The emerging markets strategy finished August slightly down by most measures, as many markets rallied early in the month, fell sharply and then began to bounce back on the news of Hurricane Katrina. Everest Capital Frontier turned in a solid performance, up 2.3% on gains in West Africa, Russia, Brazil, China and Argentina. Marathon Master Fund gained 0.91%, and Green Cay Emerging Markets Fund rose 1.68%.
Moore Emerging Markets Fund was up 0.05% for an annual total of 6.45%. Gramercy Emerging Markets Fund lost ground, down 0.56% for the month.