Top 20 CTA performers pAsT five YeArs · Prior to investing with any CTA, please read carefully the CTA’s disclosure document. ot or Reprnt 3rd Quarter 2019 Top 20 CTA Performers

Barclay Managed Funds Report

5-Yr Comp.AnnualReturnTrading Advisors

Sharpe Ratio

LargestDrawDown

%WinningMonths

Best12-Mo.Period

Worst12-Mo.Period

AssetsUnder

Mgmt. ($)

Top 20 CTA performers pAsT five YeArs

DisclaimerPast results are not necessarily indicative of future results. Trading in commodity futures and options is speculative in nature and involves the risk of loss of one’s entire investment or more. Prior to investing with any CTA, please read carefully the CTA’s disclosure document.

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eprint

Barclay Managed Funds report

Barclay Managed Funds Report(641) 472-3456www.BarclayHedge.com

3rd Quarter 2019

3rd Quarter 2019

For period from 10/01/2014 to 09/30/2019. Includes only CTAs managing at least $10 million as of 09/30/2019

1 Pantera Capital Mgmt (Bitcoin) 83.34% 0.95 77.89% 55.00% 1564% -76% 124.4M

2 Altana Wealth (Digital Currency) 76.86% 0.87 80.67% 56.67% 1496% -79% 17.5M

3 GAIA Capital Mgmt (GAIA FX+) 47.41% 2.58 19.42% 78.33% 126% -9% 44.6M

4 Alpha Z (Futures Fund) 43.76% 1.48 28.57% 81.67% 115% -11% 10.1M

5 QQFund.com (Alpha Beta) 36.44% 0.87 34.95% 55.00% 101% -21% 11.1M

6 Geosol Capital (Onshore I) 32.23% 0.66 33.85% 55.00% 89% -19% 30.6M

7 CenturionFx Ltd (6X) 29.29% 2.90 4.65% 86.67% 91% 11% 159.2M

8 MDC Trading (MDLC) 26.22% 1.61 11.21% 75.00% 84% -5% 17.4M

9 Blue Bar Futures (Prime Ag) 23.04% 0.84 42.26% 70.00% 107% -9% 11.9M

10 AG Capital (Discretionary GM) 22.31% 0.70 25.27% 50.00% 75% -23% 16.8M

11 Taaffeite Capital (Global Index LP A) 19.32% 1.42 15.28% 63.33% 72% -15% 14.8M

12 Integra Capital (Investment Fund A) 16.91% 0.77 28.25% 85.00% 51% -19% 20.4M

13 Shepherd Energy Portfolio 2X 16.51% 1.30 12.83% 68.33% 47% -4% 20.3M

14 Ortus Capital Mgmt (Currency Aggr) 15.72% 1.07 11.74% 61.67% 38% -4% 207.0M

15 Tianyou Fund LP 15.00% 1.12 25.46% 96.67% 33% -12% 125.2M

16 P/E Investments (FX Aggressive) 12.50% 0.47 35.45% 56.67% 48% -28% 7500.0M

17 Polar Star Mgmt (Polar Star SNN) 12.12% 1.13 8.29% 61.67% 33% -5% 32.6M

18 John Street Capital (Vantage) 12.04% 0.82 10.85% 61.67% 35% -2% 2092.1M

19 Pan Capital (Energy Fund LP) 11.71% 0.79 10.45% 53.33% 48% -9% 130.0M

20 TrueAlpha (PMC Managed Futures SP) 11.71% 1.42 4.08% 65.00% 43% -2% 96.0M

Number of Eligible Funds: 406

Barclay Managed Funds Report

BarclayHedge, Ltd. www.BarclayHedge.com (641) 472–3456

Ad Space

3-Yr Comp.AnnualReturnTrading Advisors

Sharpe Ratio

LargestDrawDown

%WinningMonths

Best12-Mo.Period

Worst12-Mo.Period

AssetsUnder

Mgmt. ($)

DisclaimerPast results are not necessarily indicative of future results. Trading in commodity futures and options is speculative in nature and involves the risk of loss of one’s entire investment or more. Prior to investing with any CTA, please read carefully the CTA’s disclosure document.

Not for R

eprint

3rd Quarter 2019

Top 20 CTA Performers Past Three YearsFor the period from 10/01/2016 to 09/30/2019. Includes only CTAs managing at least $10 million as of 09/30/2019

1 Pantera Capital Mgmt (Bitcoin) 140.13% 1.36 77.89% 55.56% 1564% -76% 124.4M

2 Altana Wealth (Digital Currency) 122.48% 1.16 80.67% 58.33% 1496% -79% 17.5M

3 Geosol Capital (Onshore I) 63.69% 1.14 26.06% 58.33% 89% -11% 30.6M

4 MDC Trading (MDLC) 41.07% 2.23 0.47% 88.89% 84% 4% 17.4M

5 QQFund.com (Alpha Beta) 34.19% 0.73 34.95% 58.33% 101% -20% 11.1M

6 GAIA Capital Mgmt (GAIA FX+) 29.09% 1.45 19.42% 66.67% 84% -9% 44.6M

7 Blue Bar Futures (Prime Ag) 26.67% 1.38 17.34% 69.44% 107% -2% 11.9M

8 AG Capital (Discretionary GM) 22.78% 0.80 23.39% 50.00% 75% -17% 16.8M

9 Alpha Z (Futures Fund) 22.72% 1.19 28.57% 83.33% 63% -11% 10.1M

10 Aleph Strategies (Aleph Options) 21.89% 5.00 1.64% 97.22% 34% 15% 31.5M

11 Vivienne Investissement (Mach 3) 21.52% 1.00 29.61% 63.89% 58% -21% 18.5M

12 Quantica Capl (2X QMF) 20.47% 0.86 24.00% 63.89% 50% -11% 23.5M

13 Insch (Kintore) 19.83% 0.72 24.02% 58.33% 68% -18% 27.5M

14 CenturionFx Ltd (6X) 19.62% 2.45 4.65% 86.11% 39% 13% 159.2M

15 P/E Investments (FX Aggressive) 18.99% 0.73 35.45% 55.56% 48% -28% 7500.0M

16 QCAM (SWARM) 18.72% 1.28 6.61% 69.44% 55% 1% 10.0M

17 Arion (Commodity Arbitrage) 18.24% 0.81 12.46% 55.56% 48% -4% 12.8M

18 Integra Capital (Investment Fund A) 17.45% 0.93 27.28% 88.89% 35% -19% 20.4M

19 Systematica (SAM) 16.34% 1.44 8.07% 75.00% 25% -2% 3047.0M

20 M&R Capital 15.39% 0.94 10.92% 61.11% 35% -7% 45.0M

Number of Eligible Funds: 503

Barclay Managed Funds Report

BarclayHedge, Ltd. www.BarclayHedge.com (641) 472–3456

Ad Space

YTDReturnTrading Advisors

Sharpe Ratio

LargestDrawDown

StartingDate

Best12-Mo.Period

Worst12-Mo.Period

AssetsUnder

Mgmt. ($)

* Note:

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3rd Quarter 2019

Top 20 CTA Performers 2019For the period from 01/01/2019 to 09/30/2019. Includes only CTAs managing at least $10 million as of 09/30/2019*

1 QQFund.com (Alpha Beta) 136.46% 0.87 34.95% Sep-08 101% -21% 11.1M

2 Pantera Capital Mgmt (Bitcoin) 115.76% 0.95 77.89% Jul-13 1564% -76% 124.4M

3 Altana Wealth (Digital Currency) 110.04% 0.87 80.67% May-14 1496% -79% 17.5M

4 Attis Capital (Attis Capital Crypto) 70.79% 4.12 14.16% Sep-18 441% 398% 19.6M

5 Geosol Capital (Onshore I) 66.37% 0.66 33.85% Jun-12 89% -19% 30.6M

6 Quantica Capl (2X QMF) 60.10% 0.45 33.73% Jan-14 50% -30% 23.5M

7 Niederhoffer, R.G (Optimal Alpha/Cryp) 52.48% -0.07 73.81% Jan-04 78% -71% 12.0M

8 Vivienne Investissement (Mach 3) 41.54% 0.72 29.61% Jun-15 58% -21% 18.6M

9 Integra Capital (Investment Fund A) 38.83% 0.77 28.25% Dec-11 51% -19% 20.4M

10 Cantab Capital Ptnrs (Aristarchus) 38.71% 0.42 32.05% Mar-08 42% -27% 1110.0M

11 Lynx Asset Mgmt (Lynx 1.5 Bermuda) 37.55% 0.12 42.94% May-08 40% -34% 278.0M

12 MDC Trading (MDLC) 37.55% 1.61 11.21% Sep-13 84% -5% 17.4M

13 JDN Capital (Green Leaf) 37.39% 4.81 2.87% Dec-18 n/a n/a 12.0M

14 ReSolve (Evolution US Feeder) 34.39% 0.30 26.98% Oct-17 17% -26% 93.9M

15 Superfund AM (Green Gold SICAV) 34.35% 0.02 35.95% Nov-14 51% -28% 78.5M

16 Quantica (QMF Focus l1C-U UCITS) 34.34% 1.67 8.26% Jul-18 31% 19% 57.6M

17 Altis Partners (GFP Composite) 34.18% 0.24 35.30% Jul-01 51% -28% 14.7M

18 Equinox (Ampersand Strategy Fund I) 33.27% 0.86 14.18% Oct-13 23% -9% 13.1M

19 Solaise Capital Mgmt (Systematic S) 32.50% 0.32 23.28% Jun-11 25% -23% 31.4M

20 AG Capital (Discretionary GM) 31.57% 0.70 25.27% Oct-14 75% -23% 16.8M

Number of Eligible Funds: 620

Performance statistics, except for 2019 YTD Return, are based upon the past 5 years performance or the CTA’s entire history, whichever isshorter. Past results are not necessarily indicative of future results. Trading in commodity futures and options is speculative in nature andinvolves the risk of loss of one’s entire investment or more. Prior to investing with any CTA, please read carefully the CTA’s disclosuredocument.

Barclay Managed Funds Report

BarclayHedge, Ltd. www.BarclayHedge.com (641) 472–3456

Top 10 – ConverTible ArbiTrAge – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

Sharpe Ratio

Corr.vs.

S&P 500Starting

Date

Last12-Mo.Period

LargestDrawDown

AssetsUnder

Mgmt. ($)

Top 10 – emerging mArkeTs AsiA – pAsT Three YeArs

Not for Reprint

Top 10 – DisTresseD seCuriTies – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

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Corr.vs.

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3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 Whitebox Relative Value Partners LP 9.92% 1.68 0.15 Jan-01 4% 2% 1182.7M

2 Context Partners Fund LP 8.12% 2.80 0.65 Jan-11 8% 2% 117.4M

3 Steelhead Pathfinder Fund 6.60% 3.30 0.40 Nov-05 9% 0% 956.0M

4 Tenor Opportunity Master Fund Ltd 6.20% 3.49 0.48 Jul-04 8% 0% 958.4M

5 Polygon Convertible Opport Fund - D 5.75% 2.49 0.22 Jun-09 6% 1% 642.0M

6 Boussard & Gavaudan Convertible I USD 4.63% 0.52 0.69 May-15 5% 8% 32.0M

7 Palisade Strat. Master (Cayman) Ltd 4.31% 0.32 0.83 May-07 2% 12% 193.8M

8 GAM Star (Lux) Convertible Alpha D USD 3.24% 0.44 0.76 Jan-14 2% 6% 80.7M

9 Castle Creek Arb LLC 3.08% 0.95 -0.09 Jan-02 6% 1% 339.0M

10 Westwood Market Neutral Income Ultra 2.57% 0.53 0.09 Jun-15 7% 2% 35.7MNumber of Eligible Funds: 18

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 X2 Opportunistic Debt Fund LLC 13.30% 0.39 0.03 Jun-16 15% 51% 48.3M

2 Hain Capital Investors LLC 12.12% 2.69 0.18 Jul-09 4% 2% 65.2M

3 Stornoway Recovery Fund LP 11.71% 1.70 -0.19 Oct-04 19% 4% 44.7M

4 Birch Creek Muni Credit Value Fund 11.19% 3.13 -0.03 May-12 9% 2% 50.7M

5 PSAM Rebound Partners LP 10.81% 1.57 0.32 Mar-03 7% 5% 39.0M

6 Armory Credit Opportunity Fund LP 9.39% 1.15 0.25 Jan-09 0% 5% 65.0M

7 Waterfall Victoria ERISA Fund Ltd 8.85% 4.53 -0.18 Jan-11 7% 0% 470.9M

8 Schultze Partners LP 6.01% 0.21 0.57 Nov-94 -26% 32% 100.0M

9 Marble Ridge LP 5.71% 0.95 0.25 Jan-16 -2% 6% 341.0M

10 Corrib Master Fund 5.16% 0.35 0.55 Apr-12 -13% 17% 99.5MNumber of Eligible Funds: 28

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 KS Asia Absolute Return Fund IC 30.29% 3.18 0.22 Jan-10 18% 1% 857.2M

2 CSV China Opportunities Fund LP 22.45% 0.83 0.51 Jan-10 9% 40% 10.9M

3 UG Hidden Dragon Special Opportunity 21.98% 0.73 0.51 Oct-07 55% 38% 643.6M

4 Banor Greater China L/S Equity R EUR 16.04% 0.62 0.70 Jan-13 12% 30% 137.7M

5 UBS (Lux) Equity Gr China P-acc USD 15.09% 0.75 0.69 Mar-97 12% 24% 1097.0M

6 Golden China Fund 13.88% 0.69 0.58 Jul-04 22% 29% 2316.0M

7 HSZ China Fund CHF 13.35% 0.63 0.63 Nov-06 4% 28% 155.4M

8 Schroder ISF Asian Opps A Acc NOK 13.27% 0.88 0.56 Jan-14 11% 17% 6003.7M

9 Harvest China A Shares Equity C USD 12.69% 0.61 0.52 Sep-14 20% 29% 11.0M

10 Pictet Greater China I JPY 12.42% 0.61 0.80 Jun-16 -3% 25% 194.5MNumber of Eligible Funds: 286

Barclay Managed Funds Report

BarclayHedge, Ltd. www.BarclayHedge.com (641) 472–3456

Top 10 – emerging mArkeTs e. europe – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

Sharpe Ratio

Corr.vs.

S&P 500Starting

Date

Last12-Mo.Period

LargestDrawDown

AssetsUnder

Mgmt. ($)

Top 10 – equiTY long/shorT – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

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Corr.vs.

S&P 500Starting

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Top 10 – emerging mArkeTs globAl – pAsT Three YeArs

Not for Reprint3-Yr Comp.

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3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 East Capital Russian Fund 19.28% 1.04 0.37 May-98 26% 13% 471.7M

2 UFG Russia Select Fund 16.87% 1.15 0.43 Feb-06 7% 8% 27.0M

3 Halcyon Power Investment Company Ltd 14.97% 1.06 0.26 Feb-04 7% 7% 13.0M

4 Schroder ISF Emerging Europe A Acc EUR 13.94% 0.95 0.51 Feb-00 18% 13% 992.8M

5 East Capital (LUX) E Euro Fund A SEK 13.51% 0.87 0.55 Oct-13 18% 19% 211.6M

6 Specialised Russian Growth Ltd 13.09% 0.71 0.44 Jul-09 14% 13% 361.9M

7 Verno Capital Growth Fund Ltd B 12.82% 0.66 0.42 Jul-11 13% 16% 102.5M

8 DWS Russia LC EUR 12.79% 0.64 0.40 Apr-02 23% 18% 164.4M

9 UBS (Lux) Equity Russia P-acc USD 11.62% 0.59 0.43 May-06 7% 17% 125.1M

10 Firebird Fund LP 11.37% 0.80 0.54 May-94 7% 18% 114.8MNumber of Eligible Funds: 35

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 Schroder ISF BRIC A Acc EUR 12.42% 0.87 0.73 Nov-05 13% 12% 1065.5M

2 BlackRock EM Equity Strategies l 10.92% 0.57 0.65 Mar-16 5% 14% 22.2M

3 Chambers Street Global Fund LP 10.44% 0.80 0.12 Jun-10 20% 21% 48.1M

4 East Capital GFM A SEK 10.43% 0.89 0.09 Dec-14 16% 20% 108.0M

5 Oaks EM and Frontier Opp C USD 9.83% 1.00 0.39 Sep-13 10% 14% 233.1M

6 Man Numeric EM Equity I SEK 9.49% 0.61 0.65 Jun-16 0% 18% 532.9M

7 Altio Nextgen Opportunity Fund Ltd 9.44% 3.56 0.21 Aug-15 8% 1% 96.6M

8 Briarwood Capital Partners LP 9.10% 0.99 0.58 Jan-14 2% 12% 323.2M

9 AMC Expert Fund - BCV Gl Em Equity C 8.95% 0.54 0.59 Oct-13 5% 19% 314.4M

10 DWS Invest Global EM Equities FC 8.87% 0.66 0.67 Mar-05 8% 10% 143.5MNumber of Eligible Funds: 203

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 Kerrisdale Partners Offshore Ltd 29.23% 2.31 0.45 Nov-11 20% 4% 252.9M

2 Woodson Capital Partners LP B 25.59% 1.85 0.18 Jan-10 21% 10% 476.9M

3 Bunkport Capital Strategy 25.17% 0.77 0.21 Apr-16 -0% 32% 13.0M

4 Kinetics Institutional Partners LP 25.10% 1.00 0.32 May-05 -1% 23% 21.5M

5 Invitational Ptnrs Fund LP 22.76% 1.36 0.91 Apr-98 5% 16% 14.0M

6 Strategos Fund LP 22.57% 1.17 0.30 Jul-04 23% 12% 151.3M

7 Cadian Fund LP - A 16.93% 1.13 0.38 Oct-07 8% 14% 956.9M

8 Gagnon Investment Associates LLC 16.10% 0.79 0.45 Jan-01 -21% 21% 56.8M

9 Senvest Israel Partners LP 15.32% 1.33 0.65 Apr-03 2% 8% 157.3M

10 Nantahala Capital Partners II LP 15.18% 0.96 0.37 Dec-10 -13% 17% 165.8MNumber of Eligible Funds: 413

Barclay Managed Funds Report

BarclayHedge, Ltd. www.BarclayHedge.com (641) 472–3456

Top 10 – equiTY long biAseD – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

Sharpe Ratio

Corr.vs.

S&P 500Starting

Date

Last12-Mo.Period

LargestDrawDown

AssetsUnder

Mgmt. ($)

Top 10 – equiTY mArkeT neuTrAl – pAsT Three YeArs

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Top 10 – equiTY long onlY – pAsT Three YeArs

Not for Reprint3-Yr Comp.

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3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 Balanced Growth Fund 39.58% 5.18 0.33 Feb-16 37% 2% 241.9M

2 Sosin Partners, LP 36.60% 1.40 0.63 Oct-12 11% 25% 411.1M

3 Rod Capital Partners LP 26.70% 2.13 0.53 Apr-16 12% 10% 24.4M

4 Hyak Parters I LP 24.63% 2.10 0.29 Sep-15 15% 5% 14.3M

5 Ogborne Partners LP 22.08% 1.22 0.63 Oct-11 -3% 16% 148.0M

6 Loyola Capital Partners LP 21.04% 0.30 0.52 Oct-00 -20% 41% 49.9M

7 Vilas Fund LP 20.54% 0.31 0.73 Sep-10 -33% 56% 22.7M

8 Regal Australian Small Companies Fund 20.30% 0.92 0.25 Feb-15 49% 27% 178.1M

9 Old Kings Capital LP 18.87% 1.46 0.69 Oct-01 9% 12% 782.0M

10 TAH Core Fund LLC 18.39% 0.69 0.38 Feb-11 27% 19% 44.5MNumber of Eligible Funds: 396

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 Kingsferry Classic Value Fund I 46.75% 1.78 0.37 Jul-16 72% 16% 53.1M

2 Plato Fund LP 25.76% 1.15 0.39 Nov-06 24% 14% 20.5M

3 Japan Up Unit Trust 20.61% 1.10 0.24 Dec-12 29% 24% 122.9M

4 IBV Capital Global Value Fund 18.06% 1.15 0.71 Sep-14 20% 11% 14.8M

5 Valley Forge Capital LP 17.89% 1.17 0.76 Jul-07 17% 16% 470.0M

6 Juniper Targeted Opportunity LP 17.45% 0.82 0.70 Mar-10 -17% 22% 91.0M

7 HCP Focus Fund 17.21% 0.91 0.80 Dec-12 1% 20% 73.2M

8 SFP Value Realization Fund Ltd (A) 17.04% 0.93 0.41 Nov-03 3% 14% 726.0M

9 AMC Pro Fund - BCV US Equity B 16.55% 1.47 0.82 Jan-13 17% 7% 153.7M

10 Pictet Premium Brands HI dy USD 15.09% 1.26 0.76 Jan-16 12% 14% 719.0MNumber of Eligible Funds: 376

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 Coral Gables Capital, LP 24.55% 4.61 -0.24 Aug-15 29% 1% 120.0M

2 Spruce Point Research Activism Ptnrs 15.08% 3.50 -0.20 Aug-16 15% 1% 138.0M

3 Gondor Partners LP 14.56% 3.53 0.52 May-13 7% 1% 30.0M

4 Renaissance Inst Div Gl Eq Onshr LP A 10.93% 1.11 -0.14 Apr-16 12% 5% 12109.7M

5 Man GLG Alpha Select Alt IL H USD 10.03% 3.07 0.06 Feb-10 8% 1% 1344.0M

6 Landscape High Leverage Fund LP 9.46% 0.77 -0.12 Mar-12 -1% 7% 412.5M

7 Alloy US Long/Short LP 9.35% 1.12 -0.36 Feb-14 13% 5% 45.0M

8 Amazon Market Neutral Fund 8.83% 0.60 0.21 Sep-05 10% 18% 166.0M

9 FORT Equity Market Neutral SMA 7.04% 1.07 0.38 Nov-08 7% 4% 45.9M

10 Clearance Sequra Fund 6.47% 1.53 0.11 Sep-11 10% 2% 295.2MNumber of Eligible Funds: 106

Barclay Managed Funds Report

BarclayHedge, Ltd. www.BarclayHedge.com (641) 472–3456

Top 10 – evenT Driven – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

Sharpe Ratio

Corr.vs.

S&P 500Starting

Date

Last12-Mo.Period

LargestDrawDown

AssetsUnder

Mgmt. ($)

Top 10 – fixeD inCome ArbiTrAge – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

Sharpe Ratio

Corr.vs.

S&P 500Starting

Date

Last12-Mo.Period

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Mgmt. ($)

Top 10 – fixeD inCome – pAsT Three YeArs

Not for Reprint3-Yr Comp.

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3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 MMCAP Fund Inc. 25.52% 1.44 0.11 Jul-02 -5% 10% 609.7M

2 KG Investments Fund 20.32% 1.69 0.82 Jan-09 9% 9% 466.0M

3 Mudrick Distressed Opp. Fund LP B 18.46% 1.01 -0.18 Jul-09 25% 6% 430.0M

4 DG Value Partners II LP C 15.82% 1.43 0.53 Feb-13 -3% 8% 252.0M

5 Vazirani Capital LP 11.53% 0.97 0.17 Oct-15 18% 19% 40.5M

6 Omni Event Fund 11.29% 1.55 0.20 Sep-13 13% 4% 1136.0M

7 Owl Creek Credit Opps Fund LP 10.51% 2.07 0.53 Jul-12 4% 2% 488.0M

8 Melqart Opportunities Fund 10.44% 0.89 0.50 Oct-15 4% 14% 1300.0M

9 Corre Opportunities Qualified Fund LP 9.46% 1.64 0.40 Aug-09 -1% 6% 607.7M

10 Helium Rising Stars Fund Ltd GBP 8.94% 0.48 0.33 Jan-14 -5% 21% 25.6MNumber of Eligible Funds: 89

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 H2O MultiBonds I (C) EUR 33.16% 1.71 -0.10 Aug-10 47% 11% 590.7M

2 Millstreet Credit Fund 25.17% 3.31 0.20 Jun-10 23% 0% 500.0M

3 Sanchi Credit Value Share Class A1 20.47% 1.48 0.51 Mar-14 13% 18% 37.3M

4 Luxembourg Life Fund B USD 16.90% 14.84 0.01 Jan-13 16% 0% 112.9M

5 Candlewood Puerto Rico SP 15.39% 0.50 0.06 Sep-14 16% 39% 116.0M

6 BK Opportunities Fund III Ltd 15.28% 1.80 0.40 Aug-15 -0% 7% 82.9M

7 Hildene Opportunities Offshr Fund Ltd 14.61% 3.09 0.08 May-08 1% 2% 893.3M

8 Serone Key Opportunities Fund USD 13.38% 3.94 0.38 Sep-13 7% 1% 479.8M

9 Sancus Capital Select Master Fund Ltd 13.08% 1.39 0.19 Aug-09 13% 2% 24.3M

10 Axonic Special Opportunities SBL Fund 12.56% 3.71 0.41 Sep-16 9% 0% 1129.8MNumber of Eligible Funds: 604

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 Serenitas Credit Gamma Master Fund LP 12.58% 3.14 -0.01 Jan-13 3% 1% 207.2M

2 Asgard Fixed Income Fund I Ltd EUR 7.89% 1.92 0.23 Jul-03 7% 2% 446.6M

3 Danske Invest Hedge FI Strategy 7.33% 2.45 0.45 Jan-05 5% 1% 1137.1M

4 Barnegat Fund Ltd (B) 6.94% 0.79 0.43 Jan-01 -2% 9% 629.1M

5 Actuarial Generale LP 5.93% 3.47 0.55 Mar-15 6% 0% 45.8M

6 Hellebore Credit Arbitrage 5.68% 1.15 0.31 Mar-14 7% 1% 201.7M

7 Lawrence Park Credit Strategies Fund 5.50% 2.02 0.64 Mar-12 5% 1% 415.3M

8 Whitebox Credit Partners LP 4.70% 0.54 0.38 Jan-02 -6% 6% 160.3M

9 BayCity L/S Credit Offshore Ltd 3.54% 0.58 0.19 Jul-00 -2% 3% 330.1M

10 Axonic Systematic Arbitrage Fund LP 2.53% 0.13 0.19 Apr-12 -6% 10% 271.8MNumber of Eligible Funds: 22

Barclay Managed Funds Report

BarclayHedge, Ltd. www.BarclayHedge.com (641) 472–3456

Top 10 – fixeD inCome high YielD – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

Sharpe Ratio

Corr.vs.

S&P 500Starting

Date

Last12-Mo.Period

LargestDrawDown

AssetsUnder

Mgmt. ($)

Top 10 – fofs less ThAn $250m – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

Sharpe Ratio

Corr.vs.

S&P 500Starting

Date

Last12-Mo.Period

LargestDrawDown

AssetsUnder

Mgmt. ($)

Top 10 – fofs greATer ThAn $250m – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

Sharpe Ratio

Corr.vs.

S&P 500Starting

Date

Last12-Mo.Period

LargestDrawDown

AssetsUnder

Mgmt. ($)

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 Lyxor / Wells Capital Financial I USD 7.61% 1.64 0.52 Sep-16 10% 3% 84.8M

2 Pictet EUR High Yield HI USD 6.92% 1.46 0.47 Apr-12 8% 3% 792.0M

3 DWS Invest Euro HY Corp USD FCH 6.74% 1.57 0.45 Aug-14 7% 3% 21.0M

4 Aristeia Partners LP (UR) 6.63% 1.71 -0.05 Aug-97 5% 2% 1610.3M

5 Morgan Stanley Instl Fund Trust HY IS 6.41% 1.23 0.81 Apr-14 5% 5% 207.0M

6 1290 High Yield Bond Fund A 6.16% 1.30 0.67 Dec-14 7% 3% 37.0M

7 GoldenTree Credit Opportunities 5.83% 0.89 0.67 May-04 1% 6% 1199.0M

8 Ewing Morris Flexible FI LP - P 5.78% 2.54 0.09 Feb-16 5% 1% 88.3M

9 Post Credit Opportunities Master Fund 5.63% 1.25 0.74 Oct-15 7% 3% 28.3M

10 Venator Income Fund F 5.42% 1.35 0.76 Aug-08 4% 2% 49.9MNumber of Eligible Funds: 75

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019

1 DWS Garant 80 FPI 9.07% 0.58 0.66 Oct-13 7% 24% 691.1M

2 Bostwick Compound LP 8.43% 0.87 0.69 Oct-06 8% 7% 299.0M

3 Franklin Growth Allocation - A 8.30% 0.74 0.96 Jan-13 1% 11% 1240.0M

4 BNP Paribas L1 Sustainable Act Bal EUR 8.07% 1.02 0.83 Sep-13 5% 6% 706.6M

5 HSBC Port - World Selection 5 AC USD 7.41% 0.57 0.93 Jan-10 1% 15% 305.9M

6 Legion Strategies Ltd 7.00% 2.61 0.57 Apr-94 2% 3% 726.0M

7 GS Enhanced Dividend Gl Equity A 6.89% 0.59 0.97 Jan-12 -0% 11% 607.7M

8 Franklin Moderate Allocation - A 6.64% 0.73 0.95 Jan-13 1% 9% 1920.0M

9 GS Growth Strat Port Class C - GGSCX 6.29% 0.49 0.93 Jan-98 2% 16% 748.4M

10 Man GLG Balanced Managed Fund Pro A C 6.23% 0.68 0.72 Oct-12 2% 9% 839.8MNumber of Eligible Funds: 194

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 Invitational Ptnrs Retirement LP 23.11% 1.46 0.91 Apr-98 6% 16% 15.3M

2 GLL Investors Ltd (B) 14.53% 1.31 0.55 Jan-03 9% 11% 29.0M

3 Gopher China Eq Selection Offshore M/F 11.53% 1.38 0.35 Aug-13 9% 6% 51.0M

4 Shaked Opportunity Fund 10.60% 0.99 0.53 Sep-11 -2% 11% 41.0M

5 Walbert Fund of Funds I LP 10.46% 1.19 0.79 May-02 1% 9% 13.0M

6 Gotham Total Return Fund Instl (GTRFX) 10.36% 0.93 0.85 Apr-15 1% 7% 32.2M

7 27four Global Equity FoF USD 10.13% 0.83 0.93 Oct-13 7% 12% 25.2M

8 18 Squared Tactical LP 9.63% 3.83 0.09 Jan-12 9% 1% 26.8M

9 GAM Star Composite Gl Equity GBP 9.36% 0.75 0.69 Jun-11 5% 12% 130.8M

10 West Mountain Partners LP 9.25% 0.33 0.05 Dec-02 -3% 7% 47.0MNumber of Eligible Funds: 421

Barclay Managed Funds Report

BarclayHedge, Ltd. www.BarclayHedge.com (641) 472–3456

Top 10 – mACro – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

Sharpe Ratio

Corr.vs.

S&P 500Starting

Date

Last12-Mo.Period

LargestDrawDown

AssetsUnder

Mgmt. ($)

Top 10 – mulTi sTrATegY – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

Sharpe Ratio

Corr.vs.

S&P 500Starting

Date

Last12-Mo.Period

LargestDrawDown

AssetsUnder

Mgmt. ($)

Top 10 – merger ArbiTrAge – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

Sharpe Ratio

Corr.vs.

S&P 500Starting

Date

Last12-Mo.Period

LargestDrawDown

AssetsUnder

Mgmt. ($)

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 H2O Allegro H-I (C) GBP 46.30% 1.93 -0.08 Mar-12 61% 13% 646.7M

2 PruLev Global Macro Fund B USD 38.62% 1.08 0.37 Mar-12 120% 23% 305.1M

3 Haidar Jupiter Intl Ltd 29.92% 1.41 0.10 Jan-02 41% 18% 435.2M

4 H2O Vivace I (C) EUR 26.52% 0.91 -0.02 Mar-11 26% 25% 113.0M

5 X2 Alternative Dividend Alpha Fund 12.81% 0.59 0.89 May-13 -5% 25% 50.6M

6 Quantedge Global Fund 12.77% 0.50 0.66 Oct-06 26% 34% 2151.5M

7 Schroder GAIA Two Sigma Div I Acc USD 12.73% 2.32 0.27 Sep-16 11% 3% 1796.7M

8 Salmon Global Fund 9.67% 1.24 0.03 Aug-12 7% 5% 17.4M

9 SPX Global Eagle Fund 8.90% 0.81 0.35 Jan-12 -8% 14% 352.3M

10 PVG Capital Appreciation Portfolio 8.72% 0.61 0.99 Nov-08 0% 14% 17.7MNumber of Eligible Funds: 148

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 Lion Fund Limited 18.43% 1.01 0.54 Feb-96 -8% 18% 37.1M

2 Ramius Merger Fund LLC 7.40% 0.87 0.24 Jan-13 10% 7% 474.7M

3 HGC Arbitrage Fund 7.23% 4.39 0.30 Jun-13 7% 0% 354.9M

4 TIG Arbitrage Enhanced LP/Ltd 7.20% 1.27 0.07 Mar-12 6% 2% 502.0M

5 Black Diamond Arbitrage Partners LP 6.95% 1.68 0.19 Feb-98 6% 2% 236.3M

6 WCM Hudson Valley Partners LP 6.47% 1.34 0.62 Jun-05 8% 2% 54.4M

7 Highland Merger Arbitrage Fund Z 6.32% 1.09 0.12 Sep-16 7% 3% 29.9M

8 Quadre Investments LP 6.26% 1.13 0.04 Jan-10 5% 2% 50.6M

9 WCM Merger Fund Ltd 6.22% 1.24 0.63 Jan-96 8% 2% 54.4M

10 Glazer Enhanced Fund LP 5.77% 2.35 0.67 Jul-10 6% 1% 326.0MNumber of Eligible Funds: 46

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 UG Greater China Multi-Strategy Fund 15.66% 0.47 0.47 Jun-03 66% 43% 1070.7M

2 Audentia Capital Sicav - Achilles Fund 10.79% 1.20 0.55 Feb-16 -1% 7% 43.6M

3 Brookdale Intl Partners LP 9.42% 5.11 0.18 Jan-03 9% 0% 1168.0M

4 Wolverine Flagship Fund Trading Ltd 9.14% 2.71 0.62 Sep-01 5% 3% 2474.0M

5 Ventura Capital Partners LLC 9.11% 3.20 0.49 Dec-05 8% 0% 10.0M

6 AQR Risk Parity II HV Fund I 9.06% 0.68 0.69 Nov-12 14% 12% 30.2M

7 Brookdale Gl Opportunity Fund 8.10% 5.48 0.19 Oct-00 9% 0% 484.5M

8 New Capital Strat Port UCITS USD Instl 7.84% 0.67 0.94 Feb-15 1% 12% 185.3M

9 Verition Multi-Strategy PMI 7.81% 1.68 0.23 Mar-08 7% 4% 777.0M

10 Hudson Bay Fund LP 7.63% 2.66 0.30 Jan-06 5% 1% 719.5MNumber of Eligible Funds: 164

Barclay Managed Funds Report

BarclayHedge, Ltd. www.BarclayHedge.com (641) 472–3456

Top 10 – seCTor energY – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

Sharpe Ratio

Corr.vs.

S&P 500Starting

Date

Last12-Mo.Period

LargestDrawDown

AssetsUnder

Mgmt. ($)

Top 10 – seCTor TeChnologY – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

Sharpe Ratio

Corr.vs.

S&P 500Starting

Date

Last12-Mo.Period

LargestDrawDown

AssetsUnder

Mgmt. ($)

Top 10 – seCTor oTher – pAsT Three YeArs

Not for Reprint3-Yr Comp.

AnnualReturnFund Name

Sharpe Ratio

Corr.vs.

S&P 500Starting

Date

Last12-Mo.Period

LargestDrawDown

AssetsUnder

Mgmt. ($)

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 Velocity American Energy Master I 9.94% 0.62 0.29 Jan-08 -20% 20% 36.6M

2 Covalis Utilities Infrastructure Fund 9.49% 0.71 0.13 Dec-13 14% 9% 15.8M

3 Caritas Royalty Fund LLC 7.98% 2.16 -0.01 Jul-04 5% 1% 30.2M

4 BlackGold Opportunity Fund LP 5.73% 0.53 0.56 Jan-09 -5% 10% 216.3M

5 Connective Capital Enhanced Exposure 5.22% 0.22 0.01 Oct-07 6% 16% 18.0M

6 Centralis Partners LP 5.05% 0.23 0.32 Jan-14 -6% 15% 17.9M

7 Wexford Catalyst Fund LP Class A 4.82% 0.43 0.70 Dec-04 -7% 9% 215.2M

8 Ardsley Prtnrs Renewable Energy LP 3.92% 0.24 0.55 Jul-06 -8% 16% 154.2M

9 SIA LongTerm Investment Nat Res GBP 2.74% 0.05 0.46 Mar-10 -19% 23% 20.6M

10 Carmignac Port Commodities F EUR 1.73% 0.01 0.66 Nov-13 -14% 25% 32.7MNumber of Eligible Funds: 34

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 Demeter Capital Group LP 50.80% 1.79 -0.29 Jan-14 36% 5% 91.3M

2 Rosalind Capital Partners LP 31.86% 1.43 0.25 Apr-07 16% 9% 49.0M

3 JW Partners LP B 31.55% 0.78 0.31 Feb-99 -28% 33% 614.2M

4 Pura Vida Master Fund Ltd 27.29% 1.57 0.00 Oct-12 8% 13% 196.3M

5 Kilter MDB Balanced Water Fund 25.81% 3.56 0.22 Dec-15 31% 1% 39.8M

6 Fourthstone Master Opportunity Ltd 23.09% 1.77 0.57 Jan-14 7% 10% 119.0M

7 DAFNA LifeScience Select Ltd 22.38% 1.14 0.55 Jan-04 15% 16% 122.6M

8 Gator Financial Partners LLC 19.32% 0.79 0.74 Jul-08 2% 23% 44.6M

9 Sio Partners LP 16.87% 1.46 -0.07 Jun-06 7% 8% 420.0M

10 PSCO Partners LP 16.61% 1.17 0.79 Jan-96 12% 11% 42.4MNumber of Eligible Funds: 206

3rd Quarter 2019

For the period from 10/01/2016 to 09/30/2019. Includes only Hedge Funds managing at least $10 million as of 09/30/2019

1 Silver 8 Partners LP 82.16% 1.23 0.05 Jan-16 -9% 67% 72.0M

2 Polar Cap Gl Tech Fund I GBP 23.56% 1.36 0.65 Jun-16 9% 16% 3141.4M

3 Toronado Fund 23.44% 2.13 0.39 Jun-13 33% 7% 409.0M

4 Outerbridge Master Fund LP 23.32% 0.87 -0.09 Jan-15 20% 20% 61.0M

5 Hangar 4 Eagle I LP 18.94% 1.10 0.81 Jan-90 -2% 15% 25.6M

6 DNB Technology 18.49% 1.31 0.80 Aug-07 14% 11% 708.4M

7 GAM Star Technology USD 18.38% 1.05 0.81 Feb-11 5% 18% 34.3M

8 Pictet Robotics I EUR 17.33% 0.94 0.85 Oct-15 14% 14% 5136.3M

9 Vector Credit Opportunity Fund 14.93% 3.07 0.34 May-11 2% 3% 474.8M

10 Pictet Digital I JPY 14.54% 0.90 0.88 Nov-15 -4% 16% 3159.4MNumber of Eligible Funds: 52