Hudson Bay Capital Management has proven that it really is a Fund to Watch - an honor bestowed by Absolute Return in 2007 in recognition of the fund's potential. (For this year's Funds to Watch, see page 28.) In May the multistrategy Hudson Bay Fund netted 5.56%, bringing its year-to-date return to 14.29%. The fund's 11% gain in 2008's tumultuous markets gives it an average net annual return of 21.64% since inception in January 2006.
In comparison, the Standard & Poor's 500 gained 5.31% in May but has risen just 1.76% for the year. The Absolute Return Multistrategy Index