US funds


Following a brisk start to the year, March 2003 returns have begun to stabilize at a lower level. Both the Distressed and Convertible Equity Arbitrage indices continued to maintain good returns up 0.79% and 0.80% respectively taking their first-quarter return for 2003 to an impressive 4.95% and 3.83%. CTAs gave back 2.96% though they still remain up 2.70% for the year-to-date after a strong first two months. Macro faired slightly better though March - up 2.96%. On the equities side, both US Equity and Technology made positive returns this month of 0.16% and 0.87% though US Equity remains