Management Report
2009 Samples
Clara Liz Thompson
Outlook for 2009
10.0
-10.6
-30.6-40.0
12.2
24.529.2
40.0
-50.0
-40.0-30.0
-20.0
-10.00.0
10.0
20.0
30.040.0
50.0
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
2008 2009
Asset Management Group
Jen BenAssociate
Joe SmallAssociate
Judith LangeArt Director
Sean WingmenAssociate
William LordCommunication
Wendy SimmsAssociate
Danny BoyAssociate
Janice WingDogma Agent
Tom JamesArt Director
Stimulus vs None
0
10
20
30
40
50
60
70
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
Stimulus None
Top Profits
12.0
22.0
30.0
21.0
10.05.0
Future Growth
2009
2008
2006 to 2008 YTD Results
20.515.0
-35.7-40.0
25.020.0
1.5 2.0
11.0
-50.0-44.9
25.0
-20.4
8.510.4
-15.0
-60
-50
-40
-30
-20
-10
0
10
20
30
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
Large Cap Core Fixed IncomeReal Estate International Equity
Rating UR Programs Within Business Schools (sampled from AACSB international institution)
13
1 1 1 10
0
2
4
6
8
10
12
14
Number of Schools
0 1 2 3 4 5
UR Program Rating (0 - 5)
North America Attendees for 2009
Event March/09 May/09 July/09 Oct/09Pacific 200 150 300 600
Atlantic 100 200 400 200
Mid WestShore
150 200 599 200
TOTAL 450 550 1299 1000
Industrial/Utilities Sectors
20
27
90
20
31
39
35
32
46
47
45
44
44
55
33
44
0 10 20 30 40 50 60 70 80 90 100
Alternatives
Oil
Gas
Energy
Venuzala Pacific/AsiaJapan India
Distribution Outside of the US %
Pattern and Tones
Yearly Performance
2005 2006 2007 2008*From Illustrator
2008 Data
*From Illustrator
Performance
*From Illustrator
18%
0%
20%
40%
60%
80%
100%
More than $5 billion $1 - $5 billion Less than $1 billion
Mid-sized public plansLarge-sized public plansAll public plans
More than $5 billion More than
$5 billion
$1 - $5 billion
$1 - $5 billion
Less than $1 billion
Less than $1 billion
Less than $1 billion
$1 - $5 billion
Continual Evolution — Potential Areas of Enhancement
• Real Estate
• Diversification
• Emerging Markets
• Dynamic migrations in asset classes
• Monitoring Account Balances
• Maintain
• Inflation Protection
• Innovative Solutions
Enhancement A Enhancement B Enhancement C
Questions?
Fact Sheets andNewsletters
*Net performance is for a typical Day One investor. Individual returns may differ
CONFIDENTIAL
1
R ed b r i c k M o n t h l y Up d a t e :
Decembe r 0 8Monthly performance and commentary
Risk Report Marketing/Business Update
Investment Philosophy Primer
Contact Information DECEMBER SUMMARY
A good end to a tough year: performance was fairly evenly dis-
tributed between E-D, ERV and VOL with no major upsets during
the month. Event-Driven (E-D)Evenly balanced contributions from domestic and international
merger-arb made E-D the best performing quadrant on the
month. An ideal month for this quadrant as we saw the accretive
returns that we expect from E-D trades without suffering any
negative consequences from the scenario risk we were taking.
Equity Relative Value (ERV)
A strong performance from this quadrant as investors sought out
(relative) value names, presumably in an attempt to pre-empt the
January Effect. Volatility Arbitrage (VOL)
Our volatility strategy posted another strong month in December.
This was largely due to good realized volatility in J apan, along
with an increase in implieds. As the Japanese stock market has
been in a raging bull market in the 2nd half of the year, (the Nik-
kei 225 was up over 8% in December, up 39% since the end of
June) J apanese outright investors have been buying convertible
bonds as another way to get long the market. Their increased
demand has been pushing up the levels of implieds.
We are seeing quite a different market in the convertible/volatility
markets at the end of 2005 than we did at the beginning. At the
start of the year, Japanese implieds were averaging high-teens
to low-20s, whereas the US and Europe were averaging high-
20s to low-30s. The first half of the year cheapened the US and
Europe dramatically, and the second half of the year has rich-
ened J apan substantially. At this point, we believe that the US
and Europe offer better values than they did at the beginning of
the year, and Japan, while still offering some attractive names, is
not as good a value as it was at the beginning of the
year. Accordingly, we have been reducing our exposure to
J apan while raising exposure to the US and Europe.
Capital Structure Arbitrage (CSA)
It was another quiet month in credit markets, a situation that we
are getting quite accustomed to. We continue to hold our sen-
ior-subordinated trades, and expect to hold them until the credit
cycle turns, whenever that may be. Our trades based off of our
structural model have been performing well, though in small
size and margin.
MONTH PERFORMANCE
Our current estimate of performance for December is +2.94% net.*
XXXXXXXXXXX Managing Director
&&&& XXXXXXXXXXXX
Boston, MA 02116 (617) 833-3333 Email: XXXXX@
XXXX.com
CONTACT INFORMATION
IN THIS ISSUE
1 month 3 month 12 month
Redbrick Master Fund XXX XXX
XXX
ASSETS UNDER MANAGENENT
Redbrick Master Fund
$ MM
HISTORICAL PERFORMANCE ANALYSIS (%) 2006 2007 2008 2009
Total Q4
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