Funds of Hedge Funds Performance

Permal rides emerging markets rally

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The Permal Silk Road Fund was up 9% in May taking advantage of the rally in the emerging markets.

The $60 million fund, which was launched 30 November 2007, has roughly half its assets (48%) invested in emerging market event-driven managers. The rest is distributed among equity long/short managers (10%), which returned 9.3%; equity long managers (14%); fixed-income (5%); and global macro (15%), which has given the fund 17.6% returns for the year to date. The rest of the portfolio, some 7%, is currently held in cash.

On a regional basis, the largest exposure is to Asia, with