Performance

Absolute Return 2008 Indices

by

Here are the latest estimates for the Absolute Return indices for the month of December and for the full year, based on the first 1,260 funds reporting. The indices are typically calculated as medians. For the first time, we are supplementing this data here with arithmetic mean averages, which reveal more clearly a significant negative skew in the distribution of returns for 2008.

Est. Median

Est. Mean

Strategy

Dec-08

YTD

Dec-08

YTD

Arbitrage

1.07%

3.30%

2.09%

1.56%

Commodities

1.78%

13.54%

2.78%

3.78%

Convertible & Equity Arbitrage

0.37%

-26.03%

-2.51%

-30.89%

Credit

-0.75%

-3.77%

-2.40%

-14.27%

CTAs

1.19%

15.56%

0.36%

14.49%

Distressed

-3.15%

-22.65%

-0.26%

-26.31%

Event Driven

-0.28%

-17.42%

-1.07%

-23.45%

Fixed Income

0.43%

-5.26%

-0.18%

-15.19%

Global Equity

0.30%

-14.43%

0.01%

-21.16%

Latin American Debt

1.99%

1.16%

2.01%

-4.18%

Latin American Equity

1.65%

-6.07%

1.21%

-15.07%

Macro

1.00%

-1.80%

1.33%

1.76%

Mortgage Backed

-0.69%

0.42%

-0.16%

6.55%

Multistrategy

-1.10%

-14.54%

-0.39%

-13.70%

Technology

0.56%

-15.08%

-0.79%

-17.00%

U.S. Equity

0.05%

-15.13%

0.53%

-19.99%

Composite

0.46%

-6.89%

0.18%

-12.00%