Chart of the month: Ore Hill International


While market conditions muted the performance of arbitrage funds in 2003, Ben Nickoll and Fritz Wahl's Ore Hill International Fund notched up a 48.38% net return to investors. The fund has only had two down months since its inception in April 2002, benefiting from an event-driven, multi-strategy opportunistic approach that capitalizes on high emotion and high volatility.

Ore Hill Partners LLC, which manages approximately $200 million across its onshore and offshore vehicles, looks well positioned to repeat its previous success and has a year-to-date performance of 6.87% over the first three months of 2004.