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

BLACK
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 Index to Companies
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. 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.
Fund 3-Year 2008 Total Firm
Rank Fund Assets (mil) Fund Strategy Annualized Returns Returns Company Name / Location Assets (mil) A Abbott Labs . . . . . . . . . . . . . . . . . . . . . . . . . 53
Abercrombie & Fitch . . . . . . . . . . . . . . . . 17

05/11/2009
H Hain Celestial Group . . . . . . . . . . . . . . . M15
1. Paulson Advantage Plus $2,171 Event Driven 62.67% 37.80% Paulson / New York $30,000 Amazon.com . . . . . . . . . . . . . . . . . . . . . . . . . . M5 Hanger Orthopedic . . . . . . . . . . . . . . . . . . . 56
Ambac Financial . . . . . . . . . . . . . . . . . . . . . . 17 Hansen Natural . . . . . . . . . . . . . . . . . . . . . . . 23
2. Balestra Capital Partners 800 Global Macro 61.24 45.78 Balestra Capital / New York 990 American Axle . . . . . . . . . . . . . . . . . . . . . . 40 Harley Davidson . . . . . . . . . . . . . . . . . . . . . . 58
American Electric Power . . . . . . . . . . . 43 Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
3. Vision Opportunity Capital 357 Relative Value 61.13 6.96 Vision Capital / New York 733 American Express . . . . . . . . . . . . . . . . . . . . 13 Hess . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
4. Paulson Enhanced 2,535 Merger Arbitrage 46.81 12.45 Paulson / New York 30,000 American International Group . . . . . . . 32 Hewlett-Packard . . . . . . . . . . . . . . . . . 42,M11
American Water Works . . . . . . . . . . . . . . 53 Hologic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M10

EE,EU,MW,NL,SW,WE
5. Quality Capital Mgmt - Global Diversified 747 Global Diversified 36.22 59.51 Quality Capital Mgmt / Weybridge, U.K. 777 Apple . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Honda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Areva . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
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6. Altis Global Futures Portfolio - Composite 1,340 Managed Futures 32.89 51.93 Altis Partners / Jersey, Channel Islands 1,340 ArvinMeritor . . . . . . . . . . . . . . . . . . . . . . . . . . 40 I IBM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Aviva . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M6 Infosys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M9
7. Belvedere Futures Strategy 365 Managed Futures 32.00 14.41 Belvedere Adv / San Francisco 365 Intel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
8. Pivot Global Value 754 Global Macro 30.83 51.90 Pivot Capital / Bermuda 754 B BAE Systems . . . . . . . . . . . . . . . . . . . . . . . . M6 Interpublic Group . . . . . . . . . . . . . . . . . . . 20
Bank of America . . . . . . . 13,16,5,M10,M14 iShares MCI Malaysia . . . . . . . . . . . . . M10
9. RG Niederhoffer Diversified (Offshore) Class B 752 Global Macro 30.67 50.28 RG Niederhoffer Capital / New York 1,758 Berkshire Hathaway . . . . . . . . . . . . . . 13,16 iShares S&P Global Nuclear Enrgy 43
BHP Billiton . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Ivy Mid-Cap Growth . . . . . . . . . . . . . . . . 19
10. Horseman Global 3,863 Equity Long/Short 29.95 31.26 Horseman Capital / London 6,300 Blackstone Group . . . . . . . . . . . . . . . . . 40,M5
Blue Nile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M4 J J.C. Penney . . . . . . . . . . . . . . . . . . . . . . . . . . 17
11. SCP Sakonnet 518 Equity Long/Short 28.70 -19.00 Shumway Capital / Greenwich, Conn. 5,557 Jacobs Engineering . . . . . . . . . . . . . . . 32,43
BMW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
12. Global Trading Strategies 1,240 Global Macro 28.48 44.72 Goldman Sachs JBWere (Pty) / Sydney, Australia 1,240 Boeing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Johnson Controls . . . . . . . . . . . . . . . . . . . . 40
Boston Scientific . . . . . . . . . . . . . . . . . . . . . . 20 JPMorgan Chase . . . . . . . . . . . . . . . . . . . . 13
13. Element Capital Master 694 Global Fixed Income 26.70 34.89 Element Capital / New York N/A BreitBurn Energy Partners . . . . . . . M11
Bristol-Myers Squibb . . . . . . . . . . . . . . . . 53 K Kraft Foods . . . . . . . . . . . . . . . . . . . . . . 23,M10
14. Friedberg Global Macro Hedge 542 Global Macro 25.88 41.51 Friedberg Mercantile / Toronto 1,361 BT Group . . . . . . . . . . . . . . . . . . . . . . . . . . M6
L Lear . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
15. Platinum Partners Value Arbitrage 410 Multi-Strategy 25.62 4.37 Platinum / New York 617 Legg Mason . . . . . . . . . . . . . . . . . . . . . . . M10
C Cameco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
16. Touradji Global Resources 2,600 Global Macro/Commodities 24.80 8.10 Touradji Capital / New York 3,000 Cameron International . . . . . . . . . . . . . . . 32
Campbell Soup . . . . . . . . . . . . . . . . . . . . . . . 23 M Macquarie Infrastructure Group . . . . 21
17. SAC Capital Int’l N/A Equity Long/Short 24.23 -18.53 SAC Capital Adv / Stamford, Conn. 12,000 Capital One . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Macy’s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Caterpillar . . . . . . . . . . . . . . . . . . . . . . . . . . M5 Magna International . . . . . . . . . . . . . . . . . . 40
18. SMN Diversified Futures 348 Managed Futures 24.06 58.53 SMN Inv Svcs / Bermuda 1,000 Cavalier Homes . . . . . . . . . . . . . . . . . . . . . M11 Mainstay High Yld Corporate Bond . 54
Children’s Place Retail Stores . . . . M11 Man Investments . . . . . . . . . . . . . . . . . . . . 49
19. Harbinger Capital Partners Offshore 4,030 Event/Distressed 23.85 -27.81 Harbinger Capital Partners / New York 7,000 Marathon Oil . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Cintra Concesiones . . . . . . . . . . . . . . . . . . . 21
20. Willowbridge Associates Argo 905 Managed Futures 23.73 43.00 Willowbridge / Plainsboro, N.J. 1,263 Cisco Systems . . . . . . . . . . . . . . . . . . . . . . . 41 Market Vectors Nuclear Energy . . . . 43
Citigroup . . . . . . . . . . . . . . . . . . . . . 13,16,21,32 MasterCard . . . . . . . . . . . . . . . . . . . . . . . . . . 31
21. Oculus N/A Multi-Strategy 22.08 6.80 D.E. Shaw / New York 28,600 CMS Energy . . . . . . . . . . . . . . . . . . . . . . . . . 53 MBIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Coca-Cola . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 McCormick . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
22. RG Niederhoffer Negative Correlation 832 Global Macro 21.43 54.74 RG Niederhoffer Capital / New York 1,758 Colgate-Palmolive . . . . . . . . . . . . . . . . . . . . 53 McDonald’s . . . . . . . . . . . . . . . . . . . . . . . . . M10
Compuware . . . . . . . . . . . . . . . . . . . . . . . . . . 20 MGM Mirage . . . . . . . . . . . . . . . . . . . . . . M10
23. Amplitude Dynamic Trading 554 Managed Futures 21.31 14.32 Amplitude Capital / Zug, Switzerland 554 Microsoft . . . . . . . . . . . . . . . . . . . . . . . . 32,41,42
Constellation Energy . . . . . . . . . . . . . . . . . 43
24. Passport II - Global 1,200 Equity Long/Short 21.28 -50.95 Passport Capital / San Francisco 2,000 Continental . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Mizuho Financial Group . . . . . . . . . . . . . . 17
Continental Airlines . . . . . . . . . . . . . . . . M10 Morgan Stanley . . . . . . . . . . . . . . . . . . . . 13,16
25. Hyman Beck Global Portfolio 432 Managed Futures 21.20 49.78 Hyman Beck / Florham Park, N.J. 451 Cooper Tire . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Mueller Water Products . . . . . . . . . . . . M15
Cummins Engine . . . . . . . . . . . . . . . . . . . . 40 Murphy Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
26. Titan Return Class AR 350 Volatility Arbitrage 21.14 21.83 Titan Capital / New York 740 CVS Caremark . . . . . . . . . . . . . . . . . . . . . . . 17
BLACK

P2BW13100B-0-W01100-1-------
N National Oilwell Varco . . . . . . . . . . . . . . . . 31
27. Transtrend DTP - Enhanced Risk (USD) 4,753 Managed Futures 21.05 29.38 Transtrend B.V. / Rotterdam, Netherlands 8,100 Nobel International . . . . . . . . . . . . . . . . . . 40
D D.R. Horton . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Nokia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
28. Odey European (USD) 912 Equity Long/Short 20.65 58.90 Odey Asset / London 4,121 Daimler-Benz . . . . . . . . . . . . . . . . . . . . . . . . 40 Northeast Utilities . . . . . . . . . . . . . . . . . . . . 53
Dana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Novell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
29. MaxQ Fund (USD) 580 Global Macro 19.49 6.67 North Asset / London 1,000 Deere . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M5 Novellus Systems . . . . . . . . . . . . . . . . . . . . . 42
30. Man AHL Diversified 3,890 Managed Futures 19.20 33.20 Man Investments / London 53,000
Dell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 NYSE Euronext . . . . . . . . . . . . . . . . . . . . . . 17
Delphi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
31. NuWave Combined Futures Portfolio (2X) 369 Managed Futures 19.11 51.88 NuWave Inv / Morristown, N.J. 436 Delta Petroleum . . . . . . . . . . . . . . . . . . . . . 20 O Och-Ziff Capital Mgmt . . . . . . . . . . . . M15
Dow Chemical . . . . . . . . . . . . . . . . 16,53,M4 Oracle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
32. Graham Capital K4 1,214 Global Macro 19.04 35.67 Graham Capital / Rowayton, Conn. 4,900 Duke Energy . . . . . . . . . . . . . . . . . . . . . . . . 43
DuPont Fabros Tech . . . . . . . . . . . . . . M15 P Peerless Systems . . . . . . . . . . . . . . . . . M11
33. Moore Global N/A Global Macro 18.98 -4.70 Moore Capital / Westport, Conn. 16,000
Perini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
34. Winton Diversified Futures 4,400 Managed Futures 18.92 20.99 Winton Capital / London 13,300
E Eastman Kodak . . . . . . . . . . . . . . . . . . . 20,32 Petrobras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
EMC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,M11 Pfizer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
35. Peninsula Tactical Macro Strategy 480 Global Macro 18.87 26.43 Peninsula LP / Sausalito, Calif. 480 Entergy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 PNC Financial . . . . . . . . . . . . . . . . . . . . . . . . 13
Exelon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Precision Castparts . . . . . . . . . . . . . . . . . . . 31
36. Banyan Capital 508 Global Macro 18.78 14.39 Banyan Equity / Boca Raton, Fla. 529 ExxonMobil . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Priceline.com . . . . . . . . . . . . . . . . . . . . . . . . . . 17
37. Brevan Howard MasterFund Class A (USD) 14,900* Global Macro 18.75 20.40 Brevan Howard Asset / London 27,400 Prudential Financial . . . . . . . . . . . . . . . . . . 39
F Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . 16,32 Public Service Enterprise Group . . . 43
38. Abraham Trading 309 Managed Futures 18.69 28.78 Abraham Trading / Canadian, Texas 309 Fifth Third . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Pulte Homes . . . . . . . . . . . . . . . . . . . . . . . . . 32
Fiserv . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
39. Millburn Multi-Markets Program 428 Managed Futures 18.54 30.96 Millburn Ridgefield / Greenwich, Conn. 2,400 Fluor . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,32,43 Q Quicksilver Resources . . . . . . . . . . . . . . M11
Foot Locker . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
40. Eagle Global 394 Global Macro 18.15 16.72 Eagle Trading Systems / Princeton, N.J. 1,655 Ford . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 R Radvision . . . . . . . . . . . . . . . . . . . . . . . . . . . M15
Foster Wheeler . . . . . . . . . . . . . . . . . . . . . . . 32 Red Hat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
41. Tewksbury 3,000 Managed Futures 18.09 10.91 Tewksbury Capital / Bermuda 4,300 FPL Group . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Research In Motion . . . . . . . . . . . . . . . . . 31
42. MKP Opportunity 591 Fixed Income Arbitrage 17.55 9.81 MKP Capital / New York 2,920 Freddie Mac . . . . . . . . . . . . . . . . . . . . . . . . . . 32 RidgeWorth Mid-Cap Value Equity 23
Rio Tinto . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
43. Welton Global Directional Portfolio 500 Managed Futures 17.12 23.67 Welton Inv / Carmel, Calif. 500 G Gamco Investors . . . . . . . . . . . . . . . . . . . . M11 Ritchie Bros. Auctioneers . . . . . . . . . . . M5
General Electric . . . . . . . . . . . . . . . . . . . . . . 53
44. Eclipse Capital Mgmt - Global Monetary Program 496 Managed Futures 17.12 19.78 Eclipse Capital / St. Louis 496 General Motors . . . . . . . . . . . . . . 16,32,40,53 S SAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
951320_951359

Genuine Parts . . . . . . . . . . . . . . . . . . . . . W53 Smith & Wesson . . . . . . . . . . . . . . . . . . . . . M4

45. Atlas Global (Unrestricted) 2,200 Multi-Strategy 16.94 0.46 Balyasny Asset / Chicago 2,400 Genworth Financial . . . . . . . . . . . . . . . 19,39 Smith International . . . . . . . . . . . . . . . . . . . 32
46. Quantum Endowment N/A Multi-Strategy 16.70 8.00 Soros Fund / New York 21,000 GMAC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Southern Company . . . . . . . . . . . . . . . . . . 43
GMO U.S. Quality Equity III . . . . . . . 15 SPDR Gold . . . . . . . . . . . . . . . . . . . . . . . . M14
47. GMO Tactical Opportunities 2,161 Equity Long/Short 16.54 36.52 Grantham Mayo Van Otterloo / Boston 85,902 Goldman Sachs . . . . . . . . . . . . . . . . . . . . . . . 16 Stoneridge . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Goodyear . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Sumitomo Mitsui Financial Group . . . . 17
48. AJW Offshore II 340 Long Only Equity 16.24 10.24 NIR Group / Roslyn, N.Y. 777 Google . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 SunTrust Banks . . . . . . . . . . . . . . . . . . . M15
49. Sprott Offshore (USD) 409 Equity Long/Short 15.98 -12.90 Sprott Asset / Toronto 3,610
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10 BARRON'S May 11, 2009 May 11, 2009 BARRON'S 51

951319_951360
Fund 3-Year 2008 Total Firm
Rank Fund Assets (mil) Fund Strategy Annualized Returns Returns Company Name / Location Assets (mil)

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
52. QFS Global Macro 418 Global Macro 15.48 21.16 QFS Asset / Greenwich, Conn. 3,084
WHAT IT MEANS TO LEAD : 53. Tell 609 Global Macro 15.27 11.38 Tell Invs / Malta N/A
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 85,902
57. Quantitative Global 1,200 Managed Futures 14.79 11.94 Quantitative Inv / Charlottesville,Va. 3,260
58. Elliott Mgmt 12,800 Multi-Strategy 14.44 -3.10 Elliott / New York 12,800

KNOWING THAT
59. Aviva G7 Fixed Income (Tranche 1 - GBP) 697 Fixed Income Arbitrage 14.02 13.21 Aviva Investors / London 72,658
60. Brookdale Int’l 597 Equity Market Neutral 13.90 1.18 Weiss Asset / Boston 994
61. DigiLog Capital Full Portfolio 338 Managed Futures 13.88 15.20 Digilog Capital / Chicago 477
62. Sunrise Capital Expanded Diversified 894 Managed Futures 13.80 29.90 Sunrise Capital Partners / Solana Beach, Calif. 1,043

SMALL BUSINESS IS A
63. Stratus Fund 2X 1,624 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

BIG COMPONENT OF
67. Trafalgar Catalyst Series B (USD) 552 Event Driven 13.23 4.83 Trafalgar Asset Managers / London 1,900

BLACK
68. King Street Capital 11,300 Distressed Securities 12.00 3.71 King Street Capital / New York 15,500
69. Libra 966 Equity Long/Short 11.92 -8.56 Libra Adv / New York 1,078
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

A HEALTHY ECONOMY. 72.

73.
74.
Cazenove Euro Equity Absolute Return Class A (Euro)
Sola
YA Off-Shore Global
411
4,000
749
Equity Long/Short
Credit Long/Short
Equity Long/Short
11.28
11.17
11.14
11.58
-19.03
3.26
Cazenove Capital / London
Solus Alternative Asset / New York
Yorkville Adv / Jersey City, N.J.
15,782
4,400
975
75. Prologue (Master Fund) 600 Global Fixed Income 10.95 18.86 Prologue Capital / London 600
76. Halcyon Off-Shore Asset-Backed Value 560 Distressed Asset-Backed Securities 10.78 -5.30 Halcyon Asset / New York 8,300
77. Boronia Diversified 2,341 Managed Futures 10.63 4.25 Boronia Capital / Sydney, Australia 2,134
78. Discovery Global Opportunity 1,340 Global Multi Asset 10.48 -33.30 Discovery Capital / South Norwalk, Conn. 1,916

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79. Stillwater Asset Backed Offshore 329 Asset-Based Lending 10.38 9.61 Stillwater Capital / New York 900
In the first quarter, PNC generated $1.2 billion 80. New Castle Market Neutral Master 345 Equity Market Neutral 10.25 3.01 New Castle / New York 1,020
in business loan volume.* 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
EE,EU,MW,NL,SW,WE

$
1.2 billion. That’s a big number for business. And it’s just the start. To make it easier 84. HT Asian Catalyst 371 Asian Emerging Markets 9.85 5.13 HT Capital / Hong Kong 468
85. Galleon Buccaneers 480 US Equity Long/Short 9.84 -9.40 Galleon / New York 4,000
for qualified small businesses to get credit, we have a number of programs 86. Pershing Square Int’l 2,963 Equity Long/Short 9.72 -11.90 Pershing Square Capital / New York 5,123
tailored specifically to their needs. Whether it’s discounted lending rates for 87. Rotella Polaris (Diversified) 457 Managed Futures 9.69 16.02 Rotella Capital / Seattle 647
88. MKP Credit 1,062 Structured Credit 9.62 0.22 MKP Capital / New York 2,920
equipment purchases or capital for expansion, we can help. At PNC, we know 89. Cura Fixed Income Arbitrage Master 388 Fixed-Income Arbitrage 9.40 6.57 Cura Capital / New York 495
economic growth is the result of vibrant communities. In our opinion, there’s 90. Chesapeake Capital (Diversified Program) 1,124 Managed Futures 9.37 15.39 Chesapeake Capital / Richmond, Va. 1,328
91. Torrey Pines 476 Equity Long/Short 9.31 -7.70 Torrey Pines Capital / San Diego 513
nothing bigger. To learn more, visit pnc.com/tolead.
05/11/2009

92. Sandler Associates 308 Equity Long/Short 9.30 -2.42 Sandler Capital / New York 1,000
93. Castle Creek Arbitrage 472 Convertible Arbitrage 9.29 -1.88 Castle Creek Arbitrage / Chicago 484
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
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96. York Credit Opportunities 2,500 Distressed Securities 8.54 -14.67 York Capital / New York 8,700
97. Galtere Int’l Master 1,090 Global Macro 8.36 -1.82 Galtere / New York 1,500
98. Wharton Asian Arbitrage 507 Arbitrage 8.33 -8.09 Wharton Inv Adv / Hong Kong 645
99. Ascend Partners II 877 Equity Long/Short 8.30 -3.04 Ascend Capital / San Francisco 1,900
100. Tiedemann Falconer Partners 432 Equity Long/Short 8.25 6.11 TIG Adv / New York 2,000
*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
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and charges may apply. ©2009 The PNC Financial Services Group, Inc. All rights reserved. BARCLAYHEDGE FUND INDEX -0.98% -21.63%
STANDARD & POOR’S 500 -8.34% -37.00%
*Fund assets as of Feb. 2009. Sources: CASAM CISDM; BarclayHedge; Bloomberg