HEDGE FUND INDUSTRY GLOBAL NEWS ROUND-UP • RESEARCH • ABSOLUTE UCITS • DA T A Global Brie fi ng Vol ume 3 Issue 11 September 2010 A HedgeFund Intelligence publication HedgeFundIntelligence Macro indicators fuel spread of anxiety GLOBAL SUMMARY August, unlike July, offered no respite for markets as bourses around the world fell as investors s old equities for the safety oftreasuries and gold. Markets switched their focus from Jul y’s strong micro results to discouraging macro indicators, which caused renewed anxiety over a sluggish recovery and possible double-dip recession. The US, which remains a core concern for investors, saw a steady flow of gloomy data with soft housin g figures, poor retail sales and business sentiment – all of which point to a fragile recovery. Europe, while appearing stable, had mixed data with a clear north/south divide still evident; China saw further tightening in property and a slowing of growth, while Japan saw its currency hit a 15-year high. Despite a challenging month, hedge funds did what they do best in August, with managers performing relatively better than their underlying benchmarks in the drawdown. The Hedge Fund Intelligence Composite was up 0.29% on the month, far better than the MSCI World, which was down 3.73%, the S&P 500 (down 4.74%), FTSE 100 (down 0.62%), Nikkei (down 7.48%) and Hang Seng (down -2.35%). Hedge funds are now up nearly 2% for the year , while the MSCI World has fallen over 6%. Looking ahead, it seems markets will remain nervous and volatile until some macroeconomic clarity becomes evident, which hopefully shows the production lines in the East continue to grow, and that any demand gap left by fading government support can be picked up by businesses and households. CONTENTS 1 Global summary 3 The Americas summaryMarkets experience worst August in nine years 4 Europe summaryFears of a double-dip recession hit markets 5 Asia-Pacific summaryJapan is worst-performing strategy in August 6 Funds of funds summaryMandates pick up as pensi on funds restructure 8 Absolute UCITS Latest UCITS III developments 9 Research H1 2010 Asia-Pacific launches show strength 11 Data Absolute UCITS proves a draw for database 12 Latest weekly news For more information please contact: Damian Alexander email: [email protected]tel: +44 (0)20 7779 7361 Medians Means Strategy Aug-10 YTD Aug-10 YTD Equity -0.80% -1.07% -0.87% -0.40% Macro 1.10% 3.07% 1.54% 2.38% Managed Futures 2.01% 1.87% 2.98% 2.92% Event Driven 0.13% 2.75% -0.51% 2.15% Emerging Market Debt 0.73% 5.90% 0.76% 7.54% Emerging Market Equity 0.14% -1.02% 0.24% 0.13% Global UCITS 0.13% 0.52% -0.10% -0.54% HFI Global Composite 0.29% 1.76% 0.27% 1.63% GLOBAL INDICES (EST) % MSCI World Index - Net HedgeFund Intelligence Global Index - Macro HedgeFund Intelligence Global Index - Managed Futures HedgeFund Intelligence Global Index - Event Driven HedgeFund Intelligence Global Index - Equity HedgeFund Intelligence Global Index - Emerging Market Equity HedgeFund Intelligence Global Index - Emerging Market Debt HedgeFund Intelligence Global Index - Composite -50 0 50 100 150 200 250 300 350 A u g- 1 0 A u g- 0 9 A u g- 0 8 A u g- 0 7 A u g- 0 6 A u g- 0 5 A u g- 0 4 A u g- 0 3 A u g- 0 2 A u g- 0 1 A u g- 0 0 A u g- 9 9 A u g- 9 8 GlobalBriefingis a free monthly publicationT o subscribe please go to www.hedgefundintelligence. com/gl obalbriefing.aspx GLOBAL COMPOSITE MEDIAN INDICES
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HEDGE FUND STRATEGIESEquities Equity markets fell in August as weak macroeconomic data
reversed many of the gains made in July. Following the downward
revision of second-quarter GDP growth from 2.4% to 1.6%, investors
grew more cautious at the economy’s sluggish rate of recovery and
moved out of equities into fixed income. US and Global Equity funds
returned an estimated -1.77% and 0.10% respectively, while Tech
funds returned an estimated -1.43%. The S&P 500 Index ended the
month down -4.74%, its ninth reversal this year.
Credit The Absolute Return Credit Index returned an estimated 0.61%
in August, bringing the year to date to 7.06%. Managers capitalised on
some refinancing activity and gained the highest absolute returns during
the month through a number of positions across loans and bonds.
Gains were also made through short positions in the Retail and Media
industries. Managers within this strategy expect volatility to remain high.
Commodities/CTA Commodity-based funds and CTAs returned an
estimated 1.08% and 1.90% respectively. The decelerating rate of growth
allowed funds with long positions in government bond futures to perform
well. Crude oil and corn both proved to be profitable markets, with
managers taking advantage of the significant move within corn during August. Some funds that performed well were able to do so by correctly
anticipating movement in the energies and currencies markets, while
others benefited from the rally in US fixed-income futures.
Macro Funds within the Macro space returned an estimated 1.39%
during August, those that remained cautious in their outlook perform-
ing well despite the market’s reversal. Gains were made by managers
through long positions in the Brazilian Real and Japanese Yen. However,
the positive correlation of currencies such as the Canadian and Australian
Dollar with equities led to those with long positions in these currencies
suffering. As investors remain cautious, some managers plan to utilisetactical trading as a way to profit from short-term market dislocations.
Medians MeansStrategy Aug-10 YTD Aug-10 YTD
Mixed Arbitrage Index 1.12% 2.83% 1.46% 4.27%
Commodities Index 1.08% -0.90% 2.07% 0.67%
Convertible & Equity Arbitrage Index 1.42% 5.41% 1.54% 6.08%
Credit Index 0.61% 7.06% 1.03% 8.76%
Distressed Index 0.24% 6.44% 0.39% 7.12%
Event Driven Index 0.00% 4.36% -0.83% 2.52%
Fixed Income Index 0.90% 6.26% 0.98% 6.59%
Global Equity Index 0.10% -0.03% -0.47% -0.34%
Latin American Debt Index 0.40% 3.70% 0.00% 3.75%
Latin American Equity Index 1.37% 4.26% 0.59% 4.43%
Macro Index 1.39% 3.45% 1.77% 2.62%
Managed Futures Index 1.90% 1.97% 3.00% 3.17%
Mortgage Backed Securities Index 0.50% 6.39% 1.19% 8.59%
Multi-Strategy Index 0.32% 2.76% 0.20% 1.59%
Technology Index -1.43% 0.81% 0.28% 4.04%
U.S. Equity Index -1.77% -1.67% -1.69% 0.57%
Absolute Return Composite Index 0.42% 2.70% 0.59% 2.71%
ABSOLUTE RETURN INDICES (EST)
%
S&P 500
MSCI World
Absolute Return Composite Index
Absolute Return Global Equity
Absolute Return U.S. Equity
-50
0
50
100
150
200
250
300
A u g - 1 0
A u g - 0 9
A u g - 0 8
A u g - 0 7
A u g - 0 6
A u g - 0 5
A u g - 0 4
A u g - 0 3
A u g - 0 2
A u g - 0 1
A u g - 0 0
A u g - 9 9
A u g - 9 8
MARKET EVENTS
• Bernanke reveals Fed’s readiness to boost US economy
• Losses within housing sector impact on unemployment figures
• Retail investors continue retreat from equity markets
• Department of Commerce downgrades expected US growth figures
• SEC promises stricter overview and enforcement against Wall Street
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ABSOLUTE RETURN MEDIAN INDICES VSMSCI WORLD INDEX AND S&P 500
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Fears of a double-dip recession hit markets
Covering the single manager
hedge fund industry in Europe
HEDGE FUND STRATEGIESEuropean Equity The rally in equities of July continued into the first
week of August though, as weak economic data in the US was released,
markets sold off as fears of a double-dip recession intensified. In
Europe, conflicting data continued to be released with Germany at one
end of the spectrum reporting growth for Q2, while the outlook for
Greece and Ireland continued to remain bleak. European markets fell
during August with the CAC, DAX and MSCI Europe at -4.18%, -3.62%
and -2.16% respectively. The UK managed to outperform its equity index
peers, down slightly at -0.62%. European hedge funds had a challenging
month with the EuroHedge European Equity Index EUR relatively flat
for the month and the year. Gains from long positions in pharmaceu-
ticals were offset by long positions in financials and construction.
Managed Futures After three consecutive months of losses, the
EuroHedge Managed Futures Index posted an estimated median gain
of 2.84% for August. As investors moved away from risky assets, gains
came from fixed income and bonds – as the yield on German 10-year
governments bonds reached new lows. Losses were incurred from copper
prices which dropped in August due to poor US housing data, though
gains from long positions in wheat – which saw prices rise over weather
conditions and short positions in natural gas, helped offset perform-
ance as the index pushed its return for the year so far to 3.83%.
Convertible & Equity Arbitrage With only one down month in the last
20, the EuroHedge Convertible & Equity Arbitrage Index posted anotherstrong month for August up an estimated 1.33% for a yearly return of
5.85% for 2010. As equities sold off, volatility increased. Convertible
bonds proved profitable even as the new issuance market remained
closed. Fixed income also outperformed, pushing credit markets higher.
Macro Fears rose during August over the economy, which pushed equity
markets lower and saw investors move to safe-haven assets such as gold.
Interest rates fell during the month, and the likelihood they will stay
low saw investors move to government bonds. Commodity prices fell
in August, though gains from currency – long positions in Yen and
short in Euro added to performance. The EuroHedge Macro Index postedan estimated gain of 1.16% for August, returning 3.08% for the year so far.
Medians MeansStrategy Aug-10 YTD Aug-10 YTD
European Equity USD -0.07% -1.13% -0.33% -0.82%
European Equity GBP 0.16% -0.99% -0.51% -0.70%
European Equity EUR 0.00% 0.00% -0.19% 0.74%
Macro USD 1.16% 3.08% 1.21% 2.59%
Fixed Income USD 0.74% 5.54% 0.36% 5.98%
Global Equity USD -1.17% -2.79% -0.74% -3.06%
Managed Futures USD 2.84% 3.83% 3.60% 3.28%
Credit USD 0.93% 6.55% 0.97% 6.48%
Currency 0.01% 2.63% -0.98% 3.78%
Event Driven USD 0.77% 0.82% 0.48% 0.95%
Mixed Arbitrage & Multi Strategy USD 0.04% 2.49% -0.21% 4.40%
Absolute UCITS European Equity -0.38% -0.25% -0.38% 0.74%
EuroHedge Composite 0.28% 1.15% 0.23% 1.11%
EUROHEDGE INDICES (EST)
%
MSCI Europe - Net
EuroHedge Global Equity USD Index
EuroHedge Macro USD Index
EuroHedge Fixed Income USD Index
EuroHedge Managed Futures USD Index
EuroHedge European Long/Short Equity EUR Index
EuroHedge Composite Index
-50
0
50
100
150
200
A u g - 1 0
A u g - 0 9
A u g - 0 8
A u g - 0 7
A u g - 0 6
A u g - 0 5
A u g - 0 4
A u g - 0 3
A u g - 0 2
A u g - 0 1
A u g - 0 0
MARKET EVENTS
• German Bund yields at all-time low
• ECB calls for bids to drain €60.5bn from Eurozone money markets
• UK job market slows to its lowest rate for 10 months in August
• Greece set to receive €9bn of EuroZone loans
EUROHEDGE MEDIAN INDICES VSMSCI EUROPE
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Japan is worst-performing market in August
Covering the single manager hedge
fund industry in the Asia-Pacific
HEDGE FUND STRATEGIES
Australian long/short equity August was a tough month as the
reporting season and federal election outcome were the focus of the
month and the Australian All Ordinaries fell 1.52%. Despite falling
an estimated 1.09% in August, funds investing into the country
outperformed this benchmark. Economically sensitive sectors
including financials, materials and consumer discretionary fell for the
month, whereas defensive sectors like utilities and REITS gained.
Japanese long/short equity The market was highly volatile in
August and changed direction sharply every few days; the TOPIX and
Nikkei finished down 5.25% and 7.48%, respectively. This made Japan
the worst market in August, which was driven by worse-than-expected
economic data. Exporters were also hurt by the strong yen, which
fluctuated wildly against the US dollar, as the BoJ showed lack of
action to intervene the currency market. Therefore, it is no surprise
that Japanese long/short equity funds were the worst performers in
August, falling an estimated 2.12% (USD class) and 2.61% (yen class).
Asia excluding Japan equity Despite encouraging domestic economic
and trade data, most Asian markets fell in August. The strong market
momentum from July faded as data from the US worsened and the
MSCI Pacific ex-Japan finished the month down 1.95%. The region was
led down by Hong Kong and Taiwan suffered a sharp fall as technology was the weakest sector. On the upside, smaller ASEAN markets once
again managed to gain, including Thailand, the Philippines and
Malaysia. Funds in this space fell an estimated 0.42% in August and
down 1.90% for the year to date.
Chinese long/short equity Fears rose over the US double-dip scenario,
which affected the market. The China A share market finished flat in
August, but is still down 19.48% for the year to date. Within China,
growth and imports appeared to slow and as further tightening policies
in the property market continued, Hong Kong fell for the month (down
2.35%). Despite the negative news, Chinese equity was the best-perform-ing strategy in August, gaining an estimated 1.49% median return.
Medians MeansStrategy Aug-10 YTD Aug-10 YTD
Asia including Japan USD 0.62% -1.22% 0.33% -1.80%
Asia excluding Japan USD -0.42% -1.90% -0.07% -0.32%
Chinese Equity 1.49% -3.69% 1.06% -3.93%
Indian Equity 1.11% 5.08% 0.78% 7.05%
Japanese Equity USD -2.12% -0.80% -2.41% -1.79%
Japanese Equity JPY -2.61% -0.85% -3.16% -2.75%
Australian Equity AUD -1.09% -4.07% -0.84% -2.91%
AsiaHedge Composite -0.09% 0.57% -0.35% 0.08%
ASIAHEDGE INDICES (EST)
%
MSCI Pacific Free Net
AsiaHedge Composite Index
AsiaHedge Japanese Equity Index USD
AsiaHedge Asia including Japan Index USD
AsiaHedge Asia excluding Japan Index USD
-60
-30
0
30
60
90
120
150
A u g - 1 0
A u g - 0 9
A u g - 0 8
A u g - 0 7
A u g - 0 6
A u g - 0 5
A u g - 0 4
A u g - 0 3
A u g - 0 2
A u g - 0 1
A u g - 0 0
EQUITY BENCHMARKSBenchmark index Aug-10 YTD
MSCI Pacific Free Net -2.17% -2.64%
MSCI Pacific ex-Japan -1.95% -4.42%
MSCI China -2.75% -4.72%
China Shanghai Composite Index 0.05% -19.48%
Sensex 0.58% 2.90%
TOPIX -5.25% -10.42%
Nikkei 225 -7.48% -16.33%
Australian All Ordinaries -1.52% -9.09%
Hang Seng -2.35% -6.11%
ASIAHEDGE MEDIAN INDICES VSMSCI PACIFIC FREE
MARKET EVENTS
• Yen surges to a 15-year high
• Singapore government unveils measures to cool the property market
• Taiwan explores trade agreement with Singapore
• China overtakes Japan to become world’s second-biggest economy
• First hung parliament in Australia in 70 years
• Kan’s position as leader of the Democratic Party of Japan under threat
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Mandates pick up as pension funds restructure
Covering the global
fund of funds industry
HEDGE FUND STRATEGIESBest-performing strategy
The InvestHedge Global macro currency index was one of the
top-performing strategies in August, up 1.11%, reporting estimated
gains of 0.16% year to date and outperforming the MCSI World Index,
which was down -3.73%. Global macro managers capitalised on
rising bond prices and movements in the grain markets. With funds
continuing to report, this is subject to change in the coming weeks.
Worst-performing strategy
The InvestHedge Global Equity index was one of the worst performing
strategies last month, with the median down 0.42% and the mean
down a further 0.43% reporting a year-to-date loss of -1.34% and
1.26%, respectively. Equity markets suffered a fall in August as
markets reacted to the release of soft US economic data, with housing
sector, retail sales and business sentiment figures all pointing to
slowing growth, markets fell considerably resulting in the S&P 500
reporting losses of 4.74% for the month.
New funds
Credit Suisse has launched a UCITS III-compliant multi-strategy
fund of funds with some $130 million in day one investments,
making it one of the largest UCITS III fund of funds launches so far.
The Credit Suisse Solutions (Lux) Prima Multi Strategy fund will
invest in some 20 underlying managers, of which at least half will
be run by the same managers in their flagship global multi-strategy
fund SAPIC 98. The Luxembourg-domiciled fund will invest in
various alternative investment strategies in the liquid UCITS-
Include your UCITS funds in our database now. Send details to Amy Kirbyshire on [email protected]
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Everything you need to knowabout UCITS hedge funds
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AbsoluteUCITS
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Single-manager UCITS III news
• Threadneedle has announced plans to launch a new UCITS III-
compliant UK long/short equity fund. The Threadneedle UK Absolute
Alpha fund will apply the same strategy as the UK Crescendo fund
and will be managed by Mark Westwood and Chris Kindler.
• GAM has launched its first market-neutral credit fund, in collaboration
with San Francisco-based credit manager DCI. GAM Star Diversified
Market Neutral Credit is a UCITS III fund that will use DCI’s quantitative
approach to invest in a diversified long/short portfolio, predominantly
focused on investment grade credit.
• Liechtenstein-based managed futures firm Qbasis Invest is launching
a UCITS fund to complement its suite of products. The unnamed fund
is a single-manager, multi-strategy fund that uses managed futures and
is expected to launch at the end of this year or at the beginning of 2011.
• A European UCITS version of US-based York Asset Management’s
Lion Fund, which uses merger arbitrage strategies, has been launched
on Germany’s Universal-Investment alternative investments platform.
The York Lion Merger Arbitrage Liquidity Fund UI is one of the first
global merger arbitrage strategies in a UCITS-fund format in Europe.
• New York-based alternative investment manager P Schoenfeld Asset
Management is running the first UCITS fund on Morgan Stanley’s
platform FundLogic. The fund, MS PSAM Global Event UCITS, is
domiciled in Ireland, has weekly dealing and uses a global event-
driven investment strategy.
Multi-manager UCITS III news
• EIM, the Pfäffikon-based fund of funds group, has launched a
Luxembourg-domiciled UCITS Sicav umbrella to complement its
bespoke service. The number of underlying managers in its funds
varies between six and 20, depending on asset class.
• Signet Capital Management, a $1.4 billion fund of funds, has launched
its first UCITS-compliant fund in response to growing demand from its
institutional and private bank clients. The Signet Multi-Strategy Fund
offers weekly liquidity, and will allocate globally to approximately
15 hedge funds that follow limits set in the UCITS III regulations.
• Axa Investment Managers is planning to launch its first fund of
UCITS hedge funds in the first quarter of next year. The fund will
mostly invest in equity, fixed income and currencies, and less so in
distressed assets because they are less liquid.
• The London-based fund of funds, Key Asset Management, is to
launch a UCITS III hedge fund-compliant product. Subject to regulatory
approval, the fund will launch in October and will seek to allocate toa broad range of underlying strategies.
Latest UCITS III developments
%
MSCI Europe - Net
HedgeFund Intelligence Global Index - Composite
HedgeFund Intelligence Global Index – UCITS
EuroHedge European Equity EUR Index (Median)
EuroHedge UCITS European Equity Index (Median)
-50
-40
-30
-20
-10
0
10
20
30
A u g - 1 0
A u g - 0 9
A u g - 0 8
A u g - 0 7
UCITS INDICES VS EUROHEDGE EUROPEANEQUITY AND MSCI EUROPE
Medians Means
Strategy Aug-10 YTD Aug-10 YTD
Absolute UCITS European Equity Index -0.38% -0.25% -0.38% 0.74%
EuroHedge European Equity EUR Index 0.00% 0.00% 0.16% -0.99%
Absolute UCITS Composite Index 0.13% 0.52% -0.10% -0.54%
HedgeFund Intelligence Global Index – Composite 0.29% 1.76% 0.27% 1.63%
comprehensive hedge fund, fund of funds, and UCITSdatabase available. Linked with our extensive newsand research, subscribers can benefit from a unique
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FasterUpdated weekly with (practically) all data available within four weeks of month
end, the extensive research and editorial team ensure rapid inclusion of new
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Clearer
The database provides dedicated, clear and detailed information on hedge funds,UCITS Absolute Return funds and funds of funds (without unnecessary multiple share
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AbsoluteUCITS
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With the launch later this month of the online
dedicated UCITS alternative database – Absolute
UCITS, the HFI UCITS database saw a surge in new
funds added with 76 UCITS funds added to the
database during August. The majority of funds
were based out of Europe and nearly 30% of funds
were fund of UCITS funds. Meanwhile, we saw
36 traditional hedge funds added to the database
during last month, 21 within EuroHedge, 10 in
Absolute Return and 5 from AsiaHedge.
The HedgeFund Intelligence research and data
team liquidated 51 funds during August, with
InvestHedge liquidating 23, EuroHedge closing 20
and Absolute Return and AsiaHedge closing five
and three respectively. The majority of funds
liquidated were based in the UK with more than
20% of all funds being run out of London. No
particular strategy dominated, though there werea handful of European equity funds and emerging-
market equity funds closing during August.
While equity markets sold off during August,
hedge funds also had a challenging month, with
only 56% of funds posting positive performance
for August. The HedgeFund Intelligence
Composite index still managed to outperform
its equity benchmarks, up 0.23% for the monthcompared to the MSCI the World Index, which was
For more information on the database and subscriptions please contact Ian Sanderson on + 44 (0) 207 779 7339 or James Barfield on + 44 (0) 207 779 7336
If you have a fund which you wish to be included please contact the following:
NUMBER OF NEW FUNDS ADDED TO THE HFI DATABASE DURING AUGUST
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