BARRON'S
May 11, 2009
May 11, 2009
BARRON'S
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.
BLACK
Fund
Assets (mil)
Fund Strategy
1.
Paulson Advantage Plus
2.
3.
4.
Paulson Enhanced
5.
Quality Capital Mgmt - Global Diversified
6.
Altis Global Futures Portfolio - Composite
1,340
7.
Belvedere Futures Strategy
365
8.
Pivot Global Value
754
Global Macro
9.
RG Niederhoffer Diversified (Offshore) Class B
752
Global Macro
3-Year
Annualized Returns
2008
Returns
Company Name / Location
Total Firm
Assets (mil)
$2,171
Event Driven
62.67%
37.80%
Paulson / New York
Balestra Capital Partners
800
Global Macro
61.24
45.78
Balestra Capital / New York
990
Vision Opportunity Capital
357
Relative Value
61.13
6.96
Vision Capital / New York
733
2,535
Merger Arbitrage
46.81
12.45
Paulson / New York
747
Global Diversified
36.22
59.51
Quality Capital Mgmt / Weybridge, U.K.
777
Managed Futures
32.89
51.93
Altis Partners / Jersey, Channel Islands
1,340
Managed Futures
32.00
14.41
Belvedere Adv / San Francisco
30.83
51.90
Pivot Capital / Bermuda
30.67
50.28
RG Niederhoffer Capital / New York
1,758
10.
Horseman Global
11.
SCP Sakonnet
12.
Global Trading Strategies
13.
Element Capital Master
694
14.
Friedberg Global Macro Hedge
542
15.
Platinum Partners Value Arbitrage
410
16.
Touradji Global Resources
17.
SAC Capital Int’l
18.
SMN Diversified Futures
19.
Harbinger Capital Partners Offshore
20.
$30,000
30,000
365
754
3,863
Equity Long/Short
29.95
31.26
Horseman Capital / London
6,300
518
Equity Long/Short
28.70
-19.00
Shumway Capital / Greenwich, Conn.
5,557
Global Macro
28.48
44.72
Goldman Sachs JBWere (Pty) / Sydney, Australia
1,240
Global Fixed Income
26.70
34.89
Element Capital / New York
Global Macro
25.88
41.51
Friedberg Mercantile / Toronto
Multi-Strategy
25.62
4.37
Platinum / New York
Touradji Capital / New York
1,240
2,600
Global Macro/Commodities
24.80
8.10
N/A
Equity Long/Short
24.23
-18.53
SAC Capital Adv / Stamford, Conn.
N/A
1,361
617
3,000
12,000
348
Managed Futures
24.06
58.53
SMN Inv Svcs / Bermuda
4,030
Event/Distressed
23.85
-27.81
Harbinger Capital Partners / New York
7,000
Willowbridge Associates Argo
905
Managed Futures
23.73
43.00
Willowbridge / Plainsboro, N.J.
1,263
21.
Oculus
N/A
Multi-Strategy
22.08
6.80
22.
RG Niederhoffer Negative Correlation
832
Global Macro
21.43
54.74
RG Niederhoffer Capital / New York
23.
Amplitude Dynamic Trading
554
Managed Futures
21.31
14.32
Amplitude Capital / Zug, Switzerland
24.
Passport II - Global
1,200
Equity Long/Short
21.28
-50.95
Passport Capital / San Francisco
2,000
25.
Hyman Beck Global Portfolio
432
Managed Futures
21.20
49.78
Hyman Beck / Florham Park, N.J.
451
26.
Titan Return Class AR
27.
Transtrend DTP - Enhanced Risk (USD)
28.
29.
30.
Man AHL Diversified
31.
NuWave Combined Futures Portfolio (2X)
32.
Graham Capital K4
33.
Moore Global
D.E. Shaw / New York
1,000
28,600
1,758
554
350
Volatility Arbitrage
21.14
21.83
Titan Capital / New York
4,753
Managed Futures
21.05
29.38
Transtrend B.V. / Rotterdam, Netherlands
Odey European (USD)
912
Equity Long/Short
20.65
58.90
Odey Asset / London
4,121
MaxQ Fund (USD)
580
Global Macro
19.49
6.67
North Asset / London
1,000
3,890
Managed Futures
19.20
33.20
Man Investments / London
369
Managed Futures
19.11
51.88
NuWave Inv / Morristown, N.J.
1,214
Global Macro
19.04
35.67
Graham Capital / Rowayton, Conn.
N/A
Global Macro
18.98
-4.70
Moore Capital / Westport, Conn.
4,400
740
8,100
53,000
436
4,900
16,000
34.
Winton Diversified Futures
Managed Futures
18.92
20.99
Winton Capital / London
35.
Peninsula Tactical Macro Strategy
480
Global Macro
18.87
26.43
Peninsula LP / Sausalito, Calif.
36.
Banyan Capital
508
Global Macro
18.78
14.39
Banyan Equity / Boca Raton, Fla.
37.
Brevan Howard MasterFund Class A (USD)
14,900*
Global Macro
18.75
20.40
Brevan Howard Asset / London
38.
Abraham Trading
Managed Futures
18.69
28.78
Abraham Trading / Canadian, Texas
39.
Millburn Multi-Markets Program
428
Managed Futures
18.54
30.96
Millburn Ridgefield / Greenwich, Conn.
2,400
40.
Eagle Global
394
Global Macro
18.15
16.72
Eagle Trading Systems / Princeton, N.J.
1,655
41.
Tewksbury
Managed Futures
18.09
10.91
Tewksbury Capital / Bermuda
4,300
42.
MKP Opportunity
591
Fixed Income Arbitrage
17.55
9.81
MKP Capital / New York
2,920
43.
Welton Global Directional Portfolio
500
Managed Futures
17.12
23.67
Welton Inv / Carmel, Calif.
500
44.
Eclipse Capital Mgmt - Global Monetary Program
496
Managed Futures
17.12
19.78
Eclipse Capital / St. Louis
496
45.
Atlas Global (Unrestricted)
2,200
Multi-Strategy
16.94
0.46
Balyasny Asset / Chicago
2,400
N/A
Multi-Strategy
16.70
8.00
Soros Fund / New York
21,000
Equity Long/Short
16.54
36.52
Grantham Mayo Van Otterloo / Boston
85,902
309
3,000
46.
Quantum Endowment
47.
GMO Tactical Opportunities
48.
AJW Offshore II
340
Long Only Equity
16.24
10.24
NIR Group / Roslyn, N.Y.
49.
Sprott Offshore (USD)
409
Equity Long/Short
15.98
-12.90
Sprott Asset / Toronto
2,161
13,300
480
529
27,400
309
777
3,610
A Abbott Labs . . . . . . . . . . . . . . . . . . . . . . . . . 53
Abercrombie & Fitch . . . . . . . . . . . . . . . . 17
Amazon.com . . . . . . . . . . . . . . . . . . . . . . . . . . M5
Ambac Financial . . . . . . . . . . . . . . . . . . . . . . 17
American Axle
. . . . . . . . . . . . . . . . . . . . . . 40
American Electric Power . . . . . . . . . . . 43
American Express . . . . . . . . . . . . . . . . . . . . 13
American International Group . . . . . . . 32
American Water Works . . . . . . . . . . . . . . 53
Apple . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Areva . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
ArvinMeritor . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Aviva . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M6
B BAE Systems . . . . . . . . . . . . . . . . . . . . . . . . M6
Bank of America . . . . . . . 13,16,5,M10,M14
Berkshire Hathaway . . . . . . . . . . . . . . 13,16
BHP Billiton . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Blackstone Group . . . . . . . . . . . . . . . . . 40,M5
Blue Nile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M4
BMW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Boeing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Boston Scientific . . . . . . . . . . . . . . . . . . . . . . 20
BreitBurn Energy Partners . . . . . . . M11
Bristol-Myers Squibb . . . . . . . . . . . . . . . . 53
BT Group
. . . . . . . . . . . . . . . . . . . . . . . . . . M6
C Cameco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Cameron International . . . . . . . . . . . . . . . 32
Campbell Soup . . . . . . . . . . . . . . . . . . . . . . . 23
Capital One . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Caterpillar . . . . . . . . . . . . . . . . . . . . . . . . . . M5
Cavalier Homes . . . . . . . . . . . . . . . . . . . . . M11
Children’s Place Retail Stores . . . . M11
Cintra Concesiones . . . . . . . . . . . . . . . . . . . 21
Cisco Systems . . . . . . . . . . . . . . . . . . . . . . . 41
Citigroup . . . . . . . . . . . . . . . . . . . . . 13,16,21,32
CMS Energy . . . . . . . . . . . . . . . . . . . . . . . . . 53
Coca-Cola . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Colgate-Palmolive . . . . . . . . . . . . . . . . . . . . 53
Compuware . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Constellation Energy . . . . . . . . . . . . . . . . . 43
Continental . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Continental Airlines . . . . . . . . . . . . . . . . M10
Cooper Tire . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Cummins Engine . . . . . . . . . . . . . . . . . . . . 40
CVS Caremark . . . . . . . . . . . . . . . . . . . . . . . 17
D D.R. Horton . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Daimler-Benz . . . . . . . . . . . . . . . . . . . . . . . . 40
Dana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Deere . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M5
Dell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Delphi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Delta Petroleum . . . . . . . . . . . . . . . . . . . . . 20
Dow Chemical . . . . . . . . . . . . . . . . 16,53,M4
Duke Energy . . . . . . . . . . . . . . . . . . . . . . . . 43
DuPont Fabros Tech . . . . . . . . . . . . . . M15
E Eastman Kodak . . . . . . . . . . . . . . . . . . . 20,32
EMC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,M11
Entergy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Exelon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
ExxonMobil . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
F Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . 16,32
Fifth Third . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Fiserv . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Fluor . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,32,43
Foot Locker . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Ford . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Foster Wheeler . . . . . . . . . . . . . . . . . . . . . . . 32
FPL Group . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Freddie Mac . . . . . . . . . . . . . . . . . . . . . . . . . . 32
G Gamco Investors . . . . . . . . . . . . . . . . . . . . M11
General Electric . . . . . . . . . . . . . . . . . . . . . . 53
General Motors . . . . . . . . . . . . . . 16,32,40,53
Genuine Parts . . . . . . . . . . . . . . . . . . . . . W53
Genworth Financial . . . . . . . . . . . . . . . 19,39
GMAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
GMO U.S. Quality Equity III . . . . . . . 15
Goldman Sachs . . . . . . . . . . . . . . . . . . . . . . . 16
Goodyear . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Google . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
H Hain Celestial Group . . . . . . . . . . . . . . . M15
Hanger Orthopedic . . . . . . . . . . . . . . . . . . . 56
Hansen Natural . . . . . . . . . . . . . . . . . . . . . . . 23
Harley Davidson . . . . . . . . . . . . . . . . . . . . . . 58
Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Hess . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Hewlett-Packard . . . . . . . . . . . . . . . . . 42,M11
Hologic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M10
Honda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
I IBM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Infosys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M9
Intel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Interpublic Group . . . . . . . . . . . . . . . . . . . 20
iShares MCI Malaysia . . . . . . . . . . . . . M10
iShares S&P Global Nuclear Enrgy 43
Ivy Mid-Cap Growth . . . . . . . . . . . . . . . . 19
J J.C. Penney . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Jacobs Engineering . . . . . . . . . . . . . . . 32,43
Johnson Controls . . . . . . . . . . . . . . . . . . . . 40
JPMorgan Chase . . . . . . . . . . . . . . . . . . . . 13
K Kraft Foods . . . . . . . . . . . . . . . . . . . . . . 23,M10
L Lear . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Legg Mason . . . . . . . . . . . . . . . . . . . . . . . M10
M Macquarie Infrastructure Group . . . . 21
Macy’s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Magna International . . . . . . . . . . . . . . . . . . 40
Mainstay High Yld Corporate Bond . 54
Man Investments . . . . . . . . . . . . . . . . . . . . 49
Marathon Oil . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Market Vectors Nuclear Energy . . . . 43
MasterCard . . . . . . . . . . . . . . . . . . . . . . . . . . 31
MBIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
McCormick . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
McDonald’s . . . . . . . . . . . . . . . . . . . . . . . . . M10
MGM Mirage . . . . . . . . . . . . . . . . . . . . . . M10
Microsoft . . . . . . . . . . . . . . . . . . . . . . . . 32,41,42
Mizuho Financial Group . . . . . . . . . . . . . . 17
Morgan Stanley . . . . . . . . . . . . . . . . . . . . 13,16
Mueller Water Products . . . . . . . . . . . . M15
Murphy Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
N National Oilwell Varco . . . . . . . . . . . . . . . . 31
Nobel International . . . . . . . . . . . . . . . . . . 40
Nokia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Northeast Utilities . . . . . . . . . . . . . . . . . . . . 53
Novell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Novellus Systems . . . . . . . . . . . . . . . . . . . . . 42
NYSE Euronext . . . . . . . . . . . . . . . . . . . . . . 17
O Och-Ziff Capital Mgmt . . . . . . . . . . . . M15
Oracle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
P Peerless Systems
. . . . . . . . . . . . . . . . . M11
Perini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Petrobras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Pfizer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
PNC Financial . . . . . . . . . . . . . . . . . . . . . . . . 13
Precision Castparts . . . . . . . . . . . . . . . . . . . 31
Priceline.com . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Prudential Financial . . . . . . . . . . . . . . . . . . 39
Public Service Enterprise Group . . . 43
Pulte Homes . . . . . . . . . . . . . . . . . . . . . . . . . 32
Q Quicksilver Resources . . . . . . . . . . . . . . M11
R Radvision . . . . . . . . . . . . . . . . . . . . . . . . . . . M15
Red Hat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Research In Motion . . . . . . . . . . . . . . . . . 31
RidgeWorth Mid-Cap Value Equity 23
Rio Tinto . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Ritchie Bros. Auctioneers . . . . . . . . . . . M5
S SAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Smith & Wesson . . . . . . . . . . . . . . . . . . . . . M4
Smith International . . . . . . . . . . . . . . . . . . . 32
Southern Company . . . . . . . . . . . . . . . . . . 43
SPDR Gold . . . . . . . . . . . . . . . . . . . . . . . . M14
Stoneridge . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Sumitomo Mitsui Financial Group . . . . 17
SunTrust Banks . . . . . . . . . . . . . . . . . . . M15
P2BW13100B-0-W01100-1-------
951320_951359
Fund
Our index lists significant references to companies mentioned in stories and columns, plus Research Reports and
the Insider Transaction table. The references are to the first page of the item in which the company is mentioned.
EE,EU,MW,NL,SW,WE
P2BW13100B-0-W01100-1--------XA
Rank
Index to Companies
11
P2BW13100B-0-W01100-1--------XA
BLACK
05/11/2009
50
May 11, 2009
Rank
WHAT IT MEANS TO LEAD :
KNOWING THAT
SMALL BUSINESS IS A
BIG COMPONENT OF
A HEALTHY ECONOMY.
Fund
Assets (mil)
Fund Strategy
3-Year
Annualized Returns
51
2008
Returns
Total Firm
Assets (mil)
Company Name / Location
50.
Eckhardt Trading (Standard)
$347
Managed Futures
15.88%
13.15%
Eckhardt Trading / Chicago
$640
51.
Millburn Diversified
1,321
Managed Futures
15.49
22.78
Millburn Ridgefield / Greenwich, Conn.
2,400
3,084
52.
QFS Global Macro
418
Global Macro
15.48
21.16
QFS Asset / Greenwich, Conn.
53.
Tell
609
Global Macro
15.27
11.38
Tell Invs / Malta
54.
Aspect Diversified (USD)
4,239
Managed Futures
15.25
25.44
Aspect Capital / Rockville, Md.
4,239
55.
Capula Global Relative Value
3,691
Global Fixed Income
14.90
9.46
Capula Inv / London
4,000
56.
GMO Mean Reversion
2,308
Global Macro
14.87
18.42
Grantham Mayo Van Otterloo / Boston
57.
Quantitative Global
1,200
Managed Futures
14.79
11.94
Quantitative Inv / Charlottesville,Va.
58.
Elliott Mgmt
Multi-Strategy
14.44
-3.10
Elliott / New York
12,800
59.
Aviva G7 Fixed Income (Tranche 1 - GBP)
Fixed Income Arbitrage
14.02
13.21
Aviva Investors / London
72,658
60.
Brookdale Int’l
597
Equity Market Neutral
13.90
1.18
61.
DigiLog Capital Full Portfolio
338
Managed Futures
13.88
15.20
62.
Sunrise Capital Expanded Diversified
894
Managed Futures
13.80
29.90
Sunrise Capital Partners / Solana Beach, Calif.
1,043
63.
Stratus Fund 2X
Multi-Strategy
13.75
14.51
Capital Fund / Paris
2,500
64.
Owl Creek II LP
770
Event Driven Value
13.68
-7.93
Owl Creek Asset / New York
4,466
65.
Crabel Capital Multi-Product
817
Multi-Strategy
13.51
-0.77
Crabel Capital / Milwaukee
1,075
66.
EMF Fixed Income
350
Fixed Income Arbitrage
13.43
21.97
EMF Financial Products / New York
350
67.
Trafalgar Catalyst Series B (USD)
552
Event Driven
13.23
4.83
Trafalgar Asset Managers / London
1,900
68.
King Street Capital
Distressed Securities
12.00
3.71
69.
Libra
966
Equity Long/Short
11.92
-8.56
Libra Adv / New York
70.
Argonaut Global Macro
408
Global Macro
11.58
12.67
Argonaut Capital / New York
470
71.
AM Master III
640
Volatility Strategy
11.32
9.74
AM Inv Partners / New York
807
72.
Cazenove Euro Equity Absolute Return Class A (Euro)
Cazenove Capital / London
15,782
73.
Sola
74.
12,800
697
1,624
11,300
N/A
85,902
3,260
Weiss Asset / Boston
994
Digilog Capital / Chicago
477
King Street Capital / New York
15,500
1,078
411
Equity Long/Short
11.28
11.58
Credit Long/Short
11.17
-19.03
YA Off-Shore Global
749
Equity Long/Short
11.14
3.26
75.
Prologue (Master Fund)
600
Global Fixed Income
10.95
18.86
76.
Halcyon Off-Shore Asset-Backed Value
560
Distressed Asset-Backed Securities 10.78
-5.30
77.
Boronia Diversified
2,341
Managed Futures
10.63
4.25
78.
Discovery Global Opportunity
1,340
Global Multi Asset
10.48
-33.30
79.
Stillwater Asset Backed Offshore
329
Asset-Based Lending
10.38
9.61
Stillwater Capital / New York
80.
New Castle Market Neutral Master
345
Equity Market Neutral
10.25
3.01
New Castle / New York
81.
Restoration Offshore
432
Distressed Securities
10.10
9.11
Restoration Capital / New York
615
82.
Brownstone Partners Catalyst Master
325
Distresseed Credit
10.08
6.97
Brownstone Asset / New York
345
83.
Criterion Capital Partners
436
Equity Long/Short
9.91
-18.60
Criterion Capital / San Francisco
737
84.
HT Asian Catalyst
371
Asian Emerging Markets
9.85
5.13
for qualified small businesses to get credit, we have a number of programs
85.
Galleon Buccaneers
480
US Equity Long/Short
9.84
-9.40
86.
Pershing Square Int’l
2,963
Equity Long/Short
9.72
tailored specifically to their needs. Whether it’s discounted lending rates for
87.
Rotella Polaris (Diversified)
457
Managed Futures
9.69
88.
MKP Credit
1,062
Structured Credit
89.
Cura Fixed Income Arbitrage Master
Fixed-Income Arbitrage
90.
Chesapeake Capital (Diversified Program)
1,124
91.
Torrey Pines
92.
93.
1.2 billion. That’s a big number for business. And it’s just the start. To make it easier
$
equipment purchases or capital for expansion, we can help. At PNC, we know
economic growth is the result of vibrant communities. In our opinion, there’s
nothing bigger. To learn more, visit pnc.com/tolead.
*Includes new and renewed loans to businesses up to $30 million in annual sales size in the first quarter 2009. All loans subject to credit approval and require automatic payment from a PNC Bank Business Checking account. Other fees
and charges may apply. ©2009 The PNC Financial Services Group, Inc. All rights reserved.
Solus Alternative Asset / New York
4,400
Yorkville Adv / Jersey City, N.J.
975
Prologue Capital / London
600
Halcyon Asset / New York
8,300
Boronia Capital / Sydney, Australia
2,134
Discovery Capital / South Norwalk, Conn.
1,916
900
1,020
HT Capital / Hong Kong
468
Galleon / New York
4,000
-11.90
Pershing Square Capital / New York
5,123
16.02
Rotella Capital / Seattle
647
9.62
0.22
MKP Capital / New York
2,920
9.40
6.57
Cura Capital / New York
Managed Futures
9.37
15.39
476
Equity Long/Short
9.31
-7.70
Torrey Pines Capital / San Diego
Sandler Associates
308
Equity Long/Short
9.30
-2.42
Sandler Capital / New York
Castle Creek Arbitrage
472
Convertible Arbitrage
9.29
-1.88
Castle Creek Arbitrage / Chicago
94.
Caxton Global
N/A
Global Macro
9.05
12.90
Caxton Associates / New York
8,000
95.
Galleon Int’l
630
Multi-Strategy
8.58
-20.10
Galleon / New York
4,000
96.
York Credit Opportunities
2,500
Distressed Securities
8.54
-14.67
97.
Galtere Int’l Master
1,090
Global Macro
8.36
-1.82
98.
Wharton Asian Arbitrage
507
Arbitrage
8.33
-8.09
Wharton Inv Adv / Hong Kong
99.
Ascend Partners II
877
Equity Long/Short
8.30
-3.04
Ascend Capital / San Francisco
1,900
Tiedemann Falconer Partners
432
Equity Long/Short
TIG Adv / New York
2,000
100.
388
8.25
6.11
BARCLAYHEDGE FUND INDEX
-0.98%
-21.63%
STANDARD & POOR’S 500
-8.34%
-37.00%
*Fund assets as of Feb. 2009.
495
Chesapeake Capital / Richmond, Va.
1,328
513
1,000
484
York Capital / New York
8,700
Galtere / New York
1,500
645
Sources: CASAM CISDM; BarclayHedge; Bloomberg
P2BW13100A-0-W01000-1--------XA
EE,EU,MW,NL,SW,WE
Fund
BARRON'S
4,000
In the first quarter, PNC generated $1.2 billion
in business loan volume.*
P2BW13100A-0-W01000-1--------XA
BLACK
05/11/2009
May 11, 2009
BLACK
P2BW13100A-0-W01000-1------
BARRON'S
951319_951360
10