Most Consistent Top Performing Hedge Funds

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Most Consistent Top Performing Hedge Funds

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Most Consistent Top Performing Hedge Funds

Methodology

These funds were determined as the most consistent by using a percentile rank methodology, whereby each of four metrics (annualized return, annualized volatility, Sharpe ratio and Sortino ratio) were representatively graded in a sample population of all hedge funds with performance data on Preqin's

Hedge Fund Analyst database over two sample periods. The `average score' of each fund was then derived through an average of the four percentile values and solely used to determine fund consistency. Where a Sortino ratio could not be calculated due to the fund not generating a negative return in the sample period, the fund was given a percentile score of 100 for its Sortino ratio metric.

Fig. 1: Most Consistent Performing Equity Strategies Funds, January 2013 - December 2015*

Fund

Taiga Fund - Class A - NOK Peregrine Performance Fund Peregrine High Growth Fund 36ONE Hedge Fund 36ONE Fund Fiera Capital Long/Short Equity GAP Long Short

PCJ Absolute Return Fund

Oceana Long Short FIM JM Catalyst Fund - Class A

Manager

Taiga Fund Management Peregrine Capital Peregrine Capital

36ONE Asset Management 36ONE Asset Management Fiera Capital Corporation

GAP Asset Management

PCJ Investment Counsel

Oceana Investimentos JM Fund Management

Core Strategy

Long/Short Equity Long/Short Equity Long/Short Equity Long/Short Equity Long/Short Equity Long/Short Equity Long/Short Equity Equity Market Neutral, Long/Short

Equity Long/Short Equity

Long Bias

Consistency Score 94.40 93.38 92.43 91.68 91.58 91.58 91.38

90.55

89.15 88.75

*Based on a universe of 507 funds fulfilling the selection criteria.

Source: Preqin Hedge Fund Online

Fig. 2: Most Consistent Performing Macro Strategies Funds, January 2013 - December 2015*

Fund

BNY Mellon ARX Hedge FIM BNY Mellon ARX Extra FIM BNY Mellon ARX Hedge Plus FIM Peninsula Hedge FIM - Canvas Classic CSHG FIC FIM Alternative Currency Management Program - No Leverage CSHG Verde CSHG Verde 14 Polo Macro FIM CSHG Verde 90 SPX Nimitz Feeder

Manager

ARX Investimentos ARX Investimentos ARX Investimentos

Canvas Capital

Alternative Asset Management Limited

Verde Asset Management Verde Asset Management Polo Capital Management Verde Asset Management

SPX Capital

Core Strategy

Macro Foreign Exchange

Macro

Macro

Foreign Exchange

Macro Macro Macro Macro Macro

Consistency Score 93.60 93.38 91.88

91.33

88.50

87.95 87.18 87.18 86.08 85.85

*Based on a universe of 134 funds fulfilling the selection criteria.

Source: Preqin Hedge Fund Online

Fig. 3: Most Consistent Performing Event Driven Strategies Funds, January 2013 - December 2015*

Fund

Manager

Context BH Partners - Founders' Class Gardner Lewis Merger Arbitrage Fund III Cygnus Europa Event Driven - Class A Ramius Merger Fund LLC - Class A Owl Creek Asia II, LP KG Investments Fund LLC Owl Creek Asia Fund, Ltd Corrib Offshore Fund Orsay Merger Arbitrage Fund - Class 2 EUR Sandon Capital Activist Fund

Context Capital Partners Gardner Lewis Asset Management

Cygnus Asset Management Ramius

Owl Creek Asset Management KG Funds Management

Owl Creek Asset Management Corrib Capital Management Oddo Asset Management Sandon Capital

*Based on a universe of 149 funds fulfilling the selection criteria.

Core Strategy

Event Driven Risk/Merger Arbitrage

Event Driven Risk/Merger Arbitrage

Event Driven Special Situations

Event Driven Event Driven Risk/Merger Arbitrage Event Driven

Consistency Score 91.48 87.85 86.08 86.08 85.05 84.53 83.48 82.18 80.93 78.58

Source: Preqin Hedge Fund Online

7

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View the full edition of Spotlight at:

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Fig. 4: Most Consistent Performing Credit Strategies Funds, January 2013 - December 2015*

Fund

Manager

Polo Credito Privado FIM FTM Ltd - Class A Capitania Multi Credito Privado FIC FIM RMBS Securitized Products Fund Capitania Index Credito Privado FIC FIRF Evolution Consumer Lending Fund LP Evolution Income Master Fund Ltd

Polo Capital Management FTM

Capitania RMBS Management

Capitania Evolution Capital Management Evolution Capital Management

STS Partners Fund

Deer Park Road

Northlight European Fundamental Credit Fund Serone Key Opportunities Fund - B EUR

Northlight Group Serone Capital Management

*Based on a universe of 194 funds fulfilling the selection criteria.

Core Strategy

Long/Short Credit Asset-Backed Lending Strategies Asset-Backed Lending Strategies

Mortgage-Backed Strategies Asset-Backed Lending Strategies Asset-Backed Lending Strategies Asset-Backed Lending Strategies Asset-Backed Lending Strategies,

Mortgage-Backed Strategies Long/Short Credit Specialist Credit

Consistency Score 95.70 93.30 93.05 91.75 91.15 89.28 87.40

86.40

84.48 80.78

Source: Preqin Hedge Fund Online

Fig. 5: Most Consistent Performing Relative Value Strategies Funds, January 2013 - December 2015*

Fund

Manager

Peregrine Capital Pure Hedge Fund Cigogne Fund - Convertible Arbitrage Polygon Convertible Opportunity Fund - Class A Volatility Arbitrage Fund Quest Global Convertible Master Fund Ltd. Semper MIDAS Fund LP Cigogne Fund - Credit Arbitrage Done Hedge Fund Akito Fund - JPY Class B Series 1 Forge First Multi Strategy - Series F

Peregrine Capital Cigogne Management Polygon Global Partners LLP Old Mutual Customised Solutions Quest Global Advisors Semper Capital Management Cigogne Management Done Fund Management

ACG Management Forge First Asset Management

*Based on a universe of 251 funds fulfilling the selection criteria.

Fig. 6: Most Consistent Performing CTAs, January 2013 - December 2015*

Core Strategy

Equity Market Neutral Convertible Arbitrage Convertible Arbitrage Statistical Arbitrage Convertible Arbitrage Fixed Income Arbitrage Convertible Arbitrage Equity Market Neutral Equity Market Neutral Equity Market Neutral

Consistency Score 92.93 89.28 88.40 86.73 85.68 85.30 84.63 84.63 84.30 80.48

Source: Preqin Hedge Fund Online

Fund

Manager

Esulep LLC Permo Fund

Delta Stream Level 0

Volatility Capture - Retirement Eligible QTS Partners Diamond Enhanced S&P Program Fenja FUND Multi Strategy Ltd. Millburn Commodity Fund L.P.

Global Macro Universal

Cauldron Investment Stock Index Plus Trevinci Liquid Ag Strategy (SMA)

Esulep Von Preussen-Hohenberg Management

AG McMillan Asset Management

QTS Capital Management Diamond Capital Management

Fenja Funds Millburn Ridgefield Corporation Von Preussen-Hohenberg Management

AG Cauldron Investment Co. Typhon Capital Management

*Based on a universe of 381 funds fulfilling the selection criteria.

Core Strategy Managed Futures/CTA

Consistency Score

91.98

Managed Futures/CTA

91.20

Managed Futures/CTA Managed Futures/CTA Managed Futures/CTA Managed Futures/CTA Managed Futures/CTA

91.20 90.85 89.95 89.60 88.05

Managed Futures/CTA

87.80

Managed Futures/CTA Managed Futures/CTA

85.83 85.75

Source: Preqin Hedge Fund Online

Fig. 7: Most Consistent Performing Multi-Strategy Funds, January 2013 - December 2015*

Fund

Manager

JGP Strategy TRZ Funds Global Arbitrage Fund - EUR Class BNY Mellon ARX Target FIM NEO Multi Estrategia Multimercado Kadima II FIC FIM Fairtree Woodland Multi Strategy Fund CSHG All Ibiuna Hedge Chenavari - Multi Strategy - MS2 EUR BNY Mellon ARX Especial FIM Nkwe Multi Strategy Fund

JGP Global Gest?o de Recursos TRZ Funds

ARX Investimentos Neo Investimentos Kadima Asset Management

Fairtree Capital Verde Asset Management Chenavari Investment Managers

ARX Investimentos G3 Fund Management

*Based on a universe of 145 funds fulfilling the selection criteria.

Core Strategy

Multi-Strategy Multi-Strategy Multi-Strategy Multi-Strategy Multi-Strategy Multi-Strategy Multi-Strategy Multi-Strategy Multi-Strategy Multi-Strategy

Consistency Score 91.65 89.93 88.48 88.45 83.58 83.28 80.95 79.83 76.95 76.65

Source: Preqin Hedge Fund Online

8

Hedge Fund Spotlight / February 2016

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View the full edition of Spotlight at:

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Most Consistent Top Performing Hedge Funds

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Fig. 8: Most Consistent Performing Equity Strategies Funds, January 2011 - December 2015*

Fund

Manager

Peregrine Performance Fund 36ONE Hedge Fund Peregrine High Growth Fund 36ONE Fund GAP Long Short BNY Mellon ARX Long Short FIC FIM Oceana Long Short FIM JM Catalyst Fund - Class A CSHG Equity Hedge Fund Bresser Hedge Fund

Peregrine Capital 36ONE Asset Management

Peregrine Capital 36ONE Asset Management

GAP Asset Management ARX Investimentos

Oceana Investimentos JM Fund Management Verde Asset Management Bresser Asset Management

*Based on a universe of 619 funds fulfilling the selection criteria.

Core Strategy

Long/Short Equity Long/Short Equity Long/Short Equity Long/Short Equity Long/Short Equity Long/Short Equity Long/Short Equity

Long Bias Long Bias Long/Short Equity

Consistency Score 95.63 95.28 95.13 94.88 94.55 93.78 93.08 92.35 91.18 90.95

Source: Preqin Hedge Fund Online

Fig. 9: Most Consistent Performing Macro Strategies Funds, January 2011 - December 2015*

Fund

BNY Mellon ARX Extra FIM BNY Mellon ARX Hedge FIM BNY Mellon ARX Hedge Plus FIM Polo Macro FIM CSHG Verde CSHG Verde 14 CSHG Verde 90 SPX Nimitz Feeder CSHG Agar Fund FRAM Capital Nansen

*Based on a universe of 139 funds fulfilling the selection criteria.

Manager

ARX Investimentos ARX Investimentos ARX Investimentos Polo Capital Management Verde Asset Management Verde Asset Management Verde Asset Management

SPX Capital Verde Asset Management

FRAM Capital

Core Strategy

Foreign Exchange Macro Macro Macro Macro Macro Macro Macro Macro Macro

Consistency Score 96.68 94.10 93.10 92.05 90.78 90.25 88.75 88.75 87.98 87.43

Source: Preqin Hedge Fund Online

Fig. 10: Most Consistent Performing Event Driven Strategies Funds, January 2011 - December 2015*

Fund

Manager

KG Investments Fund LLC Sandon Capital Activist Fund Cygnus Europa Event Driven - Class A Pengana Absolute Return Asia Pacific Fund Cube Global Opportunities - Class A USD Numina Capital Fund, LP Third Point Offshore Master Fund Canyon Value Realization Fund, L.P. Moab Partners LP SFP Value Realization Master Fund - USD A Class

KG Funds Management Sandon Capital

Cygnus Asset Management Pengana Capital Cube Capital

Numina Capital Management Third Point Management Canyon Partners Moab Capital Partners

Symphony Financial Partners

*Based on a universe of 113 funds fulfilling the selection criteria.

Core Strategy

Special Situations Event Driven Event Driven Event Driven Event Driven Event Driven Event Driven Distressed Event Driven Event Driven

Consistency Score 90.63 87.80 84.05 84.05 82.80 81.55 79.38 76.53 75.33 75.30

Source: Preqin Hedge Fund Online

Fig. 11: Most Consistent Performing Credit Strategies Funds, January 2011 - December 2015*

Fund

Manager

Polo Credito Privado FIM Capitania Multi Credito Privado FIC FIM Capitania Index Credito Privado FIC FIRF

Polo Capital Management Capitania Capitania

STS Partners Fund

Deer Park Road

FTM Ltd - Class A RMBS Securitized Products Fund 400 Capital Credit Opportunities Fund LP Structured Servicing Holdings Offshore III Credit Opportunities Fund L.P. - Seed Series Asgard Fixed Income Fund - Euro Class

FTM RMBS Management 400 Capital Management Structured Portfolio Management III Capital Management

Plinius Capital

*Based on a universe of 124 funds fulfilling the selection criteria.

Core Strategy

Long/Short Credit Asset-Backed Lending Strategies Asset-Backed Lending Strategies Asset-Backed Lending Strategies,

Mortgage-Backed Strategies Asset-Backed Lending Strategies

Mortgage-Backed Strategies Long/Short Credit

Mortgage-Backed Strategies Long/Short Credit Long/Short Credit

Consistency Score 94.63 92.40 91.60

88.95

88.23 83.63 75.65 75.23 74.90 74.15

Source: Preqin Hedge Fund Online

9

Hedge Fund Spotlight / February 2016

? 2016 Preqin Ltd. /

View the full edition of Spotlight at:

Lead Article

Most Consistent Top Performing Hedge Funds

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Fig. 12: Most Consistent Performing Relative Value Strategies Funds, January 2011 - December 2015*

Fund

Peregrine Capital Pure Hedge Fund Polygon Convertible Opportunity Fund - Class A Volatility Arbitrage Fund Quest Global Convertible Master Fund Ltd. Danske Invest Hedge Fixed Income Strategies Fund -S Old Mutual Aristeia Opportunities Fund

Bresser Plus Hedge Fund

Manager

Peregrine Capital Polygon Global Partners LLP Old Mutual Customised Solutions

Quest Global Advisors

Danske Invest

Old Mutual Customised Solutions

Bresser Asset Management

ABCA Reversion Fund - Class A EUR

ABC Arbitrage Asset Management

The Proton Fund III Fund L.P. - Series 1

*Based on a universe of 197 funds fulfilling the selection criteria.

Fairtree Capital III Capital Management

Core Strategy

Equity Market Neutral Convertible Arbitrage Statistical Arbitrage Convertible Arbitrage

Consistency Score 95.63 85.90 84.70 82.98

Fixed Income Arbitrage

82.50

Relative Value Arbitrage Long/Short Equity, Relative Value

Arbitrage Equity Market Neutral, Statistical

Arbitrage Fixed Income Arbitrage Fixed Income Arbitrage

80.78 80.33

78.83 78.63 76.90

Source: Preqin Hedge Fund Online

This article is an excerpt from the 2016 Preqin Global Hedge Fund Report, the most comprehensive review of hedge funds ever undertaken.

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