hsbc hedge weekly n22

8/15/2019 HSBC Hedge Weekly N22

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Hedge Weekly N°22

Investment Funds Performance Review

HSBC Alternative Investment Group

Week of Monday 23 May to Friday 27 May 2016

Alternative Investment Products are:NOT A DEPOSIT OROTHER OBLIGATIONOF THE BANK ORANY OF ITSAFFILIATES

NOT FDIC INSURED NOT INSURED BYANY FEDERALGOVERNMENTAGENCY OF THEUNITED STATES

NOT GUARANTEEDBY THE BANK OR ANYOF ITS AFFILIATES

SUBJECT TOINVESTMENT RISK,INCLUDING POSSIBLELOSS OF PRINCIPALINVESTED



Index by Strategies 3

Index by Funds 4

Top/Bottom 20 9

Newsletter 12

About This Document 60

Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 2



Convertible Arbitrage

Convertible 12

Credit Long/Short

Credit 13Fixed Income 18

Distressed

Distressed Security 20

Equity Long/Short

Equity-Commodity 21Equity-Diversified 21Equity-Energy 30Equity-Financial 30Equity-Healthcare 31Equity-Mid-Small Cap 31Equity-Pharma-Biotech 32Equity-Technology 32Equity-Utility 32

Event Driven

Equity-Diversified 33Merger-Arbitrage 33Multi-Strategy 33

Fixed Income Arbitrage

Fixed Income 36

Fund of Funds

Arbitrage 37Event Driven 37Macro 37Multi-Strategy 38Trading 38

Long Only

Equity-Diversified 39

Macro

Commodity 40Commodity-Systematic 40Currency 40Diversified 41Fixed Income 44Systematic 45

Managed FuturesCurrency 46Systematic 49

Market Neutral

Discretionary 50Diversified 51Equity Diversified 51Multi-Strategy 52Statistical Arbitrage 52Systematic 52

Merger Arbitrage

Merger-Arbitrage 54

Multi-Strategy

Credit 55Diversified 55

Volatility Arbitrage

Arbitrage 59


Source - HSBC



4

400 CAPITAL CREDIT OPPORTUNITI 18

A

A.R.T. INTERNATIONAL INVESTOR 52

AA M A BSO LU TE R ETU RN F UND 2 5

ABACO FINANCIALS FUND 30

ABRAX MERGER ARBITRAGE S.G. FU 54

ABSOLUTE INSIGHT CREDIT FUND B 13

ABSOLUTE INSIGHT EMERGING MARK 13

ABSOLUTE INSIGHT UK EQUITY MKT 50

ADELPHI EUR. FUND $ (A) 22

ADRIGO HEDGE 22

ADVENT GLOBAL PARTNERS 12AG MORTGAGE VALUE PARTNERS LTD 15

AG SUPER FUND INTERNATIONAL, L 33

AHL EVOLUTION 46

AHL ALPHA 46

AHL DIMENSION 55

AHL DIVERSIFIED 46

AJR INT ERNATIONAL (BVI), INC. 28

AKAMATSU FUND 27

ALLIANCEBERNSTEIN SELECT US EQ 28

ALPHA4X CAPITAL GROWTH FUND 41ALPHADYNE INVESTMENT STRATEGIE 41

AL PH AG EN OC TA NI S C LA SS A 2 8

ALPHAGEN VOLANTIS FUND, LTD - 31

ALTAI CAPITAL PARTNERS OFFSHOR 33

ALTIS GLOBAL TREND PORTFOLIO 46

AMAZON MARKET NEUTRAL FUND CLA 50

ANAVON MASTER FUND LTD CLASS - 25

ANDALUSIAN CORPORATE OPPORTUNI 34

ANDURAND COMMODITIES F UND 40

ANTARES EUROPEAN FUND, LTD - U 22

APERIOS EMERGING CONNECTIVITY 22

AQUILUS INFLECTION FUND LTD E 23

ARCTIC BLUE 40

ARCTIC BLUE CAPITAL 3X 40

ARIST EIA INT ERNATIONAL LTD 15

A RR OWG RAS S M ASTE R FU ND 5 5

ASCEND PARTNERS FUND II LTD - 28

ASGARD FIXED INCOME FUND LTD 15

ASPECT DIVERSIFIED FUND - CLAS 46

ATLAS ENHANCED FUND LTD 55

ATLAS FUNDAMENTAL TRADING FUND 25

ATLAS GLOBAL INVESTMENTS LTD U 56ATREAUS OVERSEAS F UND LTD 42

B

BAF LATAM TRADE FINANCE FUND 13

BASSO INVESTORS LTD 12

BAY RESOURCES PARTNERS OFFSHOR 28

BCM WESTON LP (BILLINGS CAPITA 28

BEACH POINT TOTAL RETURN OFFSH 18

BG UMBRELLA FUND PLC 34

BH-DG SYSTEMATIC TRADING FUND 46

BLACK DIAMOND RELATIVE VALUE L 50

BLACK DIAMOND, LTD - CLASS B ( 56

BLACKROCK EOS CLASS B USD COM 52

BLACKROCK MULTI-STRATEGY FUND 56

BLACKROCK 32 CAPITAL MASTER FU 52

BLACKROCK CAPITAL STRUCTURE IN 56

BLACKROCK EUROPEAN DIVERSIFIED 51

BLACKROCK FIXED INCOME GLOBAL 36

BLACKROCK OBSIDIAN FUND 36

BLACKROCK PAN ASIA OPPORTUNITI 51

BLACKROCK UK EQUITY HEDGE FUND 28

BLUEBAY CREDIT ALPHA LONG SHOR 15

BLUEBAY EMERGING MARKET CORPOR 13

BLUEBAY EMERGING MARKET OPPORT 13

BLUEBAY EVENT DRIVEN CREDIT FU 19

BLUEMATRIX FUND CLASS -A- USD 53

BLUEMOUNTAIN CREDIT ALTERNATIV 15

BLUEMOUNTAIN EQUITY ALTERNATIV 59

BLUEMOUNTAIN LONG SHORT EQUITY 25

BLUETREND FUND, LTD -USD- CLAS 46

BNY MELLON ARX BRAZIL FUND SPC 22

BORONIA DIVERSIFIED FUND MASTE 47BOUSSARD & GAVAUDAN HOLDING LT 56

BREVAN HOWARD ASIA FUND LIMITE 41

BREVAN HOWARD FUND, LTD - USD 42

BREVAN HOWARD M/S FUND, LTD – 56

BRIGADE LEVERAGED CAPITAL STRU 18

BRUMMER MULTISTRATEGY 2XL, LTD 56

BTG PACTUAL GLOBAL EM. MKTS AN 42

C

CAIRN SPECIAL OPPORTUNITIES CR 14

CAIRN STRATA CREDIT FUND LTD 14

CAMPBELL GLOBAL ASSETS FUND LT 47

CAMPBELL GLOBAL ASSETS FUND LT 47

CANDLEWOOD SPECIAL SITUATIONS 19

CANDLEWOOD STRUCTURED CREDIT H 15

CANTAB CAPITAL PARTNERS QUANTI 47

C AN YON B AL AN CED FU ND L TD 5 5

CANYON VALUE REALIZATION FD, L 19

CAPEVIEW AZRI 2X FUND 23

CAPEVIEW AZRI FUND 23

CAPEVIEW RECOVERY FUND 14

CAPITAL FOUR CREDIT OPPORTUNIT 14

CAPULA GLOBAL RELATIVE VALUE F 36

CASSIOPEIA FUND CLASS C 59

CAXTON GLOBAL INVESTMENT LTD 42

CCI HEALTHCARE PARTNERS LTD 30

CCI MICRO HEALTHCARE PARTNERS 30

CERBERUS INTL. LTD CLASS A A/ 19

CHENAVARI CORPORATE CREDIT STR 15

CHENAVARI MULTI STRATEGY CREDI 55

CHENAVARI REGULATORY CAPITAL S 14

CHENAVARI TORO LIMITED 14CLAREANT GLOBAL SPECIAL SITUAT 15

CLAREANT STRUCTURED CREDIT OPP 15

CLAREANT STRUCTURED CREDIT OPP 15

COASTLAND DIRECT YIELD FUND 18

COBALT OFFSHORE LTD 28

COHERENCE CAPITAL SPECTRUM FUN 16

COMMONWEALTH OPPORTUNITY CAYMA 42

CONQUEST MACRO FUND, LTD (COMP 47

CONTRARIAN CAPITAL FUND I OFFS 19

CONTRARIAN EMERGING MARKETS OF 13COOPER CREEK PARTNERS LLC 31

COVALIS CAPITAL CLASS B 23

CQS ABS FEEDER FUND - CLASS -B 16

CQS DIRECTIONAL OPP. FEEDER FU 56

CQS DIVERSIFIED FUND (SPC) LTD 56

CQS GLOBAL CONVERTIBLE ARBITRA 12


Source - HSBC



CRABEL F UND SPC LTD CLASS A 47

CYGNUS EUROPA EVENT DRIVEN FUN 33

CYGNUS UTILITIES, INFRASTRUCTU 32

D

DACHARAN EQUITY FUND 53

DACHARAN HIGH EXPOSURE 46

DAVIDSON KEMPNER DIST. OPP. IN 19

DAVIDSON KEMPNER INTL, LTD - C 34

DB PLATINUM IV DBX SYSTEMATIC 47

DB PLATINUM IV MW HELIUM 47

DIAMOND NEUTRAL FUND CLASS A1 37

DISCUS FEEDER LTD CL. B USD ST 47

DORSET ENERGY FUND, LTD - CLAS 30

DOUBLE BLACK DIAMOND LTD - SER 56

DROMEUS GLOBAL OPPORTUNITIES F 34

DUET EM FRONTIER FUND 22

DUET GLOBAL PLUS FUND 25

DUNN WMA FUND SA 47

DUNN WMA INSTITUTIONAL UCITS F 47

DW CATALYST OFFSHORE FUND -A - 16

DW VALUE OFF SHORE F UND LTD 16

DYMON ASIA MACRO FUND (SERIES 40

E

EAGLE GLOBAL 47

EA GL E QU AN TI TATI VE M AC RO 4 5

ECF VALUE FUND INTERNATIONAL L 34

ECLECTICA FUND CLASS A EURO (T 42

ECOFIN VISTA LONG SHORT FUND 25

EIFFEL CREDIT OPPORTUNITIES FU 14

ELECT RON GLOBAL F UND, L.P. 32

ELLINGTON CREDIT OPPORTUNITIES 16

ELLINGTON MORTGAGE OPPORTUNITI 16

ELM RIDGE CAPITAL PARTNERS L.P 28

EPISODE INC. CLASS A 42

EQUILIBRIA JAPAN FUND LTD 1X U 50

EQUILIBRIA JAPAN FUND LTD 2X ( 50

EXANE ARCHIMEDES FUND CLASS A 32

EXANE TEMPLIERS FUND 25

F

FARRINGDON ALPHA ONE 25

FINISTERRE CREDIT FUND 13

FINISTERRE GLOBAL OPPORTUNITY 41

FIREBIRD NEW RUSSIA FUND, LTD 27

FIREBIRD REPUBLICS FUND, LTD 22

FJ CAPITAL FINANCIAL OPPORTUNI 28

FORT GLOBAL CONTRARIAN 47

FORT GLOBAL DIVERSIFIED 47

G

GABELLI ASSOCIATES LIMIT ED 54

GAM DIVERSITY I INC - US$ CLAS 38

GAM GLOBAL RATES HEDGE FUND 42

GAM TALENTUM ENHANCED EUROPE L 51

GAM TRADING II USD 38

GAMUT INVESTMENTS 42

GA VEA FU ND LT D . C LA SS A S /1 4 1

GEMS PROGR. FUND SICAV RECOVER 37

GEMSSTOCK FUND - B1 USD 42

GIM PORTFOLIO STRATEGIES – Eur 23

GLADE BROOK GLOBAL OFFSHORE FU 25

GLAZER ENHANCED OFFSHORE FUND 54

GLENVIEW CAPITAL PARTNERS (CAY 28

GLG CROSS ASSET VALUE OFFSHORE 14

GLG EUROPEAN EQUITY ALTERNATIV 51

GLG EUROPEAN LONG SHORT FUND C 23

GLG MARKET NEUTRAL FUND - CLAS 56

GOLDEN CHINA F UND NR CLASS 21

GRAHAM ABSOLUTE RETURN TRADING 43

GRAHAM GIF II PROPRIETARY MATR 48

GRAHAM GLOBAL INVESTMENT FUND 43




GRAHAM GLOBAL INVESTMENT FUND- 43

GRANADA EUROPE FUND LTD 23GRATICULE ASIA MACRO F UND 41

GREEN FUND LLC - CLASS I 42

GREENLIGHT CAPITAL OFFSHORE, L 29

GREYWOLF CAPITAL OVERSEAS FUND 34

GSA INTERNATIONAL FUND - CLASS 52

GSA TREND FUND 48

H

HABROK LTD 25

HALCYON OFF. ASSET-BACKED VALU 20

HALCYON PARTNERS OFFSHORE FUND 56

HARBOUR HOLDINGS LTD 31

HARMONIC ALPHA PLUS MACRO FUN 43

HARNESS MACRO CURRENCY FUND 41

HARVEY PARTNERS LLC 31

HIGHBRIDGE CAPITAL CORPORATION 57

HIGHER MOMENT AURORA FUND LP 45

HIGHER MOMENT CAPITAL OPPORTUN 45

HINOKI FUND LP 29

H OR SEM AN GL OB AL FU ND U SD 2 6

HSBC CREDIT MARKET OPPORTUNITI 37

HSBC GH FUND USD 38

HSBC LEVERAGED GH FUND 38

HSBC MAA FUND USD 37

HSBC SPECIAL OPPORTUNITIES FUN 37

HSBC TRADING ADVANTEDGE FUND 38

HSBC UCITS ADVANTEDGE FUND - U 38

HUDSON BAY INTERNATIONAL FUND 52

HUTCHIN HILL DIVERSIFIED ALPHA 57

I

III FUND LTD 36

III RELATIVE VALUE CREDIT STRA 16

III SELECT CREDIT FUND LTD CLA 16

IP ALL SEASONS ASIAN CREDIT FU 13

ISAM SYSTEMATIC TREND FUND CLA 48

IVORY CAPITAL FLAGSHIP STRATEG 29

IVORY OPTIMAL FUND LTD 29

J

JA BC AP EM EA FU ND C LAS S X 1 2 2

JABCAP GLOBAL BALANCED FUND LT 57

JABCAP GLOBAL CONVERTIBLE FUND 12

JABCAP MULTI STRATEGY FUND LTD 57

JENOP GLOBAL HEALTHCARE FUND L 30

JPMORGAN INVESTMENT GLOBAL MAC 43


Source - HSBC



K

KEYNES LEVERAGED QUANTITATIVE 48

KG INVESTMENT FUND LLC 34

KINGDON CREDIT LTD A1/1 16

KINSALE COMPASS FUND 26

KITE LAKE (KL) SPECIAL OPPORTU 34

KLS DIVERSIFIED FUND LTD 18

KO-ZHOU FUNDAMENTAL FX FUND 41

L

L1 CAPIT AL LONG SHORT F UND 22

LANSDOWNE DEVELOPED MARKET FUN 26

LANSDOWNE EUROPEAN EQUITY FD, 23

LAZARD GLOBAL HEXAGON FUND 26LAZARD RATHMORE FUND - CLASS A 12

LC EQUITY FUND LTD 23

LEGG MASON MARTIN CURRIE EUROP 23

LIGHTHORSE CHINA GROWTH FUND L 21

LIM ASIA MULTI-STRATEGY FUND C 52

LIM JAPAN FUND 58

LINDEN INTERNATIONAL LTD 57

LION FUND, LTD (THE) 54

LMR ALPHA RATES TRADING FUND, 36

LMR FUND LTD 57

LNG EUROPA CREDIT FUND 14

LONDON SELECT F UND LIMIT ED 43

LOOMIS SAYLES CREDIT LONG SHOR 16

LOREM IPSUM MASTER F UND LP 26

LTS GLOBAL EMERGING MARKETS FU 13

L UC ER NE C API TAL FU ND L .P. 2 3

LYNX (BERMUDA) LTD 48

LYNX BERMUDA 1.5 LTD 48

M

M. KINGDON OFF SHORE NV - A/1 26

MACQUARIE ASIAN ALPHA F UND 51

MACQUARIE EUROPEAN ALPHA FUND 51

MADRAGUE EQUITY LONG SHORT 23

MAN AHL CURRENCY FUND DN USD 46

MAN GLG MULTI-STRATEGY CLASS M 57

MAN GLG MULTI-STRATEGY FUND CL 57

MARATHON VERTEX JAPAN FD, LTD 27

MARCATO INT ERNATIONAL LTD 33

MARINUS OPPORTUNITIES FUND 18

MARKHAM RAE I SUB FUND 44

MARLIN FUND LP 29

MARSHALL WACE - EUROPA FUND A 23

MARSHALL WACE - MW TOPS FUND 24

MARSHALL WACE - MW EUREKA A1 E 26

MARSHALL WACE - MW GLOBAL FINA 30

MARSHALL WACE - MW GLOBAL OPPO 26

MARSHALL WACE - MW MARKET NEUT 50

MASTERS FUND LTD MAGNOLIA SERI 37

MAVERICK FUND, LTD - CLASS A/1 26

MELLON OFF GLOB OPP FUND LTD - 43

MERCHANT COMMODITY FUND (THE) 40

MERRICKS CAPITAL SOFT COMMODIT 40

MIDOCEAN ABSOLUTE RETURN CREDI 18

MIDOCEAN CREDIT OPPORTUNITY FU 18

MILLBURN COMMODITY PROGRAM 40

MILLBURN DIVERSIFIED PROGRAM 48

MILLENNIUM INTL LTD 57

MITRA CAPITAL MASTER FUND LP 51

MK P C RE DI T OFFS HOR E FU ND 1 6

MKP ENHANCED OPPORTUNITY OFFSH 43

MKP OPPORTUNITY OFFSHORE, LTD 43

MLIS - BEACH POINT DIVERSIFIED 16

MLIS - CCI HEALTHCARE LONG SHO 30

MLIS - MARSHALL W. TOPS UCITS 50

MLIS - OZ EUROPE UCITS FUND CL 33

MLIS - THEOREMA EUROPEAN EQUIT 24

MLM MACRO PEAK PARTNERS OFFSH 43

MOAB PARTNERS OFFSHORE FUND LT 34

MOJNA ALPHA LEVERAGED MASTER F 24

MONARCH DEBT RECOVERY FUND LTD 19

MONEDA LATIN AMERICAN CORPORAT 13

MOORE GLOBAL INV F D, LTD - A $ 43

MOORE MACRO MANAGERS FUND, LTD 43MS ASCEND UCITS FUND CLASS I E 26

MUDRICK DISTRESSED OPPORTUNITY 19

N

NAPIER PARK EUROPEAN CREDIT OP 14

NEUBERGER BERMAN US LONG SHORT 29

NEZU CYCLICALS FUND LTD 21

N OR DI C AL PHA C LAS S B - N OK 2 4

NORTHLIGHT EUROPEAN FUNDAMENTA 14

NUMEN CREDIT OPPORTUNITIES FUN 55

O

OBSERVATORY CREDIT MARKETS FUN 14

OCCO EASTERN EUROPEAN FUND A S 22

OCEANIC HEDGE FUND - CLASS A 21

OCP DEBT OPPORTUNITY INTERNATI 19

OC TAGO N H IG H I NCO ME FU ND 1 8

OCTAGON PAN ASIA FUND 21

ODEY EUROPEAN, INC ( EUR) 24

OKUMUS OPPORTUNISTIC VALUE FUN 29

OMEGA OVERSEAS PARTNERS LTD CL 29

OMNI EVENT FUND LIMITED 34

ONE WILLIAM STREET CAPITAL FUN 16

ONSLOW MACRO F UND CLASS A 43

ORTUS AGGRESSIVE FUND (CAYMAN) 46

ORTUS FUND (CAYMAN) LTD 46

OWL CREEK OVERSEAS FUND, LTD 34

OWS CREDIT OPPORTUNITY FUND 19

OYSTER MARKET NEUTRAL EUR 50

PPALOMA INTERNATIONAL LTD CLASS 57

PAMPLONA CREDIT OPPORTUNITIES 14

PARUS FUND PLC USD CLASS 26

PASSPORT GLOBAL STRATEGY FUND 26

PASSPORT LONG SHORT STRATEGY F 26

PASSPORT SPECIAL OPPORTUNITIES 26

PEGASUS FUND LIMITED SHARES A- 28

PELAGUS CAPITAL FUND 36

PELHAM LONG/SHORT FUND LTD CLA 24

PELHAM LONG/SHORT SMALL CAP FU 31

PENSATO EUROPA FUND LTD EURO C 24

PERCEPTIVE LIFE SCIENCES OFFSH 32

P ER SH IN G SQ UAR E I NTL .L TD 3 4

PHALANX JAPAN AUSTRALASIA MULT 55

PHARO GAIA FUND, LTD 42

PHARO MACRO FUND, LTD 44


Source - HSBC



PHARO TRADING FUND, LTD 42

PIMCO ABSOLUTE RETURN STRATEGY 44

PIMCO GLOBAL CREDIT OPPORTUNIT 17

PIMCO MULTI-ASSET VOLATILITY F 59

PIMCO TACTICAL OPPORTUNITIES F 17

PINE RIVER CONVERTIBLES FUND 12

PINE RIVER FIXED INCOME FUND L 17

PINE RIVER FUND CLASS -B1- SHA 57

PINE RIVER LIQUID RAT ES F UND 36

PINPOINT CHINA FUND CLASS A US 21

PINPOINT MULTI-STRATEGY FUND 44

PLATINUM FUND LTD 27

PLATINUM PARTNERS VALUE ARBITR 57

POLAR CAPITAL EUROPEAN CONVICT 24

POLAR CAPITAL EUROPEAN FORAGER 31

PORTLAND HILL OVERSEAS FUND LT 33POTOMAC RIVER CAPITAL MASTER F 44

PROLOGUE FEEDER FUND, LTD. CLA 36

PSAM REBOUND PORTFOLIO FUND LT 19

PSAM WORLDARB MASTER FUND LTD 34

PWP GLOBAL MACRO FUND 44

Q

QMS DIVERSIFIED GLOBAL MACRO 48

QUAM CHINA FOCUS SEGREGATED PO 21

QVT OFFSHORE LTD CLASS 1-NR 57

R

RBR EUROPEAN LONG SHORT LTD (E 24

REAL RETURN ASIAN FUND LTD (TH 21

REDWOOD OFFSHORE FUND 20

RENAISSANCE INSTITUTIONAL DIVE 51

RENAISSANCE INSTITUTIONAL EQUI 29

RESIDENTIAL REAL ESTATE TOTAL 17

ROY G. NIEDERHOFFER DIVERSIFIE 48

RP DEBT OPPORTUNITIES F UND 17

RP SELECT OPPORTUNITIES FUND 17

RUBICON GLOBAL FUND, LTD 44

RUSSIAN PROSPERIT Y F UND - A 39

RV CAPITAL ASIA OPPORTUNITY FU 41

RWC ASIA ABSOLUTE ALPHA FUND - 27

RWC ASIA OPPORTUNITY F UND 21

RWC SAMSARA FUND CLASS A EURO 24

RWC US ABSOLUTE ALPHA FUND - C 29

S

SABA CAPITAL OFFSHORE FUND LTD 17

SAGIL LATIN AMERICAN OPPORTUNI 22

SALAR CONVERTIBLE ABSOLUTE RET 12

SANCT UM F IXED INCOME F UND 36

SANDLER PLUS OFFSHORE FUND LTD 29

SCHRODER CAZENOVE UK ABSOLUTE 50

SCHRODER ISF EMERGING MARKET D 13

SEER CAPITAL PARTNERS OFFSHORE 17

SEGANTII ASIA-PACIFIC EQUITY M 55

SELIGMAN TECH SPECTRUM FUND CL 32

SEMINOLE OFFSHORE FUND 29

SENVEST PARTNERS, LTD - CLASS 31

SERONE KEY OPPORTUNITIES FUND 15

SFP VALUE REALIZATION F UND 27

SIERRA EUROPE OFFSHORE, LTD - 24

SINFONIETTA FUND 41

SIVIK GLOBAL HEALTHCARE OFFSHO 32

SMN DIVERSIFIED FUTURES FUND 49

SOLAISE SYSTEMATIC FUND LTD ( 49

SOLUS SOLA LTD CL. I 35

SOUND POINT BEACON OFFSHORE FU 20

SPF CREDIT SUISSE SECURITIZED 17

SPINNAKER GLOB OPP FUND, LTD C 42

SPINNAKER GLOBAL EMERGING MARK 55

SR GLOBAL FUND (Class N) Emerg 22

SR GLOBAL FUND C - INTERNATION 27

SR GLOBAL FUND H - JAPAN (Real 27

SR GLOBAL FUND INC - G - GLOBA 27

SR PHOENICIA INC CLASS -A- SER 27

STANDARD LIFE GLOBAL FOCUSED S 44

STK CAPIT AL GLOBAL EQUIT IES 27

STRATEGIC VALUE RESTRUCTURING 20

STRATUS FUND LIMITED CLASS B 58SUSA EUROPEAN EQUITIES FUND CL 24

T

TELLIGENT GREATER CHINA FUND 21

TEWKSBURY INVESTMENT FUND, LTD 49

THE CAMBRIDGE STRATEGY - ASIAN 40

THE CAMBRIDGE STRATEGY - EMERG 41

THREADNEEDLE UK ABSOLUTE ALPHA 28

TIG ARBITRAGE ENHANCED FUND 33

TIG SECURITIZED ASSET FUND LTD 17

TILDEN PARK OFFSHORE INVESTMEN 18

TONGA PARTNERS LP 31

TOSCA CLASS A - USD 30

TRADELINK INTEGRATED PROGRAM L 49

TRIAN PARTNERS LTD 35

TRIAS L/S FUND 24

TRICADIA CREDIT STRATEGIES, LT 17

TRISHIELD SPECIAL SITUATIONS F 35

TRISTAN PARTNERS LP 31

TT INTERNATIONAL FUND 44

TT L ONG /SH ORT FOC US F UN D 2 5

TT MID-CAP EUROPE LONG/SHORT F 25

TUDOR B.V.I GLOBAL FUND LTD -A 44

TUDOR BVI GLOBAL FUND LTD CLAS 44

TUDOR DISCRETIONARY MACRO FUND 44

TULIP TREND FUND, LTD - A 49

TWO SIGMA ABSOLUTE RETURN CAYM 52

TWO SIGMA COMPASS CAYMAN FUND 49

TYRUS CAPITAL EVENT FUND LTD 35

U

UMJ KOTOSHIRO FUND 27

V

VARDEN PACIFIC OPPORTUNITY OFF 17

VERITION MULTI-STRATEGY FUND C 58

VISIUM BALANCED OFFSHORE FUND 32

VISIUM GLOBAL OFFSHORE FUND LT 58

VISIUM INSTITUTIONAL PARTNERS 31

VR GLOBAL OFFSHORE FUND LTD 20

W

WEISS MULTI-STRATEGY PARTNERS 58

WELLINGTON MANAGEMENT INV BERM 30

WELTON GLOBAL DIRECTIONAL PORT 49

WF ASIA FUND LTD S/1 21

WHITEBOX MULTI-STRATEGY FUND 35


Source - HSBC



WINTON EVOLUTION FUND 49

WINTON FUTURES FUND 49

WYETREE EUROPEAN RECOVERY FUND 15

WYETREE YIELD DISTRIBUTION FUN 18

ZZADIG FUND CLASS A1 25

Z EAL CHINA F UND LTD - USD -NI 21

ZWEIG-DIMENNA INTL LIMITED - C 29


Source - HSBC



TopInvestment Funds Return Date

DORSET ENERGY FUND, LTD - CLASS A 40.83 20 May 16

RUSSIAN PROSPERITY FUND - A 20.38 19 May 16

ARCTIC BLUE CAPITAL 3X 19.37 30 Apr 16

HALCYON PARTNERS OFFSHORE FUND LTD 18.61 20 May 16

VARDEN PACIFIC OPPORTUNITY OFFSHORE FUND I LTD 15.21 30 Apr 16

MUDRICK DISTRESSED OPPORTUNITY F UND LTD 15.10 20 May 16

L1 CAPITAL LONG SHORT FUND 15.03 30 Apr 16

CONQUEST MACRO FUND, LTD (COMP) 14.53 24 May 16

ELM RIDGE CAPITAL PARTNERS L.P. 14.16 30 Apr 16

SABA CAPITAL OFFSHORE FUND LTD 14.06 20 May 16

ANDURAND COMMODITIES FUND 12.67 30 Apr 16

CQS DIRECTIONAL OPP. FEEDER FUND. Ltd – A NI USD 11.55 30 Apr 16

PEGASUS FUND LIMITED SHARES A-1 11.15 13 May 16

RWC ASIA OPPORTUNITY FUND 10.67 20 May 16

ECF VALUE FUND INTERNATIONAL LTD 10.60 30 Apr 16

BRIGADE LEVERAGED CAPITAL STRUCTURES FUNDLTD

10.52 20 May 16

DACHARAN HIGH EXPOSURE 10.23 30 Apr 16

FIREBIRD NEW RUSSIA FUND, LTD - CLASS A 9.73 20 May 16

CRABEL FUND SPC LTD CLASS A 9.20 20 May 16

SAGIL LATIN AMERICAN OPPORTUNITIES FUND CLASSA

8.81 30 Apr 16

BottomInvestment Funds Return Date

ODEY EUROPEAN, INC (EUR) -27.95 20 May 16

A LTAI C API TA L PA RTN ER S OFF SH OR E, L TD - 27 .0 3 3 0 Ap r 1 6

OKUMUS OPPORTUNISTIC VALUE FUND, LTD CLASS A -25.36 30 Apr 16

SR GLOBAL FUND H - JAPAN (Real Perf) -21.96 20 May 16

LOREM IPSUM MASTER FUND LP -20.93 31 Mar 16

WELLINGTON MANAGEMENT INV BERMUDA LTD BAYPOND A/1 NI

- 20 .6 8 3 0 Ap r 1 6

JENOP GLOBAL HEALTHCARE FUND LTD SERIES A -20.17 10 May 16

SFP VALUE REALIZATION FUND -18.20 20 May 16

PERSHING SQUARE INTL.LTD -17.05 24 May 16

JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NI -16.90 17 May 16

CAPEVIEW AZRI 2X FUND -16.73 20 May 16

V ISI UM I NS TI TU TI ON AL P AR TN ER S FU ND L TD - 16 .3 4 2 0 Ma y 1 6

GOLDEN CHINA FUND NR CLASS -16.25 20 May 16

LUCERNE CAPITAL FUND L.P. -16.05 30 Apr 16

AMAZON MARKET NEUTRAL F UND CLASS A USD -16.04 30 Apr 16

ZWEIG-DIMENNA INTL LIMITED - CLASS A -15.66 31 Mar 16

LANSDOWNE EUROPEAN EQUITY FD, LTD - A (EUR) -14.62 29 Apr 16

NEZU CYCLICALS FUND LTD -14.62 20 May 16

JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI -13.74 13 May 16

CCI MICRO HEALTHCARE PARTNERS LTD -13.63 30 Apr 16

This ranking is for information only and should not be considered as exhaustive.


Source - HSBC




L1 CAPITAL LONG SHORT FUND 60.52 31 Dec 15

AAM ABSOLUTE RETURN FUND 58.52 31 Dec 15

PERCEPTIVE LIFE SCIENCES OFFSHORE FUND LTD 49.60 31 Dec 15

MITRA CAPITAL MASTER FUND LP 43.43 31 Dec 15

P ELH AM L ON G/ SH OR T SM ALL C AP FU ND L TD 4 2. 71 3 1 De c 15

HIGHER MOMENT CAPIT AL OPPORTUNITIES, LP 31.61 31 Dec 15

SEGANTII ASIA-PACIFIC EQUITY MULTI-STRATEGY FUND 29.51 31 Dec 15

LANSDOWNE EUROPEAN EQUIT Y F D, LTD - A (EUR) 28.24 31 Dec 15

CYGNUS EUROPA EVENT DRIVEN FUND 27.54 31 Dec 15

TT LONG/SHORT FOCUS FUND 26.81 31 Dec 15

AMAZON MARKET NEUTRAL F UND CLASS A USD 26.27 31 Dec 15

MILLBURN COMMODITY PROGRAM 25.50 31 Dec 15

CLAREANT GLOBAL SPECIAL SIT UATIONS F UND 23.71 31 Dec 15

PENSATO EUROPA FUND LTD EURO CLASS 23.68 31 Dec 15

ABRAX MERGER ARBITRAGE S.G. FUND 22.73 31 Dec 15

TRIAS L/S FUND 22.56 31 Dec 15

GOLDEN CHINA FUND NR CLASS 21.94 31 Dec 15

CAPEVIEW AZRI 2X FUND 21.64 31 Dec 15

HORSEMAN GLOBAL FUND USD 20.42 31 Dec 15

F J CAPIT AL F INANCIAL OPPORTUNITY F UND LTD 19.64 31 Dec 15


DORSET ENERGY FUND, LTD - CLASS A -44.05 31 Dec 15

A LTAI C API TA L PA RTN ER S OFF SH OR E, L TD - 39 .0 9 3 1 D ec 1 5

ELM RIDGE CAPITAL PARTNERS L.P. -29.96 31 Dec 15

MUDRICK DISTRESSED OPPORTUNITY F UND LTD -25.71 31 Dec 15

ANDALUSIAN CORPORATE OPPORTUNITIES FUND LP -22.85 31 Dec 15

ECF VALUE FUND INTERNATIONAL LTD -20.57 31 Dec 15

GR EE NL IG HT C AP ITAL OF FSH OR E, L TD - A /1 - 20 .3 8 3 1 D ec 1 5

TR IS HI EL D SP ECI AL SI TU ATI ON S FU ND L LC - 19 .8 5 3 1 D ec 1 5

GLENVIEW CAPIT AL PARTNERS (CAYMAN), LTD. -18.12 31 Dec 15

SENVEST PARTNERS, LTD - CLASS A -17.34 31 Dec 15

PERSHING SQUARE INTL.LTD -16.66 31 Dec 15

CANDLEWOOD SPECIAL SIT UATIONS F UND LTD -14.25 31 Dec 15

GREYWOLF CAPITAL OVERSEAS FUND -14.14 31 Dec 15

LYNX BERMUDA 1.5 LTD -13.76 31 Dec 15

HARBOUR HOLDINGS LTD -13.46 31 Dec 15

ODEY EUROPEAN, INC (EUR) -12.82 31 Dec 15

TONGA PARTNERS LP -12.61 3 1 Dec 15

POLAR CAPITAL EUROPEAN CONVICTION FUND LIMITED -12.20 31 Dec 15

FIREBIRD REPUBLICS FUND, LTD -11.65 31 Dec 15

BNY MELLON ARX BRAZIL F UND SPC LONG SHORT -11.34 31 Dec 15



Source - HSBC




ISAM SYSTEMATIC TREND FUND CLASS Q 61.95 31 Dec 14

MERCHANT COMMODITY FUND (THE) - COMPOSITE 59.33 31 Dec 14

MAN AHL CURRENCY FUND DN USD 58.05 31 Dec 14

SMN DIVERSIFIED FUTURES FUND 57.24 31 Dec 14

LYNX BERMUDA 1.5 LTD 42.18 31 Dec 14

CANTAB CAPITAL PARTNERS QUANTITATIVE FUND(THE) - USD ARISTARCHUS

3 9. 31 3 1 De c 14

ANDURAND COMMODITIES FUND 38.31 31 Dec 14

PERSHING SQUARE INTL.LTD 37.24 31 Dec 14

TULIP TREND FUND, LTD - A 36.15 31 Dec 14

DUNN WMA FUND SA 35.08 31 Dec 14

SEGANTII ASIA-PACIFIC EQUITY MULTI-STRATEGY FUND 34.88 31 Dec 14

W EL TO N GL OB AL D IR EC TI ON AL P OR TFO LI O 3 4. 01 3 1 De c 14

AHL DIVERSIFIED 33.79 31 Dec 14

ARCTIC BLUE CAPITAL 3X 32.91 31 Dec 14

GSA TREND FUND 32.59 31 Dec 14

ASPECT DIVERSIFIED FUND - CLASS A 32.05 31 Dec 14

GOLDEN CHINA FUND NR CLASS 30.02 31 Dec 14

SELIGMAN TECH SPECTRUM FUND CLASS -A1-S/2-2002 30.00 31 Dec 14

OKUMUS OPPORTUNISTIC VALUE FUND, LTD CLASS A 29.71 31 Dec 14

MILLBURN COMMODITY PROGRAM 28.09 31 Dec 14


RUSSIAN PROSPERITY FUND - A -43.99 31 Dec 14

FI RE BI RD N EW R USS IA F UN D, L TD - C LA SS A - 34 .5 9 3 1 D ec 1 4

DORSET ENERGY FUND, LTD - CLASS A -27.20 31 Dec 14

FIREBIRD REPUBLICS FUND, LTD -22.64 31 Dec 14

PEGASUS FUND LIMITED SHARES A-1 -15.72 31 Dec 14

PHALANX JAPAN AUSTRALASIA MULTI-STRATEGY FUNDLTD

-12.87 31 Dec 14

MITRA CAPITAL MASTER FUND LP -12.55 31 Dec 14

ABACO FINANCIALS FUND -11.47 31 Dec 14

SABA CAPITAL OFFSHORE FUND LTD -10.80 31 Dec 14

LNG EUROPA CREDIT FUND -10.36 31 Dec 14

AAM ABSOLUTE RETURN FUND -9.85 31 Dec 14

TT INTERNATIONAL FUND -8.57 31 Dec 14

LION FUND, LTD (THE) -8.29 31 Dec 14

QUAM CHINA F OCUS SEGREGATED PORTF OLIO -8.20 31 Dec 14

OWL CREEK OVERSEAS FUND, LTD -8.00 31 Dec 14

ONSLOW MACRO FUND CLASS A -7.94 31 Dec 14

GLG MARKET NEUTRAL F UND - CLASS Z USD Unres -7.43 31 Dec 14

AJR INTERNATIONAL (BVI), INC. - A/1 -6.92 31 Dec 14

TOSCA CLASS A - USD -6.79 31 Dec 14

M LI S - O Z EU ROP E UC ITS FU ND C LAS S B EU R - 6. 70 3 1 D ec 1 4



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index

Date MTD YTD 2015 2014 2013 2012 2011 Ann.Return

Ann.Volatility

MaxDrawdown1

ConvertibleYtd Avg. 2016 (0.26%)

Convertible/Global Ytd Avg. 2016(1.03%)

ADVENT GLOBAL PARTNERSADVENT CAPITAL MANAGEMENT

30 Sep 96 Q $311MMar 16

404.16 20 May 16 0.38% 2.08% 3.94% -1.54% 10.51% 8.45% -6.27% 7.37% 6.77% (27.58%)Oct 07 - Nov 08

BASSO INVESTORS LTDHoward Fischer

30 Sep 95 Q $444MApr 16

7,486.03 20 May 16 0.43% 1.64% 2.11% 1.95% 11.45% 9.5% 2.61% 10.24% 5.74% (25.00%)Dec 07 - Oct 08

CQS GLOBAL CONVERTIBLEARBITRAGE MASTER FUND LTDCQS (UK) LLP, Alex Schoenenberger

30 Jun 14 M $496MApr 16

108.46 06 May 16 (0.01%) 1.76% 7.54% -0.88% 4.48% 2 .96% (1.53%)Jul 14 - Sep 14

JABCAP GLOBAL CONVERTIBLEFUND - D1 UnrestrictedPhilippe Jabre

30 Apr 07 W $227MApr 16

181.59 17 May 16 ( 1.96%) (9.94%) 0.25% 4.13% 27.14% 5.37% -14.15% 6.81% 12.18% (28.61%)May 08 - Nov 08

LAZARD RATHMORE FUND -CLASS A-2

Sean Reynolds

31 May 07 Q/M $826MFeb 16

201.95 20 May 16 ( 0.31%) 0.15% -3.74% -1.69% 10.55% 4.73% -1.64% 8.14% 8.06% (16.25%)Aug 08 - Nov 08

SALAR CONVERTIBLE ABSOLUTERETURN FUNDAlex Warren, David Persaud

31 Aug 10 W $217MApr 16

117.89 20 May 16 0.27% (1.88%) 1.9% 0.71% 10.34% 6.42% -2.86% 2.92% 3.52% (7.17%)May 15 - Mar 16

Convertible/USAYtd Avg. 2016

4.39%

PINE RIVER CONVERTIBLES FUNDFranklin Parlamis

31 Jul 09 Q $219MMay 16

198.67 30 Apr 16 4.70% 4.39% -3.59% 0.41% 19.34% 7.6% 4.98% 10.70% 7.15% (11.01%)Jun 15 - Jan 16

1. Max Drawdown: Peak to trough.


Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

CreditYtd Avg. 2016 0.14%

Credit/Emerging Ytd Avg. 20161.67%

ABSOLUTE INSIGHT EMERGINGMARKET DEBT FUND CLASS B1PColm McDonagh

30 Apr 08 D €781MMar 16

1.44 25 May 16 (1.37%) 2.38% -4.31% 2.42% -0.65% 11.73% 0.08% 4.59% 6.85% (15.32%)May 08 - Oct 08

BAF LATAM TRADE FINANCE FUNDErnesto Lienhard & team.

29 Feb 08 M $820MMar 16

1,999.89 30 Apr 16 0.57% 2.27% 7.2% 7.76% 8.09% 8.71% 8.99% 8.85% 0.52% 0.00%Jan 00 - Jan 00

BLUEBAY EMERGING MARKETCORPORATE ALPHA FUNDPolina Kurdyavko and Anthony Kettle

31 Oct 11 M $36MApr 16

110.08 20 May 16 ( 1.47%) (1.67%) 2.44% 11.29% - 7.22% 12.29% 2.19% 3.96% 6.47% (12.26%)Feb 13 - Sep 13

BLUEBAY EMERGING MARKETOPPORTUNITY FUNDBlueBay Asset Management LLP - David Dowsett

31 May 07 M $34MMar 16

175.07 31 Mar 16 0.54% (1.46%) -4.87% -2.05% - 1.96% 11.33% 2.85% 6.54% 8.61% (19.88%)Feb 08 - Nov 08

CONTRARIAN EMERGINGMARKETS OFF FUND LTDXiao Song

31 Dec 05 Q $439MMar 16 340.60 30 Apr 16 0.31% (4.07%) 14.48% -1.98% 14.61% 23.2% -7.16% 12.59% 13.37% (28.43%)Feb 08 - Oct 08

FINISTERRE CREDIT FUNDRafaël Biosse Duplan

31 Jan 06 M $572MApr 16

204.37 30 Apr 16 0 .89% (0.62%) -2.41% 2.62% 4.78% 18% -4.14% 7.22% 11.05% (33.64%)Jun 08 - Dec 08

IP ALL SEASONS ASIAN CREDITFUNDJob Campbell

31 Jan 02 W $142MApr 16

24.71 18 May 16 1.12% 6.80% -0.39% 4.94% 2.2% 18.68% -1.37% 6.53% 9.08% (38.05%)Feb 08 - Mar 09

LTS GLOBAL EMERGING MARKETSFUND LTDLTS Capital LLP, Simon Dalah &Anthony Nahum

31 Dec 11 M $50MApr 16

111.60 30 Apr 16 1.57% 2.11% 3% 3.47% 2.55% 11.27% - 5.12% 3.44% (2.46%)Oct 14 - Jan 15

MONEDA LATIN AMERICANCORPORATE DEBT FUND -A-Fernando Tisné and Javier Montero

30 Sep 07 Q $203MApr 16

1,827.86 25 May 16 0.63% 3.78% -6.12% 3.36% 8.67% 11.48% 2.44% 7.21% 13.48% (32.05%)Aug 08 - Dec 08

SCHRODER ISF EMERGINGMARKET DEBT A/R -I ACC-Abdallah Guezour

31 Jan 02 D $3'374MMar 16

34.97 25 May 16 (2.90%) 7.22% -4.87% 0.62% 0.8% 5.36% 0.69% 7.05% 5.43% (9.31%)Mar 08 - Oct 08

Credit/EuropeYtd Avg. 2016

(0.87%)

ABSOLUTE INSIGHT CREDIT FUNDB1P2 EUROAlex Veroude

30 Sep 11 W €640MMar 16

1.20 25 May 16 0.55% (4.10%) -1.06% 2.21% 7.38% 12.65% 2.59% 4.06% 4.44% (8.44%)Jul 14 - Mar 16



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(0.87%)

CAIRN SPECIAL OPPORTUNITIESCREDIT FUNDCairn Capital Limited

31 Dec 07 Q €122MApr 16

175.57 30 Apr 16 1 .67% (2.40%) -3.28% 2.3% 8.54% 19.95% -12.51% 6.98% 7.50% (13.94%)Jun 11 - Nov 11

CAIRN STRATA CREDIT FUND LTDCairn Capital Limited

31 Dec 14 M €59MApr 16

97.67 30 Apr 16 1.35% (3.03%) 0.72% - (1.76%) 4.62% (7.21%)May 15 - Feb 16

CAPEVIEW RECOVERY FUNDTheo Phanos

30 Jun 03 Q $355MFeb 16

347.14 20 May 16 1.09% (0.16%) 4.06% 3.14% 18.23% 8.41% 1.48% 10.13% 8.39% (30.45%)Oct 07 - Dec 08

CAPITAL FOUR CREDITOPPORTUNITIES FUNDCapital Four Management Team

31 Dec 09 M €114MMay 16

152.82 30 Apr 16 1 .87% 0.04% 3.84% 11.37% 16.31% 17.68% 10.64% 13.92% 7.04% (6.46%)May 11 - Nov 11

CHENAVARI REGULATORYCAPITAL STRATEGY - DR €Chenavari Investment Managers

31 Mar 11 Q $171MMar 16

190.29 31 Mar 16 2.48% 3.34% 10.44% 8.84% 15.19% 36.91% -2.87% 13.72% 4.70% (4.65%)Jul 11 - Sep 11

CHENAVARI TORO LIMITEDChenavari Investment Managers

31 May 09 M $396MMar 16

1 ,07 0. 58 3 0 A pr 1 6 0 .9 2% ( 1. 20 %) 1 5. 22% 2 4. 82 % 3 2. 93 % 32 .4 2% 2 4. 71 % 40 .8 6% 1 1. 47% ( 5. 11% )Jul 11 - Oct 11

EIFFEL CREDIT OPPORTUNITIESFUND CLASS AEmmanuel Weyd, Eiffel Investment Group

30 Nov 11 M €75MApr 16

1,285.09 20 May 16 0.00% (2.59%) -5.61% 4.53% 8.11% 20.07% 3.01% 5.76% 6.37% (12.78%)May 15 - Feb 16

GLG CROSS ASSET VALUEOFFSHORE FUND Class A USDUnresChris Huggins

30 Nov 12 M $245MMar 16

1,194.17 20 May 16 2.22% (3.12%) 4.87% 4.68% 11.5% 0.71% 5.24% 4.91% (7.87%)Dec 15 - Feb 16

LNG EUROPA CREDIT FUNDLNG Capital LLP

31 Mar 11 M $119MMar 16

1,223.78 31 Mar 16 3.49% 5.04% 2.22% -10.36% 16.1% 19.58% -7.79% 4.25% 8.40% (12.90%)Jun 14 - Dec 14

NAPIER PARK EUROPEAN CREDITOPPORTUNITIES FUND LTDNapier Park Global Capital (US) LP

31 Aug 10 Q €362MApr 16

260.74 30 Apr 16 1 .95% 1.33% 8.12% 8.89% 31.11% 55.73% -2.23% 18.42% 8.90% (14.95%)May 11 - Dec 11

NORTHLIGHT EUROPEANFUNDAMENTAL CREDIT FUNDNORTHLIGHT GROUP LLP

30 Nov 09 M $210MMar 16

1,523.79 20 May 16 0.89% 1.07% 5.12% 5.91% 12.51% 6.31% 3.68% 6.72% 2.50% (2.13%)Sep 15 - Feb 16

OBSERVATORY CREDIT MARKETSFUND (THE)Shazad Ghaffar

30 Jun 04 M $1'010MApr 16

327.81 30 Apr 16 1 .08% 1.37% 3.13% 3.31% 7.25% 13.46% -5.02% 10.55% 6.10% (12.74%)Jul 07 - Jul 08

PAMPLONA CREDITOPPORTUNITIES FUNDYves Leysen

31 Aug 08 M €374MApr 16

192.73 20 May 16 0.15% (4.46%) 0.22% 6.55% 12.68% 19.87% -9.26% 8.87% 7.58% (17.90%)Apr 11 - Dec 11



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(0.87%)

SERONE KEY OPPORTUNITIESFUNDSerone Capital Management, Serj Walia

29 Feb 12 M $147MMar 16

252.05 30 Apr 16 2.52% 2.05% 11.05% 9.14% 25.94% 61.8% 24.82% 8.56% (4.47%)Nov 15 - Feb 16

WYETREE EUROPEAN RECOVERYFUND (WERF)WyeTree Asset Management

31 Aug 13 M €55MApr 16

105.92 30 Apr 16 0.50% (7.04%) -5.25% 16.86% 2.91% 2.18% 6.33% (14.52%)Mar 15 - Feb 16

Credit/GlobalYtd Avg. 2016

(0.15%)

AG MORTGAGE VALUE PARTNERSLTDJonathan Lieberman

30 Apr 09 Q $1'382MMar 16

257.54 30 Apr 16 1 .10% (1.33%) 4.43% 10.07% 12.91% 20.59% 7.47% 14.46% 4.26% (3.76%)Oct 15 - Feb 16

ARISTEIA INTERNATIONAL LTDAnthony M. Frascella, William R.Techar

01 Aug 97 Q $957MMay 16

829.49 30 Apr 16 1 .11% 0.14% -7.22% -3.13% 15.67% 11.2% 2.36% 11.94% 8.79% (30.20%)May 08 - Dec 08

ASGARD FIXED INCOME FUND LTD

Morten Mathiesen

30 Jun 03 M €268M

Feb 16

531.96 04 May 16 0.04% 5.25% 8.8% 10.6% 16.02% 34.12% 25.32% 13.89% 6.71% (10.40%)

Aug 08 - Oct 08

BLUEBAY CREDIT ALPHA LONGSHORT FUNDGeraud Charpin

31 Oct 11 M €191MApr 16

132.01 20 May 16 0.86% (1.13%) 1.57% 0.92% 12.13% 26.17% 0.3% 8.30% 4.92% (4.75%)Feb 15 - Apr 16

BLUEMOUNTAIN CREDITALTERNATIVES FUNDBlueMountain Capital Management

31 Oct 03 Q $6'570MMar 16

260.40 20 May 16 1.51% (0.55%) 0.07% 2.67% 7.87% 14.51% 3.56% 7.92% 5.86% (11.83%)Aug 08 - Dec 08

CANDLEWOOD STRUCTUREDCREDIT HARVEST FD LTDGreg Richter and Brian Herr

31 Jul 12 Q $394MApr 16

134.49 30 Apr 16 0.30% (5.31%) -1.04% 13.78% 14.05% 10.71% 8.22% 4.52% (9.96%)Jun 15 - Mar 16

CHENAVARI CORPORATE CREDITSTRATEGY M1Chenavari Investment Managers

30 Sep 08 M $237MMar 16

140.18 29 Apr 16 (0.18%) (8.09%) 1.4% 3.94% 13.84% 17.22% 1.29% 9.17% 5.69% (9.40%)Apr 15 - Apr 16

CLAREANT GLOBAL SPECIAL

SITUATIONS FUNDAlcentra Ltd / David Forbes-Nixon

31 Oct 07 Q €115M

Mar 16

170.82 31 Mar 16 2.02% 0.29% 23.71% -1.88% 12% 16.64% -8.59% 6.56% 14.84% (48.74%)

Oct 07 - Dec 08

CLAREANT STRUCTURED CREDITOPPORTUNITIES FUNDAlcentra Ltd / Hiram Hamilton

31 Aug 09 Q €142MApr 16

538.76 30 Apr 16 1 .02% (3.05%) 3.68% 7.28% 29.09% 44.15% 8.7% 28.73% 16.98% (15.92%)May 11 - Nov 11

CLAREANT STRUCTURED CREDITOPPORTUNITIES FUND IIAlcentra Ltd / Hiram Hamilton

31 Jan 11 Q €220MApr 16

312.24 30 Apr 16 2 .76% 1.41% 8.89% 5.51% 48.08% 50.97% 19.88% 24.22% 12.17% (8.17%)May 11 - Sep 11



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(0.15%)

COHERENCE CAPITAL SPECTRUMFUND OFFSHORE FUNDCoherence Capital Partners LLC

31 Jul 12 Q $92MApr 16

15.02 20 May 16 0.50% 2.23% 5.2% 2.83% 18.98% 14.17% 11.29% 4.34% (2.98%)Jun 14 - Oct 14

CQS ABS FEEDER FUND - CLASS-B1- USDSimon Finch

30 Sep 06 Q $1'077MApr 16

5,082.87 30 Apr 16 1 .89% (4.52%) -2.36% 8.02% 9.7% 16.85% 0.67% 18.48% 10.87% (11.97%)May 15 - Feb 16

DW CATALYST OFFSHORE FUND-A - USD NIDW Partners, LP

31 Jul 09 Q $4'400MMar 16

165.36 30 Apr 16 1.91% (2.55%) -8.9% 5.8% 13.91% 15.34% 1.22% 7.73% 4.89% (14.77%)Apr 15 - Mar 16

DW VALUE OFFSHORE FUND LTDDW Partners, LP

29 Feb 12 HY $900MMar 16

156.68 30 Apr 16 1.57% (0.08%) -1.46% 8.1% 23.7% 19.01% 11.37% 5.59% (6.74%)Apr 15 - Feb 16

ELLINGTON CREDITOPPORTUNITIES FUND LTDEllington Management Group, LLC

30 Apr 08 Q $840MApr 16

269.01 30 Apr 16 0 .47% (4.09%) 3.22% 7.89% 15.28% 27.73% 1.86% 13.16% 5.70% (5.51%)Aug 15 - Mar 16

ELLINGTON MORTGAGEOPPORTUNITIES MASTER FUNDLTDEllington Management Group, LLC

31 Jan 09 Q $301MApr 16

267.55 30 Apr 16 0 .52% 0.97% 1.79% 7.25% 9.64% 13.29% 16.19% 14.54% 3.92% (0.85%)May 15 - Oct 15

III RELATIVE VALUE CREDITSTRATEGIES FUND LTDLester Coyle

31 Oct 05 M $126MMar 16

1,775.66 20 May 16 ( 0.40%) 2.19% -7.26% 5.23% 8.5% 10.22% 10.36% 5.59% 7.58% (31.27%)Nov 07 - Dec 08

III SELECT CREDIT FUND LTDCLASS -A-Lester Coyle

31 Dec 07 Q $142MMar 16

1,859.46 20 May 16 ( 0.37%) 2.27% -8.35% 6.02% 8.56% 11.95% 7.41% 7.79% 6.33% (10.51%)May 15 - Feb 16

KINGDON CREDIT LTD A1/1Michael Pohly

30 Sep 09 Q $335MApr 16

1,591.21 30 Apr 16 1 .89% (0.21%) -2.68% 3.42% 15.67% 8.3% 1.64% 7.42% 5.31% (10.60%)May 15 - Feb 16

LOOMIS SAYLES CREDIT LONGSHORT FUNDKevin Kearns and Tom Stolberg

31 Aug 07 Q $685MApr 16

170.03 20 May 16 0.14% 2.11% -2.52% -2.44% 4.35% 12.48% -0.76% 6.27% 6.30% (9.90%)Jun 08 - Sep 08

MKP CREDIT OFFSHORE FUNDMKP Capital Management, L.L.C.

28 Feb 99 Q $2'012MNov 15

474.17 30 Apr 16 0 .37% (7.37%) -6.74% 5.33% 11.18% 19.63% -5.12% 9.48% 5.64% (16.78%)May 15 - Mar 16

MLIS - BEACH POINT DIVERSIFIEDCREDIT UCITS FUND CLASS B USDCarl Goldsmith and Scott Klein

31 Mar 13 W $207MOct 15

107.70 24 May 16 0.10% 3.16% -1.98% -2.52% 9.26% 2.38% 5.26% (9.25%)Jun 14 - Feb 16

ONE WILLIAM STREET CAPITALFUNDOWS Capital Management

31 Mar 08 Q/Y $961MMay 16

1,987.57 30 Apr 16 2 .00% (0.21%) 2.33% 10.05% 5.75% 18.98% -4.19% 8.86% 5.51% (8.43%)Feb 11 - Nov 11



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(0.15%)

PIMCO GLOBAL CREDITOPPORTUNITY FUND SERIES 1Dan Ivascyn / Jon Horne

30 Jun 06 Q $3'380MApr 16

192.13 30 Apr 16 0.81% 1.06% 6.89% 4.34% 7.45% 15.18% 6.24% 6.86% 4.81% (12.86%)Jun 07 - Nov 08

PIMCO TACTICAL OPPORTUNITIESFUNDPIMCO LLC - Dan Ivascyn / Josh Anderson / Alfred Murata

31 Jan 13 HY $972MApr 16

131.50 30 Apr 16 1.24% 0.80% 5.68% 7.56% 14.76% 8.80% 4.11% (1.88%)May 13 - Jun 13

PINE RIVER FIXED INCOME FUNDLTDSteve Kuhn, Colin Teichholtz,Brendan McAllister, Jiayi Chen

31 Aug 08 Q $1'623MMay 16

476.80 30 Apr 16 1 .50% (3.63%) -2.52% 6.13% 10.18% 34.85% 4.77% 22.59% 9.37% (8.99%)May 15 - Mar 16

RESIDENTIAL REAL ESTATETOTAL RETURN OPP. FUND(RRETRO FUND)WyeTree Asset Management

30 Nov 08 Q $96MMar 16

206.64 30 Apr 16 2.20% (3.66%) -0.42% 12.66% 17.56% 24.07% -10.5% 10.28% 6.42% (14.92%)Feb 11 - Dec 11

RP DEBT OPPORTUNITIES FUND

RP Investment Advisors

30 Sep 09 M $942M

Apr 16

190.73 30 Apr 16 1.53% 2.97% 5.13% 5.07% 10.35% 14.9% 2.78% 10.30% 3.51% (1.80%)

Jul 11 - Sep 11

RP SELECT OPPORTUNITIESFUNDRP Investment Advisors

31 Mar 14 M $236MApr 16

110.48 30 Apr 16 2.06% 1.08% 6.62% 2.52% 4.90% 4.25% (3.50%)Dec 15 - Feb 16

SABA CAPITAL OFFSHORE FUNDLTDBoaz Weinstein

31 Jul 09 Q $1'191MMay 16

123.31 20 May 16 1.35% 14.06% 3.36% -10.8% -6.76% -3.87% 9.33% 3.13% 8.62% (28.08%)Jun 12 - Mar 15

SEER CAPITAL PARTNERSOFFSHORE FUND LTDPhil Weingord, Richard d'Albert, Seer Capital

30 Apr 09 Q $1'450MMar 16

200.30 30 Apr 16 2 .10% (7.65%) -0.57% 5.41% 12.13% 25.85% 2.09% 10.42% 6.68% (17.05%)Jul 15 - Feb 16

SPF CREDIT SUISSE SECURITIZEDPRODUCTS MASTER FUND LTDAlbert Sohn

31 Dec 11 Q $1'888MApr 16

160.34 1 7 May 16 0.25% (0.38%) 6.14% 10.31% 18.04% 16.46% - 11.38% 3.09% (2.24%)Dec 15 - Feb 16

TIG SECURITIZED ASSET FUNDLTDStuart Lippman, David Liu

30 Sep 12 M $684MApr 16 148.53 30 Apr 16 0.57% (3.83%) 6.06% 15.17% 20.05% 5.33% 11.67% 3.75% (4.65%)Sep 15 - Mar 16

TRICADIA CREDIT STRATEGIES,LTDArif Inayatullah & Michael Barnes

31 Mar 05 Q $1'573MMar 16

341.88 13 May 16 0.18% (2.94%) -1.82% 3.94% 10.57% 12.73% -0.81% 11.68% 6.97% (10.77%)Jun 08 - Nov 08

VARDEN PACIFIC OPPORTUNITYOFFSHORE FUND I LTDVarden Pacific LLC

31 Mar 11 Q $427MApr 16

148.35 30 Apr 16 2.88% 15.21% -6.17% 9.15% 15.14% 28.54% -15.05% 8.06% 13.40% (18.02%)Mar 11 - Sep 11



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Credit/USAYtd Avg. 2016

1.23%

400 CAPITAL CREDITOPPORTUNITIESChris Hentemann

31 Jan 09 Q $1'073MApr 16

262.37 30 Apr 16 1.36% (7.23%) -0.42% 12.35% 15.24% 34.21% 3.07% 14.23% 6.32% (11.54%)Jun 15 - Mar 16

BEACH POINT TOTAL RETURNOFFSHORE FUND II, LTDCarl Goldsmith, Scott Klein,

30 Jun 96 Q $2'000MMar 16

633.80 30 Apr 16 2 .04% 3.62% -2.08% -0.67% 12.61% 13.86% -0.98% 9.75% 7.92% (24.04%)Oct 07 - Dec 08

BRIGADE LEVERAGED CAPITALSTRUCTURES FUND LTDDon Morgan

31 Dec 06 Q $2'300MApr 16

156.24 20 May 16 1.23% 10.52% -11.11% 0.22% 5.96% 6.7% 2.44% 4.87% 6.80% (19.42%)Jun 08 - Dec 08

COASTLAND DIRECT YIELD FUNDCoastland Capital, Peter Sterling

31 Aug 14 Q $80MApr 16

112.59 31 Mar 16 0.33% 0.82% 10.2% 1.34% 7.78% 1.17% (0.12%)Aug 14 - Sep 14

MARINUS OPPORTUNITIES FUNDNajib Canaan

31 Mar 12 Q $345MApr 16

124.63 30 Apr 16 1.12% 0.73% 1.37% 3.08% 6.11% 11.59% 5.54% 2.52% (2.27%)May 15 - Feb 16

MIDOCEAN ABSOLUTE RETURNCREDIT FUNDMidOcean Credit Fund Management LP

31 Jan 10 M $318MJan 16

149.47 30 Apr 16 0.41% 0.97% 4.34% 0.33% 7.66% 10.87% 9.99% 6.64% 3.78% (5.37%)Jun 14 - Jan 15

MIDOCEAN CREDIT OPPORTUNITYFUND CLASS BMidOcean Credit Fund Management LP

31 Mar 09 Q $742MJan 16

224.49 30 Apr 16 1 .67% 0.41% 2.26% 0.98% 10.07% 10.78% 7.46% 12.09% 6.17% (4.96%)Aug 14 - Feb 16

OCTAGON HIGH INCOME FUNDAndrew D. Gordon

31 Jan 11 M $114MMar 16

135.33 30 Apr 16 2.87% 4.80% -0.92% 0.94% 9.04% 19.9% -1.24% 5.93% 6.98% (10.79%)Jul 11 - Aug 11

TILDEN PARK OFFSHOREINVESTMENT FUND LTDJosh Birnbaum

31 Dec 10 Q $3'482MMay 16

209.94 30 Apr 16 1.11% (3.10%) 1.31% 14.06% 20.51% 41.34% 10.07% 14.92% 5.62% (5.77%)May 15 - Mar 16

WYETREE YIELD DISTRIBUTIONFUND (WYDF)WyeTree Asset Management

30 Nov 12 M $69MApr 16

113.79 30 Apr 16 1.90% 0.73% -0.42% 7.78% 5.46% -0.2% 3.85% 3.72% (6.24%)May 15 - Feb 16

Fixed IncomeYtd Avg. 2016 (0.89%)

Fixed Income/GlobalYtd Avg. 2016

(0.89%)

KLS DIVERSIFIED FUND LTDJeff Kronthal ; Harry Lengsfield ; John Steinhardt

31 Jul 08 Q $830MApr 16

159.02 30 Apr 16 2.41% (0.89%) -2.4% 6.76% 1.58% 7.35% 4.85% 6.17% 3.89% (10.06%)May 15 - Feb 16



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Distressed SecurityYtd Avg. 2016 1.80%

Distressed Security/Global Ytd Avg. 20161.70%

BLUEBAY EVENT DRIVEN CREDITFUNDBlueBay Asset Management LLP - Anthony Robertson

30 Nov 09 Q €138MJan 16

151.77 20 May 16 0.28% (0.38%) -0.66% 14.22% 9.75% 13.06% -0.49% 6.66% 4.84% (7.96%)Jul 15 - Feb 16

CANDLEWOOD SPECIALSITUATIONS FUND LTDMichael Lau and David Koenig

30 Apr 03 Q $840MJan 16

6 70 .3 3 2 9 Fe b 1 6 ( 3.6 0%) ( 5. 91 %) - 14 .2 5% 5 .6 8% 1 2. 53 % 14 .7 8% 3 .8 8% 15 .9 7% 1 1. 02% ( 28 .1 1%)May 08 - Nov 08

CANYON VALUE REALIZATION FD,LTD - CLASS AM.R. Julis & J.S. Friedman

31 Dec 94 Q $5'874MMar 16

7,731.10 30 Apr 16 1 .89% 1.58% -2.72% 4.32% 15.65% 18.05% -4.66% 10.06% 8.15% (28.82%)Oct 07 - Nov 08

CERBERUS INTL. LTD CLASS A A/C191Steve Feinberg

31 May 93 Q $507MApr 16

1 ,0 18, 81 7. 43 3 0 A pr 1 6 ( 0.6 0%) ( 0. 95 %) - 4. 96 % 2 3. 09 % 14 .1 % 12 .0 5% 9. 6% 10 .6 5% 6 .3 9% ( 22 .2 6%)May 08 - Feb 09

CONTRARIAN CAPITAL FUND IOFFSHORE LTDJon Bauer

30 Sep 86 Y $1'918MApr 16

2,438.53 30 Apr 16 4 .07% 1.68% -7.89% 0.46% 17.01% 24.31% -1.32% 11.39% 9.46% (33.22%)Jun 07 - Feb 09

DAVIDSON KEMPNER DIST. OPP.INT. LTD - CLASS A TRN 1Anthony A. Yoseloff, Avi Z. Friedman and Conor Bastable

31 Mar 05 Y $1'085MApr 16

262.31 30 Apr 16 3 .72% 4.69% -6.17% 3.5% 21.95% 13.51% -2.45% 9.08% 9.46% (26.27%)Oct 07 - Nov 08

MONARCH DEBT RECOVERYFUND LTDMichael Weinstock, Andrew Herenstein

31 Mar 02 Y $1'575MMar 16

3,710.23 30 Apr 16 0.51% (2.31%) -2.73% 1.37% 18.36% 11.57% -0.46% 9.75% 7.52% (32.31%)Oct 07 - Dec 08

MUDRICK DISTRESSEDOPPORTUNITY FUND LTDJason Mudrick

30 Jun 09 Q $1'200MMay 16

160.25 20 May 16 4.70% 15.10% -25.71% 15.7% 7.73% 21.85% -3.72% 7.08% 9.43% (31.42%)Aug 14 - Jan 16

OCP DEBT OPPORTUNITYINTERNATIONAL LTDOnex Credit Partners

30 Jun 01 Q $250MMar 16

250.92 31 Mar 16 3.51% 0.79% -10.48% 0.47% 9.93% 9.21% -1.39% 6.43% 6.40% (24.14%)Jun 07 - Dec 08

OWS CREDIT OPPORTUNITY FUNDOWS Capital Management

31 Dec 10 Q/Y $611MMay 16

1,544.56 30 Apr 16 1 .10% (0.21%) 1.8% 12.3% 12.47% 23.41% -2.46% 8.49% 4.73% (7.86%)Apr 11 - Oct 11

PSAM REBOUND PORTFOLIOFUND LTDP.Schoenfeld Asset Management LLC

28 Feb 03 Q $2'000MApr 16

231.29 30 Apr 16 1 .05% (2.19%) -9.49% -1.16% 12.61% 14.01% 1.55% 6.57% 8.13% (32.91%)Jul 07 - Mar 09



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Distressed Security/GlobalYtd Avg. 2016

1.70%

SOUND POINT BEACONOFFSHORE FUND, LTDStephen Ketchum

30 Nov 13 HY $353MApr 16

126.63 30 Apr 16 2.40% (0.15%) 0.57% 18.36% 6.54% 10.26% 7.51% (8.26%)May 15 - Jan 16

STRATEGIC VALUERESTRUCTURING FUNDVictor Khosla

3 1 A ug 02 Q /Y $1 '1 00 MMar 16

343.95 20 May 16 0.15% 6.14% -5.2% 1.7% 16.17% 13.18% -11.03% 9.42% 7.52% (24.47%)May 07 - Jan 09

VR GLOBAL OFFSHORE FUND LTDRichard Deitz

30 Apr 99 Q $2'118MApr 16

43,445.85 30 Apr 16 5.02% 5.89% 14.49% - 0.4% 32.33% 20.69% 3.58% 24.82% 14.59% (48.38%)May 08 - Mar 09

Distressed Security/USAYtd Avg. 2016

2.53%

HALCYON OFF. ASSET-BACKEDVALUE FUND LTDJoseph Wolnick ,Joseph Godley and Jim Coppola

30 Nov 05 Q $892MMar 16

3,049.05 13 May 16 0.41% 2.40% 2.14% 6.74% 6.66% 16.14% 4.12% 11.25% 5.04% (13.32%)Aug 08 - Mar 09

REDWOOD OFFSHORE FUNDJonathan Kolatch

31 Jul 00 Y $2'332MMar 16

718.56 30 Apr 16 3 .20% 2.66% -2.95% 1.59% 17.62% 21.94% -1.98% 13.33% 10.41% (36.28%)May 07 - Dec 08



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Equity-CommodityYtd Avg. 2016 (8.03%)

Equity-Commodity/Global Ytd Avg. 2016(8.03%)

OCEANIC HEDGE FUND - CLASS ACato Brahde, Andreas Vergottis,Bjorn Rise

31 Jul 02 M $335MFeb 16

3,448.56 20 May 16 3.10% (8.03%) 0.97% 3.87% 23.3% -7.73% 5.24% 9.38% 8.32% (13.37%)Jul 15 - Mar 16

Equity-DiversifiedYtd Avg. 2016 (3.89%)

Equity-Diversified/AsiaYtd Avg. 2016

(5.40%)

GOLDEN CHINA FUND NR CLASSGeorge Jiang,

30 Jun 04 M $1'731MFeb 16

1 79 .7 0 2 0 M ay 1 6 ( 7.3 7%) ( 16 .25 %) 2 1. 94% 3 0. 02 % 1 7. 48 % 26 .9 1% - 3.9 % 24 .7 9% 2 4. 43% ( 64 .6 4%)Oct 07 - Nov 08

LIGHTHORSE CHINA GROWTHFUND LTDShawn Kang

31 Dec 05 M $110MAug 15

3 83 .5 6 29 A pr 1 6 0 .0 1% ( 4. 16 %) 8 .6 6% - 0. 51 % 1 5. 85 % - 14. 51 % - 12 .6 4% 13 .8 9% 1 9. 42% ( 41 .0 6%)Feb 08 - Dec 08

NEZU CYCLICALS FUND LTDFuyuki Fujiwara

31 Jul 05 Q $196MFeb 16

239.11 20 May 16 ( 2.93%) (14.62%) 3.83% 16% 27.39% - 6.58% -5.09% 8.40% 12.16% (25.06%)Oct 07 - Feb 09

OCTAGON PAN ASIA FUNDPoh Min Lam & Nelson Chia

30 Sep 04 M $21MFeb 16

211.63 30 Apr 16 1.20% 0.12% 1.33% -4.44% 4.6% 11.8% -6.07% 6.68% 8.25% (10.69%)Oct 07 - Jan 09

PINPOINT CHINA FUND CLASS AUSDQiang Wang

31 May 05 M $618MApr 16

938.20 13 May 16 ( 0.80%) (3.66%) 11.75% 17.46% 9.26% 8.06% 0.6% 22.66% 19.13% (42.16%)Oct 07 - Nov 08

QUAM CHINA FOCUSSEGREGATED PORTFOLIOChris Choy

30 Jun 05 Q $127MApr 16

3 85 .0 1 2 0 M ay 1 6 ( 7.0 1%) ( 13 .55 %) 4 .4 5% - 8.2 % 61 .8 % 16 .9 9% - 22 .1 7% 13 .3 1% 2 5. 21% ( 45 .6 7%)May 15 - Jan 16

REAL RETURN ASIAN FUND LTD(THE)Ezra Sun

30 Sep 04 M $234MMar 16

275.67 20 May 16 5.94% (7.85%) 1.25% 4.33% 13.35% 9.02% -9.19% 9.10% 10.17% (23.36%)May 15 - Apr 16

RWC ASIA OPPORTUNITY FUNDGarret Mallal 30 Apr 15 M $81MApr 16 116.19 20 May 16 4.85% 10.67% 5% 15.25% 13.35% (5.73%)Aug 15 - Jan 16

TELLIGENT GREATER CHINAFUNDChing-Shan Lin

31 Jul 04 M $256MApr 16

3 29 .2 3 30 A pr 1 6 ( 0.8 6%) ( 8. 86 %) 0 .6 3% - 6. 27 % 2 8. 57 % 10 .7 6% - 17 .3 5% 10 .6 7% 1 8. 32% ( 46 .9 0%)Oct 07 - Oct 08

WF ASIA FUND LTD S/1Scobie Ward

31 Jan 01 M $546MApr 16

475.82 20 May 16 2 .46% (2.73%) 15.28% 5.71% 11.72% 27.68% -7.21% 10.73% 12.54% (37.65%)Oct 07 - Nov 08

ZEAL CHINA FUND LTD - USD -NIDaniel POON Chun Pong

31 Dec 09 M $217MApr 16

162.97 20 May 16 (1.36%) 1.52% 7.28% 0.92% 5.55% 12.89% 6.19% 7.94% 14.82% (20.74%)May 15 - Aug 15



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Equity-Diversified/AustralianYtd Avg. 2016

15.03%

L1 CAPITAL LONG SHORT FUNDL1 Capital PTY Ltd

31 Aug 14 M $108MMar 16

193.99 30 Apr 16 2.46% 15.03% 60.52% 5.07% 48.85% 10.52% (2.42%)Aug 14 - Sep 14

Equity-Diversified/BrazilYtd Avg. 2016

6.61%

BNY MELLON ARX BRAZIL FUNDSPC LONG SHORTBruno Garcia, Frederico Saraiva &Rogerio Poppe

31 Jan 07 M $23MMar 16

1,733.46 23 May 16 ( 1.62%) 6.61% -11.34% 5.1% 5.22% 11.04% 3.56% 6.08% 8.64% (23.95%)Jun 08 - Oct 08

Equity-Diversified/EmergingYtd Avg. 2016

0.95%

APERIOS EMERGINGCONNECTIVITY MASTER FUNDLTDAperios Partners Investment Management LLP

31 Dec 11 Q $80MApr 16

95.82 30 Apr 16 (1.04%) (10.35%) -3.37% 12.24% 11.49% 9.92% - 4.13% 10.07% (19.58%)May 15 - Feb 16

DUET EM FRONTIER FUNDHedi Ben Mlouka

31 Dec 12 M $200MFeb 16

131.79 19 May 16 (0.56%) (0.38%) 2.15% 12.92% 14.7% - 8.50% 12.73% (14.92%)Jul 15 - Feb 16

FIREBIRD REPUBLICS FUND, LTDHarvey Sawikin & Ian Hague

30 Apr 97 Q $136MApr 16

8 48 .8 1 2 0 M ay 1 6 ( 0.5 8%) 7 .73 % - 11 .6 5% - 22 .6 4% 24 .2 % 13 .2 6% - 19 .4 2% 11 .8 7% 2 9. 03% ( 73 .2 0%)Sep 97 - Jan 99

JABCAP EMEA FUND CLASS X1Carl Tohme

30 Sep 08 M $211MApr 16

239.47 13 May 16 ( 1.20%) (0.40%) -0.08% 7.15% 9.23% 6.94% - 3.2% 12.13% 9.42% (10.02%)Apr 11 - May 12

OCCO EASTERN EUROPEAN FUNDA SHARESAndrew Wiles

31 Dec 01 Q/Y $442MApr 16

422.06 20 May 16 1.87% 4.16% 5.04% -2.56% 11.63% 7.73% 5.42% 11.42% 7.32% (20.86%)Jun 08 - Oct 08

SAGIL LATIN AMERICANOPPORTUNITIES FUND CLASS AAdrian Landgrebe and Brad Jones

30 Jun 09 M $90MApr 16

153.90 30 Apr 16 6 .40% 8.81% -2.37% 6.71% 7.91% 14.48% -9.05% 6.51% 8.97% (15.40%)Jun 14 - Aug 15

SR GLOBAL FUND (Class N)Emerging Market EquityEd Butchart and CJ Morrell

31 Dec 12 M $70MFeb 16

115.20 20 May 16 (1.91%) (2.91%) 3.32% 3.68% 10.76% - 4.27% 10.49% (14.61%)May 15 - Feb 16

Equity-Diversified/Europe Ytd Avg. 2016(5.09%)

ADELPHI EUR. FUND $ (A)Roderick Jack, Marcel Jongen

30 Sep 97 Q $1'940MAug 15

493.50 20 May 16 4.12% (7.20%) 2.84% 9.35% 17.28% 14.08% -4.91% 8.94% 11.52% (26.28%)May 07 - Feb 09

ADRIGO HEDGEGöran Tornée

30 Nov 06 M $245MFeb 16

174.08 30 Apr 16 ( 0.15%) (0.19%) 4.58% 4.32% 12.83% 5.91% -0.17% 6.06% 4.90% (9.13%)May 07 - Oct 08

ANTARES EUROPEAN FUND, LTD -USDPeter Miles Testa, Luca Orsini Baroni

08 Dec 98 M $252MApr 16

621.84 20 May 16 3.52% (8.77%) 17.71% 5.5% 28.79% 1.7% -10.75% 11.03% 14.60% (32.68%)Jun 07 - Dec 08



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Equity-Diversified/EuropeYtd Avg. 2016

(5.09%)

AQUILUS INFLECTION FUND LTDEUR SHSRichard Vogel

31 Jul 07 M €481MMay 16

135.44 20 May 16 ( 0.90%) (3.74%) 3.12% 7.37% 14.59% 18.73% -14.14% 3.50% 8.74% (22.46%)Oct 07 - Oct 08

CAPEVIEW AZRI 2X FUNDMichael Sakkas and Sushil Shah

30 Sep 10 M $320MFeb 16

173.74 20 May 16 ( 0.14%) (16.73%) 21.64% 9.86% 24.8% 12.65% 4.31% 10.29% 8.06% (16.97%)Nov 15 - May 16

CAPEVIEW AZRI FUNDMichael Sakkas and Sushil Shah

31 Oct 07 M $1'440MApr 16

179.36 20 May 16 (0.10%) (8.51%) 9.84% 4.6% 11.51% 5.82% 1.29% 7.06% 4.09% (8.67%)Nov 15 - May 16

COVALIS CAPITAL CLASS BZach Mecelis

31 Dec 12 M $291MMar 16

136.60 30 Apr 16 1.25% 6.78% 8.67% 3.69% 14.99% -1.27% 10.23% 4.29% (2.45%)Feb 14 - Jun 14

GIM PORTFOLIO STRATEGIES – Europe Dynamic L/S Fund A10-03Jonathan Ingram, John Baker, Anis Lahlou-Abid

30 Sep 03 M €341MApr 16

426.24 20 May 16 0.94% (7.65%) 7.63% 1.1% 15.93% -4.72% 10.2% 12.15% 8.48% (16.39%)Jun 08 - Nov 09

GLG EUROPEAN LONG SHORTFUND Class D EUR UnresPierre Lagrange, Simon Savage, Neil

Mason

30 Sep 00 M $354MMar 16

331.23 2 0 May 16 0.27% (2.45%) 7.62% -5.24% 7.09% 5.75% 7% 7.95% 7.76% (17.94%)Oct 07 - Oct 08

GRANADA EUROPE FUND LTDSwiss Hedge Capital AG, Andreas Zehnder

31 Aug 04 M CHF61MApr 16

1,576.58 30 Apr 16 0.27% 1.46% 0.61% 2.12% -3.57% -8.93% 4.9% 3.98% 4.68% (13.54%)Sep 11 - Dec 13

LANSDOWNE EUROPEAN EQUITYFD, LTD - A (EUR)David Craigen

31 Aug 98 M $486MApr 16

2 25 .0 9 29 A pr 1 6 ( 0.0 1%) ( 14 .62 %) 2 8. 24% - 4. 32 % 2 1. 51 % 4 .5 6% - 12 .6 8% 8 .7 5% 1 1. 80% ( 21 .6 0%)May 08 - Feb 09

LC EQUITY FUND LTDLimmat Capital Alternative Investments AG

30 Sep 05 M CHF73MApr 16

289.73 30 Apr 16 0.49% 1.11% 2.09% 2.7% 5.27% 2.04% 0.83% 10.57% 5.75% (5.29%)Jun 11 - Aug 11

LEGG MASON MARTIN CURRIEEUROP ABS ALPHA FUND Class M(PF) Distr. (A) EURMichael Browne and Steve Frost

31 Aug 10 D €257MMar 16

13.36 25 May 16 2.22% (4.43%) 6.31% 1.54% 20.02% 14.91% -8.75% 5.18% 6.58% (9.23%)Dec 10 - Sep 11

LUCERNE CAPITAL FUND L.P.Pieter Taselaar, Thijs Hovers

31 Dec 01 M $300MApr 16

4 40 .9 2 30 A pr 1 6 ( 3.8 9%) ( 16 .05 %) 1 7. 14% 1 0. 8% 2 9. 19 % 2 6. 9% - 19 .8 5% 12 .2 6% 2 0. 15% ( 60 .0 3%)May 07 - Feb 09

MADRAGUE EQUITY LONG SHORTMadrague Capital Partners

31 Jan 12 M €106MApr 16

136.84 30 Apr 16 2.22% 1.51% 6.52% -5.68% 30.08% 3.16% 7.66% 8.93% (9.12%)Jan 12 - Jun 12

MARSHALL WACE - EUROPA FUNDA USDErnesto Fragomeni

31 Oct 06 M $122MMay 16

152.86 24 May 16 1.13% (5.46%) 9.61% 3.96% 7.44% 8.72% 5.65% 4.53% 8.16% (26.47%)Jun 07 - Sep 08



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(5.09%)

MARSHALL WACE - MW TOPSFUNDAnthony Clake

31 Dec 04 M $531MMay 16

241.33 24 May 16 0.84% 0.94% 9.98% 6.72% 16.17% 11.31% 4.29% 8.03% 7.19% (21.75%)Oct 07 - Feb 09

MLIS - THEOREMA EUROPEANEQUITY LONG SHORT UCITS FUND- EUR B (acc)Theorema Asset Management Limited

31 May 10 D €66MOct 15

110.90 24 May 16 1.25% (4.86%) 6.21% -5.61% 7.94% 4.37% -0.27% 1.74% 7.12% (12.02%)Sep 11 - Jul 12

MOJNA ALPHA LEVERAGEDMASTER FUND - EUR NNIJakob Nordestedt, Michael O’Mara

30 Nov 07 M $90MApr 16

167.79 20 May 16 ( 2.10%) (2.61%) 7.31% -5.72% 14.82% - 4.33% 5.58% 6.30% 6.33% (11.33%)Dec 13 - Aug 14

NORDIC ALPHA CLASS B - NOKThomas Raaschou, Christian T.Nygaard

31 Dec 12 M NOK479MApr 16

155.17 24 May 16 1.35% (1.99%) 8.84% 15.85% 24.67% - 13.57% 6.64% (5.18%)Dec 15 - Jan 16

ODEY EUROPEAN, INC (EUR)Crispin Odey

31 May 92 W €730MMar 16

6 03 .1 5 2 0 M ay 1 6 6.0 2% ( 27 .95 %) - 12 .8 2% 5 .4 8% 2 5. 76 % 30 .6 9% - 20 .5 6% 10 .8 4% 1 7. 88% ( 50 .6 4%)Jan 94 - Jul 95

PELHAM LONG/SHORT FUND LTD

CLASS A EURRoss Turner

31 Oct 07 M €3'613M

Apr 16

2 14 .4 3 30 A pr 1 6 ( 0.8 7%) ( 2. 48 %) 1 4. 57% 2 .5 8% 3 2. 52 % 16 .8 9% - 10 .6 8% 9 .3 8% 1 1. 11% ( 12 .2 5%)

May 08 - Dec 08

PENSATO EUROPA FUND LTDEURO CLASSGraham Clapp & Edward Rumble

31 May 08 M €99MApr 16

147.91 30 Apr 16 ( 0.34%) (5.24%) 23.68% -4.99% 1.99% 11.22% -0.28% 5.06% 6.31% (8.88%)May 13 - Apr 14

POLAR CAPITAL EUROPEANCONVICTION FUND LIMITEDRobert Gurner & Andrew Marsh

31 Mar 06 M €18MDec 15

144.54 2 0 May 16 0.76% (0.08%) -12.2% 2.97% 1.9% 8.07% 6.45% 3.70% 8.26% (15.17%)Dec 14 - Oct 15

RBR EUROPEAN LONG SHORTLTD (Ex Rhine Alpha Stars)Rudolf Bohli

30 Apr 05 M CHF105MMar 16

2 ,93 7. 80 13 M ay 1 6 2.6 0% ( 8. 21 %) 4 .2 5% 1 3. 94 % 2 0. 33 % 29 .4 5% - 11 .7 1% 10 .2 5% 1 8. 40% ( 55 .0 1%)Jun 07 - Nov 08

RWC SAMSARA FUND CLASS AEUROAjay Gambhir

17 Sep 07 M €53MApr 16

135.16 20 May 16 ( 0.55%) (6.13%) -1.22% 3.63% 17.47% 2.95% -0.84% 3.53% 7.33% (11.67%)Apr 15 - May 16

SIERRA EUROPE OFFSHORE, LTD- CLASS C USDCharles Michaels

28 Feb 97 M $42MApr 16

530.45 20 May 16 1.61% (3.52%) 7.61% -1.76% 4.48% 11.82% 4.88% 9.06% 8.67% (16.98%)Mar 00 - Jan 03

SUSA EUROPEAN EQUITIES FUNDCLASS A NIE EURReza Amiri

28 Feb 09 M $432MApr 16

182.32 20 May 16 3 .80% (1.34%) 10.67% - 4.8% 17.78% 15.22% -10.33% 8.66% 11.05% (16.04%)May 11 - Sep 11

TRIAS L/S FUNDEntrepreneur Partners AG / Kilian Kentrup

30 Apr 12 D €97MApr 16

189.27 24 May 16 3.06% (3.30%) 22.56% 11.08% 33.7% 7.53% 16.98% 12.53% (10.72%)May 14 - Oct 14



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(5.09%)

TT LONG/SHORT FOCUS FUNDVikram Kumar

30 Jun 13 M $483MMay 16

131.22 30 Apr 16 (2.15%) (4.98%) 26.81% -2.65% 11.87% 10.05% 9.81% (5.74%)Feb 14 - Jul 14

TT MID-CAP EUROPELONG/SHORT FUND LTD - CL BDavid Grimbley

30 Apr 05 M $548MApr 16

324.09 30 Apr 16 1 .14% (0.57%) 14.66% 2.64% 14.43% 6.9% -1.72% 11.27% 8.31% (7.41%)Apr 06 - Sep 06

ZADIG FUND CLASS A1Laurent Saglio

30 Nov 05 M €163MSep 15

240.75 20 May 16 0.36% (5.53%) 19.06% -6.33% 8.9% 11.02% 3.56% 8.75% 10.77% (19.14%)Aug 08 - Oct 08

Equity-Diversified/GlobalYtd Avg. 2016

(5.05%)

AAM ABSOLUTE RETURN FUNDHarald James Otterhaug

30 Nov 05 M $207MFeb 16

2 98 .1 7 2 0 M ay 1 6 ( 6.0 0%) ( 1. 50 %) 5 8. 52% - 9. 85 % 4. 75 % 0 .9 5% 1 6. 27 % 10 .9 9% 1 1. 03% ( 16 .8 4%)Oct 13 - Oct 14

ANAVON MASTER FUND LTDCLASS -B-Avi Fruchter and Avraham Mevorah

31 Dec 10 M $66MApr 16

131.07 30 Apr 16 ( 1.50%) (4.96%) -2.07% 6.66% 11.45% 12.62% 5.19% 5.20% 8.15% (11.31%)May 15 - Jan 16

ATLAS FUNDAMENTAL TRADINGFUND LTDDmitry Balyasny, Managing Partner &CIO

30 Jun 08 M $239MMar 16

1,488.88 20 May 16 ( 0.93%) 1.58% 4.86% 12.64% 8.54% - 3.47% 7.52% 5.17% 8.23% (13.57%)Sep 11 - Jun 13

BLUEMOUNTAIN LONG SHORTEQUITY FUND L.P.BlueMountain Capital Management LLC

30 Jun 11 Q $882MMar 16

147.66 20 May 16 2.51% (3.31%) 2.83% 19.48% 19.48% 3.66% 0.34% 8.29% 6.79% (12.86%)Jul 15 - Apr 16

DUET GLOBAL PLUS FUNDJason McNab

31 Jul 10 M $1'500MMar 16

125.46 30 Apr 16 0 .05% (0.19%) 0.84% -0.38% 3.95% 11.05% 8.05% 5.05% 2.97% (2.56%)Feb 14 - May 14

ECOFIN VISTA LONG SHORT FUNDMatthew Breidert

30 Nov 12 M $92MApr 16

106.77 30 Apr 16 0.85% (6.97%) 7.61% -0.21% 7.14% -0.24% 1.94% 8.35% (14.23%)May 15 - Mar 16

EXANE TEMPLIERS FUNDJean-Francois Roussel, Stéphane Arrouays, Henri-Daniel Samama,Exane Asset Management

28 Feb 06 W €144MApr 15

17,286.49 24 May 16 0.20% (0.61%) 0.23% -1.64% 1.85% 0.77% 0.49% 3.97% 3.03% (3.81%)Dec 13 - Jan 16

FARRINGDON ALPHA ONEBram Cornelisse, Andreas Tholstrup,Dennis van Wees

31 Dec 06 M $480MApr 16

1 97 .3 6 2 4 M ay 1 6 ( 5.0 3%) ( 7. 06 %) 1 1. 35% 6 .7 8% 1 0. 56 % 19 .4 4% - 12 .6 3% 7 .5 0% 1 1. 03% ( 16 .5 0%)May 08 - Oct 08

GLADE BROOK GLOBALOFFSHORE FUND LTD CLASS-A-NR-Paul Hudson

30 Sep 11 Q $284MMay 16

1 ,26 1. 44 3 0 A pr 1 6 ( 0.3 0%) ( 10 .48 %) 1 3. 12% - 1. 36 % 1 9. 76 % 1 3. 1% - 6. 77 % 5 .1 9% 9 .5 3% ( 10 .7 5%)Dec 15 - Feb 16

HABROK LTDRahul Khanna

31 Mar 04 Q $73MApr 16

283.17 30 Apr 16 0 .03% (7.80%) 0.84% 7% 13.13% 6.27% -14.36% 8.99% 14.71% (37.31%)May 08 - Jan 09



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(5.05%)

HORSEMAN GLOBAL FUND USDRussell Clark & Bobby Turnbull

31 Jan 01 M $1'016MApr 16

6 90 .4 0 2 5 M ay 1 6 2.1 5% ( 3. 13 %) 2 0. 42% 1 2. 63 % 1 9. 15 % 16 .2 8% - 2. 98 % 13 .4 4% 1 6. 34% ( 33 .7 5%)Feb 09 - Jun 10

KINSALE COMPASS FUNDPeter A Kinney

31 Oct 11 M $250MApr 16

161.67 30 Apr 16 1 .86% 1.16% 9.04% 6.56% 15.74% 16.75% 1.79% 11.26% 5.52% (4.87%)May 15 - Jan 16

LANSDOWNE DEVELOPEDMARKET FUND, LTD (GBP) NNIPeter Davies, Stuart Roden, Jonathon Regis

31 Jul 01 M $10'592MApr 16

7 13 .3 5 2 0 M ay 1 6 3.9 2% ( 9. 47 %) 1 6. 84% 1 1. 49 % 3 3. 26 % 17 .8 7% - 20 .0 7% 14 .1 8% 1 0. 80% ( 20 .0 7%)Dec 10 - Dec 11

LAZARD GLOBAL HEXAGON FUNDJean-Daniel Malan

31 May 10 M $326MFeb 16

119.88 20 May 16 ( 0.63%) (3.98%) 1.28% -2.22% 8.97% 13.27% -1.94% 2.91% 4.99% (8.43%)Apr 15 - Feb 16

LOREM IPSUM MASTER FUND LPJohn Segrich

31 Jul 13 Q $93MMar 16

95.08 31 Mar 16 (2.10%) (20.93%) -1.47% 12.27% 8.69% (1.88%) 1 6.98% (31.55%)May 15 - Mar 16

M. KINGDON OFFSHORE NV - A/1Mark Kingdon

28 Feb 86 Q $1'661MApr 16

161.38 20 May 16 2 .77% (5.35%) 3.34% 8.23% 23.82% 11.78% -18.03% 14.08% 12.60% (30.15%)Sep 87 - Oct 87

MARSHALL WACE - MW EUREKA

A1 EURPaul Marshall

07 Jan 98 M $8'076M

May 16

462.92 24 May 16 1.65% (2.94%) 12.05% 8.44% 21.61% 7.45% 9.74% 12.73% 8.79% (23.24%)

Oct 07 - Oct 08

MARSHALL WACE - MW GLOBALOPPORTUNITIES A USDFehim Sever

28 Feb 09 M $1'073MMay 16

254.04 24 May 16 3.37% 0.60% 6.38% 6.3% 13.37% 6.83% 27.16% 13.75% 9.34% (7.61%)Jan 15 - Apr 15

MAVERICK FUND, LTD - CLASS A/1Lee Ainslie III

28 Feb 95 M $2'000MJan 16

1 ,70 2. 27 2 0 M ay 1 6 2.2 0% 0 .67 % 1 6. 01% 8 .5 1% 1 6. 46 % 15 .4 6% - 14 .8 5% 12 .0 9% 1 1. 22% ( 30 .0 4%)May 08 - Nov 08

MS ASCEND UCITS FUND CLASS IEURMalcolm Fairbairn

30 Apr 11 W $230MDec 15

1,045.91 24 May 16 0.34% (5.94%) 1.62% 5.11% 12.16% - 0.14% -7.06% 0.89% 4.12% (7.49%)Jul 15 - Mar 16

PARUS FUND PLC USD CLASSParus Finance, Fabrice Vecchioli

31 Dec 02 Bi-weekly $740MApr 16

521.60 20 May 16 3.02% (8.48%) 12.48% 3.75% 26.37% 23.69% - 6% 15.63% 14.06% (15.49%)Apr 11 - Sep 11

PASSPORT GLOBAL STRATEGYFUND

John Burbank

31 Jul 00 Q $1'900MApr 16

1 ,03 3. 04 3 0 A pr 1 6 ( 0.2 0%) ( 7. 70 %) 1 0. 19% 0. 9% 2 3. 02 % 11 .0 8% - 18 .7 4% 15 .9 7% 2 5. 13% ( 52 .7 4%)Jun 08 - Dec 08

PASSPORT LONG SHORTSTRATEGY FUNDJohn Burbank, Tim Garry

30 Jun 10 M $1'000MApr 16

141.37 30 Apr 16 ( 0.60%) (3.12%) 10.12% -6.24% 19.89% 12.13% -7.19% 6.11% 8.11% (10.06%)Apr 11 - Dec 11

PASSPORT SPECIALOPPORTUNITIES FUND LTD CLASSAAJohn Burbank

30 Apr 08 HY $424MApr 16

2 28 .7 8 30 A pr 1 6 ( 4.9 0%) ( 8. 21 %) 1 7. 81% 9 .9 4% 45 .5 % - 5. 67 % - 19 .9 1% 10 .8 9% 2 6. 81% ( 43 .2 4%)Jun 08 - Nov 08



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(5.05%)

PLATINUM FUND LTDKerr Neilson

31 May 94 M $390MApr 16

8 1. 19 2 0 M ay 1 6 ( 3.9 3%) ( 4. 86 %) - 3. 08 % - 2. 67 % 2 1. 76 % 17 .4 4% - 13 .5 1% 9 .9 9% 1 2. 26% ( 30 .4 8%)Oct 07 - Feb 09

RWC ASIA ABSOLUTE ALPHAFUND -B-Priya Kodeeswaran

31 Jan 10 D $19MApr 16

139.55 25 May 16 1.62% (1.13%) 11.02% 0.29% 12.92% 6.59% 0.45% 5.42% 6.65% (6.47%)Feb 14 - Apr 14

SR GLOBAL FUND C -INTERNATIONAL (Real Perf)Hugh Sloane

31 Dec 93 M $530MFeb 16

6 20 .3 0 2 0 M ay 1 6 ( 5.0 8%) ( 11 .00 %) 4 .9 5% 8 .3 6% 3 6. 28 % 1 .0 3% - 24 .2 7% 11 .4 1% 2 0. 71% ( 50 .1 0%)Apr 08 - Aug 12

SR GLOBAL FUND INC - G -GLOBAL OPPORTUNITIES PTF(Real Perf)Richard Chenevix-Trench

29 Feb 96 M $390MFeb 16

1 ,29 8. 49 2 0 M ay 1 6 ( 1.0 0%) ( 6. 54 %) 0 .9 2% 2. 7% 1 8. 09 % - 0. 88 % - 17. 2% 16 .5 9% 1 7. 34% ( 37 .2 5%)Oct 07 - Feb 09

SR PHOENICIA INC CLASS -A-SERIES 1Richard Atherton

31 Jul 01 M $100MFeb 16

4 94 .2 6 2 0 M ay 1 6 ( 1.9 8%) ( 6. 49 %) 4 .1 8% 4 .6 3% 2 0. 89 % 8 .1 3% - 20 .9 7% 11 .3 9% 1 7. 34% ( 56 .0 2%)Oct 07 - Feb 09

STK CAPITAL GLOBAL EQUITIES

Daniel Grozdea

30 Nov 10 M $98M

Apr 16

130.19 30 Apr 16 ( 0.93%) (3.47%) -1.98% 5.27% 16.09% 9.35% -1.64% 4.99% 8.59% (11.78%)

Feb 15 - Feb 16

Equity-Diversified/JapanYtd Avg. 2016

(12.06%)

AKAMATSU FUNDPhilip Kay

31 Dec 04 M $58MMar 16

190.96 30 Apr 16 ( 3.55%) (7.26%) 2.45% 5.88% 21.71% - 3.45% -0.85% 5.87% 7.27% (12.18%)Mar 12 - Oct 12

MARATHON VERTEX JAPAN FD,LTD CLASS BWilliam Arah

31 May 03 Q $465MFeb 15

2,634.00 20 May 16 0.33% (10.72%) 15.58% 2.91% 23.38% 4.89% 0.59% 7.75% 8.61% (12.09%)Nov 15 - Feb 16

SFP VALUE REALIZATION FUNDGreg McEntyre

31 Oct 03 Q $309MApr 16

3 80 .1 6 2 0 M ay 1 6 7 .3 8% ( 18 .20 %) 1 8. 6% 1 0. 82 % 8 2. 11 % 44 .5 4% 7 .4 2% 11 .2 2% 1 9. 93% ( 55 .4 7%)Jan 06 - Oct 10

SR GLOBAL FUND H - JAPAN (RealPerf)Hugh Sloane, Alex Kydd

30 Sep 03 M $110MFeb 16

1 43 .5 8 2 0 M ay 1 6 ( 4.6 0%) ( 21 .96 %) 0 .9 7% 0 .4 1% 6 2. 51 % 31 .0 5% - 8. 33 % 3 .1 6% 2 0. 20% ( 35 .5 7%)Mar 08 - Jul 10

UMJ KOTOSHIRO FUND

Masahiro Koshiba

31 Oct 08 M $280M

May 16

209.45 30 Apr 16 ( 2.89%) (2.15%) 5.72% 15.2% 32.05% 17.83% 12.2% 10.36% 8.11% (9.48%)

Jul 09 - Sep 10

Equity-Diversified/RussiaYtd Avg. 2016

9.73%

FIREBIRD NEW RUSSIA FUND, LTD- CLASS AHarvey Sawikin & Ian Hague

30 Jun 96 Q $70MMar 16

1 ,56 8. 60 20 M ay 1 6 0.1 6% 9 .73 % - 11 .3 3% - 34 .5 9% 4. 08 % 11 .4 2% - 14 .6 2% 14 .8 3% 3 7. 85% ( 81 .7 9%)Mar 98 - Sep 98



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Equity-Diversified/UKYtd Avg. 2016

2.76%

ALPHAGEN OCTANIS CLASS ABen Wallace & Luke Newman

28 Feb 05 M $6'925MMar 16

264.11 06 May 16 0.31% (0.71%) 7.74% 4.01% 16.77% 3.87% -0.47% 9.07% 5.78% (10.72%)May 07 - Mar 08

BLACKROCK UK EQUITY HEDGEFUNDNigel Ridge & Imran Sattar

30 Apr 05 M $640MApr 16

230.99 2 0 May 16 1.48% 0.97% 8.35% 6.93% 6.42% 4.27% 2.48% 7.86% 5.49% (11.70%)Jun 08 - Oct 08

PEGASUS FUND LIMITED SHARESA-1Martin Hughes

31 Oct 97 M $140MJan 15

61.12 13 May 16 0 .21% 11.15% -4.13% -15.72% 63.74% 1.06% -1.11% 10.30% 14.88% (35.27%)May 98 - Oct 98

THREADNEEDLE UK ABSOLUTEALPHA FUNDChris Kinder & Mark Westwood

30 Sep 10 D $970MOct 15

140.44 25 May 16 1.31% (0.36%) 7.19% 5.4% 10.7% 2.91% 4.22% 6.19% 3.72% (3.17%)Jun 11 - Sep 11

Equity-Diversified/USAYtd Avg. 2016

(2.64%)

AJR INTERNATIONAL (BVI), INC. -A/1Alexander J. Roepers

31 Jan 93 M $1'300MDec 15

1,061.58 30 Apr 16 0 .15% 1.75% -7.15% -6.92% 20.33% 3.85% -6% 10.69% 18.75% (44.44%)May 08 - Dec 08

ALLIANCEBERNSTEIN SELECT USEQUITY LONG SHORTKurt Feuerman

30 Nov 99 Q/Y $126MApr 16

4,548.99 24 May 16 0.26% 0.30% -0.78% 2.76% 16.27% 6.17% 0.81% 9.62% 7.13% (9.98%)May 08 - Feb 09

ASCEND PARTNERS FUND II LTD -AMalcolm Fairbairn

31 Jan 04 Q $440MMar 16

202.24 20 May 16 0.33% (4.36%) 2.63% 4.75% 11.59% 3.48% -2.86% 5.89% 4.21% (5.23%)Apr 11 - Dec 11

BAY RESOURCES PARTNERSOFFSHORE FUNDThomas Claugus

31 Jul 98 M $2'143MFeb 16

10,481.24 30 Apr 16 1.00% (1.33%) -1.62% 5.04% 22.23% 9.24% -6.89% 14.14% 15.51% (39.02%)May 08 - Feb 09

BCM WESTON LP (BILLINGSCAPITAL MANAGEMENT)Billings Capital Management LLC

31 Jan 08 M $65MFeb 16

260.46 30 Apr 16 4 .26% 4.07% 4.37% 3.42% 50.32% 15.2% -8.95% 12.30% 13.28% (20.35%)Jun 15 - Jan 16

COBALT OFFSHORE LTDWayne Cooperman

31 Dec 96 Q $298MMar 16

751.61 30 Apr 16 ( 2.12%) (5.55%) -1.12% 4.92% 8.88% 4.49% -0.66% 10.99% 7.88% (19.53%)Apr 98 - Sep 98

ELM RIDGE CAPITAL PARTNERSL.P.Ronald Gutfleish

31 Dec 99 Q $349MApr 16

420.06 30 Apr 16 10.10% 14.16% -29.96% -1.31% 22.28% - 14.08% 0.7% 9.18% 13.91% (37.41%)Aug 14 - Feb 16

FJ CAPITAL FINANCIALOPPORTUNITY FUND LTDMartin Friedman

31 Dec 07 Q $163MApr 16

271.69 30 Apr 16 3.68% (0.72%) 19.64% 9.76% 25.15% 25.9% 14.77% 12.74% 13.50% (27.44%)May 08 - Feb 09

GLENVIEW CAPITAL PARTNERS(CAYMAN), LTD.Lawrence M. Robbins

31 Dec 00 Q $3'001MApr 16

5 35 .5 7 30 A pr 1 6 2 .5 9% ( 9. 88 %) - 18 .1 2% 1 4. 44 % 42 .9 % 24 .2 4% - 10 .9 5% 11 .5 6% 1 6. 57% ( 49 .1 7%)May 07 - Dec 08



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Equity-Diversified/USAYtd Avg. 2016

(2.64%)

GREENLIGHT CAPITALOFFSHORE, LTD - A/1

David Einhorn

30 Sep 96 Q $2'923MJan 16

1 39 ,5 35 .2 7 30 A pr 1 6 ( 0.3 0%) 2 .55 % - 20 .3 8% 7 .5 1% 1 8. 76 % 7 .6 6% 1 .8 6% 14 .4 0% 1 0. 94% ( 27 .1 7%)May 08 - Oct 08

HINOKI FUND LPEllen Adams & Dan Sheridan

30 Jun 12 M $70MApr 16

132.48 30 Apr 16 (4.91%) (8.04%) 18.12% -4.9% 26.05% 1.73% 7.61% 9.94% (12.58%)Feb 14 - Apr 14

IVORY CAPITAL FLAGSHIPSTRATEGYCurtis Macnguyen

30 Nov 98 Q $782MApr 16

4,098.02 20 May 16 ( 0.46%) (3.39%) -4.91% 6.8% 17.07% 10.5% -3.54% 8.40% 5.99% (12.61%)May 08 - Nov 08

IVORY OPTIMAL FUND LTDCurtis Macnguyen

31 Dec 08 Q $1'686MApr 16

189.12 20 May 16 ( 0.27%) (5.22%) -6.53% 11.31% 28.31% 16.41% -4.37% 9.01% 8.45% (15.01%)May 15 - Feb 16

MARLIN FUND LPMichael Masters

30 Jun 95 M $413MApr 16

1 2, 21 6. 72 30 A pr 1 6 ( 2.1 4%) ( 0. 28 %) - 8. 43 % 2 1. 72 % 7 7. 47 % 31 .5 3% - 17 .7 7% 25 .9 2% 2 4. 99% ( 60 .1 5%)Oct 07 - Feb 09

NEUBERGER BERMAN US LONGSHORT EQUITY FUNDNeuberger Berman Group LLC

28 Feb 14 D $161MMay 16

10.27 25 May 16 0.69% 2.50% -4.21% 4.61% 1.20% 6.89% (8.39%)Mar 15 - Jan 16

OKUMUS OPPORTUNISTIC VALUEFUND, LTD CLASS AAhmet H. Okumus

31 Dec 12 HY $376MApr 16 148.76 3 0 Apr 16 7.48% (25.36%) 1 4.25% 29.71% 34.49% - 12.66% 19.85% (36.06%)Jun 15 - Mar 16

OMEGA OVERSEAS PARTNERSLTD CLASS ALeon Cooperman

31 Dec 91 M $1'400MFeb 16

7 93 .6 2 3 1 Ma r 1 6 4.8 1% ( 5. 62 %) - 10 .4 3% - 2. 13 % 3 0. 02 % 25 .6 6% - 2. 97 % 8 .9 1% 1 4. 71% ( 42 .5 5%)May 07 - Feb 09

RENAISSANCE INSTITUTIONALEQUITIES LP (B)Renaissance Technologies LLC

31 Jul 05 M $2'572MMar 16

273.91 20 May 16 0.63% 8.50% 16.53% 13.84% 16.78% 8.29% 34.12% 9.77% 10.50% (35.73%)May 07 - Apr 09

RWC US ABSOLUTE ALPHA FUND -CLASS BMike Corcell

30 Sep 09 D $495MApr 16

134.72 24 May 16 1.20% (4.15%) 5.37% 5.45% 14.28% 16.32% -2.24% 4.58% 6.08% (9.19%)Apr 10 - Dec 11

SANDLER PLUS OFFSHORE FUNDLTDSandler Capital Mgmt, Andrew

Sandler

30 Sep 05 Q $117MApr 16

305.66 20 May 16 2.10% (0.34%) 12.97% 5.68% 10.38% 5.62% 8.91% 11.07% 10.34% (14.88%)Dec 07 - Mar 09

SEMINOLE OFFSHORE FUNDMichael G. Messner, Paul C.Shiverick

31 May 98 Q $690MApr 16

736.85 20 May 16 ( 1.10%) (2.04%) -7.29% 11.04% 23.18% 5.08% - 0.7% 11.75% 12.05% (15.62%)May 02 - Mar 03

ZWEIG-DIMENNA INTL LIMITED -CLASS AJoseph DiMenna

31 May 87 Q $1'141MMar 16

9 2, 34 2. 79 3 1 Ma r 1 6 ( 2.8 3%) ( 15 .66 %) 1 .7 9% 4 .6 4% 2 1. 25 % - 1. 18 % - 2. 37 % 13 .2 3% 1 4. 94% ( 50 .2 3%)Feb 00 - Dec 02



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Equity-EnergyYtd Avg. 2016 40.83%

Equity-Energy/USAYtd Avg. 2016

40.83%

DORSET ENERGY FUND, LTD -CLASS ADavid M. Knott, Donald Textor

31 Oct 00 M $120MJan 16

3 1. 90 2 0 M ay 1 6 ( 3.7 7%) 4 0. 83 % - 44 .0 5% - 27. 2% 2 9. 76 % - 6. 43 % - 1. 27 % 7 .7 4% 2 5. 77% ( 70 .3 7%)Jun 14 - Feb 16

Equity-FinancialYtd Avg. 2016 (9.97%)

Equity-Financial/GlobalYtd Avg. 2016

(9.97%)

ABACO FINANCIALS FUNDAbaco Asset Management LLP

31 May 03 M €381MApr 16

232.94 30 Apr 16 ( 1.03%) (1.21%) 10.15% -11.47% 15.74% 4.84% 12.67% 6.76% 6.09% (11.68%)Nov 13 - Dec 14

MARSHALL WACE - MW GLOBALFINANCIALS M/N A USDAmit Rajpal

31 Oct 08 M $97MMay 16

143.02 24 May 16 0.87% (5.98%) 10.31% 6.52% 5.76% -0.75% 3.21% 4.84% 5.72% (8.01%)Nov 11 - Aug 12

TOSCA CLASS A - USDJohnny de la Hey

30 Sep 00 M $697MApr 16

268.45 30 Apr 16 1.19% (12.00%) 14.57% -6.79% 30.5% 24.94% 1.14% 6.54% 16.60% (67.54%)Dec 07 - Nov 08

WELLINGTON MANAGEMENT INVBERMUDA LTD BAY POND A/1 NINicholas C. Adams, Partner

31 Dec 95 HY $4'064MApr 16

1 86 .9 3 30 A pr 1 6 3 .4 0% ( 20 .68 %) 8 .1 6% - 1. 68 % 2 0. 27 % 20 .4 1% - 12 .5 3% 15 .4 8% 1 6. 88% ( 63 .2 2%)Apr 98 - Mar 99

Equity-HealthcareYtd Avg. 2016 (13.59%)

Equity-Healthcare/GlobalYtd Avg. 2016

(13.59%)

CCI HEALTHCARE PARTNERS LTDOliver Marti, CCI Healthcare Partners

31 Dec 00 M $517MApr 16

304.19 30 Apr 16 1 .55% (8.51%) -7.25% 7.67% 26.54% 6.56% 3.99% 7.52% 8.89% (20.58%)Mar 15 - Mar 16

CCI MICRO HEALTHCAREPARTNERS LTD

Oliver Marti, CCI Healthcare Partners

31 Dec 12 Q $44MApr 16

175.23 30 Apr 16 4.57% (13.63%) 5.39% 20.54% 59.69% - 18.34% 23.50% (28.85%)Jul 15 - Feb 16

JENOP GLOBAL HEALTHCAREFUND LTD SERIES ADavid Chan

31 Oct 12 W $170MApr 16

11.99 10 May 16 (4.48%) (20.17%) -2.68% 21.95% 27.17% -0.45% 5.29% 16.01% (31.09%)Jul 15 - May 16

MLIS - CCI HEALTHCARE LONGSHORT UCITS FUND - B (acc) USDOliver Marti, CCI Healthcare Partners

31 Jan 10 W $506MOct 15

125.22 24 May 16 ( 0.67%) (9.31%) -7.93% 7.41% 26.97% 5.51% 2.72% 3.63% 9.78% (21.03%)Mar 15 - Mar 16



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Equity-Healthcare/GlobalYtd Avg. 2016

(13.59%)

VISIUM INSTITUTIONAL PARTNERSFUND LTD

Jacob Gottlieb, Visium Asset Management

31 May 10 Q $78MApr 16

113.93 20 May 16 ( 4.60%) (16.34%) 4.69% 2.11% 20.91% 5.73% 1.28% 2.21% 7.93% (21.24%)Jun 15 - May 16

Equity-Mid-Small CapYtd Avg. 2016 (0.06%)

Equity-Mid-Small Cap/EuropeYtd Avg. 2016

(3.36%)

PELHAM LONG/SHORT SMALL CAPFUND LTDRoss Turner

31 Oct 14 Q €425MApr 16

143.27 31 Mar 16 2.72% (2.92%) 42.71% 3.41% 28.90% 10.71% (6.70%)Dec 15 - Jan 16

POLAR CAPITAL EUROPEANFORAGER FUND LTD - AXRobert Gurner & Andrew Marsh

31 Jul 03 M €574MDec 15

306.13 20 May 16 ( 0.37%) (3.81%) -1.67% 4.76% 11.79% 11.93% 2.39% 9.12% 7.14% (21.47%)Oct 07 - Feb 09

Equity-Mid-Small Cap/UKYtd Avg. 2016

1.39%

ALPHAGEN VOLANTIS FUND, LTD -A (USD)Rob Giles & Adam McConkey

30 Apr 02 M $332MMar 16

468.21 06 May 16 1.43% 1.39% -4.72% -2.54% 13.46% 12.7% 1.02% 11.63% 8.45% (14.36%)Jun 14 - Feb 16

Equity-Mid-Small Cap/USAYtd Avg. 2016

0.80%

COOPER CREEK PARTNERS LLCRobert Schwartz

31 Oct 08 Q $163MMar 16

185.44 30 Apr 16 0.00% 0.53% 7.27% 2% 27.15% 9.93% -13.51% 8.58% 10.20% (22.12%)Feb 11 - Sep 11

HARBOUR HOLDINGS LTDCharles A. Paquelet

31 Dec 85 M $129MMar 16

1 60 .3 8 3 1 Ma r 1 6 7.3 0% ( 1. 22 %) - 13 .4 6% 8 .8 3% 2 6. 65 % 14 .6 4% - 1. 07 % 16 .8 7% 2 2. 80% ( 49 .0 5%)May 07 - Feb 09

HARVEY PARTNERS LLCJeff Moskowitz and Jim Schwartz

31 Jan 06 Q $106MApr 16

2,196.44 30 Apr 16 1 .20% 3.70% -9.77% 3.63% 15.93% 9.43% -4.99% 7.98% 7.52% (13.18%)Jun 15 - Jan 16

SENVEST PARTNERS, LTD -CLASS ARichard Mashaal

31 Mar 97 Q $670MApr 16

2 ,19 0. 99 3 0 A pr 1 6 4 .0 0% ( 6. 30 %) - 17 .3 4% 2 2. 21 % 7 9. 39 % 34 .8 4% - 34% 17 .5 5% 3 6. 12% ( 70 .5 4%)Feb 00 - Sep 02

TONGA PARTNERS LPJ. Carlo Cannell, Cannell Capital LLC

30 Jun 92 HY $67MApr 16

2 ,61 9. 80 3 0 A pr 1 6 9 .1 2% 5 .31 % - 12 .6 1% 1 2. 36 % 3 4. 84 % 24 .0 2% - 9. 02 % 14 .6 7% 1 5. 25% ( 50 .3 3%)Jun 07 - Apr 09

TRISTAN PARTNERS LPJ. Carlo Cannell, Cannell Capital LLC

31 May 05 HY $64MApr 16

325.51 30 Apr 16 12.30% 2.79% -6.76% -3.87% 38.52% 17.18% 20.24% 11.41% 16.48% (49.97%)Jun 07 - Feb 09

Equity-Pharma-BiotechYtd Avg. 2016 (8.34%)



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Equity-Pharma-Biotech/USAYtd Avg. 2016

(8.34%)

PERCEPTIVE LIFE SCIENCESOFFSHORE FUND LTD

Joseph Edelman

31 Jul 00 M $1'161MFeb 16

1 ,58 2. 17 2 0 M ay 1 6 1 .6 5% ( 11 .09 %) 4 9. 6% 2 0. 3% 4 3. 88 % 27 .7 5% 5 .8 2% 19 .0 8% 1 6. 96% ( 24 .4 3%)Dec 07 - Nov 08

SIVIK GLOBAL HEALTHCAREOFFSHORE - A/01-01Krishen Sud

30 Jun 01 M $42MFeb 16

2 ,35 0. 58 30 A pr 1 6 2 .4 6% ( 3. 49 %) - 5. 08 % 2 5. 55 % 2 0. 95 % 13 .8 8% - 8. 27 % 5 .9 3% 1 1. 71% ( 32 .7 0%)Oct 07 - Feb 09

VISIUM BALANCED OFFSHOREFUND CL 2Jacob Gottlieb

3 1 O ct 0 5 Q /Y $3 '4 08 MFeb 16

252.18 20 May 16 ( 3.54%) (10.44%) 5.56% 7.78% 18.57% 10.31% 1.89% 9.16% 8.85% (15.79%)Aug 08 - Dec 08

Equity-TechnologyYtd Avg. 2016 (0.29%)

Equity-Technology/GlobalYtd Avg. 2016

1.38%

EXANE ARCHIMEDES FUND CLASSA CAP

Gilles Lenoir and César Zeitouni

30 Sep 06 W €1'136MMar 16

17,895.85 24 May 16 0.41% 1.38% 3.76% 8.21% 3.84% -0.19% 3.99% 6.22% 4.30% (5.10%)Nov 11 - May 12

Equity-Technology/USAYtd Avg. 2016

(1.97%)

SELIGMAN TECH SPECTRUMFUND CLASS -A1-S/2-2002J. & W. Seligman & Co. Incorporated

31 Dec 06 M $494MApr 16

464.36 30 Apr 16 ( 5.45%) (1.97%) 8.35% 30% 11.22% 0.65% -0.21% 9.44% 11.70% (19.91%)May 08 - Nov 08

Equity-UtilityYtd Avg. 2016 (0.23%)

Equity-Utility/EuropeYtd Avg. 2016

3.06%

CYGNUS UTILITIES,INFRASTRUCTURE &RENEWABLESCygnus Asset Management

30 Apr 06 M $250MApr 16

1,905.05 30 Apr 16 0 .24% 3.06% -0.98% 4.09% 2.98% 10.88% -2.7% 6.65% 7.24% (10.69%)Nov 09 - Aug 11

Equity-Utility/GlobalYtd Avg. 2016

(3.52%)

ELECTRON GLOBAL FUND, L.P.Electron Capital Partners, LLC

28 Feb 13 M $560MApr 16

126.51 20 May 16 (0.37%) ( 3.52%) 17.63% - 2.84% 14.71% 7.56% 7.67% (7.85%)May 15 - Aug 15



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Equity-DiversifiedYtd Avg. 2016 (11.96%)

Equity-Diversified/USA Ytd Avg. 2016(11.96%)

MARCATO INTERNATIONAL LTDRichard McGuire, Marcato Capital Management LLC

30 Sep 10 Q $1'784MAug 15

1 39 .6 1 1 6 M ay 1 6 ( 2.5 0%) ( 11 .96 %) - 9. 31 % 5 .3 3% 2 6. 16 % 28 .6 7% - 4. 16 % 6 .1 0% 1 4. 66% ( 26 .0 8%)May 15 - Feb 16

Merger-ArbitrageYtd Avg. 2016 (0.12%)

Merger-Arbitrage/GlobalYtd Avg. 2016

(0.12%)

TIG ARBITRAGE ENHANCED FUNDDrew Figdor

31 Dec 06 M $148MApr 16

220.09 30 Apr 16 (2.49%) (0.12%) 1.83% 1.72% 13.34% 7.34% 6.85% 8.82% 7.80% (10.97%)Oct 07 - Oct 08

Multi-StrategyYtd Avg. 2016 (1.48%)

Multi-Strategy/EuropeYtd Avg. 2016

(2.63%)

CYGNUS EUROPA EVENT DRIVENFUNDJose Luis Perez Esteve

30 Jun 10 M $139MMar 16

2 ,23 3. 99 3 0 A pr 1 6 ( 3.3 4%) ( 2. 31 %) 2 7. 54% 2 2. 57 % 3 2. 14 % 9 .4 7% - 0. 26 % 14 .7 7% 1 0. 01% ( 15 .9 0%)Oct 11 - Jul 12

MLIS - OZ EUROPE UCITS FUNDCLASS B EURDavid Windreich, Och-Ziff Capital Management Group

31 Mar 11 W $379MOct 15

109.00 24 May 16 2.46% (3.65%) 4.96% - 6.7% 14.37% 10.74% -8.79% 1.69% 6.55% (10.96%)Apr 11 - Nov 11

PORTLAND HILL OVERSEAS FUNDLTDThierry Lucas

31 May 12 M $119MApr 16

145.62 30 Apr 16 (1.30%) (1.94%) 17.54% 0.25% 17.1% 7.62% 10.07% 8.37% (6.30%)Dec 15 - Jan 16

Multi-Strategy/GlobalYtd Avg. 2016

(1.30%)

AG SUPER FUND INTERNATIONAL,LTDMichael Gordon & Dave Kamin

30 Apr 93 Y $482MApr 16 1,665.17 20 May 16 ( 0.15%) 2.09% -6.41% 2.63% 16.86% 13.67% -2.62% 8.97% 5.40% (24.78%)Jun 07 - Dec 08

ALTAI CAPITAL PARTNERSOFFSHORE, LTDALTAI CAPITAL MANAGEMENT,L.P.

31 Oct 09 Q $79MApr 16

9 7. 54 30 A pr 1 6 ( 1.6 8%) ( 27 .03 %) - 39 .0 9% 2 4. 91 % 5 2. 07 % - 0. 05 % - 0. 36 % ( 0. 38 %) 2 4. 11% ( 60 .6 0%)Jun 15 - Apr 16



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(1.30%)

ANDALUSIAN CORPORATEOPPORTUNITIES FUND LP

Michael Reeber, Harrison M.Wreschner

31 Jul 09 Q $127MApr 16

192.35 31 Mar 16 4.25% (8.75%) -22.85% 5.37% 41.15% 30.08% 1.49% 10.30% 11.86% (36.95%)Aug 14 - Feb 16

BG UMBRELLA FUND PLCBoussard & Gavaudan Investment Management

28 Feb 03 D €1'480MApr 16

142.64 20 May 16 1.25% 5.66% 10.77% 4.23% 11.56% 8.49% -5.04% 2.72% 13.20% (44.40%)Oct 10 - Dec 11

DAVIDSON KEMPNER INTL, LTD -CLASS C Tranche 1Thomas L. Kempner, Jr.

31 Oct 95 Q $7'738MApr 16

509.78 2 0 May 16 0.70% 2.12% 1.68% 5.15% 10.24% 8.49% 1.59% 8.24% 3.67% (11.22%)Oct 07 - Nov 08

DROMEUS GLOBALOPPORTUNITIES FUNDDromeus Capital Management Ltd

30 Jun 08 M $91MApr 16

198.71 29 Apr 16 0 .21% (2.05%) -8.8% 1.92% 11.65% 20.78% -1.62% 9.16% 9.25% (17.93%)Jun 14 - Feb 16

ECF VALUE FUND INTERNATIONALLTDGates Capital Management Inc.

30 Jun 02 Q $1'600MMar 16

569.67 30 Apr 16 5.34% 10.60% -20.57% -2.28% 18.9% 26.22% 2.09% 13.39% 16.91% (43.83%)May 07 - Dec 08

GREYWOLF CAPITAL OVERSEASFUNDGreywolf Capital Management LP

31 Jul 03 Q $946MApr 16

262.74 30 Apr 16 3 .18% 1.20% -14.14% 5.67% 15.74% 3.8% -1.09% 7.86% 9.54% (27.67%)Jul 07 - Dec 08

KG INVESTMENT FUND LLCKG Funds Management LLC

31 Dec 08 Q $140MApr 16

3 11 .7 7 30 A pr 1 6 ( 0.4 5%) ( 1. 67 %) 1 2. 44% 8 .9 7% 2 6. 85 % 21 .9 3% 1 2. 4% 16 .7 7% 1 3. 51% ( 20 .3 1%)Dec 08 - Feb 09

KITE LAKE (KL) SPECIALOPPORTUNITIES FUND LTDJamie Sherman & Jan Lernout

31 Jan 11 Q $235MApr 16

146.64 30 Apr 16 0.21% 3.44% 8.99% 1.31% 9.44% 11.94% 4.8% 7.56% 5.33% (8.21%)Mar 12 - Jun 12

MOAB PARTNERS OFFSHOREFUND LTDMoab Capital Partners, LLC, Michael Rothenberg

31 Mar 06 Q $161MMar 16

226.40 20 May 16 0.10% 1.99% 4.31% 9.77% 18.26% 4.76% -0.82% 8.39% 7.31% (16.75%)Aug 08 - Feb 09

OMNI EVENT FUND LIMITEDOmni Partners LLP, John Melsom

31 Aug 13 M $97MMar 16

122.42 30 Apr 16 (0.48%) 3.66% 16.55% -3.49% 6.34% 8.40% 7.19% (8.29%)Sep 14 - Oct 14

OWL CREEK OVERSEAS FUND,LTDJeffrey Altman

31 Jan 02 Y $2'123MApr 16

4,613.37 20 May 16 ( 0.10%) 2.55% -2.95% - 8% 48.63% 11.07% -15.44% 11.28% 12.70% (20.92%)Mar 10 - Sep 11

PERSHING SQUARE INTL.LTDWilliam Ackman

3 1 De c 04 Q /Y $3 '9 67 MApr 16

3 ,53 0. 22 24 M ay 1 6 ( 2.5 0%) ( 17 .05 %) - 16 .6 6% 3 7. 24 % 9. 3% 12 .3 9% - 2. 03 % 11 .7 0% 1 4. 91% ( 39 .8 1%)Jul 15 - Mar 16

PSAM WORLDARB MASTER FUNDLTDP. Schoenfeld Asset Management LP

31 Aug 98 Q $900MApr 16

343.27 30 Apr 16 (0.47%) 1.91% -7.2% 3.51% 18.08% 10.66% 1.94% 7.23% 6.61% (29.14%)May 07 - Nov 08



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(1.30%)

SOLUS SOLA LTD CL. IChris Pucillo, Scott Martin, CJ

Lanktree

31 Dec 01 Q $3'967MMay 16

1,236.12 20 May 16 0 .61% (0.17%) 0.37% 10.04% 31.78% 9.11% -1.73% 19.09% 13.52% (21.93%)Feb 08 - Apr 09

TRIAN PARTNERS LTDNelson Peltz, Peter May & Ed Garden

31 Dec 05 Q $2'678MJan 16

230.43 20 May 16 0.35% 1.98% 4.38% 10.52% 40.06% 0.9% 3.98% 8.36% 13.24% (30.56%)May 07 - Feb 09

TRISHIELD SPECIAL SITUATIONSFUND LLCJeff Buick and Robert Harteveldt.

31 May 08 Y $138MApr 16

3 ,82 0. 41 3 1 Ma r 1 6 1 .9 8% ( 12 .67 %) - 19 .8 5% 1 5. 65 % 2 2. 84 % 52 .2 1% - 8. 38 % 18 .6 5% 2 9. 64% ( 34 .3 2%)Aug 14 - Feb 16

TYRUS CAPITAL EVENT FUND LTDTony Chedraoui

30 Sep 09 Q $2'200MApr 16

159.33 20 May 16 ( 0.67%) 4.16% -1.31% 7.65% 15.74% 6.77% -0.07% 7.26% 7.38% (13.79%)Jun 14 - Sep 15

WHITEBOX MULTI-STRATEGYFUNDAndrew Redleaf, Paul Twitchell, Rob Vogel

31 Dec 01 Q $575MDec 15

558.44 20 May 16 1.10% 1.99% -2.78% 6.16% 18.09% 11.38% 1.2% 12.69% 9.36% (34.40%)Jun 08 - Dec 08



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Fixed IncomeYtd Avg. 2016 2.52%


2.52%

BLACKROCK FIXED INCOMEGLOBAL ALPHA FUNDTim Webb

30 Sep 06 M $5'700MFeb 16

220.56 30 Apr 16 (0.34%) 0.30% 2.77% 3.78% 6.04% 14.73% 19.93% 8.60% 5.03% (10.54%)Jun 08 - Dec 08

BLACKROCK OBSIDIAN FUNDStuart Spodek

30 Jun 96 M $2'000MMay 16

6 ,85 2. 51 2 0 M ay 1 6 ( 0.2 5%) ( 1. 37 %) - 0. 14 % 5 .2 3% 1 0. 83 % 34 .2 7% - 13. 5% 10 .1 5% 9 .2 4% ( 20 .9 3%)Jan 08 - Feb 09

CAPULA GLOBAL RELATIVE VALUEFUND LTD CLASS -A-Yan Huo, Masao Asai

30 Sep 05 Q $9'006MMay 16

266.35 2 0 May 16 0.29% 2.72% 7.53% 8.15% 7.56% 0.43% 6.21% 9.64% 4.25% (7.41%)Feb 08 - Mar 08

III FUND LTDCliff G Viner

30 Jun 93 M $177MApr 16

4,186.35 20 May 16 0.35% 2.37% 1.65% 2.87% 13.44% 11.83% 9.03% 6.45% 10.56% (54.77%)Jan 08 - Nov 08

LMR ALPHA RATES TRADINGFUND, LTDLMR Partners

31 May 14 M $775MApr 16

127.67 20 May 16 1.00% 5.76% 15.05% 4.93% 13.18% 2.45% (0.15%)Mar 15 - Apr 15

PELAGUS CAPITAL FUNDBruno Usai

31 Dec 07 M $83MApr 16

197.11 2 0 May 16 0.08% 3.28% -2.61% -4.09% 3.38% 4.47% 2.27% 8.42% 5.43% (8.75%)Oct 13 - Jun 15

PINE RIVER LIQUID RATES FUNDPine River Capital Management L.P.

30 Nov 11 M $1'241MMay 16

154.03 30 Apr 16 1 .10% 4.85% 13.55% 2.27% 7.96% 11.71% 4.89% 10.27% 5.84% (7.68%)Mar 12 - May 12

PROLOGUE FEEDER FUND, LTD.CLASS ADavid Lofthouse, Graham Walsh

31 Jan 06 Q $993MMay 16

1,924.69 20 May 16 0.18% 1.35% 1.88% -3.34% 2.51% 6.02% 8.37% 6.56% 3.84% (6.61%)May 13 - Aug 14

SANCTUM FIXED INCOME FUNDSanctum FI, LLP

31 Aug 03 M $277MMay 16

199.45 2 0 May 16 0.28% 3.46% 5.67% -0.27% 3.36% 1.91% 6.58% 5.57% 8.35% (23.61%)Jul 08 - Oct 08



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

ArbitrageYtd Avg. 2016 (2.33%)

Arbitrage/GlobalYtd Avg. 2016

(2.33%)

HSBC MAA FUND USDHSBC Alternative Investments Limited

15 Jun 95 Q/M $79MMar 16

219.30 30 Apr 16 (0.12%) (2.33%) 2.06% 4.48% 4.95% 4.21% -3.61% 3.83% 4.53% (25.30%)Jul 07 - Dec 08

Event DrivenYtd Avg. 2016 (1.68%)

Event Driven/GlobalYtd Avg. 2016

(1.68%)

GEMS PROGR. FUND SICAVRECOVERY PORTFOLIO REGULARUSDDavid Goldfarb, Miguel Abadi, Cedric Carrol

31 Dec 01 Q $73MJun 15

2,152.67 20 May 16 ( 0.67%) (5.41%) -5.31% -0.44% 8.61% 5.91% -12.46% 5.47% 6.48% (23.23%)Jun 08 - Dec 08

HSBC CREDIT MARKET

OPPORTUNITIES FUND USDCLASS COMPOSITEHsbc Management (Guernsey) Ltd

31 May 09 Q $32M

Mar 16

116.49 29 Apr 16 0.20% (2.66%) -0.53% 2.75% 9.19% 8.74% -7.47% 3.74% 5.26% (9.16%)

Feb 11 - Dec 11

HSBC SPECIAL OPPORTUNITIESFUND LTD - USD CLASSHSBC Alternative Investments Limited

28 Feb 07 Q $59MMar 16

134.73 30 Apr 16 0 .91% 3.04% -3.33% 4.75% 13.97% 20.63% -3.5% 3.30% 9.48% (35.45%)Jun 08 - Mar 09

MacroYtd Avg. 2016 (1.17%)

Macro/GlobalYtd Avg. 2016

(1.17%)

MASTERS FUND LTD MAGNOLIASERIESSean M. Doyle

31 Dec 96 Q $248MFeb 16

5,253.97 31 Mar 16 ( 1.61%) (1.17%) 1.11% 1.97% 11.1% 1.49% -0.36% 9.00% 8.36% (9.96%)Jul 98 - Oct 98

Multi-StrategyYtd Avg. 2016 (3.12%)


(3.12%)

DIAMOND NEUTRAL FUND CLASSA1Elchanan Jaglom, Daniel Jaglom

31 Oct 02 Q $118MApr 16

180.99 29 Apr 16 0 .17% (2.68%) 2.62% 1.42% 10.45% 2.61% -1.97% 4.49% 4.13% (14.18%)Jun 08 - Dec 08



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(3.12%)

GAM DIVERSITY I INC - US$ CLASSDavid Smith

31 Dec 89 M $284MMar 16

714.19 23 May 16 0.49% (3.30%) -2.38% 0.19% 10.49% 6.67% -3.44% 7.73% 7.76% (19.64%)Jan 94 - Jan 95

GAM TRADING II USDDavid Smith, Arvin Soh

30 Apr 97 M $541MMar 16

344.48 23 May 16 (0.24%) 0.25% 0.46% 4.08% -0.45% 2.83% -4.11% 6.70% 5.73% (7.34%)Apr 13 - Oct 13

HSBC GH FUND USDHSBC Alternative Investments Limited

31 May 96 M $2'042MMar 16

336.34 30 Apr 16 0.42% (2.06%) 3.51% 4.77% 8.51% 5.4% -3.37% 6.28% 6.10% (18.30%)Jun 08 - Dec 08

HSBC LEVERAGED GH FUNDHSBC Republic Investment Limited

30 Nov 04 M $2'042MMar 16

158.34 30 Apr 16 0 .66% (4.92%) 5.03% 7.61% 15.12% 8.72% -8.76% 4.11% 10.89% (37.09%)Jun 08 - Dec 08

HSBC UCITS ADVANTEDGE FUND -USD CLASSHsbc Alternative Inv. Ltd

31 Oct 09 W €204MMar 16

90.88 18 May 16 ( 0.38%) (6.02%) -1.97% -1.57% 7.25% 1.38% -7.51% (1.44%) 3.93% (10.79%)May 15 - May 16

TradingYtd Avg. 2016 6.81%

Trading/GlobalYtd Avg. 2016

6.81%

HSBC TRADING ADVANTEDGEFUNDHSBC Alternative Investments Limited

31 Oct 05 M $62MMar 16

166.76 30 Apr 16 ( 0.42%) 6.81% 3.29% 16.59% - 8.75% - 5.39% -1.62% 4.99% 9.76% (20.93%)Apr 11 - Sep 13



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Equity-DiversifiedYtd Avg. 2016 20.38%

Equity-Diversified/EmergingYtd Avg. 2016

20.38%

RUSSIAN PROSPERITY FUND - AAlexander Branis

31 Aug 96 W $796MApr 16

1 54 .9 3 1 9 M ay 1 6 ( 4.1 7%) 2 0. 38 % - 3. 1% - 43 .9 9% 3. 11 % 20 .1 9% - 18 .0 3% 15 .0 8% 4 3. 49% ( 90 .2 6%)Jul 97 - Jan 99



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

CommodityYtd Avg. 2016 5.44%

Commodity/GlobalYtd Avg. 2016

5.44%

ANDURAND COMMODITIES FUNDPierre Andurand

31 Jan 13 M $1'130MApr 16

1,611.37 30 Apr 16 6.50% 12.67% 4.05% 38.31% 25.02% 24.32% 18.87% (14.92%)Jul 13 - Sep 14

MERCHANT COMMODITY FUND(THE) - COMPOSITEMichael Coleman and Doug King

31 May 04 M $239MApr 16

5 97 .7 2 2 0 M ay 1 6 ( 0.4 0%) 8 .67 % - 3. 23 % 5 9. 33 % 1 5. 77 % - 7. 6% - 30 .0 7% 16 .1 0% 2 1. 67% ( 36 .9 3%)Dec 10 - Oct 11

MERRICKS CAPITAL SOFTCOMMODITIESMerricks Capital Pty Limited

31 Jan 08 M $151MApr 16

167.59 30 Apr 16 1.44% (5.01%) -3.43% 4.06% 8.79% 4.98% 1.85% 6.46% 7.11% (13.39%)May 15 - Mar 16

Commodity-SystematicYtd Avg. 2016 10.19%

Commodity-Systematic/GlobalYtd Avg. 2016

10.19%

ARCTIC BLUEJean-Jacques Duhot

31 Dec 07 M $70MApr 16

214.89 30 Apr 16 1.10% 6.06% 3.88% 4.54% 13.28% 7.6% 2.87% 9.61% 8.71% (12.55%)Jun 13 - Jul 14

ARCTIC BLUE CAPITAL 3XJean-Jacques Duhot

31 May 14 M $65MApr 16

180.49 30 Apr 16 3.40% 19.37% 13.76% 32.91% 36.05% 21.20% (13.02%)Mar 15 - Jun 15

MILLBURN COMMODITYPROGRAMMillburn Ridgefield Corporation

28 Feb 05 M $208MApr 16

235.90 24 May 16 1.61% 5.13% 25.5% 28.09% - 7.65% - 15.24% -5.62% 7.93% 12.50% (30.96%)Apr 11 - Nov 13

CurrencyYtd Avg. 2016 1.86%

Currency/AsiaYtd Avg. 2016

(0.61%)

DYMON ASIA MACRO FUND(SERIES A)

Danny Yong

31 Jul 08 M $3'242MApr 16

172.56 20 May 16 2.85% 3.98% -10.25% 18.75% 5.19% 0.96% 20.11% 7.24% 11.16% (13.69%)Jul 08 - Sep 08

THE CAMBRIDGE STRATEGY -ASIAN MARKETS CURRENCYALPHAAlexandra Edstein

31 Jan 06 M $109MMar 16

171.86 20 May 16 (1.42%) (5.20%) 4.16% 8.72% 1.06% 0.86% 6.36% 5.39% 7.98% (6.96%)May 13 - Apr 14



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Currency/GlobalYtd Avg. 2016

3.50%

HARNESS MACRO CURRENCYFUND

Harness Investment Group Ltd

31 Mar 09 D $630MMar 16

1,016.14 24 May 16 0.85% (0.78%) -3.64% 8.27% 3.49% 17.64% -4.62% 5.62% 10.37% (13.52%)Apr 10 - Aug 10

KO-ZHOU FUNDAMENTAL FXFUNDJoe Zhou,

28 Feb 15 M $81MApr 16

111.10 13 May 16 (0.91%) 4.98% 5.83% 9.12% 5.82% (1.35%)Aug 15 - Sep 15

THE CAMBRIDGE STRATEGY -EMERGING MARKETS CURRENCYALPHAAndrew Saunders

31 Jan 08 M $148MMar 16

204.05 20 May 16 (0.09%) 6.30% 7.91% 16.61% -0.3% 7.42% 10.46% 8.96% 8.16% (10.76%)May 13 - Sep 13

DiversifiedYtd Avg. 2016 (2.02%)

Diversified/AsiaYtd Avg. 2016

(1.70%)

ALPHADYNE INVESTMENT

STRATEGIES FUND LTDBart Broadman, Philippe Khuong-Huu

31 Jan 07 M $473M

Apr 16

2,025.11 20 May 16 0.42% 0.75% 2.68% 5.69% 12.15% 7.06% 3.11% 7.88% 4.97% (5.92%)Jan 14 - Jun 14

BREVAN HOWARD ASIA FUNDLIMITEDKaspar Ernst

30 Sep 04 M $2'602MApr 16

249.40 30 Apr 16 (0.11%) (1.57%) 5.19% 3.55% 11.55% 4.41% 8.86% 8.21% 3.74% (2.56%)Jan 16 - Apr 16

GRATICULE ASIA MACRO FUNDAdam Levinson

28 Feb 11 Q $3'540MApr 16

147.09 20 May 16 ( 0.55%) (0.22%) 1.76% -1.21% 17.08% 21.23% 3.3% 7.66% 6.00% (6.81%)May 15 - Feb 16

RV CAPITAL ASIA OPPORTUNITYFUNDRanodeb Roy, RV Capital Management Private Ltd

31 Dec 11 M $203MFeb 16

151.81 30 Apr 16 1.40% 1.96% -0.94% 9.95% 13.06% 20.91% - 10.11% 4.70% (4.45%)May 15 - Feb 16

SINFONIETTA FUNDSymphony Financial Partners

30 Jun 08 M $60MApr 16

156.70 30 Apr 16 0 .48% (9.40%) -5.14% -3.1% 34.5% 7.26% 22.95% 5.79% 14.29% (18.23%)Jun 13 - Mar 16

Diversified/EmergingYtd Avg. 2016

(0.23%)

ALPHA4X CAPITAL GROWTH FUNDManuel E. Mejía-Aoun, Urvish Bidkar

30 Apr 06 M $49MApr 16

162.49 30 Apr 16 ( 0.94%) (10.51%) 10.25% 6.85% - 7.33% 2.54% 11.5% 4.97% 7.94% (14.63%)Jun 13 - Jun 14

FINISTERRE GLOBALOPPORTUNITY FUNDDarren Walker

31 Mar 06 M $1'227MApr 16

233.19 30 Apr 16 1.29% 2.66% 6.37% 11.35% 5.36% 7.75% -5.97% 8.75% 7.04% (18.02%)Jun 08 - Oct 08

GAVEA FUND LTD . CLASS A S/1Fraga Arminio and Gabriel Srour

31 Jul 03 Q $508MApr 16

245.17 20 May 16 2.05% (1.24%) 11.51% -5.31% 2.71% 8.19% -0.35% 7.25% 7.02% (12.50%)Jul 08 - Oct 08



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(0.23%)

GREEN FUND LLC - CLASS ILuis Stuhlberger

31 Jan 01 M $556MFeb 16

744.49 19 May 16 ( 0.49%) 1.39% 4.69% -3.49% 9.9% 13.55% - 5.7% 13.15% 13.31% (33.00%)Jun 08 - Nov 08

PHARO GAIA FUND, LTDGuillaume Fonkenell and Michael Skarbinski

30 Nov 08 Q $1'127MApr 16

2,413.71 30 Apr 16 2.70% 4.19% 7.94% 17.5% 6.73% 1.1% 8.26% 13.23% 12.59% (14.76%)May 13 - Jun 13

PHARO TRADING FUND, LTDGuillaume Fonkenell

30 Nov 00 M $409MApr 16

5,077.15 3 0 Apr 16 3.65% 4.84% -9.25% 12.47% 19.65% 0.69% -2.68% 11.11% 10.84% (17.68%)Aug 14 - Dec 15

SPINNAKER GLOB OPP FUND, LTDCOMPOSITEJorge Rosas

31 Jan 01 M $856MMar 16

501.04 15 May 16 ( 1.62%) (2.97%) -2.3% 6.64% 1% 14.01% -11.83% 11.11% 10.99% (31.78%)May 08 - Feb 09

Diversified/GlobalYtd Avg. 2016

(2.43%)

ATREAUS OVERSEAS FUND LTDAtreaus Capital LP

30 Apr 12 M $1'310MApr 16

120.02 20 May 16 (1.33%) (3.07%) 12.09% 9.07% 1% 0.27% 4.60% 7.70% (4.11%)Nov 15 - May 16

BREVAN HOWARD FUND, LTD -USD CLASS A

Alan Howard

31 Mar 03 M $16'891MApr 16

297.38 30 Apr 16 ( 0.87%) (1.78%) -1.96% -0.79% 2.68% 3.93% 12.15% 8.68% 6.76% (8.53%)Apr 13 - Apr 16

BTG PACTUAL GLOBAL EM. MKTSAND MACRO FDBTG Pactual Global Asset Management

31 Jan 09 M $331MApr 16

2,758.32 30 Apr 16 0 .70% (2.08%) 5.3% -4.66% 9.65% 28.12% 3.44% 15.02% 7.74% (12.56%)Jun 14 - Jan 15

CAXTON GLOBAL INVESTMENTLTDAndrew E. Law

31 Jan 97 Q $5'986MFeb 16

919.53 24 May 16 ( 1.39%) (0.20%) 3.53% -1.38% 18.16% 1.96% 0.7% 12.17% 7.53% (7.37%)Jun 07 - Aug 07

COMMONWEALTH OPPORTUNITYCAYMAN FUND LTDAdam Fisher

30 Nov 08 M $503MApr 16

222.03 20 May 16 0.30% 0.59% 1.04% 6.19% 5.39% 15.64% 10.75% 11.26% 8.86% (10.38%)Jan 09 - Feb 09

ECLECTICA FUND CLASS A EURO(THE)Hugh Hendry

30 Sep 02 M $66MMar 16

258.20 20 May 16 ( 0.60%) (6.39%) 6.45% 9.48% - 0.01% - 1.72% 12.11% 7.20% 19.89% (31.94%)Feb 08 - Sep 08

EPISODE INC. CLASS ADavid Fishwick / Tony Finding

31 Jul 05 Q $1'111MApr 16

151.40 20 May 16 ( 1.00%) (0.24%) 2.51% 7.77% 6.14% - 4.69% 0.98% 3.91% 10.57% (32.77%)Oct 07 - Feb 09

GAM GLOBAL RATES HEDGEFUNDAdrian Owens

31 Jan 04 M $392MMar 16

225.67 17 May 16 ( 2.51%) (2.60%) 1.72% 4.72% - 0.11% 14.71% -6.73% 6.84% 7.23% (12.25%)Mar 11 - Sep 11

GAMUT INVESTMENTSAdrian Owens

30 Jun 86 M $62MMar 16

8,201.14 24 May 16 ( 0.88%) (1.08%) 0.54% 5.1% - 2.83% 0.29% -0.95% 15.87% 12.89% (13.45%)Dec 87 - Apr 88

GEMSSTOCK FUND - B1 USDAl Breach & Darren Read

30 Nov 10 M $424MApr 16

201.55 30 Apr 16 5.74% 0.38% 12.42% 6.19% 23.95% 48.41% -13.11% 13.81% 15.95% (20.66%)Apr 11 - Sep 11



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(2.43%)

GRAHAM ABSOLUTE RETURNTRADING LTD

Graham Capital Management, L.P.

31 Dec 04 Q $1'328MApr 16

452.45 24 May 16 0.19% 0.16% 1.32% 10.41% 10.5% 9.29% 4.54% 11.72% 9.66% (13.31%)May 07 - May 08

GRAHAM GLOBAL INVESTMENTFUND II - DISCRETIONARYENHANCED VOL -CLASS - B -Kenneth G. Tropin

31 May 04 Q $2'048MApr 16

238.90 24 May 16 0.06% (0.19%) -0.27% 6.53% 7.57% 7.8% 6.66% 10.00% 10.20% (30.81%)May 07 - Jun 08

GRAHAM GLOBAL INVESTMENTFUND- DISCRETIONARYKenneth G. Tropin

31 May 04 Q $2'048MApr 16

272.17 24 May 16 0.02% (0.21%) -0.35% 3.18% 3.63% 3.83% 3.56% 5.57% 5.11% (14.81%)May 07 - Jun 08

HARMONIC ALPHA PLUS MACROFUND - USD CLASSHarmonic Capital Partners LLP

30 Apr 03 M $96MApr 16

134.92 20 May 16 ( 1.48%) (5.86%) 3.43% 8.27% - 8.34% 23.45% -8.95% 5.11% 11.79% (18.17%)Aug 12 - Feb 14

JPMORGAN INVESTMENT GLOBALMACRO OPPORTUNITIES C (Acc)EURJames Elliot, Shrenick Shah, Talib Sheikh

30 Apr 05 D €2'934MFeb 16

152.14 25 May 16 0.52% (0.07%) 10.43% 13.75% 16.29% 2.71% -5.09% 5.69% 7.38% (21.35%)Oct 07 - Feb 09

LONDON SELECT FUND LIMITEDDavid Gorton

31 Mar 04 M $486MApr 16

166.67 17 May 16 ( 0.62%) (4.68%) -1.32% 2.53% 9.34% 5.37% 0.08% 4.30% 9.21% (34.17%)Jan 08 - Dec 08

MELLON OFF GLOB OPP FUNDLTD - MULTICURRENCY - A1Jeff Zhang

30 Nov 05 M $137MAug 15

1,246.52 29 Apr 16 1 .82% (2.40%) 11.89% -1.12% 1.21% - 2.53% 4.79% 2.14% 8.74% (31.90%)Jan 07 - Oct 08

MKP ENHANCED OPPORTUNITYOFFSHORE, LTDMKP Capital Management, LLC

31 Jul 13 M $748MNov 15

98.58 30 Apr 16 0.51% (2.79%) 0.82% -3.62% 4.36% (0.52%) 7.23% (11.28%)Mar 15 - Mar 16

MKP OPPORTUNITY OFFSHORE,LTDMKP Capital Management, L.L.C.

31 Jul 01 M $2'422MNov 15

298.98 30 Apr 16 0 .34% (1.87%) 0.66% -2.17% 7.11% 6.89% 11.43% 7.70% 5.34% (7.57%)Mar 15 - Mar 16

MLM MACRO PEAK PARTNERSOFFSH FD, LTD - BTimothy Rudderow

31 Mar 02 M $872MApr 16

2 ,57 2. 83 20 M ay 1 6 ( 2.1 0%) ( 6. 24 %) 1 .4 4% 1 3. 66 % 2 3. 84 % - 0. 76 % - 35 .0 4% 6 .9 1% 1 7. 48% ( 36 .9 9%)Dec 10 - May 12

MOORE GLOBAL INV FD, LTD - A $Louis Bacon

31 Dec 89 Q $4'000MFeb 16

5 8, 78 7. 03 1 2 M ay 1 6 ( 0.1 3%) ( 0. 14 %) 3 .4 3% 1 .7 4% 1 7. 02 % 8 .8 2% - 2. 21 % 16 .7 0% 1 1. 38% ( 18 .4 5%)Jan 94 - Feb 95

MOORE MACRO MANAGERSFUND, LTD CLASS -A-Louis Bacon

31 Jul 93 Q $7'500MFeb 16

14,284.59 12 May 16 0.05% (4.45%) 3.12% 5.54% 13.49% 9.01% -2.57% 12.37% 8.10% (14.47%)Jan 94 - Feb 94

ONSLOW MACRO FUND CLASS ANicolas Galperin, Esteban Klein

31 Dec 07 M $113MMay 16

151.95 30 Apr 16 3 .92% 2.46% 8.15% -7.94% 7.16% -6.72% 3.17% 5.11% 13.23% (25.48%)Sep 08 - Oct 08



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(2.43%)

PHARO MACRO FUND, LTDPharo Team

30 Apr 05 Q $4'229MApr 16

3,254.30 30 Apr 16 2 .51% 1.85% 3.57% 8.23% 18.51% 12.53% -7.83% 11.31% 8.43% (9.64%)Jun 08 - Nov 08

PIMCO ABSOLUTE RETURNSTRATEGY IV OFFSHORE FUND II ,CL. A/1Qi Wang

31 Mar 02 Q $1'672MApr 16

2,524.22 30 Apr 16 1 .30% (1.56%) 4.54% 5.86% - 0.44% 12.01% 1.82% 6.79% 8.04% (25.88%)May 08 - Nov 08

PINPOINT MULTI-STRATEGY FUNDQiang Wang

29 Feb 08 M $275MApr 16

192.40 13 May 16 ( 0.20%) (2.74%) 17.03% 8.37% 4.65% 6.19% -10.43% 8.30% 11.20% (17.36%)Jun 08 - Nov 08

POTOMAC RIVER CAPITALMASTER FUNDMark W. Spindel

28 Feb 11 M $11MApr 16

120.15 20 May 16 ( 0.69%) (6.83%) -9.67% 5.19% 9.3% 5.55% 17.65% 3.57% 10.08% (18.10%)Feb 15 - May 16

PWP GLOBAL MACRO FUNDMaria Vassalou,

30 Sep 13 M $385MApr 16

113.37 30 Apr 16 (1.34%) 1.30% -5.47% 17.22% 1% 4.97% 6.04% (7.18%)Jan 15 - Dec 15

RUBICON GLOBAL FUND, LTDPaul Brewer

31 Oct 99 M $777MApr 16

514.85 20 May 16 ( 0.47%) (7.92%) 5.41% 1.72% 18.27% - 3.89% 5.34% 10.40% 14.97% (36.03%)Dec 04 - May 07

STANDARD LIFE GLOBAL

FOCUSED STRATEGIES (GFS)FUNDStandard Life Investments

31 Dec 13 D €650M

Apr 16

10.20 20 May 16 0.81% (6.18%) 8.32% - 1.12% - 0.20% 5.34% (6.94%)Dec 15 - Apr 16

TT INTERNATIONAL FUNDTacchi Tim

31 Aug 89 M $190MApr 16

6 ,49 1. 05 30 A pr 1 6 ( 0.9 5%) ( 6. 73 %) - 0. 58 % - 8. 57 % 7. 65 % 4 .2 7% - 14 .0 9% 7 .2 0% 1 3. 93% ( 27 .0 5%)Jan 94 - Jan 95

TUDOR B.V.I GLOBAL FUND LTD-A- ALT SERIES 01Paul Tudor Jones

31 Dec 11 Q $8'250MSep 15

130,084.84 20 May 16 (0.42%) (3.06%) 1.42% 3.47% 14.29% 6.27% - 4.94% 6.67% (5.52%)Mar 15 - May 16

TUDOR BVI GLOBAL FUND LTDCLASS -A- SERIES 01 NIPaul Tudor Jones

31 Oct 86 Q $8'250MSep 15

1 25 ,8 46 .3 3 2 0 M ay 1 6 ( 0.4 9%) ( 3. 53 %) 0 .4 5% 2 .6 5% 1 3. 99 % 5 .4 1% 2 .1 7% 17 .7 6% 1 8. 13% ( 17 .0 7%)Apr 92 - Jul 92

TUDOR DISCRETIONARY MACROFUND CLASS I Series 01Multi-PM Platform

30 Jun 12 Q $1'764MSep 15

1,120.17 20 May 16 (0.65%) (4.45%) 0.56% 0.15% 13.2% 2.82% 2.96% 6.75% (9.27%)Jun 13 - Jun 14

Fixed IncomeYtd Avg. 2016 (1.62%)


(1.62%)

MARKHAM RAE I SUB FUNDChristopher Brandt

30 Sep 11 M $183MApr 16

11.49 20 May 16 1.00% (1.62%) 5.83% 6.89% -6.81% 5.77% 4.71% 3.03% 9.08% (19.31%)May 13 - Jul 14



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

SystematicYtd Avg. 2016 0.61%

Systematic/Global

Ytd Avg. 2016

0.61%EAGLE QUANTITATIVE MACROEagle Trading Systems Inc.(Menachem Sternberg)

30 Sep 06 M $303MMar 16

168.35 20 May 16 ( 7.67%) (2.67%) -9.39% 11.34% -10.32% 8.57% 4.2% 5.55% 13.63% (22.33%)May 12 - Apr 14

HIGHER MOMENT AURORA FUNDLPRavi Singh

31 Mar 08 M $78MApr 16

160.09 30 Apr 16 (1.27%) 0.30% -4.99% 11.69% 5.5% 9.42% 6.81% 5.99% 6.08% (9.63%)Jun 09 - Aug 09

HIGHER MOMENT CAPITALOPPORTUNITIES, LPRavi Singh

30 Nov 09 M $79MApr 16

459.59 30 Apr 16 ( 0.08%) 4.20% 31.61% 12.47% - 9.29% 38.83% 52.2% 26.82% 22.96% (17.34%)Jan 11 - Mar 11



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

CurrencyYtd Avg. 2016 2.97%

Currency/GlobalYtd Avg. 2016

2.97%

DACHARAN HIGH EXPOSUREDacharan

30 Apr 08 M $85MApr 16

3 ,61 1. 93 3 0 A pr 1 6 7 .7 1% 1 0. 23 % 1 3. 49% - 0. 62 % - 6.2 3% - 2. 31 % 1 4. 41 % 17 .4 0% 2 4. 09% ( 26 .7 5%)Jul 11 - Aug 14

MAN AHL CURRENCY FUND DNUSDMatthew Sargaison and Emidio Sciulli

31 Jul 93 M $37MMar 16

1 40 .1 8 2 0 M ay 1 6 ( 0.3 5%) ( 7. 40 %) 1 3. 03% 5 8. 05 % - 11. 24 % 1 .1 3% - 20 .4 6% 12 .2 7% 2 3. 78% ( 31 .5 8%)Apr 11 - Jun 12

ORTUS AGGRESSIVE FUND(CAYMAN) LTDJoe Zhou,

29 Feb 04 Q $163MApr 16

3 20 .6 5 1 3 M ay 1 6 ( 3.4 8%) 6 .48 % 0 .8 7% 1 8. 72 % - 30. 11 % - 30. 43 % 1 2. 54 % 10 .0 1% 2 8. 78% ( 62 .8 9%)Jul 08 - Oct 08

ORTUS FUND (CAYMAN) LTDDr Joe Zhou

30 Sep 03 M $94MApr 16

212.57 13 May 16 ( 1.81%) 2.58% -1.06% 7.42% -17.32% - 17.33% 5.7% 6.15% 11.42% (33.53%)Jan 12 - Sep 14

SystematicYtd Avg. 2016 (1.58%)

Systematic/GlobalYtd Avg. 2016

(1.58%)

AHL EVOLUTIONTim Wong , Matthew Sargaison

31 Aug 05 M $1'551MApr 16

1.53 20 May 16 ( 1.80%) 3.27% 3.18% 20.31% 16.91% 23.53% 10.53% 14.45% 12.25% (13.16%)Jun 08 - Oct 08

AHL ALPHATim Wong, Matthew Sargaison

30 Sep 95 M $4'500MMar 16

1.27 20 May 16 ( 2.30%) (1.69%) 1.51% 22.83% - 1.51% - 0.06% -2.76% 12.11% 12.25% (12.29%)Oct 01 - Feb 02

AHL DIVERSIFIEDTim Wong, Matthew Sargaison

29 Feb 96 W $4'600MMar 16

1.39 20 May 16 ( 3.37%) (3.70%) -2.68% 33.79% - 3.05% - 2.23% -5.91% 12.63% 16.57% (19.53%)Oct 01 - Apr 02

ALTIS GLOBAL TREND PORTFOLIOAltis Partners (Jersey) Limited,Zbigniew Hermaszewski

30 Jun 14 D $44MApr 16

110.91 30 Apr 16 (5.76%) (11.12%) 7.87% 15.69% 5.80% 23.14% (18.59%)Feb 16 - Apr 16

ASPECT DIVERSIFIED FUND -CLASS AAnthony Todd

30 Nov 98 W $831MApr 16

406.52 24 May 16 ( 1.30%) (6.06%) 7.88% 32.04% - 4.44% - 10.66% 4.51% 8.35% 16.01% (22.19%)Feb 12 - Mar 14

BH-DG SYSTEMATIC TRADINGFUND LTDBH-DG Systematic Trading LLP

30 Apr 06 D $370MApr 16

182.00 20 May 16 ( 3.89%) (0.43%) -1.43% 10.81% 2.09% - 3.33% 1.83% 6.13% 11.25% (15.21%)Apr 11 - Apr 14

BLUETREND FUND, LTD -USD-CLASS ASystematica Investments Limited

31 Mar 04 M $5'000MApr 16

310.64 20 May 16 ( 2.29%) (2.18%) 3.44% 12.68% - 11.5% 0.02% 0.32% 9.78% 14.23% (22.05%)Apr 11 - Jan 14



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(1.58%)

BORONIA DIVERSIFIED FUNDMASTER

Richard Grinham and Angus Grinham

31 Aug 93 M $50MMar 16

2 ,08 2. 88 2 4 M ay 1 6 ( 2.9 5%) 3 .52 % - 4. 54 % 1 4. 33 % 1 3. 23 % - 3. 99 % - 8. 75 % 9 .0 0% 1 1. 59% ( 14 .5 6%)Feb 08 - Apr 12

CAMPBELL GLOBAL ASSETS FUNDLTD Class ACampbell & Company

31 Jan 98 M $37MJan 16

4 ,24 2. 95 2 4 M ay 1 6 ( 1.1 6%) ( 6. 55 %) - 2. 97 % 1 9. 84 % 1 2. 57 % 4 .5 2% - 2. 92 % 8 .2 1% 1 3. 27% ( 21 .1 7%)Jun 07 - Jan 10

CAMPBELL GLOBAL ASSETS FUNDLTD Class BCampbell & Company

30 Jun 02 M $37MJan 16

3,762.18 24 May 16 ( 0.70%) (0.31%) 1.34% 14.38% 11.34% 1.84% 1.83% 6.64% 11.46% (22.92%)Jun 07 - Aug 07

CANTAB CAPITAL PARTNERSQUANTITATIVE FUND (THE) - USDARISTARCHUSEwan Kirk, Erich Schlaikjer, Cantab Capital

28 Feb 07 M $2'500MApr 16

1 ,86 4. 31 20 M ay 1 6 ( 1.9 8%) ( 0. 37 %) - 8. 24 % 3 9. 32 % - 27. 65 % 15 .3 2% 1 2. 84 % 7 .1 5% 1 8. 06% ( 34 .8 6%)Apr 13 - Apr 14

CONQUEST MACRO FUND, LTD(COMP)Marc Malek

30 Apr 99 M $199MFeb 16

2,394.47 24 May 16 0 .75% 14.53% 2.28% 4.21% - 6.62% - 33.44% -6.08% 5.25% 20.22% (56.11%)Jul 09 - Mar 13

CRABEL FUND SPC LTD CLASS AToby Crabel

28 Feb 98 M $565MMar 16

6,273.39 20 May 16 ( 1.16%) 9.20% -1.74% 8.67% 2.2% 15.53% -1.93% 10.59% 15.46% (16.71%)Oct 98 - Jun 99

DB PLATINUM IV DBX SYSTEMATICALPHA INDEX FUND - CLASS I1CUDB Platinum Advisors

30 Jun 10 W $2'374MMay 16

127.44 18 May 16 ( 1.32%) (3.69%) -0.06% 14.41% 6.63% - 3.96% 4.85% 4.20% 8.23% (7.88%)Mar 15 - May 16

DB PLATINUM IV MW HELIUMMarshall Wace LLP / Philippe Azoulay

31 Jan 12 D $126MApr 16

90.97 23 May 16 0.78% (7.49%) -3.27% 21.93% 6.14% 4.09% 4.43% 10.32% (17.98%)Mar 15 - Apr 16

DISCUS FEEDER LTD CL. B USDSTANDARD LEVERAGETeam managed

31 Dec 90 M $280MApr 16

1 ,22 8. 64 20 M ay 1 6 ( 2.6 5%) ( 2. 50 %) 8 .3 6% 1 5. 4% - 10. 32 % - 13. 88 % 2 1. 95 % 10 .6 1% 1 5. 55% ( 34 .5 6%)Jun 94 - Oct 95

DUNN WMA FUND SADunn Capital Management LLP

31 Dec 10 M $233MApr 16

1 67 .7 7 30 A pr 1 6 ( 3.3 3%) ( 0. 94 %) 9 .6 6% 3 5. 08 % 3 3. 42 % - 18. 27 % 4 .8 5% 10 .1 9% 2 5. 22% ( 27 .3 8%)Aug 11 - Oct 12

DUNN WMA INSTITUTIONAL UCITS

FUNDDunn Capital Management LLP

31 Aug 11 D $76M

Oct 15

136.96 24 May 16 0.36% (0.59%) 9.14% 24.18% 33.48% - 20.2% -4.56% 6.87% 18.95% (27.86%)

Aug 11 - Oct 12

EAGLE GLOBALMenachem Sternberg

30 Sep 95 M $390MApr 16

7 04 ,3 76 .7 3 2 0 M ay 1 6 ( 12. 14 %) ( 10 .80 %) - 9. 55 % - 1. 04 % - 15. 88 % 8 .1 % 8 .8 2% 9 .9 1% 2 2. 79% ( 37 .8 2%)Apr 13 - May 16

FORT GLOBAL CONTRARIANYves Balcer, Sanjiv Kumar

30 Sep 02 D $1'350MMay 16

4 ,13 8. 06 2 0 M ay 1 6 ( 0.1 9%) ( 1. 88 %) - 1. 34 % 1 2. 36 % 1. 62 % 2 .8 3% 2 8. 7% 10 .9 7% 1 1. 38% ( 17 .4 2%)Mar 08 - Oct 08

FORT GLOBAL DIVERSIFIEDYves Balcer, Sanjiv Kumar

30 Sep 93 W $360MMay 16

2,587.62 20 May 16 ( 2.35%) 3.50% -3.2% 19.02% - 4.67% 7.12% 39.95% 15.44% 18.70% (26.55%)May 99 - Sep 00



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(1.58%)

GRAHAM GIF II PROPRIETARYMATRIX SP SIES A

Kenneth G. Tropin

30 Jun 99 M $845MApr 16

370.38 24 May 16 ( 1.10%) (3.61%) 0.27% 15.91% 13.72% - 0.07% -9.85% 8.05% 11.90% (17.90%)Apr 11 - Nov 12

GRAHAM GLOBAL INVESTMENTFUND II - K4D-10VKenneth G. Tropin

31 Jan 95 M $2'744MApr 16

4 10 .1 3 2 4 M ay 1 6 ( 1.9 6%) ( 5. 95 %) 0 .3 4% 1 7. 71 % 1 0. 04 % - 4. 91 % - 13 .1 2% 6 .8 4% 1 2. 08% ( 20 .7 0%)Apr 11 - Nov 12

GRAHAM GLOBAL INVESTMENTFUND II - K4D-15V - COMPOSITEKenneth G. Tropin

31 Dec 00 M $2'744MApr 16

263.53 24 May 16 ( 2.92%) (8.34%) 1% 27.43% 15.25% - 7.15% -18.64% 9.90% 18.82% (29.84%)Feb 04 - Apr 05

GRAHAM GLOBAL INVESTMENTFUND TACTICAL TREND S/AGraham Capital Management, L.P.

30 Sep 06 W $5'799MApr 16

230.14 24 May 16 ( 2.30%) (6.39%) 5.13% 22.4% 8.44% 4.21% - 0.1% 9.02% 10.50% (10.54%)May 15 - May 16

GSA TREND FUNDJonathan Hiscock, Pavel Zhlobich &David Khabie-Zeitoune

31 Aug 13 D $992MMar 16

152.19 20 May 16 (3.04%) (2.60%) 14.91% 32.59% 2.55% 16.69% 15.03% (9.97%)Feb 16 - May 16

ISAM SYSTEMATIC TREND FUND

CLASS QISAM Systematic Management

31 May 01 M $786M

Apr 16

6 21 .4 5 2 0 M ay 1 6 ( 2.3 6%) ( 6. 00 %) 1 5. 06% 6 1. 95 % - 10. 66 % - 17. 47 % - 2. 74 % 12 .9 7% 1 8. 68% ( 34 .7 9%)

Feb 11 - Sep 13

KEYNES LEVERAGEDQUANTITATIVE STRATEGIES FUNDCLASS B SERIE 2Sushil Wadhwani,

31 Dec 04 W $312MApr 16

111.02 20 May 16 ( 4.25%) (3.45%) 2.28% 15.91% - 3.01% 7.19% -4.95% 7.38% 12.08% (12.69%)Mar 15 - May 16

LYNX (BERMUDA) LTDJonas Bengtsson, Svante Bergstrom,Martin Sandquist

30 Apr 00 M $2'648MApr 16

5 ,51 3. 39 24 M ay 1 6 ( 4.7 9%) ( 0. 08 %) - 8. 73 % 2 7. 03 % 11 .1 % - 6. 71 % - 2. 25 % 11 .2 0% 1 4. 33% ( 16 .9 5%)Mar 15 - May 16

LYNX BERMUDA 1.5 LTDJonas Bengtsson, Svante Bergstrom,Martin Sandquist

30 Apr 08 M $382MApr 16

1 86 .2 4 2 4 M ay 1 6 ( 7.1 8%) ( 0. 40 %) - 13 .7 6% 4 2. 18 % 16 .7 % - 10. 82 % - 4. 08 % 8 .0 1% 2 2. 43% ( 25 .2 8%)Mar 15 - May 16

MILLBURN DIVERSIFIEDPROGRAMMillburn Ridgefield Corporation

31 Jan 77 M $849MFeb 16

23,977.60 24 May 16 0.32% 5.66% 5.57% 17.65% - 6.02% - 5.5% -6.39% 14.95% 17.90% (25.65%)May 89 - Oct 89

QMS DIVERSIFIED GLOBALMACROQMS CAPITAL MANAGEMENT LP

31 May 10 M $2'690MApr 16

175.01 30 Apr 16 ( 2.34%) (0.54%) 2.65% 17.14% 22.88% 11.04% 1.5% 9.91% 12.06% (11.27%)Dec 13 - Jul 14

ROY G. NIEDERHOFFERDIVERSIFIED OFFSHORE FUNDR. G. Niederhoffer Capital Management, Inc.

31 Aug 95 M $803MApr 16

306.53 25 May 16 ( 2.70%) 6.94% 4.22% 14.86% 9.31% - 22.39% -16.7% 5.55% 18.77% (52.73%)Nov 08 - Oct 12



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(1.58%)

SMN DIVERSIFIED FUTURES FUNDSMN Investment Services GmbH

31 Oct 96 W $68MFeb 16

302.84 20 May 16 ( 1.23%) (6.78%) 0.9% 57.24% - 5.95% - 20.11% -7.77% 7.57% 19.13% (37.70%)Dec 08 - Sep 13

SOLAISE SYSTEMATIC FUND LTD (S Class)Ali Nejjar

31 May 11 M $350MMay 16

100.54 20 May 16 ( 1.00%) (10.17%) 3.18% 12.26% 1.84% - 0.15% -4.97% 0.11% 12.04% (13.98%)Mar 15 - May 16

TEWKSBURY INVESTMENT FUND,LTD - BMatthew Tewksbury

31 Dec 90 M $2'224MApr 16

19,686.59 20 May 16 (3.00%) 6.71% 3.21% 7% 7.57% 3.53% 4.55% 12.45% 4.95% (7.75%)Jun 07 - Aug 07

TRADELINK INTEGRATEDPROGRAM LTDAlex Brockmann

31 Dec 93 M $132MApr 16

2 ,60 5. 42 20 M ay 1 6 ( 2.7 0%) ( 3. 79 %) - 6. 78 % 2 2. 7% 7. 76 % - 6. 33 % - 21 .2 7% 15 .6 7% 2 1. 82% ( 36 .5 3%)May 03 - Jan 05

TULIP TREND FUND, LTD - AProgressive Capital Partners Ltd

31 Mar 03 M $315MMar 16

4 ,53 0. 40 20 M ay 1 6 ( 9.3 7%) ( 0. 84 %) - 8. 81 % 3 6. 15 % - 0.0 1% 4 .8 9% - 20 .9 3% 12 .1 8% 2 7. 46% ( 34 .2 5%)Feb 09 - Jan 10

TWO SIGMA COMPASS CAYMANFUNDTwo Sigma Investments, LP

31 Jul 09 M $862MMar 16

2,786.43 30 Apr 16 0 .61% 7.50% 15.02% 25.56% 14.07% 4.23% 2.33% 16.38% 8.77% (9.85%)Apr 11 - Sep 11

WELTON GLOBAL DIRECTIONALPORTFOLIOWelton Investment Partners

31 May 04 M $133MApr 16

226.49 23 May 16 ( 3.50%) 2.31% -1.91% 34.01% - 5.73% - 8.12% -14.44% 7.06% 14.10% (33.18%)Feb 11 - Sep 13

WINTON EVOLUTION FUNDDavid Harding

31 Aug 05 M $358MApr 16

1 ,66 9. 30 2 5 M ay 1 6 ( 2.3 7%) ( 6. 22 %) 0 .7 4% 1 7. 26 % 1 4. 56 % - 8. 31 % 3 .8 3% 4 .8 9% 1 1. 07% ( 14 .6 1%)Jun 08 - Jul 09

WINTON FUTURES FUNDDavid Harding

30 Sep 97 M $13'418MApr 16

989.51 25 May 16 ( 1.96%) (4.11%) 0.93% 13.87% 9.4% - 3.56% 6.29% 13.07% 16.35% (25.08%)Oct 01 - Feb 02



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

DiscretionaryYtd Avg. 2016 (3.96%)

Discretionary/Asia

Ytd Avg. 2016

(16.04%)AMAZON MARKET NEUTRAL FUNDCLASS A USDPhilip King

31 Aug 05 M $266MApr 16

4 48 .0 0 30 A pr 1 6 ( 0.7 9%) ( 16 .04 %) 2 6. 27% 1 1. 2% 7. 34 % 1 .8 5% 1 1. 56 % 15 .0 9% 1 2. 02% ( 20 .2 0%)Jun 08 - Dec 08

Discretionary/EuropeYtd Avg. 2016

(8.35%)

OYSTER MARKET NEUTRAL EURSyz Asset Management S.A.

31 Jul 09 W €261MMar 15

167.42 24 May 16 0.64% (8.35%) 5.18% -0.18% 10.72% 6.4% -6.15% 1.62% 4.51% (8.93%)Dec 15 - Apr 16

Discretionary/GlobalYtd Avg. 2016

0.94%

BLACK DIAMOND RELATIVE VALUELTD -C-ShsClint Carlson

31 Jul 99 Q $805MMay 16

319.81 20 May 16 0.96% (1.81%) -3.82% 1.57% 8.26% 9.2% -4.11% 7.16% 5.48% (10.73%)Jul 14 - Mar 16

MARSHALL WACE - MW MARKET

NEUTRAL TOPS A USDAnthony Clake.

31 Oct 07 M $1'159M

May 16

194.26 24 May 16 1.95% 3.86% 19% 13.34% 18.78% 15.02% 3.18% 8.06% 6.37% (15.98%)

Jun 08 - Nov 08

MLIS - MARSHALL W. TOPS UCITSFUND (MKT NTRL)Marshall Wace LLP

31 Dec 07 D $3'309MApr 16

139.94 2 4 May 16 0.65% 0.76% 7.97% 6.39% 7.58% 6.07% 3.46% 4.08% 4.29% (11.63%)Jun 08 - Oct 08

Discretionary/JapanYtd Avg. 2016

(5.96%)

EQUILIBRIA JAPAN FUND LTD 1XUSDJames Pulsford, Sara Gardiner-Hill

30 Apr 02 M $187MApr 16

242.61 2 0 May 16 0.29% (3.91%) 1.95% 4.6% 9.16% -3.55% -0.13% 6.50% 4.57% (7.20%)Jul 11 - Dec 12

EQUILIBRIA JAPAN FUND LTD 2X(USD)James Pulsford, Sara Gardiner-Hill

30 Apr 09 M $337MApr 16

153.71 2 0 May 16 0.54% (8.02%) 3.19% 9.46% 19.7% -6.6% -0.5% 6.28% 8.59% (13.42%)Jul 11 - Dec 12

Discretionary/UKYtd Avg. 2016

(1.06%)

ABSOLUTE INSIGHT UK EQUITYMKT NEUTRAL FUND-CLASS B2PGBPAndrew Cawker, Iain Brown, Richard Howarth

31 Mar 08 D £783MSep 15

1.23 25 May 16 0.43% (0.54%) 1.69% 0.6% 2.8% 3.49% 2.3% 2.49% 1.40% (1.82%)Feb 14 - May 14

SCHRODER CAZENOVE UKABSOLUTE TARGET FUND - P2GBPSteven Cordell

30 Jun 08 D £262MAug 15

124.60 25 May 16 ( 0.56%) (1.58%) 5.24% -3.98% 10.09% 4.08% 11.24% 2.82% 4.88% (9.96%)Sep 09 - Dec 10



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

DiversifiedYtd Avg. 2016 4.56%

Diversified/Global

Ytd Avg. 2016

4.56%RENAISSANCE INSTITUTIONALDIVERSIFIED ALPHA FUND INTL.L.P.,ARenaissance Technologies LLC

28 Feb 12 M $2'512MMar 16

143.96 20 May 16 1.64% 4.56% 16.23% 11.39% 7.07% -0.67% 9.00% 11.17% (8.40%)Mar 13 - Sep 13

Equity DiversifiedYtd Avg. 2016 (4.37%)

Equity Diversified/AsiaYtd Avg. 2016

(6.78%)

BLACKROCK PAN ASIAOPPORTUNITIES FUND LTD CLASSBJeff Shen, Ryan Kim, Ryan LaFond,Jan Bratteberg

31 Jul 10 M $723MApr 16

119.18 1 3 May 16 0.74% (7.70%) -1.91% 3.78% 7.13% 2.92% 9.6% 3.08% 5.83% (12.85%)Jul 15 - Apr 16

MACQUARIE ASIAN ALPHA FUNDNick Bird

30 Sep 05 M $1'300MApr 16

1,762.59 13 May 16 0.40% (5.86%) -8.11% 10.4% 9.04% 4.41% 9.11% 7.11% 6.42% (14.79%)May 15 - Apr 16

Equity Diversified/EuropeYtd Avg. 2016

(4.35%)

BLACKROCK EUROPEANDIVERSIFIED EQUITY A.R.F -SHARE CLASS DRobert Fisher/Simon Weinberger

30 Sep 10 D €612MSep 15

129.75 25 May 16 (0.18%) (3.58%) 5.2% 4.9% 16.13% -0.35% -4.05% 4.15% 5.42% (13.12%)Mar 11 - May 12

GAM TALENTUM ENHANCEDEUROPE LONG/SHORT - A -Gianmarco Mondani / Roberto Cantaluppi / Paolo Longinotti

30 Nov 04 M €337MApr 16

289.94 20 May 16 1.74% (6.91%) 18.3% 3.54% 15.83% 16.66% 2.91% 9.72% 8.80% (25.03%)Jun 08 - Apr 09

GLG EUROPEAN EQUITYALTERNATIVE Class IN EURPierre Lagrange, Simon Savage, Neil Mason

30 Jun 11 D $912MMar 16

112.97 20 May 16 0.17% (2.83%) 6.91% -6.26% 7.23% 6.19% 1.87% 2.52% 4.85% (10.37%)Feb 14 - Oct 14

MACQUARIE EUROPEAN ALPHAFUND - CLASS ANick Bird, Andrew Alexander

31 Jul 12 M $734MApr 16

130.15 3 0 Apr 16 (2.03%) (4.09%) 5.04% 9.62% 12.78% 5.11% 7.44% 4.58% (4.57%)Jan 16 - Apr 16

Equity Diversified/GlobalYtd Avg. 2016

(2.00%)

MITRA CAPITAL MASTER FUND LPDavid Lander

30 Sep 12 Q $69MMar 16

142.39 31 Mar 16 1.60% (6.33%) 43.43% -12.55% 17.04% 3.55% 10.62% 21.13% (20.68%)Feb 14 - Dec 14



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Equity Diversified/GlobalYtd Avg. 2016

(2.00%)

TWO SIGMA ABSOLUTE RETURNCAYMAN FUND LTD

Two Sigma Advisers, LP

31 Oct 11 M $1'062MMar 16

1,517.58 30 Apr 16 0 .43% 2.33% 14.99% 10.09% 11.25% 4.03% 1.23% 9.71% 4.94% (3.30%)Jun 13 - Aug 13

Multi-StrategyYtd Avg. 2016 0.86%

Multi-Strategy/AsiaYtd Avg. 2016

0.91%

LIM ASIA MULTI-STRATEGY FUNDCLASS AGeorge W. Long

31 Dec 95 Q $970MApr 16

39.93 20 May 16 0.48% 0.91% 1.77% 4.12% 5.63% 3.57% -0.23% 7.02% 5.59% (15.79%)Feb 08 - Nov 08


0.81%

HUDSON BAY INTERNATIONALFUND LTDHudson Bay Capital Management LP

31 May 06 Q $2'204MMar 16

229.00 30 Apr 16 0.19% 0.81% -1.91% -2.08% 7.9% 11.37% 4.31% 8.71% 4.94% (6.11%)Feb 14 - Nov 15

Statistical ArbitrageYtd Avg. 2016 (0.87%)

Statistical Arbitrage/GlobalYtd Avg. 2016

(0.87%)

A.R.T. INTERNATIONAL INVESTOR(BVI) LtdAaron Sosnick

28 Feb 07 Q $841MApr 16

248.46 18 May 16 (0.93%) 1.23% 3.11% 9.83% 4.91% 5.67% 7.88% 10.37% 7.14% (10.48%)Jul 07 - Aug 07

GSA INTERNATIONAL FUND -CLASS ADavid Khabie-Zeitoune

28 Feb 05 Q $793MApr 16

285.93 20 May 16 1.66% (2.96%) 11.41% 12.14% 13.28% 3.64% 15.2% 9.81% 4.40% (11.91%)Jun 08 - Sep 08

SystematicYtd Avg. 2016 (4.10%)

Systematic/Europe

Ytd Avg. 2016

(3.64%)BLACKROCK EOS CLASS B USDCOMPOSITERobert Fisher, Simon Weinberger

28 Feb 02 M $431MApr 16

1,561.87 24 May 16 ( 0.76%) (3.64%) 5.08% 6.55% 20.08% 3.49% -3.11% 8.80% 8.19% (14.33%)Jul 07 - Jan 08


(4.26%)

BLACKROCK 32 CAPITAL MASTERFUND SPC, LTD (THE) - B/1Raffaele Savi and Ken Kroner

31 J ul 0 2 M/ Q $1 '0 47 MMar 16

2,079.91 30 Apr 16 ( 1.68%) (7.40%) 6.35% -0.67% 8.02% 9.41% 24.92% 5.47% 7.43% (25.15%)Jun 08 - Sep 09



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(4.26%)

BLUEMATRIX FUND CLASS -A-USD

Systematica Investments Limited

31 Oct 07 M $774MFeb 16

169.02 20 May 16 1.20% (4.18%) 7.9% 10.4% 12.57% -2.49% -1.42% 6.32% 7.02% (9.96%)Apr 11 - Sep 11

DACHARAN EQUITY FUNDDacharan

31 Dec 13 M $53MApr 16

1,273.99 30 Apr 16 (4.83%) (1.19%) 9.66% 19.88% - 11.88% 10.48% (6.62%)Jan 15 - Jun 15



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

Merger-ArbitrageYtd Avg. 2016 2.26%

Merger-Arbitrage/Global

Ytd Avg. 2016

2.31%ABRAX MERGER ARBITRAGE S.G.FUNDPuzzle Capital, Xavier Robinson

30 Apr 11 M $82MApr 16

186.05 30 Apr 16 ( 4.22%) 2.78% 22.74% 2.63% 12.2% 12.04% 14.32% 13.20% 10.46% (11.84%)May 12 - Oct 12

GLAZER ENHANCED OFFSHOREFUND LTDPaul Glazer

31 Dec 98 M $473MMay 16

1,252.42 20 May 16 0.49% 2.96% 11.78% 5.91% 5.56% 5.34% 8.94% 15.64% 5.93% (5.77%)Oct 07 - Dec 07

LION FUND, LTD (THE)Nick Walker

31 Jan 96 M $32MApr 16

37.89 30 Apr 16 3.21% 1.18% 8.52% -8.29% -5.17% 2.36% 4.6% 6.72% 9.43% (34.07%)Oct 07 - Feb 09

Merger-Arbitrage/USAYtd Avg. 2016

2.12%

GABELLI ASSOCIATES LIMITEDMario Gabelli

31 Aug 89 M $138MApr 15

646.00 2 0 May 16 0.42% 2.12% 3.14% 2.09% 3.12% 2.55% 3.03% 7.23% 3.20% (6.65%)Oct 07 - Oct 08



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

CreditYtd Avg. 2016 (1.12%)

Credit/Europe

Ytd Avg. 2016

(1.68%)CHENAVARI MULTI STRATEGYCREDIT FUND - MS2 €Chenavari Investment Managers

31 Jan 12 M $513MMar 16

134.58 31 Mar 16 0.71% (5.41%) 2.48% 7.89% 20.57% 6.72% 7.39% 4.32% (6.69%)May 15 - Feb 16

NUMEN CREDIT OPPORTUNITIESFUNDFilippo Lanza

31 Oct 08 M €195MApr 16

448.16 30 Apr 16 ( 0.83%) 2.04% 1.79% 1.59% 12.47% 25.15% - 9.8% 22.14% 16.49% (16.68%)Oct 10 - Jan 12


0.01%

CANYON BALANCED FUND LTDM.R. Julis & J.S. Friedman

31 May 04 Q $1'413MApr 16

3,278.91 30 Apr 16 2 .05% 0.01% -8.4% 6.16% 19.99% 20.52% -4.57% 10.47% 9.91% (30.14%)Oct 07 - Nov 08

DiversifiedYtd Avg. 2016 0.03%

Diversified/Asia Ytd Avg. 20161.76%

PHALANX JAPAN AUSTRALASIAMULTI-STRATEGY FUND LTDChristopher S. McGuire

31 Mar 05 Q $43MMar 16

1 ,44 0. 80 31 Ma r 1 6 0.7 3% 3 .17 % 1 0. 23% - 12 .8 7% 1 2. 82 % 11 .4 8% 4 .7 9% 27 .4 2% 2 5. 19% ( 30 .1 3%)Apr 06 - Mar 07

SEGANTII ASIA-PACIFIC EQUITYMULTI-STRATEGY FUNDSimon Sadler & Kurt Ersoy

30 Nov 07 M $1'723MApr 16

379.10 20 May 16 ( 0.95%) 0.36% 29.51% 34.88% - 1.68% 4.81% 40.75% 17.02% 9.90% (10.16%)May 13 - Mar 14


5.29%

SPINNAKER GLOBAL EMERGINGMARKETS FUND, LTDAlexis Habib

30 Jun 99 Q $950MMar 16

2,175.10 15 May 16 1.24% 5.29% 7.08% -3.57% 3.4% 20.68% -9.29% 20.00% 11.56% (33.18%)May 08 - Feb 09


(0.26%)

AHL DIMENSIONTim Wong, Nick Granger

30 Jun 06 M $4'600MMar 16

1.04 20 May 16 (0.81%) (0.69%) 6.94% 16.33% 2.64% 2.6% -5.83% 5.92% 9.04% (10.63%)Dec 08 - Jan 10

ARROWGRASS MASTER FUNDNick Niell , Henry Kenner

31 Jan 08 Q €4'405MApr 16

173.70 20 May 16 1.00% (1.30%) 6.13% 2.89% 8.58% 5.6% 0.12% 6.87% 4.11% (3.99%)Apr 11 - Sep 11

ATLAS ENHANCED FUND LTDDmitry Balyasny

28 Feb 11 M $7'300MMar 16

149.47 20 May 16 0.55% (3.75%) 5.93% 13.73% 20.85% 12.61% -5.28% 7.99% 7.91% (13.44%)Jul 11 - Apr 12



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(0.26%)

ATLAS GLOBAL INVESTMENTSLTD UNRESTRICTED

Dmitry Balyasny

31 Dec 03 M $3'600MMar 16

3,897.72 20 May 16 0.30% (2.94%) 2.45% 7.2% 12.94% 4.84% 4.76% 11.60% 8.00% (12.51%)Jun 04 - Aug 04

BLACK DIAMOND, LTD - CLASS B(UNRESTRICTED)Clint D. Carlson

31 Dec 95 Q $73MMay 16

340.06 20 May 16 2.74% 0.96% -0.89% 4.91% 6.18% 10.23% -2.13% 6.18% 4.05% (18.64%)Aug 08 - Dec 08

BLACKROCK MULTI-STRATEGYFUND LTD - CLASS AMatt McBrady

30 Apr 05 M $1'030MApr 16

1,535.54 30 Apr 16 ( 0.24%) (3.35%) 1.67% 2.07% 7.04% 7.86% 2.43% 3.97% 5.26% (13.96%)Jun 08 - Dec 08

BLACKROCK CAPITALSTRUCTURE INVESTMENTS FUNDLTDChad Meuse, Benoy Thomas

31 Dec 08 M $436MMar 16

132.65 30 Apr 16 ( 2.76%) (5.39%) 12.3% -5.21% 7.19% 3.74% 22.94% 3.93% 9.06% (13.18%)Feb 14 - Jun 15

BOUSSARD & GAVAUDANHOLDING LTD ordinary sharesEmmanuel Gavaudan

31 Oct 06 D €515MApr 16

21.85 23 May 16 1.30% 5.80% 15.65% 6.85% 13.6% 9.45% -2.58% 8.51% 6.70% (20.69%)May 07 - Sep 08

BREVAN HOWARD M/S FUND, LTD – CL. A/USDAlan Howard

29 Feb 08 M $2'187MApr 16 126.86 30 Apr 16 (0.81%) (0.29%) -2.39% 1.13% 0.91% 4.61% 5.2% 2.95% 4.62% (6.29%)Feb 08 - Sep 08

BRUMMER MULTISTRATEGY 2XL,LTD - C -Klaus Jäntti, Patrik Brummer

30 Apr 09 M $1'415MApr 16

1,372.77 13 May 16 ( 0.40%) (7.53%) 2.5% 1.86% 15.02% 3.57% 1.02% 4.60% 7.50% (12.92%)Mar 15 - May 16

CQS DIRECTIONAL OPP. FEEDERFUND. Ltd – A NI USDMichael Hintze

31 Jul 05 Q $3'009MApr 16

4 ,92 4. 65 3 0 A pr 1 6 3 .2 3% 1 1. 55 % - 7. 97 % 3 .1 2% 1 5. 97 % 35 .8 7% - 10 .4 2% 15 .9 8% 1 4. 07% ( 24 .5 8%)Apr 11 - Sep 11

CQS DIVERSIFIED FUND (SPC) LTDALPHA CLASS B USDJames Peattie & Peter Warren

28 Feb 07 Q $1'366MApr 16

1,698.86 30 Apr 16 2 .03% 2.66% -2.63% 1.18% 5.99% 11.4% -3.45% 5.94% 6.48% (14.78%)Jun 08 - Dec 08

DOUBLE BLACK DIAMOND LTD -SERIES A (UNRESTRICTED)Clint Carlson

31 Mar 98 Q $2'864MMay 16

435.87 20 May 16 2.02% 1.58% 0.64% 4.45% 7.74% 10.94% -2.67% 8.45% 5.25% (19.30%)Aug 08 - Dec 08

GLG MARKET NEUTRAL FUND -CLASS Z USD UnresSteve Roth

31 Dec 97 M $589MMar 16

876.56 20 May 16 1.10% 1.68% -0.23% -7.43% 10.3% 18.4% 0.78% 12.52% 14.07% (54.03%)Nov 07 - Dec 08

HALCYON PARTNERS OFFSHOREFUND LTDJason Dillow

31 May 04 Q $260MOct 15

199.56 20 May 16 1.05% 18.61% -5.73% -2.88% 7.4% 11.24% -5.91% 5.94% 6.90% (15.01%)Oct 07 - Dec 08



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(0.26%)

HIGHBRIDGE CAPITALCORPORATION CLASS -A-Series N

(Composite)Mark Vanacore

3 1 A ug 92 Q /Y $1 '0 97 MJan 16

97,459.61 30 Apr 16 0 .85% 0.64% 2.92% 6.16% 6.5% 9.79% -5.11% 10.09% 6.80% (30.04%)Jun 08 - Nov 08

HUTCHIN HILL DIVERSIFIEDALPHA MASTER FUND LTD 15%Incentive AllocationNeil Chriss

30 Jun 08 Q $3'737MMay 16

1,873.71 20 May 16 0.41% 1.19% -5.2% 9.69% 19.38% 11.06% -4.92% 8.28% 5.93% (8.52%)Mar 15 - Feb 16

JABCAP GLOBAL BALANCED FUNDLTD CLASS D/1 NIPhilippe Jabre

30 Apr 07 W $366MApr 16

185.75 17 May 16 ( 3.61%) (16.90%) -3.93% 2.01% 47.8% 15.5% -27.33% 7.08% 15.56% (35.04%)Apr 10 - Jun 12

JABCAP MULTI STRATEGY FUNDLTD CLASS D/1 NIPhilippe Jabre

31 Jan 07 M $379MApr 16

1 34 .6 1 1 3 M ay 1 6 ( 2.2 9%) ( 13 .74 %) - 0. 74 % - 3. 04 % 4 3. 03 % 1 1. 8% - 25 .6 5% 3 .2 5% 1 7. 29% ( 40 .2 0%)Feb 08 - Jan 09

LINDEN INTERNATIONAL LTDJoe Wong

31 May 03 Q $1'050MApr 16

357.00 30 Apr 16 1.73% 0.46% 2.82% 12.43% 16% 4.11% -7.86% 10.35% 9.01% (24.60%)Feb 08 - Dec 08

LMR FUND LTDLMR Partners LLP, LMR Partners Limited

31 Jan 10 M $1'147MApr 16 257.60 20 May 16 0.75% 2.12% 14.72% 2.22% 10.04% 8.09% 38.69% 16.19% 9.09% (9.53%)Apr 10 - May 10

MAN GLG MULTI-STRATEGYCLASS MUS D140 USDNeil Mason and David Kingsley

31 May 12 D $229MMar 16

103.26 20 May 16 (0.18%) (3.90%) 1.98% -0.97% 4.73% 1% 0.66% 3.42% (6.77%)Apr 15 - May 16

MAN GLG MULTI-STRATEGY FUNDCLASS G USDNeil Mason and David Kingsley

31 Dec 02 M $92MMar 16

107.19 20 May 16 1.00% (2.79%) 5.91% -0.92% 5.08% 4.98% -3.59% 4.21% 6.94% (30.54%)Oct 07 - Dec 08

MILLENNIUM INTL LTDIsrael A Englander

31 Dec 89 Q $33'180MApr 16

3,183.79 30 Apr 16 1.37% (2.73%) 12.54% 12.09% 13.27% 6.32% 8.39% 14.02% 4.40% (7.24%)May 98 - Aug 98

PALOMA INTERNATIONAL LTDCLASS ADonald Sussman

3 1 De c 02 Q /Y $2 '5 32 MApr 16

308.61 30 Apr 16 (0.09%) 1.14% 10.78% 5.06% 16.02% 8.43% -2.83% 8.81% 4.76% (6.83%)Jul 11 - Dec 11

PINE RIVER FUND CLASS -B1-SHARESAaron Yeary, James Clark

31 May 02 Q $3'599MMay 16

3,508.03 30 Apr 16 2 .30% (2.98%) -2.75% 4.57% 9.58% 21.75% 5.7% 9.43% 9.96% (29.16%)Jun 08 - Dec 08

PLATINUM PARTNERS VALUEARBITRAGE INT. FUND LTDMark Nordlicht

31 Dec 02 Q $708MApr 16

8,318.61 30 Apr 16 4 .98% 7.79% 8.76% 10.76% 7.12% 11.58% 21.03% 17.21% 5.51% (4.44%)Aug 08 - Oct 08

QVT OFFSHORE LTD CLASS 1-NRDan Gold

3 1 O ct 0 3 Q /Y $1 '6 03 MMar 16

2,684.14 31 Mar 16 0.31% (0.45%) 17.74% - 2.3% 1.39% 14.69% 6.55% 8.27% 9.36% (40.35%)Feb 08 - Dec 08



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1


(0.26%)

STRATUS FUND LIMITED CLASS BJean-Philippe Bouchaud, Philippe

Jordan, Marc Potters, Jacques Sauliere

30 Nov 03 M $262MApr 16

2,717.90 20 May 16 ( 1.57%) 0.95% 13.54% 14.58% 1.82% - 2.89% 15.63% 8.34% 6.01% (10.52%)Feb 12 - Sep 13

VERITION MULTI-STRATEGY FUNDCOMPOSITE MODIFIEDINTERESTS,OPT-INVerition Fund Management LLC

29 Feb 08 Q $361MApr 16

308.46 30 Apr 16 0 .71% 1.42% 14.25% 10.56% 24.79% 13.62% 1.18% 14.78% 6.95% (7.89%)May 11 - Sep 11

VISIUM GLOBAL OFFSHORE FUNDLTDJacob Gottlieb

31 Mar 09 M $1'542MFeb 16

335.01 20 May 16 2.37% (3.01%) 10.28% 0.79% 16.99% 19.52% 1.75% 18.44% 9.44% (7.80%)Apr 10 - Jun 10

WEISS MULTI-STRATEGYPARTNERS LLCWeiss Multi-Strategy Advisers,LLC

30 Sep 06 Q $524MApr 16

188.31 20 May 16 0.52% 4.79% -0.86% -0.01% 14.64% 1.75% -0.15% 6.78% 6.24% (17.75%)Jun 08 - Dec 08

Diversified/JapanYtd Avg. 2016

0.73%

LIM JAPAN FUND

George Long

31 Oct 04 Q $220M

Apr 16

211.15 20 May 16 0.59% 0.73% -0.37% 5.85% 11.39% 5.62% 2.73% 6.68% 5.44% (10.09%)

Jun 08 - Feb 09



Source - HSBC



InceptionDate

Liquidity AssetSize

Last NAVor Index


Ann.Volatility

MaxDrawdown1

ArbitrageYtd Avg. 2016 2.24%

Arbitrage/Global

Ytd Avg. 2016

2.24%BLUEMOUNTAIN EQUITYALTERNATIVES FUNDBlueMountain Capital Management

28 Feb 06 Q $583MApr 16

2,419.97 20 May 16 0.89% 2.87% 5.5% 0.36% 7.56% 12.24% 7.67% 9.02% 6.19% (9.57%)Sep 08 - Feb 09

CASSIOPEIA FUND CLASS CPierre de Saab & Alain Dos Santos

31 Jul 04 M €263MApr 16

241.71 20 May 16 2.24% 4.64% 4.75% -4.16% 0.53% 24.85% 6.52% 10.06% 9.08% (15.42%)Mar 10 - Jun 10

PIMCO MULTI-ASSET VOLATILITYFUND LTDJosh Thimons

31 Jul 11 M $972MApr 16

138.81 30 Apr 16 1 .04% (0.78%) 7.73% 1.39% -6.17% 13.41% 20.36% 7.14% 7.05% (8.64%)Oct 12 - Aug 13



Source - HSBC



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Funds and other securities are not FDIC insured nor insured by any other government agency, are not deposits or other obligations of HSBCBank USA, N.A. and are not guaranteed by HSBC Bank USA, N.A.; they are subject to investment risk including, but not limited to, the possibleloss of principal amount invested.

HSBC Private Bank is the principal private banking business of the HSBC Group. Private Banking may be carried out internationally by different HSBClegal entities according to local regulatory requirements. Different companies may provide the services listed in this document within HSBC Private Bankor by other members of the HSBC Group. Some services are not available from certain locations. Some HSBC Offices listed may act only as



representatives of HSBC Private Bank, and are therefore not permitted to sell products and services, or offer advice to customers. They serve as points of contact only.Further details are available on request. A complete list of private banking entities is available on our website, www.hsbcprivatebank.com.

© Copyright. HSBC Bank USA, N.A 2013 ALL RIGHTS RESERVED

No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying,

recording or otherwise, without the prior written permission of HSBC Bank USA.

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