The CSFB/Temont hedge fund Index was up 1.96 per cent in April, taking it to 4.23 per cent n the year to date. Emerging markets funds were the top performers for April, up 3.89 per cent, while Distressed funds are on top for the year, up 8.72 per cent.
“Better than expected earning reports led global equity markets significantly higher in April, resulting in strong gains for the equity oriented strategies,” says Oliver Schupp, President of Credit Suisse First Boston Tremont Index LLC. “As a result, the broadly diversified CSFB/Tremont Hedge Fund Index is up 1.96% for April and 4.23% year-to-date.”
Performance for the CSFB/Tremont Hedge Fund Index and the ten style-based sector indices is calculated monthly.
The CSFB/Tremont Hedge Fund Index is comprised of 431 funds as of April 1, 2003, up from 415 as of March 1, 2003. Twenty-two funds were added: Marathon Global Convertible Master Fund, Canyon Capital Arbitrage Master Fund Ltd, BAREP Convertible Arbitrage Fund, Zazove Hedged Convertible Fund LP, Asian Credit Hedge Fund, AlphaGen Altai (Class A), AG Arb Partners LP, Vega Relative Value Fund, Alternatime, Highland Opportunity Fund Ltd, The Capital Fund Ltd, Vega Global Fund Limited, Gabelli Performance Partnership LP, Jupiter Hyde Park Hedge Fund Ltd, Myers Limited Partnerships, Gabelli European Partners Ltd, AlphaGen Avior Fund Ltd (Class B), Haidar Jupiter International – Short Equity Class, Malta Hedge Fund II LP, Aspect European Equity Fund (USD) Ltd, Double Black Diamond Ltd and Double Black Diamond LP. Six funds were dropped: The two under $10 million Pactual funds, Pactual – Eternity Fund Ltd and Pactual – Infinity Fund Ltd, and the SEB Hedgefond Equity are believed to be liquidating, while Maple Row Partners LP liquidated. Appaloosa Investment Limited Partnership I and Palomino Fund Ltd decided to report only to existing investors and no longer reports to the Index. In addition, Alpine Associates LP has been reclassified from the multi-strategy sub-index to the event driven sub-index, and Watch Hill Fund LP merged into Watch Hill Strategic. The Index is constructed using the TASS database of more than 2,600 hedge funds. It includes both open and closed funds located in the U.S. and offshore, but does not include funds of funds. In order to qualify for inclusion in the index selection universe, a fund must have US $10 million under management, a 12-month track record, and an audited financial statement. Index funds are selected using a formula based on assets under management that ensures the Index always represents at least 85% of total assets in each of ten strategy-based sectors in the selection universe. Once added, funds are not excluded until they liquidate or fail to meet the financial reporting requirements, in order to minimize survivorship bias. The Index is calculated as a total return index on a monthly basis, adjusted for asset in- and outflow and rebalanced, including a reselection according to the procedure outlined above, on a quarterly basisSubject: FW: 2003: Top Performing Institutional Money Managers Ranked ByInvestorForce