It has been a difficult period over the past year for hedge
funds globally, particularly those involved in equity,
event-driven and convertible strategies, and specifically in
Asia and emerging markets.
The overall performance of the industry, as measured by the
HedgeFund Intelligence Global Composite index, was not great to
the end of August 2008. Nevertheless, average NAVs remained
slightly above the level of a year earlier.
This further widened the degree...