50 BARRON'S May 11,2009 May 11, 2009 BARRON'S 11 The …

The Hedge Fund 100

Despite a horrible year in most global markets, these 100 funds all have three-year annualized returns that run to solid double digits; a majority were up in 2008. Remarkably, one firm, Paulson, has two funds in the top four, No. 1 Paulson Advantage Plus (event-driven) and No. 4 Paulson Enhanced (merger arbitrage). In second place is Balestra Capital Partners, a global macro fund, third is Vision Opportunity Capital, a merger arbitrage fund, and fifth was Quality Capital Management-Global Diversified. Strong performance in weak markets is hedge funds' most basic appeal and these funds did nothing to dispel that idea last year.

Rank Fund

Fund Assets (mil)

1. Paulson Advantage Plus 2. Balestra Capital Partners 3. Vision Opportunity Capital 4. Paulson Enhanced 5. Quality Capital Mgmt - Global Diversified 6. Altis Global Futures Portfolio - Composite 7. Belvedere Futures Strategy 8. Pivot Global Value 9. RG Niederhoffer Diversified (Offshore) Class B 10. Horseman Global 11. SCP Sakonnet 12. Global Trading Strategies 13. Element Capital Master 14. Friedberg Global Macro Hedge 15. Platinum Partners Value Arbitrage 16. Touradji Global Resources 17. SAC Capital Int'l 18. SMN Diversified Futures 19. Harbinger Capital Partners Offshore 20. Willowbridge Associates Argo 21. Oculus 22. RG Niederhoffer Negative Correlation 23. Amplitude Dynamic Trading 24. Passport II - Global 25. Hyman Beck Global Portfolio 26. Titan Return Class AR 27. Transtrend DTP - Enhanced Risk (USD) 28. Odey European (USD) 29. MaxQ Fund (USD) 30. Man AHL Diversified 31. NuWave Combined Futures Portfolio (2X) 32. Graham Capital K4 33. Moore Global 34. Winton Diversified Futures 35. Peninsula Tactical Macro Strategy 36. Banyan Capital 37. Brevan Howard MasterFund Class A (USD) 38. Abraham Trading 39. Millburn Multi-Markets Program 40. Eagle Global 41. Tewksbury 42. MKP Opportunity 43. Welton Global Directional Portfolio 44. Eclipse Capital Mgmt - Global Monetary Program 45. Atlas Global (Unrestricted) 46. Quantum Endowment 47. GMO Tactical Opportunities 48. AJW Offshore II 49. Sprott Offshore (USD)

$2,171 800 357

2,535 747

1,340 365 754 752

3,863 518

1,240 694 542 410

2,600 N/A 348

4,030 905 N/A 832 554

1,200 432 350

4,753 912 580

3,890 369

1,214 N/A

4,400 480 508

14,900* 309 428 394

3,000 591 500 496

2,200 N/A

2,161 340 409

Fund Strategy

3-Year Annualized Returns

Event Driven Global Macro Relative Value Merger Arbitrage Global Diversified Managed Futures Managed Futures Global Macro Global Macro Equity Long/Short Equity Long/Short Global Macro Global Fixed Income Global Macro Multi-Strategy Global Macro/Commodities Equity Long/Short Managed Futures Event/Distressed Managed Futures Multi-Strategy Global Macro Managed Futures Equity Long/Short Managed Futures Volatility Arbitrage Managed Futures Equity Long/Short Global Macro Managed Futures Managed Futures Global Macro Global Macro Managed Futures Global Macro Global Macro Global Macro Managed Futures Managed Futures Global Macro Managed Futures Fixed Income Arbitrage Managed Futures Managed Futures Multi-Strategy Multi-Strategy Equity Long/Short Long Only Equity Equity Long/Short

62.67% 61.24 61.13 46.81 36.22 32.89 32.00 30.83 30.67 29.95 28.70 28.48 26.70 25.88 25.62 24.80 24.23 24.06 23.85 23.73 22.08 21.43 21.31 21.28 21.20 21.14 21.05 20.65 19.49 19.20 19.11 19.04 18.98 18.92 18.87 18.78 18.75 18.69 18.54 18.15 18.09 17.55 17.12 17.12 16.94 16.70 16.54 16.24 15.98

2008 Returns

37.80% 45.78

6.96 12.45 59.51 51.93 14.41 51.90 50.28 31.26 -19.00 44.72 34.89 41.51 4.37 8.10 -18.53 58.53 -27.81 43.00 6.80 54.74 14.32 -50.95 49.78 21.83 29.38 58.90 6.67 33.20 51.88 35.67 -4.70 20.99 26.43 14.39 20.40 28.78 30.96 16.72 10.91 9.81 23.67 19.78 0.46 8.00 36.52 10.24 -12.90

Company Name / Location

Paulson / New York Balestra Capital / New York Vision Capital / New York Paulson / New York Quality Capital Mgmt / Weybridge, U.K. Altis Partners / Jersey, Channel Islands Belvedere Adv / San Francisco Pivot Capital / Bermuda RG Niederhoffer Capital / New York Horseman Capital / London Shumway Capital / Greenwich, Conn. Goldman Sachs JBWere (Pty) / Sydney, Australia Element Capital / New York Friedberg Mercantile / Toronto Platinum / New York Touradji Capital / New York SAC Capital Adv / Stamford, Conn. SMN Inv Svcs / Bermuda Harbinger Capital Partners / New York Willowbridge / Plainsboro, N.J. D.E. Shaw / New York RG Niederhoffer Capital / New York Amplitude Capital / Zug, Switzerland Passport Capital / San Francisco Hyman Beck / Florham Park, N.J. Titan Capital / New York Transtrend B.V. / Rotterdam, Netherlands Odey Asset / London North Asset / London Man Investments / London NuWave Inv / Morristown, N.J. Graham Capital / Rowayton, Conn. Moore Capital / Westport, Conn. Winton Capital / London Peninsula LP / Sausalito, Calif. Banyan Equity / Boca Raton, Fla. Brevan Howard Asset / London Abraham Trading / Canadian, Texas Millburn Ridgefield / Greenwich, Conn. Eagle Trading Systems / Princeton, N.J. Tewksbury Capital / Bermuda MKP Capital / New York Welton Inv / Carmel, Calif. Eclipse Capital / St. Louis Balyasny Asset / Chicago Soros Fund / New York Grantham Mayo Van Otterloo / Boston NIR Group / Roslyn, N.Y. Sprott Asset / Toronto

Total Firm Assets (mil)

$30,000 990 733

30,000 777

1,340 365 754

1,758 6,300 5,557 1,240

N/A 1,361

617 3,000 12,000 1,000 7,000 1,263 28,600 1,758

554 2,000

451 740 8,100 4,121 1,000 53,000 436 4,900 16,000 13,300 480 529 27,400 309 2,400 1,655 4,300 2,920 500 496 2,400 21,000 85,902 777 3,610

Rank Fund

Fund Assets (mil)

50. Eckhardt Trading (Standard)

$347

51. Millburn Diversified

1,321

52. QFS Global Macro

418

53. Tell

609

54. Aspect Diversified (USD)

4,239

55. Capula Global Relative Value

3,691

56. GMO Mean Reversion

2,308

57. Quantitative Global

1,200

58. Elliott Mgmt

12,800

59. Aviva G7 Fixed Income (Tranche 1 - GBP)

697

60. Brookdale Int'l

597

61. DigiLog Capital Full Portfolio

338

62. Sunrise Capital Expanded Diversified

894

63. Stratus Fund 2X

1,624

64. Owl Creek II LP

770

65. Crabel Capital Multi-Product

817

66. EMF Fixed Income

350

67. Trafalgar Catalyst Series B (USD)

552

68. King Street Capital

11,300

69. Libra

966

70. Argonaut Global Macro

408

71. AM Master III

640

72. Cazenove Euro Equity Absolute Return Class A (Euro)

411

73. Sola

4,000

74. YA Off-Shore Global

749

75. Prologue (Master Fund)

600

76. Halcyon Off-Shore Asset-Backed Value

560

77. Boronia Diversified

2,341

78. Discovery Global Opportunity

1,340

79. Stillwater Asset Backed Offshore

329

80. New Castle Market Neutral Master

345

81. Restoration Offshore

432

82. Brownstone Partners Catalyst Master

325

83. Criterion Capital Partners

436

84. HT Asian Catalyst

371

85. Galleon Buccaneers

480

86. Pershing Square Int'l

2,963

87. Rotella Polaris (Diversified)

457

88. MKP Credit

1,062

89. Cura Fixed Income Arbitrage Master

388

90. Chesapeake Capital (Diversified Program)

1,124

91. Torrey Pines

476

92. Sandler Associates

308

93. Castle Creek Arbitrage

472

94. Caxton Global

N/A

95. Galleon Int'l

630

96. York Credit Opportunities

2,500

97. Galtere Int'l Master

1,090

98. Wharton Asian Arbitrage

507

99. Ascend Partners II

877

100. Tiedemann Falconer Partners

432

BARCLAYHEDGE FUND INDEX

STANDARD & POOR'S 500

*Fund assets as of Feb. 2009.

Fund Strategy

3-Year Annualized Returns

Managed Futures

15.88%

Managed Futures

15.49

Global Macro

15.48

Global Macro

15.27

Managed Futures

15.25

Global Fixed Income

14.90

Global Macro

14.87

Managed Futures

14.79

Multi-Strategy

14.44

Fixed Income Arbitrage

14.02

Equity Market Neutral

13.90

Managed Futures

13.88

Managed Futures

13.80

Multi-Strategy

13.75

Event Driven Value

13.68

Multi-Strategy

13.51

Fixed Income Arbitrage

13.43

Event Driven

13.23

Distressed Securities

12.00

Equity Long/Short

11.92

Global Macro

11.58

Volatility Strategy

11.32

Equity Long/Short

11.28

Credit Long/Short

11.17

Equity Long/Short

11.14

Global Fixed Income

10.95

Distressed Asset-Backed Securities 10.78

Managed Futures

10.63

Global Multi Asset

10.48

Asset-Based Lending

10.38

Equity Market Neutral

10.25

Distressed Securities

10.10

Distresseed Credit

10.08

Equity Long/Short

9.91

Asian Emerging Markets

9.85

US Equity Long/Short

9.84

Equity Long/Short

9.72

Managed Futures

9.69

Structured Credit

9.62

Fixed-Income Arbitrage

9.40

Managed Futures

9.37

Equity Long/Short

9.31

Equity Long/Short

9.30

Convertible Arbitrage

9.29

Global Macro

9.05

Multi-Strategy

8.58

Distressed Securities

8.54

Global Macro

8.36

Arbitrage

8.33

Equity Long/Short

8.30

Equity Long/Short

8.25

-0.98%

-8.34%

2008 Returns

13.15% 22.78 21.16 11.38 25.44

9.46 18.42 11.94 -3.10 13.21

1.18 15.20 29.90 14.51 -7.93 -0.77 21.97

4.83 3.71 -8.56 12.67 9.74 11.58 -19.03 3.26 18.86 -5.30 4.25 -33.30 9.61 3.01 9.11 6.97 -18.60 5.13 -9.40 -11.90 16.02 0.22 6.57 15.39 -7.70 -2.42 -1.88 12.90 -20.10 -14.67 -1.82 -8.09 -3.04 6.11 -21.63% -37.00%

Company Name / Location

Eckhardt Trading / Chicago Millburn Ridgefield / Greenwich, Conn. QFS Asset / Greenwich, Conn. Tell Invs / Malta Aspect Capital / Rockville, Md. Capula Inv / London Grantham Mayo Van Otterloo / Boston Quantitative Inv / Charlottesville,Va. Elliott / New York Aviva Investors / London Weiss Asset / Boston Digilog Capital / Chicago Sunrise Capital Partners / Solana Beach, Calif. Capital Fund / Paris Owl Creek Asset / New York Crabel Capital / Milwaukee EMF Financial Products / New York Trafalgar Asset Managers / London King Street Capital / New York Libra Adv / New York Argonaut Capital / New York AM Inv Partners / New York Cazenove Capital / London Solus Alternative Asset / New York Yorkville Adv / Jersey City, N.J. Prologue Capital / London Halcyon Asset / New York Boronia Capital / Sydney, Australia Discovery Capital / South Norwalk, Conn. Stillwater Capital / New York New Castle / New York Restoration Capital / New York Brownstone Asset / New York Criterion Capital / San Francisco HT Capital / Hong Kong Galleon / New York Pershing Square Capital / New York Rotella Capital / Seattle MKP Capital / New York Cura Capital / New York Chesapeake Capital / Richmond, Va. Torrey Pines Capital / San Diego Sandler Capital / New York Castle Creek Arbitrage / Chicago Caxton Associates / New York Galleon / New York York Capital / New York Galtere / New York Wharton Inv Adv / Hong Kong Ascend Capital / San Francisco TIG Adv / New York

Total Firm Assets (mil)

$640 2,400 3,084

N/A 4,239 4,000 85,902 3,260 12,800 72,658

994 477 1,043 2,500 4,466 1,075 350 1,900 15,500 1,078 470 807 15,782 4,400 975 600 8,300 2,134 1,916 900 1,020 615 345 737 468 4,000 5,123 647 2,920 495 1,328 513 1,000 484 8,000 4,000 8,700 1,500 645 1,900 2,000

Sources: CASAM CISDM; BarclayHedge; Bloomberg

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