Hedge Weekly N°53                                                                                                         ...
Index by Strategies                                                                       iiiIndex by Funds               ...
Convertible Arbitrage                                                     Commodity                25                     ...
BAY RESOURCES PARTNERS OFFSHORE 15          BRUMMER MULTISTRATEGY 2XL, LTD      34   CQS DIVERSIFIED FUND (SPC) LTD    34A...
EVEREST CAPITAL ASIA              9    GRAHAM GLOBAL INVESTMENT FUND I        29    HSBC INDIA ALPHA FUND               10...
MAVERICK FUND, LTD - CLASS A/1    14   ORTUS FUND (CAYMAN) LTD                28    POLLUX BRAZILIAN EQUITIES FUND      11...
TRAXIS SIVIK GLOBAL HEALTHCARE    18TUDOR B.V.I GLOBAL FUND LTD -A-   27TUDOR TENSOR FUND LIMITED CLASS   29TULIP TREND FU...
TOP                                                                                               BOTTOMInvestment Funds  ...
TOP                                                                                             BOTTOMInvestment Funds    ...
TOP                                                                                           BOTTOMInvestment Funds      ...
Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return        Annua...
Inception   Liquidity   Asset Size Last NAV         Date        Mtd         Ytd      Last Month Annual Return        Annua...
Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return        Annua...
Inception   Liquidity   Asset Size Last NAV         Date        Mtd         Ytd      Last Month Annual Return        Annua...
Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return        Annua...
Inception   Liquidity   Asset Size Last NAV         Date        Mtd         Ytd      Last Month Annual Return        Annua...
Inception   Liquidity   Asset Size Last NAV         Date        Mtd         Ytd      Last Month Annual Return        Annua...
Inception   Liquidity   Asset Size Last NAV         Date        Mtd         Ytd      Last Month Annual Return        Annua...
Inception   Liquidity   Asset Size Last NAV         Date        Mtd         Ytd      Last Month Annual Return        Annua...
Inception   Liquidity   Asset Size Last NAV         Date        Mtd         Ytd      Last Month Annual Return        Annua...
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Hedge Weekly 2011

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Hedge Weekly 2011

  1. 1. Hedge Weekly N°53 Investment Funds Performance Review Alternative Investment Group Week of Monday 26 Dec to Friday 30 Dec 2011COPYRIGHT PROTECTEDAccording to the disclaimer stated on last page, this document belongs to HSBC Private Bank (Suisse) SA and its copyright protected. Ifsomeone publishes or disseminates it without HSBC Private Bank (Suisse) SA’s approval or authorization, the latter reserves the right topursue all remedies available, legal, equitable, or otherwise, to halt this unauthorized and inappropriate action. It also reserves the right toseek all monetary damages to which it may be entitled.
  2. 2. Index by Strategies iiiIndex by Funds ivTop/Bottom 20 1Newsletter 4Disclamer 37 Past performance is not a guide to future performance Alternative ii Investment Group
  3. 3. Convertible Arbitrage Commodity 25 Currency 25 Convertible 4 Diversified 25Credit Long/Short Managed Futures Credit 5 Currency 28 Multi-Strategy 6 Discretionary 28Distressed Systematic 29 Distressed Security 7 Market NeutralEquity 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 36Event Driven Systematic 36 Multi-Strategy 20Fixed Income Arbitrage Fixed Income 22Fund of Funds Arbitrage 23 Event Driven 23 Leveraged Multi-Strategy 23 Long/Short 23 Multi-Strategy 24 Trading 24Macro Past performance is not a guide to future performance Alternative iii Investment Group
  4. 4. BAY RESOURCES PARTNERS OFFSHORE 15 BRUMMER MULTISTRATEGY 2XL, LTD 34 CQS DIVERSIFIED FUND (SPC) LTD 34A 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 8A.R.T. INTERNATIONAL INVESTOR ( 31 BLACK DIAMOND RELATIVE VALUE LT 30 BTG PACTUAL GLOBAL EMERGING MAR 26 DABSOLUTE INSIGHT UK EQUITY MKT 30 BLACK DIAMOND, LTD - CLASS B (U 34ADELPHI EMERGING EUROPE. FUND 10 DAVIDSON KEMPNER DIST. OPP. INT 7 BLACK RIVER DYNAMIC STRATEGIES 34 CADELPHI EUR. FUND $ (A) 11 DAVIDSON KEMPNER INTL, LTD - CL 20 BLACKROCK EOS CLASS B USD COMP 31AETOS CORPORATION - CLASS A 33 CANYON BALANCED FUND LTD - CLAS 7 DB EQUILIBRIA JAPAN FUND 30 BLACKROCK MULTI-STRATEGY FUND 34AG SUPER FUND INTERNATIONAL, LT 34 CANYON VALUE REALIZATION FD, LT 7 DB EQUILIBRIA JAPAN FUND LTD 2X 30 BLACKROCK 32 CAPITAL MASTER FUN 32AJR INTERNATIONAL (BVI), INC. - 15 CAPITAL FUND, LTD (THE) 26 DISCOVERY GLOBAL OPPORTUNITY FU 25 BLACKROCK FIXED INCOME GLOBAL A 22ALLBLUE LIMITED 34 CAPULA GLOBAL RELATIVE VALUE FU 22 DISCUS FEEDER LTD CL. B USD STA 28 BLACKROCK OBSIDIAN FUND 22ALLIANCE BERNSTEIN SELECT US EQ 15 CASTLEROCK FUND LTD 15 DKR QUANTITATIVE STRATS FUND, L 28 BLACKROCK UK EQUITY HEDGE FUND 15ALPHADYNE INVESTMENT STRATEGIES 25 CAXTON GLOBAL INVESTMENT LTD 26 DORSET ENERGY FUND, LTD - CLASS 16 BLUE SKY JAPAN LTD - CLASS A 14ALPHAGEN CAPELLA FUND-A- 11 CAZENOVE EURO EQ ABS RETURN FUN 11 DOUBLE BLACK DIAMOND LTD - SERI 35 BLUECREST CAPL INTL LTD A USD 34ALPHAGEN HOKUTO FUND LTD - CLAS 14 CAZENOVE UK ABSOLUTE TARGET FUN 31 DRAKE ABSOLUTE RETURN FUND, LTD 26 BLUECREST EMERGING MARKETS FUND 25ALPHAGEN OCTANIS CLASS A 15 CAZENOVE UK EQUITY ABSOLUTE RET 15 DRAKE GLOBAL OPPORTUNITIES FUND 22 BLUECREST MULTI STRATEGY CREDIT 5ALPHAGEN TUCANA 11 CENTAUR COMMERCIAL MATERIALS FU 4 BLUEMATRIX FUND CLASS -A- USD 31ALPHAGEN VOLANTIS FUND, LTD - A 18 CENTAURUS INTERNATIONAL RISK AR 33 E BLUEMOUNTAIN CREDIT ALTERNATIVE 5ALYDAR FUND LTD 15 CERBERUS INTL. LTD 7 BLUEMOUNTAIN EQUITY ALTERNATIVE 34 EAGLE GLOBAL FUND 29ALYSHEBA FUND LIMITED 15 CHILTON CHINA OPPORTUNITIES FUN 9 BLUETREND FUND, LTD - CLASS A 28 ECOFIN GLOBAL LONG/SHORT FUND 19AMAZON MARKET NEUTRAL FUND CLAS 30 CIPHER DIVERSIFIED FUND-A- 28 BORONIA DIVERSIFIED FUND MASTER 28 EEA EUROPE LONG SHORT FUND -USD 11ANTARES EUROPEAN FUNDS, LTD - U 11 CLIVE FUND (The ) Class - A - 25 BOUSSARD & GAVAUDAN HOLDING., L 34 EGERTON EUROPEAN DOLLAR CLASS - 11ARCUS JAPAN FUND -JPY- 14 COBALT OFFSHORE LTD 16 BOYER ALLAN GREATER CHINA FUND 9 ELEMENT CAPITAL FUND 26ARROWGRASS INT FUND LTD 34 COMAC GLOBAL MACRO FUND 26 BOYER ALLAN PACIFIC FUND INC-A- 9 ELLERSTON ASIA PACIFIC FUND 9ASCEND PARTNERS FUND II LTD - A 15 CONQUEST MACRO FUND, LTD (COMP) 28 BREVAN HOWARD ASIA FUND LIMITED 25 ELLERSTON GEMS - CLASS A 13ASPECT DIVERSIFIED FUND - CLASS 28 COREVEST PARTNERS LTD 9 BREVAN HOWARD CREDIT CATALYSTS 5 ELM RIDGE VALUE PARTNERS OFFSHO 16AVESTA 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 16B 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 34BASSO 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
  5. 5. EVEREST CAPITAL ASIA 9 GRAHAM GLOBAL INVESTMENT FUND I 29 HSBC INDIA ALPHA FUND 10EVEREST CAPITAL FRONTIER MARKET 10 GRAHAM GLOBAL INVESTMENT FUND I 29 HSBC LEVERAGED GH FUND 23 LEXANE 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 12EXANE MICROMEGAS FUND LTD- CLAS 30 GREEN T G2 FUND 5 HSBC TRADING ADVANTEDGE FUND 24 LANSDOWNE GLOBAL FINANCIALS FUN 17EXANE 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- 4F GRT TOPAZ OFFSHORE PARTNERS, LT 18 LC CAPITAL OFFSHORE FUND, LTD 7 GSA CAPITAL INTERNATIONAL FUND, 31 IFEINGOLD OKEEFFE CAPITAL I OFFS 5 LIM ASIA MULTI-STRATEGY FUND CL 31FINISTERRE SOVEREIGN DEBT FUND 5 III FUND LTD 22 LIM JAPAN FUND 36 HFIREBIRD NEW RUSSIA FUND, LTD - 10 III RELATIVE VALUE CREDIT STRAT 22 LINDEN INTERNATIONAL LTD 35FIREBIRD REPUBLICS FUND, LTD 10 HABROK LTD 12 INVESTCORP STONEWORKS GLOBAL MA 27 LION FUND, LTD (THE) 33FIRST EAGLE GOOD HOPE INTERNATI 20 HALCYON OFF. ASSET-BACKED VALUE 8 IRONSHIELD SPECIAL SITUATIONS F 7 LONDON DIVERSIFIED FUND, LTD - 22FORE MULTI STRATEGY FUND LTD 35 HARMONIC ALPHA PLUS MACRO FUND 26 IVORY CAPITAL FLAGSHIP STRATEGY 16FORTRESS 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 13G HENDERSON UK EQUITY L/S FUND LI 15 JABCAP GLOBAL BALANCED FUND LTD 35 MACQUARIE ASIAN ALPHA FUND 30 HIGHBRIDGE CAPITAL CORPORATION 35GABELLI ASSOCIATES LIMITED - CL 33 JABCAP MULTI STRATEGY FUND LTD 35 MAN AHL DIVERSIFIED PLC 29 HIGHBRIDGE LONG/SHORT EQUITY FU 16GAM GLOBAL RATES HEDGE FUND 26 JCAM GLOBAL FUND LIMITED CLASS 5 MARATHON OVERSEAS FUND, LTD - A 22 HIGHBRIDGE STATISTICAL OPP. LTD 31GAM JAPAN EQUITY HEDGE FUND 14 JOHO FUND, LTD-A- 9 MARATHON VERTEX JAPAN FD, LTD C 14 HORSEMAN GLOBAL FUND USD 13GAMUT INVESTMENTS 26 JPMORGAN PORT. STRAT. FUNDS-EUR 12 MARINER-TRICADIA CREDIT STRATEG 5 HSBC ALPHA FUND LTD - HSBC EURO 12GAVEA FUND LTD . CLASS A S/1 25 MARSHALL WACE - MW CORE A USD 12 HSBC ASIAN ADVANTEDGE FUND 23GEOSPHERE DIRECTIONAL FUND LTD 9 K MARSHALL WACE - MW EUREKA A1 EU 13 HSBC CREDIT MARKET OPPORTUNITIE 23GEOSPHERE FUND, LTD 9 MARSHALL WACE - MW EUROPEAN TOP 12 HSBC DISTRESSED MARKETS FUND US 23 KALTCHUGA FUND - RUSSIA EQ. SUB 10GLC DIVERSIFIED FUND LTD -A- 35 MARSHALL WACE - MW GLOBAL FINAN 17 HSBC EMERGING ADVANTEDGE FUND 24 KEYNES LEVERAGED QUANTITATIVE S 29GLC GESTALT EUROPE FUND, LTD A/ 31 MARSHALL WACE - MW GLOBAL OPPOR 13 HSBC EUROPEAN ALPHA FUND -EUR 12 KINETICS FUND, INC - A/A 16GLENROCK GLOBAL PARTNERS (BVI) 13 MARSHALL WACE - MW MARKET NEUTR 30 HSBC GH FUND USD 24 KING STREET CAPITAL, LTD 7GRACIE CREDIT OPPORTUNITIES L.P 5 MARTIN CURRIE ARF - GLOBAL RESO 9 HSBC GIF GEM EQUITY ABSOLUTE RE 10 KING STREET EUROPE LTD CLASS A 7GRADIENT EUROPE FUND (THE) 12 MARTIN CURRIE ARF - JAPAN FUND 14 HSBC HEDGE INVESTMENTS FUND 24 KROM RIVER COMMODITY FUND 28GRAHAM GIF II PROPRIETARY MATRI 29 MARTIN CURRIE EUROPEAN HEDGE FU 12 Past performance is not a guide to future performance Alternative v Investment Group
  6. 6. 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 22MBAM ACTIVE LONG SHORT 12 OWL CREEK OVERSEAS FUND, LTD 20 PROLOGUE FEEDER FUND, LTD. CLAS 22 SOFAER CAPL ASIAN HEDGE FD (Net 10MELLON OFF GLOB OPP FUND LTD - 27 PSAM MERGER FUND LTD 33 SOMERSET SPECIAL OPPORTUNITIES 8MELLON OFF. ALPHAACCESS FUND LT 27 P SPINNER GLOBAL TECHNOLOGY FUND, 19MERCHANT COMMODITY FUND (THE) - 25 Q SR GLOBAL FUND - B - ASIA (Real 10 PALOMINO FUND LTD CLASS B ORIGI 5MILLENNIUM INTL LTD 35 SR GLOBAL FUND C - INTERNATIONA 14 PARA INTERNATIONAL FUND -A- 20 QFS CURRENCY FUND, LTD CLASS B 25MKP CREDIT OFFSHORE FUND 6 SR GLOBAL FUND F - EUROPE (€) ( 13 PARS IV OFFSHORE FUND II , CL. 22 QFS GLOBAL MACRO FUND, LTD CLAS 27MKP OPPORTUNITY OFFSHORE, LTD 27 SR GLOBAL FUND G - EMERGING MKT 11 PAULSON ADVANTAGE LTD -A- 20 QVT OVERSEAS, LTD - B - Serie 1 35MLIS - CCI HEALTHCARE LONG SHOR 17 SR GLOBAL FUND H - JAPAN (Real 14 PAULSON ADVANTAGE PLUS LTD 20MLM MACRO PEAK PARTNERS OFFSH F 27 SR PHOENICIA INC CLASS -A- SERI 11 PAULSON CREDIT OPPORTUNITIES LT 7 RMONARCH DEBT RECOVERY FUND LTD 7 STANDARD PACIFIC CAPITAL -B- 14 PAULSON ENHANCED LTD 33MONEDA ABSOLUTE RETURN LTD 20 RAB GL. MINING & RESOURCES FUND 14 STONE LION FUND LTD CLASS A 7 PAULSON INTERNATIONAL, LTD 33MOORE EMERGING EQUITY L/S FUND 11 RAB SPECIAL SITUATION FD LTD 18 STRATEGIC VALUE RESTRUCTURING F 7 PAULSON RECOVERY FUND LTD 20MOORE 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 12MOORE GLOBAL INV FD, LTD - A $ 27 RENAISSANCE INSTITUTIONAL EQUIT 16 SWORDFISH FUND LTD 27 PENSATO EUROPA FUND LTD EURO CL 13MOORE MACRO MANAGERS FUND, LTD 27 RENAISSANCE INSTITUTIONAL FUTUR 29 PERCEPTIVE LIFE SCIENCES OFFSH 18 REVELATION SPECIAL SITUATIONS F 20 T PERRY PARTNERS INTERNATIONAL IN 20N RUBICON GLOBAL FUND, LTD 27 PERSHING SQUARE INTL.LTD 20 TALENTUM ACTIVEDGE FUND LIMITED 30NEVSKY FUND PLC (COMPOSITE) 14 PHARO MACRO FUND LTD 27 TALENTUM ENHANCED FUND LIMITED 30 SNEZU CYCLICALS FUND LTD 9 PHARO TRADING FUND 26 TANTALLON FUND (THE) 10NORDIC 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 29O 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 13OCCAM GLOBAL EMERGING MARKETS F 11 PLATINUM PARTNERS VALUE ARBITRA 35 SENVEST PARTNERS, LTD - CLASS A 18 THIRD POINT OFFSHORE 20OCCO EASTERN EUROPEAN FUND 11 PMA CREDIT OPPORTUNITIES 04/04 6 SHEPHERD INVEST LTD CLASS -A -C 35 THIRD POINT ULTRA 20OCEANIC HEDGE FUND - CLASS A 9 POLAR CAPITAL EUROP CONVICTION 13 SIERRA EUROPE OFFSHORE, LTD - U 13 TOSCA CLASS A - USD 17OCTAGON PAN ASIA FUND 10 POLAR CAPITAL EUROPEAN FORAGER 17 SILVER POINT CAPITAL OFFSHORE L 7 TRADELINK INTEGRATED PROGRAM LT 29ODEY EUROPEAN, INC (EUR) 12 POLAR CAPITAL UK ABSOLUTE RETUR 15 SINOPIA L/S GL. BOND MK NEUT.FU 22 TRAXIS FUND LP (OFFSHORE) 27OMEGA OVERSEAS PARTNERS, LTD C 16 Past performance is not a guide to future performance Alternative vi Investment Group
  7. 7. TRAXIS SIVIK GLOBAL HEALTHCARE 18TUDOR B.V.I GLOBAL FUND LTD -A- 27TUDOR TENSOR FUND LIMITED CLASS 29TULIP TREND FUND, LTD - A 29TWO SIGMA COMPASS CAYMAN FUND 29TWO SIGMA HORIZON CAYMAN LTD 35TYRUS CAPITAL EVENT FUND LTD 20VVIKING GLOBAL EQUITIES III LTD- 14VISIUM BALANCE OFFSHORE FUND CL 18VISIUM CREDIT OPPORTUNITIES FUN 5VISIUM INSTITUTIONAL PARTNERS F 17VR GLOBAL OFFSHORE FUND LTD 36WWATERSTONE MKT NEUT OS FUND, LT 4WF ASIA FUND LTD S/1 10WINTON EVOLUTION FUND (THE) 36WINTON FUTURES FUND - CLASS B 29YYORK INVESTMENT LTD -CLASS A/1 21ZZADIG FUND CLASS A1 13ZAXIS OFFSHORE LTD - CLASS A/1 18ZWEIG-DIMENNA INTL LIMITED - CL 16 Past performance is not a guide to future performance Alternative vii Investment Group
  8. 8. TOP BOTTOMInvestment Funds Return Date Investment Funds Return DateRENAISSANCE INSTITUTIONAL EQUITIES LP (B) 34.66 23 Dec 11 PAULSON ADVANTAGE PLUS LTD -47.77 30 Nov 11MARSHALL WACE - MW GLOBAL OPPORTUNITIES A USD 26.57 27 Dec 11 HENDERSON EUROPEAN ABS RETURN FD, LTD USD -42.80 16 Dec 11BLACKROCK 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 11DISCUS FEEDER LTD CL. B USD STANDARD LEVERAGE 21.50 23 Dec 11 PAULSON ADVANTAGE LTD -A- -31.77 30 Nov 11BLACKROCK FIXED INCOME GLOBAL ALPHA FUND 19.93 28 Dec 11 CIPHER DIVERSIFIED FUND-A- -31.20 23 Dec 11PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND 19.17 30 Nov 11 HENDERSON UK EQUITY L/S FUND LIMITED -31.02 16 Dec 11LTD MERCHANT COMMODITY FUND (THE) - COMPOSITE -30.86 23 Dec 11STRATUS FUND LIMITED CLASS B 15.75 23 Dec 11 PAULSON RECOVERY FUND LTD -27.71 30 Nov 11GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS A 15.06 23 Dec 11 JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NI -26.88 20 Dec 11BREVAN HOWARD FUND, LTD - USD CLASS A 12.31 09 Dec 11 RAB GL. MINING & RESOURCES FUND LTD -B- -26.35 15 Dec 11MKP OPPORTUNITY OFFSHORE, LTD 11.10 23 Dec 11 BLUE SKY JAPAN LTD - CLASS A -24.62 30 Nov 11AMAZON MARKET NEUTRAL FUND CLASS A USD 10.97 23 Dec 11 SR GLOBAL FUND C - INTERNATIONAL (Real Perf) -24.27 20 Dec 11CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP 10.85 28 Dec 11 JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI -24.18 15 Dec 11ENNISMORE EUROPEAN SMALLER COMPANIES 10.21 15 Dec 11 CHILTON CHINA OPPORTUNITIES FUND LTD -23.23 16 Dec 11JPMORGAN PORT. STRAT. FUNDS-EUROPE DYNAMIC 10.20 23 Dec 11L/S FUND- EUR OCCAM GLOBAL EMERGING MARKETS FUND CLASS A -22.95 23 Dec 11III RELATIVE VALUE CREDIT STRATEGIES FUND LTD 10.14 23 Dec 11 TULIP TREND FUND, LTD - A -22.71 23 Dec 11FINISTERRE SOVEREIGN DEBT FUND 9.92 30 Nov 11 ODEY EUROPEAN, INC (EUR) -22.67 14 Dec 11CAZENOVE UK EQUITY ABSOLUTE RETURN FUND 9.92 30 Nov 11 SR GLOBAL FUND - B - ASIA (Real Perf) -22.10 20 Dec 11III FUND LTD 9.61 23 Dec 11 TRADELINK INTEGRATED PROGRAM LTD -21.51 23 Dec 11MARSHALL WACE - MW EUREKA A1 EUR 9.59 27 Dec 11 Source - HSBC Private BankEAGLE GLOBAL FUND 9.28 23 Dec 11Source - 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
  9. 9. TOP BOTTOMInvestment Funds Return Date Investment Funds Return DateVR GLOBAL OFFSHORE FUND LTD 58.35 31 Dec 10 GLC GESTALT EUROPE FUND, LTD A/1 -13.42 31 Dec 10HENDERSON EUROPEAN ABS RETURN FD, LTD USD 41.65 31 Dec 10 CAZENOVE EURO EQ ABS RETURN FUND LIMITED -12.05 31 Dec 10 CLASS BSENVEST PARTNERS, LTD - CLASS A 39.59 31 Dec 10 SR GLOBAL FUND C - INTERNATIONAL (Real Perf) -11.82 31 Dec 10TULIP TREND FUND, LTD - A 38.39 31 Dec 10 GLC DIVERSIFIED FUND LTD -A- -11.56 31 Dec 10THIRD POINT ULTRA 37.91 31 Dec 10 SOFAER CAPL ASIAN HEDGE FD (Net Index) -10.14 31 Dec 10HENDERSON UK EQUITY L/S FUND LIMITED 35.91 31 Dec 10 INVESTCORP STONEWORKS GLOBAL MACRO FUND LTD -9.08 31 Dec 10THIRD POINT OFFSHORE 33.75 31 Dec 10 CAZENOVE UK EQUITY ABSOLUTE RETURN FUND -8.62 31 Dec 10MOORE EMERGING EQUITY L/S FUND LTD -A- 32.18 31 Dec 10 PMA CREDIT OPPORTUNITIES 04/04 -8.53 31 Dec 10VISIUM CREDIT OPPORTUNITIES FUND 31.67 31 Dec 10 CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP -7.62 31 Dec 10CQS DIRECTIONAL OPP. FUND. Ltd – 1A NI 31.45 31 Dec 10 RAB SPECIAL SITUATION FD LTD -7.59 31 Dec 10KINETICS FUND, INC - A/A 30.80 31 Dec 10 DISCUS FEEDER LTD CL. B USD STANDARD LEVERAGE -6.67 31 Dec 10EVEREST CAPITAL FRONTIER MARKETS 30.64 31 Dec 10 BOYER ALLAN GREATER CHINA FUND -6.31 31 Dec 10JPMORGAN PORT. STRAT. FUNDS-EUROPE DYNAMIC 28.88 31 Dec 10L/S FUND- EUR OCCAM GLOBAL EMERGING MARKETS FUND CLASS A -5.93 31 Dec 10QFS CURRENCY FUND, LTD CLASS B SHARES (INDEX) 28.78 31 Dec 10 SR GLOBAL FUND H - JAPAN (Real Perf) -4.22 31 Dec 10BLACKROCK OBSIDIAN FUND 28.71 31 Dec 10 TANTALLON FUND (THE) -3.54 31 Dec 10ANTARES EUROPEAN FUNDS, LTD - USD 28.25 31 Dec 10 SIERRA EUROPE OFFSHORE, LTD - USD/A -3.08 31 Dec 10ORTUS FUND (CAYMAN) LTD 27.89 31 Dec 10 OCTAGON PAN ASIA FUND -2.68 31 Dec 10PALOMINO FUND LTD CLASS B ORIGINAL SERIES 27.86 31 Dec 10 POLLUX BRAZILIAN EQUITIES FUND -2.62 31 Dec 10ELEMENT CAPITAL FUND 27.60 31 Dec 10 HIGHBRIDGE STATISTICAL OPP. LTD – CLASS A -2.39 31 Dec 10MERCHANT COMMODITY FUND (THE) - COMPOSITE 27.40 31 Dec 10 SR PHOENICIA INC CLASS -A- SERIES 1 -1.87 31 Dec 10Source - HSBC Private Bank 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 2 Investment Group
  10. 10. TOP BOTTOMInvestment Funds Return Date Investment Funds Return DateSENVEST PARTNERS, LTD - CLASS A 229.09 31 Dec 09 HORSEMAN GLOBAL FUND USD -24.73 31 Dec 09PALOMINO FUND LTD CLASS B ORIGINAL SERIES 129.54 31 Dec 09 TULIP TREND FUND, LTD - A -24.68 31 Dec 09HENDERSON EUROPEAN ABS RETURN FD, LTD USD 110.93 31 Dec 09 BENNELONG ASIA PACIFIC MULTI STRATEGY EQ. FUND -20.16 31 Dec 09 LTDJABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI 85.11 31 Dec 09 SR GLOBAL FUND H - JAPAN (Real Perf) -18.52 31 Dec 09VR GLOBAL OFFSHORE FUND LTD 82.53 31 Dec 09 MAN AHL DIVERSIFIED PLC -16.89 31 Dec 09PHARO TRADING FUND 81.79 31 Dec 09 CONQUEST MACRO FUND, LTD (COMP) -14.12 31 Dec 09GREEN II FUND-S/ 01.06 COMPOSITE 79.57 31 Dec 09 CAPITAL FUND, LTD (THE) -13.02 31 Dec 09ELEMENT CAPITAL FUND 78.82 31 Dec 09 ASPECT DIVERSIFIED FUND - CLASS A -11.24 31 Dec 09RAB GL. MINING & RESOURCES FUND LTD -B- 76.76 31 Dec 09 GROWTH MANAGEMENT LTD -8.34 31 Dec 09CANYON BALANCED FUND LTD - CLASS A 75.67 31 Dec 09 KROM RIVER COMMODITY FUND -8.08 31 Dec 09EVEREST CAPITAL ASIA 72.88 31 Dec 09 BLACKROCK 32 CAPITAL MASTER FUND SPC, LTD (THE) -7.66 31 Dec 09LINDEN INTERNATIONAL LTD 72.86 31 Dec 09 - A/1HABROK LTD 67.07 31 Dec 09 HSBC TRADING ADVANTEDGE FUND -7.51 31 Dec 09DISCOVERY GLOBAL OPPORTUNITY FUND, LTD 64.98 31 Dec 09 RENAISSANCE INSTITUTIONAL EQUITIES LP (B) -6.17 31 Dec 09LAZARD RATHMORE FUND - CLASS A-2 64.10 31 Dec 09 BORONIA DIVERSIFIED FUND MASTER -6.13 31 Dec 09STONE LION FUND LTD CLASS A 63.71 31 Dec 09 WINTON EVOLUTION FUND (THE) -5.36 31 Dec 09PARS IV OFFSHORE FUND II , CL. A/1 63.30 31 Dec 09 WINTON FUTURES FUND - CLASS B -4.63 31 Dec 09PINPOINT CHINA FUND CLASS A USD 62.34 31 Dec 09 MARATHON VERTEX JAPAN FD, LTD CLASS B -4.12 31 Dec 09HENDERSON UK EQUITY L/S FUND LIMITED 61.47 31 Dec 09 ELLERSTON GEMS - CLASS A -3.53 31 Dec 09BAY RESOURCES PARTNERS OFFSHORE FUND 59.98 31 Dec 09 ZWEIG-DIMENNA INTL LIMITED - CLASS A -3.35 31 Dec 09Source - HSBC Private Bank MLM MACRO PEAK PARTNERS OFFSH FD, LTD - B -2.95 31 Dec 09 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 3 Investment Group
  11. 11. Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD* Date or Index since Inception VolatilityConvertibleYTD Avg. 2011 (0.10%) Ytd Avg. 2011Convertible / 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. 2011Convertible / 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 $ 1074 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. 2011Convertible / USA 1.00% WATERSTONE MKT NEUT OS FUND, LTD 31 Jul 03 Q $1810 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 Past performance is not a guide to future performance Alternative 4 Investment Group
  12. 12. Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD* Date or Index since Inception VolatilityCreditYTD Avg. 2011 (0.14%) Ytd Avg. 2011Credit / 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. 2011Credit / Global (0.79%) BLUECREST MULTI STRATEGY CREDIT FUND 30 Nov 07 Q $1204 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 $3379 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 $ 1928 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 $1901 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 $2053 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 $1552 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 $2000 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 $ 1573 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 $4912 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 $3273 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 * Max DD: Peak to trough Source - HSBC Private Bank Past performance is not a guide to future performance Alternative 5 Investment Group
  13. 13. Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD* Date or Index since Inception VolatilityCreditYTD Avg. 2011 (0.14%) Ytd Avg. 2011Credit / USA (1.30%) BRIGADE LEVERAGED CAPITAL STRUCTURES FUND 31 Dec 06 Q $4910 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 $2738 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 11Multi-StrategyYTD Avg. 2011 (3.31%) Ytd Avg. 2011Multi-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 * Max DD: Peak to trough Source - HSBC Private Bank Past performance is not a guide to future performance Alternative 6 Investment Group
  14. 14. Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD* Date or Index since Inception VolatilityDistressed SecurityYTD Avg. 2011 (2.67%) Ytd Avg. 2011Distressed 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. 2011Distressed Security / Global (2.87%) CANYON BALANCED FUND LTD - CLASS A 31 May 04 Q $1500 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 $5407 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 $1878 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 $12200 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 $4987 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 $4438 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 $1622 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 * Max DD: Peak to trough Source - HSBC Private Bank Past performance is not a guide to future performance Alternative 7 Investment Group
  15. 15. Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD* Date or Index since Inception VolatilityDistressed SecurityYTD Avg. 2011 (2.67%) Ytd Avg. 2011Distressed 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 $1683 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 * Max DD: Peak to trough Source - HSBC Private Bank Past performance is not a guide to future performance Alternative 8 Investment Group
  16. 16. Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD* Date or Index since Inception VolatilityEquity-CommodityYTD Avg. 2011 (4.29%) Ytd Avg. 2011Equity-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 $1453 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 10Equity-DiversifiedYTD Avg. 2011 (7.20%) Ytd Avg. 2011Equity-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 $1664 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 $2075 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 * Max DD: Peak to trough Source - HSBC Private Bank Past performance is not a guide to future performance Alternative 9 Investment Group
  17. 17. Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD* Date or Index since Inception VolatilityEquity-DiversifiedYTD Avg. 2011 (7.20%) Ytd Avg. 2011Equity-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 $1400 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. 2011Equity-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 * Max DD: Peak to trough Source - HSBC Private Bank Past performance is not a guide to future performance Alternative 10 Investment Group
  18. 18. Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD* Date or Index since Inception VolatilityEquity-DiversifiedYTD Avg. 2011 (7.20%) Ytd Avg. 2011Equity-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 $2650 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. 2011Equity-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 $1367 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 * Max DD: Peak to trough Source - HSBC Private Bank Past performance is not a guide to future performance Alternative 11 Investment Group
  19. 19. Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD* Date or Index since Inception VolatilityEquity-DiversifiedYTD Avg. 2011 (7.20%) Ytd Avg. 2011Equity-Diversified / Europe (5.67%) 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 $1030 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 OMara 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 $2356 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 * Max DD: Peak to trough Source - HSBC Private Bank Past performance is not a guide to future performance Alternative 12 Investment Group
  20. 20. Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD* Date or Index since Inception VolatilityEquity-DiversifiedYTD Avg. 2011 (7.20%) Ytd Avg. 2011Equity-Diversified / Europe (5.67%) 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. 2011Equity-Diversified / Global (5.66%) ELLERSTON GEMS - CLASS A 30 Apr 06 Q $1433 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 $2022 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 $1591 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 * Max DD: Peak to trough Source - HSBC Private Bank Past performance is not a guide to future performance Alternative 13 Investment Group

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