May 2011 Hedge Fund Performance Commentary

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Introduction

Hedge funds delivered another month of strong returns aided by favourable market conditions in April
2011 and rallies in underlying markets. The composite Eurekahedge Hedge Fund Index, which tracks
the performance of nearly 2800 hedge funds, advanced 1.58% 1 in April, bringing its 2011 year to date
(YTD) return to 2.84%. Global equities, as represented by the MSCI World AC Index 2, gained 1.84%
in the same month in the face of reduced risk aversion and improved earnings fundamentals.

April 2011 and March 2011 returns across geographical mandates

3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
(0.5%)
(1.0%)
(1.5%)
(2.0%)
North America Europe Japan Asia ex-Japan Latin Eurekahedge
America Hedge Fund Index

Mar-11 Apr-11

Almost all regional mandates delivered net gains in April, with the exception of Japanese hedge
funds. The Eurekahedge Japan Hedge Fund Index was down 0.59%, however outperforming the
Topix which was down by 2.02% last month. Asia ex-Japan managers led the way with returns of
2.22%, outperforming underlying markets by 0.77%. Major market indices such as the SSE
Composite, ASX and the Sensex finished the month in negative territory; -0.57%, -0.30% and -1.59%
respectively. Gains were posted through SEA exposure and strong corporate activity in the region —
the MSCI South East Asia Index was up 4.27% in April.

North American and European hedge funds also witnessed healthy returns, gaining …

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1
Based on 80.65% of funds which have reported April 2011 returns as at 21 May 2011
2
The MSCI World AC Index All Core – Local Currency

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