity Arbitrage Fund 41 0.63 Commodities arbitrage
Barep Convertible Arbitrage Enhanced 41 1.04 4
Barep Achillea Event Driven 33 4.67
Barep Global High Yield Objective 24 1.99 5 High-yield total return
Barep Taux Emergents 17 20.71
16 KBC Alternative Investment Mgmt (London, U.K.) 2,571
KBC Convertible Opportunities Fund 736 14.7 Convertible arbitrage, market-neutral
KBC Convertible Arbitrage Fund 515 5.12 Convertible arbitrage, market-neutral
KBC Multi-Strategy Arbitrage Fund 503 6.4 6 Multistrategy arbitrage, market-neutral
KBC Credit Arbitrage Fund 437 10.59 Fixed-income arbitrage, market-neutral
KBC Return Enhancement Fund 110 1.28 7 Fixed-income arbitrage
17 Sloane Robinson Investment Mgmt (London, U.K.) 2,460
SR Vista-Class 1 (Emerging Markets Portfolio) 87 37.2 8 Emerging-markets equity, long-only (or long-bias) equity, macro
SR Phoenicia 76 31.1 Emerging-markets equity, long-only (or long-bias) equity, long-short equity
18 Aspect Capital (London, U.K.) 2,294
Aspect Diversified Program 1,171 14.07 Commodities trading adviser
Aspect European Equity Program 439 3.14 Long-short equity
Aspect Master Program 345 6.07 Multistrategy
Aspect Currency Fund 216 7.71 Currencies
19 CQS Mgmt (London, U.K.) 2,113
CQS Convertible & Quantitative Strategies Fund 1,348 11.67 Convertible arbitrage, market-neutral, equity arbitrage
CQS Capital Structure Arbitrage Fund 764 9.91 Capital-structure arbitrage, market-neutral
20 CDC IXIS (Paris, France) 1,879
21 Lansdowne Partners (London, U.K.) 1,874
Lansdowne U.K. Equity Fund 1,101 6.26 9 Long-short equity
Lansdowne European Equity Fund A Class 649 4.60 10 Long-short equity
Lansdowne European Equity Fund B Class 124 3.98 10 Long-short equity
22 London Diversified Fund Mgmt (London, U.K.) 1,800
London Diversified Fund 1,800 Fixed-income relative value
23 Cheyne Capital International (London, U.K.) 1,669
Cheyne Fund 866 4.8 Convertible arbitrage
Cheyne Leverage Fund 286 8.02 Convertible arbitrage
Cheyne Special Situations Fund 159 2.39 11 Event-driven, distressed, capital-structure arbitrage, special-situations equity
Cheyne European Opportunities Fund 139 1.14 12 Long-short equity
24 BNP Paribas Asset Mgmt Group (Paris, France) 1,600
25 Millennium Asset Mgmt (Guernsey, Channel Islands) 1,360
Millennium Radar Fund 83 4.58 Macro
Millennium Global Currency Fund 41 0.54 Global currencies and related markets
Millennium Global High Yield Fund 38 41.31 Event-driven, distressed, special-situation corporate debt
Assets are as of September 30, 2003, unless otherwise indicated.
* Alpha estimate.
1 Since inception on January 7, 2003.
2 Includes investment from the Eureka USD fund.
3 Since inception on March 8, 2003.
4 Since inception on July 7, 2003.
5 Since inception on February 28, 2003.
6 Since inception on May 1, 2003.
7 Since inception on July 1, 2003.
8 Since inception on February 15, 2003.
9 Sterling class.
10 Euro class.
11 Since inception in May 2003.
12 Since inception in July 2003.
2004 European Hedge Funds
Rank Firm/Fund name(s) Inception date (mm/dd/yy) Firm/Fund capital ($ millions) 9/30/03 Management fee % Incentive performance fee % Highwater mark Hurdle rate % Returns net of fees% ? Sept. 30 2003 Returns net of fees% ? Dec. 31 2002 Returns net of fees annualized three years% ?Dec. 31 2002 Standard deviation (%) Style
1 Man Investments (London, U.K.) $7,400 Managed futures
2 GLG Partners (London, U.K.) 7,050
3 Barclays Global Investors (London, U.K.) 6,500*
4 Vega Asset Mgmt I (Dublin, Ireland) 5,800
Vega Relative Value Fund Jan-02 2,243 2 20 Yes N/A 15.94 8.89 23.1 3.92 Fixed-income G10 sovereign relative valie arbitrage
Vega Global Fund Nov-96 1,786 1 20 Yes N/A 11.61 8.89 8.12 3.38 Macro
Vega Select Opportunities Fund Jun-00 964 2 20 Yes N/A 29.29 6.08 26.33 14.08 Macro
5 UBS (Zurich, Switzerland) 4,800*
6 Brevan Howard Asset Mgmt (London, U.K.) 4,300
7 Brummer & Partners (Stockholm, Sweden) 3,892
Zenit Jul-96 1,703 0.75 20 Yes Yield on 90-day Swedish Government T-bill ?4.14 18.99 19.91 14.82 Long-short equity
Nektar Jan-98 1,419 1 30 Yes Yield on 90-day Swedish Government T-bill + 4 percentage points 10.83 26.28 21.22 6.65 Mortgage-backed-securities arbitrage, other directional fixed-income, market-neutral, macro, fixed-income, statistical arbitrage
Futuris Oct-99 347 1 20 Yes 3-month Eurro Interbank LIBOR 5.67 22.36 19.71 10.77 Long-short equity
Avenir Dec-00 191 1 20 Yes 3-month Euro Interbank Euribor 1.3 8.59 11.22 3.24 Long-short equity
Lynx May-00 151 1 20 Yes Yield on 6-month Swedish Govt. T-bill 23.02 21.81 18.92 15.37 Commodities trading adviser
Manticore Dec-00 75 1 20 Yes Yield on 90-day Swedish Government T-bill 7.44 ?11.22 ?2.64 7.87 Long-short equity, sector-specific equity, technology, media, telecommunications
8 Gartmore Investment Mgmt (London, U.K.) 3,500
AlphaGen Capella Nov-99 1,427 1.5 20 Yes N/A 3.8 7.6 19.4 3.58 Long-short equity
AlphaGen Avior Nov-01 378 1.5 20 Yes N/A 13 9.2 13.6 1.19 Long-short equity
AlphaGen Altai Dec-01 317 1.5 20 Yes N/A ?0.8 7 6.8 0.76 Long-short equity
AlphaGen Volantis May-02 150 1.5 20 Yes N/A 21.5 26.2 41.6 1.5 Long-short equity
AlphaGen Hokuto Nov-00 137 1.5 20 Yes N/A 8.7 ?3 1.5 0.76 Long-short equity
AlphaGen Cepheus Mar-01 119 1.5 20 Yes N/A 6.7 13.8 7.3 0.9 Long-short equity
AlphaGen Pictor Jul-01 94 2 20 Yes N/A 12 ?3.9 0.1 1.42 Long-short equity
AlphaGen WhiteOak Dec-02 38 1.5 20 Yes N/A ?0.3 0.6 N/A N/A Convertible arbitrage, long-short equity
AlphaGen Arneb Dec-01 20 1.5 20 Yes N/A 12.1 6 5.9 1.21 Long-short equity
AlphaGen Caelum Dec-01 18 1.5 20 Yes N/A ?10.3 3.4 3.4 2.12 Long-short equity
9 BlueCrest Capital Mgmt (London, U.K.) 3,051
BlueCrest Capital International Dec-00 2,259 2 20 Yes N/A 1.03 17.42 24.58 1.65 Multistrategy arbitrage
BlueCrest Strategic Jul-03 511 0.5 30 Yes N/A ?1.6 N/A N/A N/A Multistrategy arbitrage, emerging-market bonds, other directional fixed-income, emerging-markets equity, macro
BlueCrest Capital Jun-01 281 2 20 Yes N/A 1 17 24 1.65 Multistrategy arbitrage
10 Egerton Capital (London, U.K.) 3,000*
11 Dexia Asset Mgmt (Paris, France) 2,984
Dexia Index Arbitrage Sep-03
Dexia Long Short Double Alpha Mar-01 199 1.5 20 No N/A 19.96 17.14 9.62 3.71 Merger-risk arbitrage, market-neutral
Dexia High Yield BB Mar-99 146 0.8 25 No N/A 31.49 19.74 5.25 4.21 High-yield credit
Dexia Long Short Risk Arbitrage Mar-99 140 1.2 25 No N/A 32.67 27.03 7.15 4.5 Merger-risk arbitrage, long-short equity
12 DB Absolute Return Strategies (London, U.K.) 2,896
13 Rubicon Fund Mgmt (London, U.K.) 2,816
Rubicon Global Fund Nov-99 N/A 2 20 Yes 0 13.19 30.45 31.14 4.04 Macro
14 Marshall Wace (London, U.K.) 2,700
Eureka Euro Fund Jan-98 1,932 1 20 Yes N/A 9.03 4.89 N/A N/A Long-short equity
Eureka USD Fund Jan-98 1,132 2 N/A N/A N/A 7.59 3.04 N/A N/A Long-short equity
Eureka Interactive Fund Dec-99 451 1 20 Yes N/A 5.23 N/A N/A N/A Long-short equity. Sector-specific equity: technology, media, telecommunications
Affinium Fund Mar-03 134 1.5 20 Yes N/A 7.2 1 N/A N/A N/A Statistical arbitrage
15 Barep Asset Mgmt (Paris, France) 2,600
Barep Nouveaux Horizons Jan-97 424 2 20 N/A 3-month Euribor +150bp 5.09 7.87 9.13 3.06 International sovereign debt
Barep Convertible Arbitrage Jul-01 417 1.5 20 N/A 0 2.97 6.73 6.33 1.31
Epsilon Jul-94 387 2 20 No 6-month Euribor ?2.93 12.58 4.84 11.72
Barep Protea M&A Euro Mar-00 97 2.06 20 Yes 6-month Euribor 2.22 2.69 5.47 3.91 Merger-risk arbitrage
Barep Commodity Arbitrage Fund Nov-01 41 1.5 20 N/A 0 0.63 3.04 3.78 4.16 Commodities arbitrage
Barep Convertible Arbitrage Enhanced Jul-03 41 1.5 20 N/A 0 1.04 N/A N/A N/A
Barep Achillea Event Driven Jun-01 33 1.4 20 N/A 0 4.67 N/A N/A N/A
Barep Global High Yield Objective Feb-03 24 1.5 20 N/A 3-month LIBOR 1.99 N/A N/A N/A High-yield total return
Barep Taux Emergents Jul-99 17 1.2 33 N/A EMBI+ 20.71 13.6 9.57 10.33
16 KBC Alternative Investment Mgmt (London, U.K.) 2,571
KBC Convertible Opportunities Fund Dec-01 736 2 20 Yes N/A 14.7 23.67 24.3 4.71 Convertible arbitrage, market-neutral
KBC Convertible Arbitrage Fund Jul-01 515 2 20 Yes N/A 5.12 4.84 9.66 4.35 Convertible arbitrage, market-neutral
KBC Multi-Strategy Arbitrage Fund May-03 503 2 25 Yes N/A 6.4 N/A N/A N/A Multistrategy arbitrage, market-neutral
KBC Credit Arbitrage Fund Oct-02 437 2 20 Yes N/A 10.59 7.38 32.95 10.2 Fixed-income arbitrage, market-neutral
KBC Return Enhancement Fund Jul-03 110 1 20 Yes N/A 1.28 N/A N/A N/A Fixed income arbitrage
17 Sloane Robinson Investment Mgmt (London, U.K.) 2,460
SR Vista-Class 1 (Emerging Markets Portfolio) Feb-03 87 1.25 5 Yes N/A 37.2 N/A N/A N/A Emerging-markets equity, long-only (or long-bias) equity, macro
SR Phoenicia Aug-01 76 1 15 Yes N/A 31.1 4.1 6.4 11 Emerging-markets equity, long-only (or long-bias) equity, long-short equity
18 Aspect Capital (London, U.K.) 2,294
Aspect Diversified Program Dec-98 1,171 2 20 Yes N/A 14.07 19.19 19.91 20.17 Commodities trading adviser
Aspect European Equity Program Oct-99 439 1.5 20 Yes N/A 3.14 4.57 12.49 12.26 Long-short equity
Aspect Master Program Jan-02 345 2 25 Yes N/A 6.07 15.09 15.1 15.6 Multistrategy
Aspect Currency Fund Nov-01 216 2 20 Yes N/A 7.71 9.96 18.02 20.48 Currencies
19 CQS Mgmt (London, U.K.) 2,113
CQS Convertible & Quantitative Strategies Fund Mar-00 1,348 1.5 20 Yes N/A 11.67 6.8 20.65 2.01 Convertible arbitrage, market-neutral, equity arbitrage
CQS Capital Structure Arbitrage Fund Nov-02 764 2 20 Yes N/A 9.91 N/A N/A N/A Capital structure arbitrage, market-neutral
20 CDC IXIS (Paris, France) 1,879
21 Lansdowne Partners (London, U.K.) 1,874
Lansdowne U.K. Equity Fund Aug-01 1,101 1.5 20 Yes 0 6.26 3 6.16 6.3 6.8 Long-short equity
Lansdowne European Equity Fund A Class Sep-98 649 1.5 20 Yes 0 4.60 4 ?8.39 4 20.6 15 Long-short equity
Lansdowne European Equity Fund B Class Nov-02 124 1.5 20 Yes 0 3.98 4 0.38 4 0.5 0.1 Long-short equity
22 London Diversified Fund Mgmt (London, U.K.) 1,800
London Diversified Fund 1,800 Fixed-income relative value
23 Cheyne Capital International (London, U.K.) 1,669
Cheyne Fund Jun-00 866 1.5 20 Yes N/A 4.8 6.25 5.13 4.57 Convertible arbitrage
Cheyne Leverage Fund Jun-02 286 2 20 Yes N/A 8.02 4.8 11.91 4.26 Convertible arbitrage
Cheyne Special Situations Fund May-03 159 2 20 Yes N/A 2.39 N/A N/A N/A Event driven, distressed, capital-structure arbitrage, special-situations equity
Cheyne European Opportunities Fund Jul-03 139 2 20 Yes N/A 1.14 N/A N/A N/A Long-short equity
24 BNP Paribas Asset Mgmt Group (Paris, France) 1,600
25 Millennium Asset Mgmt (Guernsey, Channel Islands) 1,360
Millennium Radar Fund Nov-02 83 1.5 20 Yes 0 4.58 1.62 6.92 Macro
Millennium Global Currency Fund Mya-95 5 41 1.5 20 Yes 0 0.54 10.64 Global currencies and related markets
Millennium Global High Yield Fund Sep-99 38 2 20 Yes 0 41.31 10.60 Event-driven, distressed, special-situation corporate debt
Thames River Capital (London, U.K.) 1,249
Pioneer Alternative Investment Mgmt (Dublin, Ireland) 1,080
Pioneer Global Opportunities Apr-99 504 2 25 Yes 0 6.47 6 6.13 7.09 5.1 Fixed-income arbitrage
Pioneer long-short European Equity Apr-02 203 2 20 Yes 0 7.33 6 6.4 8.63 2.77 Market-neutral
Pioneer Global Macro Jan-01 66 2 20 Yes 0 0.14 6 5.55 4.2 10.4 Macro
Pioneer Global Equity Arbitrage Jan-01 111 2 20 Yes 0 3.32 6 0.27 1.01 4.9 Merger-risk arbitrage
Pioneer Convertible Bond Arbitrage Oct-01 163 2 20 Yes 0 4.41 6 6.47 6.7 3.49 Convertible arbitrage
Threadneedle Asset Mgmt (London, U.K.) 1,038
ADI Alternative Investments (Paris, France) 1,017
Kallista CB Arbitrage Dec-00 512 1.5 20 Yes 0 6.20 9.02 12.19 3.25 Convertible arbitrage
Kallista Credit Arbitrage Nov-01 221 1.5 20 Yes 0 3.00 5.86 6.59 3.57 Fixed-income arbitrage
Kallista Volatility Arbitrage Mar-02 149 1.5 20 Yes 0 ?5.04 9.6 11.55 8.29 Volatility arbitrage
Kallista Arbitrage Strategies May-03 104 2 25 Yes 0 1.45 N/A N/A N/A Multistrategy arbitrage
Henderson Global Investors (London, U.K.) 1,016
Henderson Asia Absolute Return Fund Nov-00 123 1.25 20 Yes N/A 19.15 9.77 8.14 7.6 Long-short equity
Henderson European Absolute Return Fund Jun-01 223 1.5 20 Yes N/A 12.97 32.08 36.74 19.1 Long-short equity
Henderson U.K. Equity Long Short Fund Jun-03 73 1.5 20 Yes N/A 1 N/A N/A N/A Long-short equity
Henderson Japan Absolute Return Fund Jul-00 213 1.25 20 Yes N/A 12.26 ?2.3 10.2 10.5 Long-short equity
Henderson Global Fixed Income Absolute Return Fund Jan-03 37 1.5 20 Yes N/A 3.7 N/A N/A N/A Fixed-income arbitrage, emerging-markets bonds, directional fixed-income, macro, emerging-markets bonds, fixed-income arbitrage
Henderson U.K. Equity Market Neutral Fund Dec-01 347 1.5 20 Yes N/A 3.27 4.97 4.9 4.39 Market-neutral
RAB Capital (London, U.K.) 980
Kairos Investment Mgmt (London, U.K.) 958
Kairos Fund Jun-99 958 1.5 20 Yes N/A 5.69 9.97 19.25 0.93 7 Long-short equity
IKOS Partners (London, U.K.) 947
Beach Capital Mgmt (London, U.K.) 941
Discretionary 1XL Fund Nov-99 110 2 20 Yes N/A 12.47 16.61 8.43 N/A Commodities trading adviser
Discretionary 3XL Fund Apr-99 12 6 20 Yes N/A 27.94 47.59 18.43 N/A Commodities trading adviser
Systematic Fund 1XL Mar-02 8 2 20 Yes N/A 2.48 3.73 3.73 N/A Commodities trading adviser
Beach Fund Limited 1XL Mar-02 26 2 20 Yes N/A 7.54 N/A N/A N/A
Quadriga (Vienna, Austria) 928
Spinnaker Capital Group (London, U.K.) 922
Spinnaker Global Opportunity Fund Feb-01 497 2 20 Yes 0 27.97 24.62 24.41 2.02 Emerging-markets bonds, dstressed, long-short global emerging-markets, macro
Spinnaker Global Emerging Markets Fund Dec-00 425 2 20 Yes 0 41.86 47.68 47.54 2.26 Emerging-markets bonds, distressed, long-short global emerging-markets, macro
Hermitage Capital Mgmt (Guernsey, Channel Islands) 845
Hermitage Fund Apr-96 845 2 20 Yes US$ 3-month LIBOR 41.7 34.1 32.1 9.72 Emerging-markets equity, long-only (or long-bias) equity
Systeia Capital Mgmt (Paris, France) 798
Systeia Convertible Arbitrage USD Sep-02 33 1.5 20 Yes 0 10.42 1.87 N/A 2.74 Convertible arbitrage
Systeia Event Driven Euro Fund Mar-02 82 1.5 20 Yes 0 4.84 4.43 N/A 1.31 Merger-risk arbitrage
Systeia Event Driven USD Sep-01 25 1.5 20 Yes 0 4.68 4.09 N/A 1.95 Merger-risk arbitrage
Systeia Natural Event Derivatives USD Jun-02 22 1.5max 20 Yes 6 month US$ LIBOR 3.75 1.53 N/A 2.16 CAT Bonds Derivatives
TT International Investment Mgmt (London, U.K.) 788
Boyer Allen Investment Mgmt (London, U.K.) 784
Zulauf Asset Mgmt (Zug, Switzerland) 750
Adelphi Mgmt (Guernsey, Channel Islands) 710
Adelphi Europe Fund- Class A Oct-97 164 1 20 Yes 0 3.97 ?6.38 1.17 12.05 Long-short equity
Adelphi Europe Fund- Class B Oct-97 413 1 20 Yes 0 5.50 ?8.12 2.70 12.15 Long-short equity
Adelphi Europe Partners Jan-99 82 1 20 Yes 0 4.01 ?8.18 1.32 12.12 Long-short equity
Odey Asset Mgmt (London, U.K.) 682
Odey European Inc. Jun-92 466 1 20 Yes 10.40 12.9 12.5 5.48 Long-short equity
OEI Mac Feb-94 138 1 20 Yes 14 24.6 18.4 12.5 Long-short equity
Odey Japan & General Oct-00 31 1 20 Yes 30.7 ?1 11.3 9.7 Long-short equity
Odey Eclectica Sep-02 40 1 20 Yes 38.4 ?4.2 N/A N/A Long-short equity
Odey Latham Global May-01 7 1 20 Yes 11.1 ?6.7 ?7.2 8.9 Long-short equity
Julius Baer Investments (London, U.K.) 624
Julius Baer Diversified Fixed Income Hedge Fund Jan-02 616 1 quarterly redemption/ 1.25 monthly redemption 20 of net gains above hurdle rate No 3 month US$ or Euro LIBOR, reset each fiscal year end (or equivalent) 32.03 16.72 16.72 9.47 Market-neutral, fixed-income arbitrage; emerging-markets bonds, directional fixed-income
GLC (London, U.K.) 590
GLC Gestalt Europe Fund Aug-99 590 2 20 Yes 0 3.41 5.77 22.38 3.43 Statistical arbitrage, market-neutral
Equalt Alternative Asset Mgmt (Paris, France) 558
Cambrian Capital Partners (London, U.K.) 548
Clareville Capital (London, U.K.) 544
New Star Asset Mgmt (London, U.K.) 540
New Star Hedge Fund Jun-09 N/A 1.5 20 Yes N/A N/A N/A N/A N/A Long-short equity
New Star Japan Hedge Fund Apr-02 N/A 1.5 20 Yes N/A N/A N/A N/A N/A Long-short equity
New Star European Hedge Fund Oct-01 N/A 1.25 20 Yes N/A N/A N/A N/A N/A Long-short equity
New Star Asia Renaissance Hedge Fund Jun-09 N/A 1 20 Yes N/A N/A N/A N/A N/A Long-short equity
New Star U.K. Leaders Apr-02 N/A 1.5 20 Yes N/A N/A N/A N/A N/A Long-short equity
Liberty Ermitage Asset Mgmt Jersey (Jersey, Channel Islands) 500
Lionhart Investments (London, U.K.) 492
Lionhart Global Appreciation Fund -Global Portfolio Apr-96 330 2 20 Yes No 7.85 3.42 12.83 3.44 Convertible arbitrage, multistrategy arbitrage, merger-risk arbitrage, distressed, market-neutral, capital structure
Lionhart Global Appreciation Fund -Asia Portfolio Apr-00
