european hedge fund directory 2004/2005 · • hedge fund manager interviews • strategy write-ups...

EUROPEAN HEDGE FUND DIRECTORY 2004/2005

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Fortis Bank Information Banking provides an integrated

package of services to hedge funds and funds of

hedge funds. Through extensive experience with

offshore activities, comprehensive fund administration,

financing trade positions, clearing transactions,

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Prime Fund Solutions offers a "one-stop-shop" for the

administrative and financial needs of a fund. In every

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O f f i c e s : A m s t e r d a m - C a y m a n - C u r a ç a o - D u b l i n - H o n g K o n g - I s l e o f M a n - L o n d o n - N e w Yo r k - To k y o

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The information and summaries contained in this directory (the “Summaries”) appear as a matter of record only and are provided for information purposes only. The Summaries do 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 any other interest, in any fund or form the basis of any contract or commitment whatsoever. The Summaries are 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. We understand that many of the funds may not be sold into, or that their sales may be restricted in particular jurisdictions (including the United States and Singapore). Accordingly you are advised to seek independent professional advice before taking any action in relation to any fund mentioned herein. We accept no liability whatsoever for any direct or indirect loss arising out of the use of this directory or reliance on anything found in this directory.

∆ EUREKAHEDGE PTE LTD www.eurekahedge.com

WWhhoo aarree EEuurreekkaahheeddggee??

Eurekahedge is a consultancy, advisory and research house focusing on alternative investments. Originating in Asia,

Eurekahedge has grown rapidly to become one of the most widely used and quoted alternative research houses

worldwide. Eurekahedge has produced a suite of Asian hedge fund indices, an Asian hedge fund directory, a global

fund of funds directory and a European hedge fund directory, covering almost 3,000 funds as well as a collection of

educational guides for both funds and investors.

Founded in 2001, Eurekahedge has offices in Singapore, Hong Kong, London, Tokyo (affiliated), Switzerland and New

York. Eurekahedge also provides consultancy and advisory services, hedge fund start-up services, capital introduction

and due diligence services.

Hedge fund publications

Eurekahedge has produced a number of definitive guides to the hedge fund industry including:

The Eurekahedge Asia and Japan Hedge Fund Directory

The Eurekahedge Global Fund of Funds Directory

The Eurekahedge European Hedge Fund Directory

The Eurekahedge Absolute Return Fund Directory

The Eurekahedge Japanese Compendium

The Eurekahedge Asset Growth Guide

The Eurekahedge Latin American Hedge Funds Directory

These guides are accompanied by online databases, which are updated daily with new funds and NAVs. Two more

directories are expected to be launched this year – North American hedge funds and Islamic funds. For more

information, please contact [email protected] or for a free trial, please register your contact details at

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Eurekahedge offers start-up consultancy services to entrants to the alternative asset management industry. By

teaming up with the leading hedge fund law, tax and accountancy firms, Eurekahedge is able to provide swift and

cost effective coordination, advice and support for start-up managers in Asia, Japan and Europe.

Hedge fund hotel

Eurekahedge has recently opened a hedge fund hotel in Singapore. This is an ideal opportunity for new managers to

make use of a ‘plug and play’ environment whereby Eurekahedge will provide a full range of services including office

facilities, administration, technology, IT support and executive secretaries. In addition Eurekahedge will utilise its

globally based marketing team to assist in capital raising. In a nutshell, we have all a hedge fund manager needs to

kick-start the running of a successful hedge fund.

Investment advice and investor services

We believe we are the leading authority on Asian and Japanese hedge funds and funds of funds and to this end we

have a database covering more than 460 Asian portfolios. The combination of our database and our independent

research team enables Eurekahedge to offer unrivalled, on-going and objective investment advice to potential

investors in Asian hedge funds.

1

Hedge Fund Industry research in a cost effective, easy to use format.

Eurekahedge Databases and Directories• Asia and Japan Hedge Fund Directory

• Global Fund of Funds Directory

• European Hedge Fund Directory

• Long-Only Absolute Return Fund Directory

• Latin American Directory

• Japan Compendium

• Asset Growth Guide

ABN AMRO Eurekahedge Indices• Asia Pacific Index

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• Strategic Asian Indices

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The Eurekahedge Monthly Newsletter• Hedge Fund Manager Interviews

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Alternative Thinkingfrom Eurekahedge

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Who are Eurekahedge? ....................................................... 3 Key Trends in European Hedge Funds ..................................13 Hedge Fund Profiles Arbitrage Avendis Alternative Fund.......................................................................19 Barep Convertible Arbitrage Fund............................................................19 Concordia (Class B) Convertible Arbitrage Fund ........................................20 Concordia (Class C) G-10 Fixed Income Arbitrage Fund .............................20 Convex Valor .......................................................................................21 Equalt Convertible Arbitrage Fund...........................................................21 Everest Capital Reserve .........................................................................22 GAM Arbitrage .....................................................................................22 IIU Convertible Arbitrage Fund................................................................23 IIU Convertible Fund .............................................................................23 Kallista CB Arbitrage Fund (EUR) ............................................................24 Kallista CB Arbitrage Fund (USD) ............................................................24 Kallista Quant Arbitrage (EUR)................................................................25 Kallista Quant Arbitrage (USD) ...............................................................25 Kallista Volatility Arbitrage Fund (EUR) ....................................................26 Kallista Volatility Arbitrage Fund (USD)....................................................26 KBC Convertible Arbitrage Fund .............................................................27 KBC Convertible Opportunities Fund .......................................................27 KDC Offshore Fund CV .........................................................................28 Kellner, Dileo & Co LP ...........................................................................28 Man-Arbitrage Strategies Ltd..................................................................29 Mellon HBV Offshore Global Arbitrage Fund Ltd .......................................29 New Star Convertible Opportunities Hedge Fund.......................................30 Nextra Beta Hedge................................................................................30 Pioneer Convertible Bond Arbitrage (EUR) ................................................31 Pioneer Convertible Bond Arbitrage (USD)................................................31 Quadix Volatility Fund (EUR) ..................................................................32 Quadix Volatility Fund (USD)..................................................................32 Sabre Style Arbitrage Fund ....................................................................33 Systeia Convertible Arbitrage Euro Fund ..................................................33 Systeia Convertible Arbitrage USD Fund ..................................................34 ADI Risk Arb Absolu .............................................................................35 ADI Risk Arbitrages...............................................................................35 AIG DKR SoundShore Investors ..............................................................35 AIG DKR SoundShore Opportunity Fund ..................................................35 AIG DKR SoundShore Overseas Fund......................................................35 AIG DKR SoundShore Strategic Fund ......................................................36 Apollo European Fund Ltd (USD).............................................................36 Appaloosa Arbitrage Fund......................................................................36 Astin V Fund........................................................................................36 AXA IM Convertible Plus .......................................................................36 AXA Kappa..........................................................................................37 AXA Vectris Fund.................................................................................37 AXA Vectris Fund II ..............................................................................37 Barep Convertible Arbitrage Enhanced Fund .............................................37 Beaghton Cross Market Fund .................................................................37 Centennier Fund ...................................................................................38 Cheyne Fund........................................................................................38 Cheyne Leveraged Fund ........................................................................38 Decillion Convertible Arbitrage Fund........................................................38 Dexia Credit Arbitrage ...........................................................................38 Dexia Money & Getec ...........................................................................39 Dexia Money & Risk Arbitrage................................................................39 DWS Vola Strategy...............................................................................39 F&C Amethyst Fund Ltd ........................................................................39 Ferox Fund ..........................................................................................39 GLG Market Neutral Fund ......................................................................40 Invictus Fund ......................................................................................40 Kleber Mone Vega Fund ........................................................................40 Knowle Fund........................................................................................40 Lionhart Aurora Fund Ltd .......................................................................40 Lionhart Global Appreciation-Global (EUR)................................................41 Lionhart Titan Fund...............................................................................41 Lydian Overseas Partners Master Fund ....................................................41 Maple Leaf Opportunity Fund .................................................................41 ORN European Merger Fund ...................................................................41 Pendragon Convertible Fund...................................................................42 Pendragon European Merger Arbitrage Fund.............................................42 Plexus Fund .........................................................................................42 Polygon Global Opportunity Master Fund .................................................42 Quest Global Convertible Fund ...............................................................42 Sark Fund ............................................................................................43

SGAM Alternative Currency Fund .......................................................... 43 SGAM Convertible Fund ....................................................................... 43 SGAM MN Sys$ .................................................................................. 43 Systematic Absolute Return Fund .......................................................... 43 Wolf Conservative ............................................................................... 44 Wolf Systematic .................................................................................. 44

CTA / Managed Futures A.I.M. Index Option Programme............................................................. 47 AIB Thesis World Derivatives ................................................................ 47 Alder Global 10 ................................................................................... 48 Alder Global 20 ................................................................................... 48 Alphagen Currency (EUR)...................................................................... 49 Alphagen Currency (USD) ..................................................................... 49 Appleton 10% Risk Program ................................................................. 50 Appleton 25% Risk Program ................................................................. 50 Appleton Global Opportunity Program..................................................... 51 Aspect Diversified Fund (EUR) ............................................................... 51 Aspect Diversified Fund (USD) .............................................................. 52 Aspect Trading Fund (EUR) ................................................................... 52 Aspect Trading Fund (USD)................................................................... 53 Beach Discretionary Fund 1XL............................................................... 53 Blue Danube Aeneas Futures Fund ......................................................... 54 Blue Danube Currency Opportunity ........................................................ 54 Brummer & Partners Lynx Hedge Fund ................................................... 55 Capricorn FX 3x .................................................................................. 55 Capricorn FX 7x .................................................................................. 56 Capricorn Systementum FX................................................................... 56 CDC Mobius Managed Futures I............................................................. 57 CFM Constellation STIR........................................................................ 57 CFML 1A............................................................................................ 58 CFML Global Strategy .......................................................................... 58 Copenhagen Currency Fund B.V. ........................................................... 59 Coromandel Trend Fund Ltd .................................................................. 59 DISCUS Managed Futures Program ........................................................ 60 DUNNS-Allani Program ......................................................................... 60 Dynex Corp-TETRA High Beta Currency Portfolio ..................................... 61 Epsilon Euro ........................................................................................ 61 Epsilon USD........................................................................................ 62 Equalt Systematic Futures Fund............................................................. 62 FX2000.............................................................................................. 63 Galahad Fund ...................................................................................... 63 Global Advisors Commodity Investment Fund LP ..................................... 64 Global Advisors Commodity Investment Fund Ltd .................................... 64 Global Markets Investment Fund............................................................ 65 Global Precious Metals Fund ................................................................. 65 HANS Program .................................................................................... 66 Hasenbichler Dynamic Risk Control ........................................................ 66 Hasenbichler MOC GmbH ..................................................................... 67 Hasenbichler MOC Institutional Fund...................................................... 67 Hofschildt Global Index Futures Inc ........................................................ 68 Hofschildt Global Trade Systems Inc ...................................................... 68 IIU Breakout Program ........................................................................... 69 Interkraft Energy Fund.......................................................................... 69 Man AHL Alpha plc .............................................................................. 70 Man AHL Capital Markets Fund ............................................................. 70 Man AHL Currency Fund....................................................................... 71 Man AHL Diversified Markets EU ........................................................... 71 Man AHL Diversified plc ....................................................................... 72 Man Diversified Futures Ltd .................................................................. 72 Mulvaney Global Markets Fund Ltd ........................................................ 73 MVCM Global Diversified FX XL Program................................................ 73 Nextra Futures CTA ............................................................................. 74 Odey Treasury Fund (EUR) .................................................................... 74 Odey Treasury Fund (USD) ................................................................... 75 OEI Mac Inc ........................................................................................ 75 Oxeye Growth Fund ............................................................................. 76 Paprika Hedge Fund Inc A (USD-Futures Classic) ..................................... 76 Paprika Hedge Fund Inc B (USD-Futures Dynamic) ................................... 77 Pico Ltd (CHF)..................................................................................... 77 Pico Ltd (USD) .................................................................................... 78 Quadriga GCT (EUR) ............................................................................ 78 Quadriga GCT (USD) ............................................................................ 79 Quadriga Hedge Fund........................................................................... 79 Quantimix (EUR) .................................................................................. 80 Quantimix (USD).................................................................................. 80 Quantimix XL (EUR) ............................................................................. 81 Quantimix XL (USD)............................................................................. 81 QuantiSquare (EUR) ............................................................................. 82 QuantiSquare (USD)............................................................................. 82

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KKeeyy TTrreennddss iinn EEuurrooppeeaann HHeeddggee FFuunnddss

The 2004 edition of the Eurekahedge European Hedge Fund Directory lists detailed information on 1,119 European

hedge funds. This is up from the 496 European hedge funds listed last year. The number of new European hedge

funds grew rapidly over the past year, though growth now appears to be slowing slightly. Investment bankers,

analysts and fund managers continue to leave salaried jobs at major banks to set up boutique firms where the initial

income stream may not arrive until two or three years after launch.

Funds launching today appear to be better structured (with focused risk controls and external directors) than they

were four years ago. Whether this rapid growth constitutes a hedge fund “bubble” ready to burst or is just a

fundamental/structural change in the asset management industry is the major question being raised by the media. The

answer really depends on if there is a number of concurrent hedge fund blow-ups causing allocators (both leveraged

and unleveraged funds of funds, institutions and family offices) to drastically reduce their hedge fund exposure across

the strategy spectrum. Ultimately this will depend on performance and drawdown management. If hedge funds

continue to outperform market indices (even with increasing fees) without suffering numerous meltdowns, the

number of funds and the money allocated to them should continue to grow.

Strategy Breakdown

A plurality of European hedge funds by number (43%) are equity long/short, which compares similarly to the strategy

breakdown of North American hedge funds but is significantly less than the 56% of Asian hedge funds that employ

an equity long/short strategy.

Number of European Funds by Strategy

CTAs have been one of the best performing hedge fund strategies over the past three years, and the number of new

CTA launches globally has risen. European-based managers employing CTA strategies now represent 12% of the

entire European hedge fund universe, second only to equity long/short funds.

Long / ShortEquities

43%

Macro8%

Arbitrage8%

Multi-Strategy7%

Distressed Debt2%

Event Driven4%Others

4%

Relative Value5%

Fixed Income7%

CTA / ManagedFutures12%

5



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Macro and arbitrage strategies are tied for the third most popular European hedge fund strategies, with 8% market

share by number. Fixed income and multi-strategy managers each represent 7% of the universe. It is surprising that

relative value funds in Europe represent only 5% of the entire universe. In Asia relative value funds represent 6% of

the total market by numbers. With the availability of short borrow in Europe easier than in Asia, one would expect a

proportionally larger number of European relative value funds. Like in most hedge fund markets, event driven (4% of

the universe) and distressed debt (2%) are the strategies with the smallest market share.

Europe is leading the way in the growth (based on number of funds and assets under management) of long/short

credit funds when compared to the North American and Asian markets. This is primarily due to the depth of the credit

default swap market and consequential skill sets of individuals who wish to launch these types of funds. The largest

such fund is GLG Credit, but other names in this sector include Elgin, ORN, Regent Park and Cambridge Place.

Performance and Assets under Management

While European equity markets have fallen between 20% to 50% from their first quarter 2000 highs, European equity

long/short hedge funds have held up reasonably well with annualised returns of 12%. However these returns were

lower than the 17.7% average annualised returns seen in Asian and Japan equity long/short funds, although the risk

free rate in US dollar-denominated Asia funds were substantially lower than European Central Bank rates throughout

the last four years.

European distressed debt funds, like in Asia, were the best performers with annualised returns of 22.18%.

Multi-strategy funds, which usually are heavily weighted to long volatility strategies, was the second best performing

strategy with 13.87% annualised returns and annualised volatility of 9.39%. The average European CTA

performance was similar to its global peers with 12.39% annualised returns.

Performance of European Hedge Funds by Strategy

Strategy Average Annualised

Return Average Annualised Standard Deviation

Arbitrage 7.65 4.33 CTA / Managed Futures 12.39 16.44 Distressed Debt 22.18 12.96 Event Driven 11.70 4.28 Fixed Income 9.25 6.90 Long / Short Equities 12.23 11.36 Macro 8.14 10.98 Multi-Strategy 13.87 9.39 Others 8.34 11.19 Relative Value 9.43 10.64

Not surprisingly, most European hedge fund investors come from Europe. We believe that close to 75% of all money

invested in European hedge funds originates in Europe and only 20% from the United States. With the continued

strength of the Euro against the U.S. Dollar and Asian currencies loosely pegged to the Dollar, U.S. and Asian-based

hedge fund investors could increase their allocation to Euro-denominated hedge funds in the coming years. The vast

majority of European hedge funds have total assets under US$400 million.

6

Arbitrage

CTA / Managed FuturesDistressed Debt

Event Driven

Fixed Income

Long / Short Equities

Macro

Multi-Strategy

Relative Value

Others

New / Recent Launches

Glossary & Indices

Tracking AsiaBloomberg Ticker - HDGE

The ABN AMRO Eurekahedge index is the only equally weighted, mean returncalculated, Asian hedge fund index in existence.

The ABN AMRO Eurekahedge Index The ABN AMRO Eurekahedge Japan Index

The ABN AMRO Eurekahedge Asia ex Japan Index

For more information on the methodology behind these indices, please visit www.eurekahedge.com/indices

40.00

55.00

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85.00

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115.00

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145.00

160.00

Dec-99

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Mar-01

Jun-01

Sep-01

Dec-01

Mar-02

Jun-02

Sep-02

Dec-02

Mar-03

Jun-03

Sep-03

Dec-03

Mar-04

AA EH Index MSCI Equity Asia Pacific Free Index AA EH Japan Index Topix

AA EH Asia ex Japan Index MSCI Equity Asia Pacific Free Index ex Japan

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55.00

70.00

85.00

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135.00

150.00

165.00

180.00

Dec-99

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Mar-01

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Sep-01

Dec-01

Mar-02

Jun-02

Sep-02

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Mar-03

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Sep-03

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Mar-04

For the last two years The Eurekahedge Family of Indices has allowed investorsand hedge funds to track their market with ease and convenience.



CCDDCC MMoobbiiuuss MMaannaaggeedd FFuuttuurreess II Manager Details

Advisory Company CDC IXIS Asset Management Management Company CDC Overseas Address 7 Place des Cinq Martyrs du Lycee Buffon, Paris, 75015,

France Other Location(s) United States, Singapore, Japan, Italy, Germany, Australia Fund Manager(s) Jean-Jacques Ohana

Philippe Sokolowski Other Key Person(s) Dahlia Marteau Contact Person(s) Diane Terver-Agazzotti Website www.cdcixis-am.com Email address [email protected] Telephone number 33 1 42 79 26 92

Fund Details

Investment Style CTA / Managed Futures Investment Geography Global Avg Net Exposure 350% of assets Avg Gross Exposure 550% of assets Fund Size (US$m) 135 Fund Capacity (US$m) 200 Firm’s Total Assets (US$m) 367,584 Minimum Investment Size 1 share Inception Date Mar-2002 Domicile Luxembourg Base Currency EUR Equalisation / Share Class Undisclosed Dividend Policy Accumulation Leverage Yes Hurdle Rate No High Water Mark Yes Listed on Exchange Yes (Luxembourg Stock Exchange) Fund (Open / Closed) Open

Fees and Redemption

Subscription Frequency Daily Redemption Frequency Daily Redemption Notification Period Before 11am Redemption Penalty Fees None Management Fees (%) 2 Performance Fees (%) 10 (of NAV appreciation) Other Fees None Lock-up No

Service Providers

Prime Brokers n/a Administrator Credit Agricole Investor

Services Bank Auditor PricewaterhouseCoopers Legal Advisor Arendt & Medernach

Statistics (as at Apr 2004)

Summary Data Annualised Return (%) 8.64 Best Monthly Return (%) 5.25 Worst Monthly Return (%) -2.36 2003 Return (%) 8.62 2004 Return (%) 0.17 Rise in NAV since Inception (%) 18.83 Last 3 Months (%) -0.58

Risk/Return Sharpe Ratio 0.87 Annualised Standard Deviation (%) 7.49 Downside Deviation (%) 3.95 Sortino Ratio 1.65 Maximum Drawdown -3.35 Percentage of Positive Months (%) 68.00

Performance Chart

95

103

111

119

127

Mar-0

2

Sep-02

Mar-0

3

Sep-03

Mar-0

4

CCFFMM CCoonnsstteellllaattiioonn SSTTIIRR Manager Details

Advisory Company City Fund Management Ltd Management Company City Fund Management Ltd Address Wigglesworth House, 69 Southwark Bridge Rd, London,

SE1 0NG, United Kingdom Other Location(s) None Fund Manager(s) Robert McGregor

Christopher Lee John Jackson

Other Key Person(s) Michael Bonser Contact Person(s) John Jackson Website www.cityfund.co.uk Email address [email protected] Telephone number 44 20 7357 9575

Fund Details

Investment Style CTA / Managed Futures Investment Geography Europe Avg Net Exposure 2% margin to equity Avg Gross Exposure 5% margin to equity Fund Size (US$m) 4 Fund Capacity (US$m) 100 Firm’s Total Assets (US$m) 50 Minimum Investment Size US$50,000 Inception Date Nov-2002 Domicile Cayman Islands Base Currency USD Equalisation / Share Class n/a Dividend Policy None Leverage No Hurdle Rate No High Water Mark Yes Listed on Exchange No Fund (Open / Closed) 0pen

Fees and Redemption

Subscription Frequency Monthly Redemption Frequency Monthly Redemption Notification Period 10 business days Redemption Penalty Fees None Management Fees (%) 3 Performance Fees (%) 25 Other Fees 3% sales fees (negotiable) Lock-up No

Service Providers

Prime Brokers Man Administrator Fortis Auditor Ernst & Young Legal Advisor Boxalls


Summary Data Annualised Return (%) 12.35 Best Monthly Return (%) 3.27 Worst Monthly Return (%) -0.74 2003 Return (%) 1.36 2004 Return (%) 3.50 Rise in NAV since Inception (%) 51.77 Last 3 Months (%) 3.30


Performance Chart

100

102

104

106

108

Oct-0

2

Apr-0

3

Oct-0

3

Apr-0

4

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SE1 0NG, United Kingdom Other Location(s) None Fund Manager(s) Martin Taylor Other Key Person(s) Christopher Lee

John Jackson Robert McGregor

Contact Person(s) John Jackson Website www.cityfund.co.uk Email address [email protected] Telephone number 44 20 7357 9575

Fund Details

Investment Style CTA / Managed Futures Investment Geography Europe Avg Net Exposure 5% to 10% margin to equity Avg Gross Exposure 5% to 10% margin to equity Fund Size (US$m) 15 Fund Capacity (US$m) 30 Firm’s Total Assets (US$m) 50 Minimum Investment Size GBP35,000 Inception Date Mar-1997 Domicile British Virgin Islands Base Currency GBP Equalisation / Share Class n/a Dividend Policy None Leverage No Hurdle Rate No High Water Mark Yes Listed on Exchange No Fund (Open / Closed) Closed

Fees and Redemption

Subscription Frequency Monthly Redemption Frequency Monthly Redemption Notification Period 5 business days Redemption Penalty Fees None Management Fees (%) 2 Performance Fees (%) 25 Other Fees None Lock-up No

Service Providers

Prime Brokers Man Administrator Fortis Auditor Ernst & Young Legal Advisor Harney, Westwood & Riegels




Performance Chart

100

130

160

190

220

250

Feb-97

Nov-9

8

Aug-0

0

May

-02

Feb-04

CCFFMMLL GGlloobbaall SSttrraatteeggyy Manager Details


SE1 0NG, United Kingdom Other Location(s) None Fund Manager(s) Guy Spurr Other Key Person(s) Christopher Lee

John Jackson Contact Person(s) John Jackson Website www.cityfund.co.uk Email address [email protected] Telephone number 44 20 7357 9575

Fund Details

Investment Style CTA / Managed Futures Investment Geography Europe Avg Net Exposure 2% margin to equity Avg Gross Exposure 2% margin to equity Fund Size (US$m) 33 Fund Capacity (US$m) 100 Firm’s Total Assets (US$m) 50 Minimum Investment Size US$50,000 Inception Date Sep-2000 Domicile United Kingdom Base Currency USD Equalisation / Share Class n/a Dividend Policy None Leverage Yes Hurdle Rate No High Water Mark Yes Listed on Exchange No Fund (Open / Closed) Closed

Fees and Redemption


Service Providers

Prime Brokers Man Administrator Fortis Auditor Ernst & Young Legal Advisor n/a




Performance Chart

95

110

125

140

155

170

Sep-00

Nov-0

1

Jan-03

Mar-0

4

CTA

/ Managed Futures

10

Arbitrage

CTA / Managed Futures

Distressed Debt

Event Driven

Fixed Income

Long / Short EquitiesMacro

Multi-Strategy

Relative Value

Others

New / Recent Launches

Glossary & Indices

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DDIIAAMM QQLLSS EEqquuiittyy MMaarrkkeett NNeeuuttrraall Manager Details

Advisory Company DLIBJ Asset Management USA Management Company DLIBJ Asset Management USA Address 1133 Ave of the Americas, New York, NY 10036,

United States Other Location(s) London, Tokyo Fund Manager(s) Andrea Bertolotti Other Key Person(s) Bill Yost

Mary Fegan Contact Person(s) Andrea Bertolotti Website n/a Email address [email protected] Telephone number 44 20 7090 6972

Fund Details

Investment Style Long / Short Equities Investment Geography Americas Avg Net Exposure 0% Avg Gross Exposure 1% per position; 1% per industry Fund Size (US$m) 75 Fund Capacity (US$m) 500 Firm’s Total Assets (US$m) 6,000 Minimum Investment Size US$5,000,000 Inception Date May-1992 Domicile Cayman Islands Base Currency USD Equalisation / Share Class Yes Dividend Policy None Leverage Yes (1:1) Hurdle Rate Yes (LIBOR) High Water Mark Yes Listed on Exchange No Fund (Open / Closed) Open

Fees and Redemption

Subscription Frequency Monthly Redemption Frequency Monthly Redemption Notification Period 30 days Redemption Penalty Fees None Management Fees (%) 1 Performance Fees (%) 20 Other Fees None Lock-up No

Service Providers

Prime Brokers Morgan Stanley Administrator CIBC; RK Consulting Auditor Rothstein Kass Legal Advisor Tannenbaum Helpern

Syracuse & Hirschtritt


Summary Data Annualised Return (%) 5.70 Best Monthly Return (%) 5.45 Worst Monthly Return (%) -6.39 2003 Return (%) -11.00 2004 Return (%) -0.44 Rise in NAV since Inception (%) 94.38 Last 3 Months (%) 1.21


Performance Chart

100

130

160

190

220

250

Apr-9

2

Apr-9

5

Apr-9

8

Apr-0

1

Apr-0

4

EEaaggllee && DDoommiinniioonn EEuurrooAAmmeerriiccaann GGrroowwtthh FFuunndd LLttdd Manager Details

Advisory Company Eagle & Dominion Asset Management Ltd Management Company Eagle & Dominion Asset Management Ltd Address 33 Throgmorton Street, London, EC2N 2BR,

United Kingdom Other Location(s) None Fund Manager(s) Andrew Trower

Duncan Byatt Other Key Person(s) None Contact Person(s) Duncan Byatt

Andrew Trower Website n/a Email address [email protected]

[email protected] Telephone number 44 20 7861 9560

44 20 7861 9561

Fund Details

Investment Style Long / Short Equities Investment Geography Americas Avg Net Exposure Undisclosed Avg Gross Exposure Undisclosed Fund Size (US$m) 27 Fund Capacity (US$m) Undisclosed Firm’s Total Assets (US$m) 50 Minimum Investment Size US$100,000 Inception Date Dec-1998 Domicile Cayman Islands Base Currency USD Equalisation / Share Class Participating shares Dividend Policy None Leverage May leverage (discretionary) Hurdle Rate No High Water Mark Yes Listed on Exchange Yes (Irish Stock Exchange) Fund (Open / Closed) Open

Fees and Redemption


Service Providers

Prime Brokers Bank of America Administrator Bank of Bermuda Auditor PricewaterhouseCoopers Legal Advisor Maples and Calder; Slaughter

& May




Performance Chart

100

140

180

220

260

300

Nov-9

8

Dec-9

9

Jan-01

Feb-02

Mar-0

3

Apr-0

4

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/ S

hort

Equ

itie

s

13



EEllyyssiiaann FFuunndd Manager Details

Advisory Company Elysian Fund Management Ltd Management Company Elysian Investment Management Ltd Address 16 Grosvenor Place, London, SW1X 7HH, United Kingdom Other Location(s) None Fund Manager(s) Paul Hopkins (CIO)

Jim Milligan Other Key Person(s) None Contact Person(s) Jim Milligan (Portfolio Manager)

Alexandra Guinle (Analyst) Website www.elysianfund.com Email address [email protected] Telephone number 44 20 7245 8870

Fund Details

Investment Style Long / Short Equities Investment Geography Global Avg Net Exposure -10% to 50% Avg Gross Exposure 40% to 100% Fund Size (US$m) 23 Fund Capacity (US$m) 250 to 400 Firm’s Total Assets (US$m) 23 Minimum Investment Size US$100,000 Inception Date Dec-1998 Domicile Guernsey Base Currency USD Equalisation / Share Class Equalisation share Dividend Policy None Leverage Yes Hurdle Rate No High Water Mark Yes Listed on Exchange Yes (Irish Stock Exchange) Fund (Open / Closed) Open

Fees and Redemption

Subscription Frequency Weekly Redemption Frequency Weekly Redemption Notification Period Prior to close of weekly

dealing (4pm) Redemption Penalty Fees Up to 5% (discretionary) Management Fees (%) 2 Performance Fees (%) 20 (over high water mark p.a.) Other Fees Custodian fees: 0.05% Lock-up No

Service Providers

Prime Brokers Morgan Stanley Administrator International Fund Managers Auditor KPMG Legal Advisor Ozannes


Summary Data Annualised Return (%) 9.16 Best Monthly Return (%) 21.87 Worst Monthly Return (%) -6.10 2003 Return (%) -1.20 2004 Return (%) 0.81 Rise in NAV since Inception (%) 59.57 Last 3 Months (%) 0.23


Performance Chart

95

110

125

140

155

170

Dec-9

8

Apr-0

0

Aug-0

1

Dec-0

2

Apr-0

4

EEmmeerrggeenntt BBaalllliissttiicc FFuunndd LLttdd Manager Details

Advisory Company Emergent Asset Management Ltd Management Company Emergent Asset Management Ltd Address Copyhold Fernhurst Haslemere, Surrey, GU27 3DZ,

United Kingdom Other Location(s) None Fund Manager(s) Michael Lambert

David Murrin Other Key Person(s) Directors of fund:

Rob MacLellan Peter Martin Sadie Morrison

Contact Person(s) Kitty Aycinena Website www.emergentasset.com Email address [email protected] Telephone number 44 14 2865 6966

Fund Details

Investment Style Long / Short Equities Investment Geography Emerging Markets Avg Net Exposure 57% Avg Gross Exposure 98% Fund Size (US$m) 26 Fund Capacity (US$m) 250 Firm’s Total Assets (US$m) 77 Minimum Investment Size US$250,000 Inception Date Aug-1999 Domicile Bermuda Base Currency USD Equalisation / Share Class Equalisation Dividend Policy None Leverage Undisclosed Hurdle Rate No High Water Mark Yes Listed on Exchange Yes (Irish Stock Exchange) Fund (Open / Closed) Open

Fees and Redemption

Subscription Frequency Monthly Redemption Frequency Quarterly Redemption Notification Period 14 calendar days Redemption Penalty Fees None Management Fees (%) 2 Performance Fees (%) 20 Other Fees Audit, admin & director fees Lock-up No

Service Providers

Prime Brokers Bear Stearns Administrator Bank of Bermuda Auditor Deloitte & Touche Legal Advisor Eversheds (London)




Performance Chart

90

120

150

180

210

Jul-9

9

Jun-00

May

-01

Apr-0

2

Mar-0

3

Feb-04


14



NNeeww SSttaarr JJaappaann HHeeddggee FFuunndd ((UUSSDD)) Manager Details

Advisory Company New Star Asset Management (Bermuda) Ltd Management Company New Star Asset Management (Bermuda) Ltd Address 1 Knightsbridge Green, London, SW1X 7NE,

United Kingdom Other Location(s) Hong Kong, Dublin Fund Manager(s) Alastair MacGregor

Michelle Sanders Other Key Person(s) Directors of fund:

John Duffield Donald Lines OBE (independent) John Collis (independent)

Contact Person(s) Emma Powell Website www.newstaram.com Email address [email protected] Telephone number 44 20 7225 9514

Fund Details

Investment Style Long / Short Equities Investment Geography Asia Avg Net Exposure 20% to 40% Avg Gross Exposure 150%; max 200% Fund Size (US$m) 61 Fund Capacity (US$m) 200 Firm’s Total Assets (US$m) 14,400 Minimum Investment Size US$150,000 Inception Date Apr-2002 Domicile Bermuda Base Currency JPY Equalisation / Share Class Equalisation Dividend Policy None Leverage Yes Hurdle Rate No High Water Mark Yes Listed on Exchange Yes (Irish Stock Exchange) Fund (Open / Closed) Open

Fees and Redemption

Subscription Frequency Monthly Redemption Frequency Monthly Redemption Notification Period 10 days Redemption Penalty Fees Undisclosed Management Fees (%) 1.5 Performance Fees (%) 20 Other Fees None Lock-up No

Service Providers

Prime Brokers Morgan Stanley Administrator Olympia Capital Auditor KPMG Legal Advisor Conyers Dill & Pearman




Performance Chart

100

106

112

118

124

Mar-0

2

Sep-02

Mar-0

3

Sep-03

Mar-0

4

NNeexxttaamm FFuunndd Manager Details

Advisory Company Nextam Partners Ltd Management Company Nextam Partners Ltd Address 20A Parkside 15-26 Knightsbridge, London, SW1X7JW,

United Kingdom Other Location(s) None Fund Manager(s) C. Gentili

A. De Bustis N. Ricolfi A. Michahelles

Other Key Person(s) G. Ganci R. Mora

Contact Person(s) Gabrielle Howatson Website www.nextampartners.co.uk Email address [email protected] Telephone number 44 20 7201 4160

Fund Details

Investment Style Long / Short Equities Investment Geography Europe Avg Net Exposure 11% Avg Gross Exposure 67% Fund Size (US$m) 23 Fund Capacity (US$m) 280 (soft close) Firm’s Total Assets (US$m) 64 Minimum Investment Size EUR100,000 Inception Date Sep-2001 Domicile Cayman Islands Base Currency EUR Equalisation / Share Class Equalisation Dividend Policy None Leverage Yes Hurdle Rate No High Water Mark Yes Listed on Exchange Yes (Irish Stock Exchange) Fund (Open / Closed) Open

Fees and Redemption

Subscription Frequency Monthly Redemption Frequency Monthly Redemption Notification Period 20 calendar days Redemption Penalty Fees None Management Fees (%) 1.5 Performance Fees (%) 20 Other Fees None Lock up No

Service Providers

Prime Brokers Goldman Sachs Administrator CITCO Auditor Ernst & Young Legal Advisor Simmons & Simmons




Performance Chart

100

104

108

112

116

Aug-0

1

Apr-0

2

Dec-0

2

Aug-0

3

Apr-0

4

Long

/ S

hort

Equ

itie

s

15



NNiibbiiuuss FFuunndd Manager Details

Advisory Company Eurfid SA Management Company Eurfid SA Address via C. Cattaneo 23, Lugano, CH-6900, Switzerland Other Location(s) None Fund Manager(s) Stefano Carrara Other Key Person(s) None Contact Person(s) Nicola Nicoletti Website www.nibiusfund.com Email address [email protected] Telephone number 41 91 923 8081

Fund Details

Investment Style Long / Short Equities Investment Geography Europe Avg Net Exposure -20% to 30% Avg Gross Exposure 80% to 90% Fund Size (US$m) 22 Fund Capacity (US$m) 122 Firm’s Total Assets (US$m) 22 Minimum Investment Size EUR100,000 Inception Date Mar-2000 Domicile British Virgin Islands Base Currency EUR Equalisation / Share Class n/a Dividend Policy None Leverage Yes (1.5 max) Hurdle Rate No High Water Mark Yes Listed on Exchange No Fund (Open / Closed) Open

Fees and Redemption

Subscription Frequency Monthly Redemption Frequency Monthly Redemption Notification Period 5 working days Redemption Penalty Fees None after 1st year Management Fees (%) 1 Performance Fees (%) 20 Other Fees None Lock-up No

Service Providers

Prime Brokers Bear Stearns Administrator CITCO Auditor PricewaterhouseCoopers Legal Advisor O’Neal Webster Myers


Summary Data Annualised Return (%) 9.07 Best Monthly Return (%) 6.34 Worst Monthly Return (%) -2.48 2003 Return (%) 9.07 2004 Return (%) -2.27 Rise in NAV since Inception (%) 42.56 Last 3 Months (%) -1.66


Performance Chart

100

110

120

130

140

150

Mar-0

0

Mar-0

1

Mar-0

2

Mar-0

3

Mar-0

4

OObbeerroonn LLoonngg--SShhoorrtt JJaappaann FFuunndd Manager Details

Advisory Company Oberon Asset Management Ltd Management Company Oberon Asset Management Ltd Address 5 Laurence Pountey Lane, London, EC4R 0BS,

United Kingdom Other Location(s) None Fund Manager(s) Helen Gorton

Simon Cook Yoshiko Kuwahara Nick Mann Colin Mills

Other Key Person(s) Directors of fund: Dermot Butler (independent) Martin Lang (independent) Nick Mann

Contact Person(s) Nick Mann Website www.oberon-uk.com Email address [email protected] Telephone number 44 17 4981 2125

Fund Details

Investment Style Long / Short Equities Investment Geography Asia Avg Net Exposure 11% Avg Gross Exposure 112% Fund Size (US$m) 349 Fund Capacity (US$m) 349 Firm’s Total Assets (US$m) 376 Minimum Investment Size US$100,000 Inception Date Mar-1999 Domicile Cayman Islands Base Currency USD Equalisation / Share Class Equalisation Dividend Policy None Leverage Yes Hurdle Rate Yes (3-month LIBOR) High Water Mark Yes Listed on Exchange Yes (Irish Stock Exchange) Fund (Open / Closed) Closed

Fees and Redemption

Subscription Frequency Monthly Redemption Frequency Monthly Redemption Notification Period 5 days Redemption Penalty Fees None Management Fees (%) 1 Performance Fees (%) 20 Other Fees None Lock up No

Service Providers

Prime Brokers Goldman Sachs Administrator Goldman Sachs Auditor Ernst & Young Legal Advisor Simmons; Thomas Eggar;

Bingham Dana




Performance Chart

95

110

125

140

155

170

Mar-

99

Jun-00

Sep-0

1

Dec-0

2

Mar-

04


16

European Leader:

Graham Phillips (London):(44) 20 7213 [email protected]

Austria

Christian Kraetschmer(43) 1 501 [email protected]

Belgium

Emmanuele Attout(32) 2 710 [email protected]

Channel Islands/Jersey

David Pirouet(44) 1534 838 [email protected]

Brendan McMahon(44) 1534 838 [email protected]

Channel Islands/Guernsey

Mike Bane(44) 1481 719 [email protected]

Denmark

Mikael Sørensen(45) 3945 [email protected]

France

Jacques Levi(33) 1 56 57 80 [email protected]

Bruno Vanden Brande(33) 1 56 57 86 [email protected]

Finland

Jari Hakkinen(358) 9 2280 [email protected]

Germany

Robert Welzel(49) 69 9585 [email protected]

Steffen Gnutztmann(49) 69 9585 [email protected]

Gibraltar

Edgar Lavarello(350) [email protected]

Ireland

Damian Neylin(353) 1 662 [email protected]

Ken Owens(353) 1 704 [email protected]

Olwyn Alexander(353) 1 704 [email protected]

Isle of Man

Mike Simpson(44) 1624 689 [email protected]

Italy

Fabrizio Piva(39) 02 7785 [email protected]

Lia Turri(39) 02 7785 [email protected]

Luxembourg

Didier Prime(352) 49 48 48 [email protected]

Netherlands

Kees Hage(31) 10 4008 [email protected]

Norway

Petra Liset(47) 2316 [email protected]

Portugal

Antonio Assis(351) 213 113 [email protected]

Spain

Antonio Greño(34) 91 568 [email protected]

Sweden

Sussanne Sundvall(46) 8 555 [email protected]

Switzerland

Thomas Huber(41) 1 630 [email protected]

United Kingdom

Graham Phillips(44) 20 7213 [email protected]

Robert Mellor(44) 20 7804 [email protected]

Jerry Dawson(44) 20 7804 [email protected]

Anne Stopford(44) 20 7804 [email protected]

PricewaterhouseCoopers’commitment to the hedge fund industryPricewaterhouseCoopers serves as independent accountants, tax and business advisers to over a thousand alternativeinvestment funds globally. Working with PricewaterhouseCoopers, you will be supported by a dedicated client service team.Our client service philosophy is built around a multidisciplinary and internationally coordinated team focused on the hedgefund industry and on your organisation. Whatever your needs, PricewaterhouseCoopers has the resources to meet them –quickly and efficiently. Our global network of experienced professionals is ready to serve you around the world.

We also have hedge fund specialists in the Americas and Asia-Pacific regions and all offshore hedge fund centres.

We work with you to determine what advice and assistance you need from us. Our approach is “menu” based.We do not believe in a “one size fits all” approach.

For more information about how PricewaterhouseCoopers can help you, please contact one of the members of ourEuropean Hedge Funds Group detailed below.

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