You are on page 1of 62

Hedge Weekly N°25

Investment Funds Performance Review

HSBC Alternative Investment Group

Week of Monday 18 Jun to Friday 22 Jun 2018


Index by Strategies 3
Index by Funds 4
Top/Bottom 20 9
Newsletter 12
About This Document 62

Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 2
Equity-Diversified 40
Convertible Arbitrage
Convertible 12 Macro
Commodity 41
Credit Long/Short
Commodity-Systematic 41
Credit 13 Currency 41
Fixed Income 19 Diversified 42
Distressed Systematic 46
Distressed Security 21 Managed Futures
Equity Long/Short Currency 47
Equity-Commodity 22 Diversified 47
Equity-Diversified 22 Systematic 51
Equity-Energy 30 Market Neutral
Equity-Financial 31 Discretionary 52
Equity-Healthcare 31 Diversified 53
Equity-Mid-Small Cap 31 Equity Diversified 53
Equity-Pharma-Biotech 32 Multi-Strategy 54
Equity-Technology 32 Statistical Arbitrage 54
Equity-Utility 33 Systematic 54
Event Driven Merger Arbitrage
Credit 34 Merger-Arbitrage 56
Equity-Diversified 34
Merger-Arbitrage 35 Multi-Strategy
Multi-Strategy 35 Credit 57
Diversified 57
Fixed Income Arbitrage
Fixed Income 37 Volatility Arbitrage
Arbitrage 61
Fund of Funds
Arbitrage 38
Event Driven 38
Long/Short 38
Macro 38
Multi-Strategy 39
Trading 39
Long Only

Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 3
Source - HSBC
ALLIANCEBERNSTEIN SELECT US EQ 29 BASSO INVESTORS LTD 12 BRUMMER MULTISTRATEGY 2XL, LTD 58
1 ALPHA UCITS AMBER EQUITY FUND 34 BAY RESOURCES PARTNERS OFFSHOR 29 BTG PACTUAL ABSOLUTO GLOBAL EQ 26
ALPHA UCITS FAIR OAKS DYNAMIC 15 BCM WESTON LP (BILLINGS CAPITA 29 BTG PACTUAL GLOBAL EM. MKTS AN 43
1798 VOLANTIS FUND LTD CLASS C 32
ALPHAGEN OCTANIS CLASS C 26 BEACH POINT TOTAL RETURN OFFSH 17 BTG PACTUAL RATES FUND LP 37
1992 MULTI-STRATEGY FUND CORPO 58
ALPHAGEN RELATIVE VALUE AGRICU 41 BG UMBRELLA FUND PLC 35 BW GLOBAL ENHANCED ABSOLUTE RE 43
ALPHANATICS FUND 54 BH-DG SYSTEMATIC TRADING FUND 47
4
ALPHAQUEST ORIGINAL PROGRAM (A 47 BLACK DIAMOND CREDIT STRATEGIE 20 C
400 CAPITAL CREDIT OPPORTUNITI 17 ALTIS GLOBAL TREND PORTFOLIO 47 BLACK DIAMOND RELATIVE VALUE L 52
CAIRN SPECIAL OPPORTUNITIES CR 14
AMAZON MARKET NEUTRAL FUND CLA 52 BLACK DIAMOND, LTD - CLASS B ( 58
CAIRN STRATA CREDIT FUND 57
A ANAVON MASTER FUND LTD CLASS - 26 BLACKROCK EOS CLASS B USD COM 54
CAIUS CAPITAL MASTER FUND 20
ANDURAND COMMODITIES FUND 41 BLACKROCK MULTI-STRATEGY FUND 58
AAM ABSOLUTE RETURN FUND 26 CAMPBELL OFFSHORE FUND LIMITED 48
ANTARES EUROPEAN FUND, LTD - U 23 BLACKROCK 32 CAPITAL MASTER FU 54
ABACO FINANCIALS FUND 30 CAMPBELL OFFSHORE FUND LIMITED 48
AQS EMERGING MARKETS CORPORATE 13 BLACKROCK CAPITAL STRUCTURE IN 58
ABOUT CAPITAL ASIAN SPECIAL OP 22 CANTAB CAPITAL PARTNERS QUANTI 48
AQS MENA FUND 23 BLACKROCK EUROPEAN DIVERSIFIED 53
ABSOLUTE INSIGHT CREDIT FUND B 13 CANYON BALANCED FUND LTD 57
AQS SPC - EUROPEAN ALPHA FUND 23 BLACKROCK FIXED INCOME GLOBAL 37
ABSOLUTE INSIGHT EMERGING MARK 13 CANYON VALUE REALIZATION FD, L 20
AQUILUS INFLECTION FUND LTD E 24 BLACKROCK OBSIDIAN FUND 37
ABSOLUTE INSIGHT EQUITY MKT NE 52 CAPEVIEW AZRI 2X FUND 24
ARCTIC BLUE ORIGINAL 2X 41 BLACKROCK PAN ASIA OPPORTUNITI 53
ADELPHI EUR. FUND $ (A) 23 CAPEVIEW AZRI FUND 24
ARISTEIA INTERNATIONAL LTD 15 BLACKROCK UK EMERGING COMPANIE 28
ADRIGO HEDGE 23 CAPITAL FOUR CREDIT OPPORTUNIT 14
ARROWGRASS MASTER FUND 58 BLACKROCK UK EQUITY HEDGE FUND 28
ADVENT GLOBAL PARTNERS 12 CARMIGNAC PORTFOLIO LONG-SHORT 24
ASCEND PARTNERS FUND LTD - A 29 BLUEBAY EVENT DRIVEN CREDIT FU 34
AG MORTGAGE VALUE PARTNERS LTD 15 CASSIOPEIA FUND CLASS B 61
ASGARD FIXED INCOME FUND LTD 15 BLUEBAY GLOBAL CREDIT ALPHA LO 15
AG REAL ESTATE DEBT INVESTMENT 17 CASSIOPEIA UCITS FUND CLASS B 61
ASPECT DIVERSIFIED FUND - CLAS 47 BLUEBAY GLOBAL SOVEREIGN OPPOR 43
AG SUPER FUND INTERNATIONAL, L 34 CAXTON GLOBAL INVESTMENT LTD 43
ASTIGNES ASIA RATES MASTER FUN 42 BLUEMOUNTAIN CREDIT ALTERNATIV 57
AGORA FUND LTD 53 CENTRICUS WITTENBERG EUROPEAN 31
ATLAS ENHANCED FUND LTD 58 BLUEMOUNTAIN GLOBAL VOLATILITY 61
AHL EVOLUTION 47 CERBERUS INTL. LTD CLASS A A/ 20
ATLAS FUNDAMENTAL TRADING FUND 26 BOOTHBAY ABSOLUTE RETURN STRAT 58
AHL ALPHA 47 CFM ISDIVERSIFIED FUND LP 58
ATLAS GLOBAL INVESTMENTS LTD U 58 BORONIA DIVERSIFIED FUND MASTE 47
AHL DIMENSION 47 CHENAVARI MULTI STRATEGY CREDI 57
AVIVA INVESTOR MULTI-STRATEGY 43 BOUSSARD & GAVAUDAN HOLDING LT 58
AHL DIVERSIFIED 47 CHENAVARI TORO LIMITED 14
AXONIC CREDIT OPPORTUNITIES OV 15 BREVAN HOWARD ASIA FUND LIMITE 42
AKAMATSU FUND 28 CLAREANT GLOBAL SPECIAL SITUAT 15
AXONIC SYSTEMATIC ARBITRAGE OV 37 BREVAN HOWARD FUND, LTD - USD 43
ALEGRA ABS I FUND (EUR) 13 CLAREANT STRUCTURED CREDIT OPP 15
BREVAN HOWARD M/S FUND, LTD – 58
ALGEBRIS GLOBAL FINANCIALS FUN 30 COHERENCE CAPITAL SPECTRUM FUN 15
ALGEBRIS MACRO CREDIT FUND (UC 15
B BRIGADE LEVERAGED CAPITAL STRU 17
CONTRARIAN CAPITAL FUND I OFFS 20
BROADWALK SELECT SERVICES FUND 26
ALKEN CAPITAL ONE CLASS J 23 BAF LATAM TRADE FINANCE FUND 13 CONTRARIAN EMERGING MARKETS OF 13

Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 4
Source - HSBC
COOPER CREEK PARTNERS LLC 32 ELLINGTON CREDIT OPPORTUNITIES 15 GAM GLOBAL RATES HEDGE FUND 44
CORRE OPPORTUNITIES QUALIFIED 35 ELLINGTON MORTGAGE OPPORTUNITI 16 GAM TALENTUM ENHANCED EUROPE L 53 H
CORTO EUROPEAN FUND LTD 24 ELM RIDGE CAPITAL PARTNERS L.P 29 GAM TRADING II USD 39
HABROK INDIA FUND LTD A USD RE 31
COVALIS CAPITAL CLASS B 24 EPISODE INC. CLASS A 44 GAVEA FUND LTD . CLASS A S/1 42
HALCYON SOLUTIONS FUND LTD 59
CQS ABS FEEDER FUND - CLASS -B 15 EQUILIBRIA JAPAN FUND LTD 1X U 52 GCA CREDIT OPPORTUNITIES MASTE 17
HARBOUR HOLDINGS LTD 32
CQS DIRECTIONAL OPP. FEEDER FU 58 EQUILIBRIA JAPAN FUND LTD 2X ( 52 GEMS PROGR. FUND SICAV RECOVER 38
HARVEY PARTNERS LLC 32
CQS DIVERSIFIED FUND (SPC) LTD 59 EQUITILE RESILIENCE FEEDER FUN 40 GEMSSTOCK FUND - B1 USD 44
HIGHER MOMENT AURORA FUND LP 46
CQS GLOBAL CONVERTIBLE ARBITRA 12 EXANE ARCHIMEDES FUND CLASS A 32 GIM PORTFOLIO STRATEGIES – EUR 24
HIGHER MOMENT CAPITAL OPPORTUN 46
CRABEL FUND SPC LTD CLASS A - 48 EXANE TEMPLIERS FUND 26 GLAZER ENHANCED OFFSHORE FUND 56
HORIZON GROWTH FUND 26
CYGNUS EUROPA EVENT DRIVEN FUN 35 GLENVIEW CAPITAL PARTNERS (CAY 29
HORSEMAN GLOBAL FUND USD 26
CYGNUS UTILITIES, INFRASTRUCTU 33 F GLG CROSS ASSET VALUE OFFSHORE 14
HSBC GH FUND USD 39
GLG EUROPEAN EQUITY ALTERNATIV 53
FARRINGDON ALPHA ONE 26 HSBC MAA FUND USD 38
D GLG EUROPEAN LONG SHORT FUND C 24
FIM EM FRONTIER FUND CLASS B 23 HSBC SPECIAL OPPORTUNITIES FUN 38
GOLDEN CHINA FUND NR CLASS 22
DAVIDSON KEMPNER DIST. OPP. IN 20 FINISTERRE CREDIT FUND 13 HSBC TRADING ADVANTEDGE FUND 39
GOLDMAN SACHS FUNDS II - GLOBA 39
DAVIDSON KEMPNER INTL (BVI) LT 35 FINISTERRE GLOBAL OPPORTUNITY 42 HSBC UCITS ADVANTEDGE FUND - U 39
GRAHAM ABSOLUTE RETURN TRADING 44
DB PLATINUM IV DBX SYSTEMATIC 48 FIREBIRD AVRORA FUND LTD 23 HUDSON BAY INTERNATIONAL FUND 54
GRAHAM GIF II PROPRIETARY MATR 49
DG MACRO FUND LTD 44 FIREBIRD FUND, LP 28 HUDSON COVE CREDIT OPPORTUNITY 18
GRAHAM GLOBAL INVESTMENT FUND 49
DIAMOND NEUTRAL FUND CLASS A1 39 FIREBIRD REPUBLICS FUND, LTD 23
GRAHAM GLOBAL INVESTMENT FUND 44
DISCUS FEEDER LTD CL. B USD ST 48 FJ CAPITAL FINANCIAL OPPORTUNI 29 I
GRAHAM GLOBAL INVESTMENT FUND 49
DORSET ENERGY FUND, LTD - CLAS 30 FLORIN COURT CAPITAL 48
GRAHAM GLOBAL INVESTMENT FUND 49 III FUND LTD 37
DOUBLE BLACK DIAMOND LTD - SER 59 FORT GLOBAL CONTRARIAN 48
GRAHAM GLOBAL INVESTMENT FUND 49 III RELATIVE VALUE CREDIT STRA 16
DUNN WMA FUND SA 48 FORT GLOBAL DIVERSIFIED 48
GRAHAM GLOBAL INVESTMENT FUND- 44 III SELECT CREDIT FUND LTD CLA 16
DUNN WMA INSTITUTIONAL UCITS F 48 FORT GLOBAL UCITS CONTRARIAN 48
GRATICULE ASIA MACRO FUND 42 INFLECTION POINT INVESTMENTS C 32
DYMON ASIA MACRO FUND - CLASS 41 FORT GLOBAL UCITS DIVERSIFIED 48
GREEN FUND LLC - CLASS I 42 IP ALL SEASONS ASIAN CREDIT FU 13
FULCRUM MULTI ASSET TREND FUND 49
GREENLIGHT CAPITAL OFFSHORE, L 29 IPM SYSTEMATIC CURRENCY FUND 41
E FULCRUM MULTI ASSET VOLATILITY 61
GRESHAM QUANT ACAR FUND 49 IPM SYSTEMATIC MACRO FUND 46
ECF VALUE FUND INTERNATIONAL L 35 GREYWOLF CAPITAL OVERSEAS FUND 36 IRONSHIELD SPECIAL SITUATIONS 34
G
ECOFIN VISTA LONG SHORT FUND 26 GSA INTERNATIONAL FUND - CLASS 54 ISAM SYSTEMATIC TREND FUND CLA 49
EDL GLOBAL OPPORTUNITIES FUND 44 GABELLI ASSOCIATES LIMITED 56 GSA TREND FUND 49 IVORY CAPITAL FLAGSHIP STRATEG 29
ELECTRON GLOBAL FUND, L.P. 33 GALTON MORTGAGE STRATEGIES OFF 17 IVORY OPTIMAL FUND LTD 29
ELEMENT CAPITAL FUND 44 GAM DIVERSITY I INC - US$ CLAS 39

Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 5
Source - HSBC
LANSDOWNE EUROPEAN EQUITY FD, 24 MARSHALL WACE - MW GLOBAL OPPO 27 NEUBERGER BERMAN US LONG SHORT 29
J LANSDOWNE EUROPEAN LONG ONLY F 40 MARSHALL WACE - MW LIQUID ALPH 54 NORTHLIGHT EUROPEAN FUNDAMENTA 14
LANSDOWNE PRINCAY FUND 24 MARSHALL WACE - MW MARKET NEUT 52 NUMEN CREDIT OPPORTUNITIES FUN 57
JABCAP EMEA FUND CLASS X1 23
LAZARD RATHMORE STRATEGY 12 MASTERS FUND LTD MAGNOLIA SERI 38
JABCAP GLOBAL BALANCED FUND LT 59
LC EQUITY FUND LTD 24 MAVERICK FUND LTD - CLASS A/1 27 O
JABCAP GLOBAL CONVERTIBLE FUND 12
LEGG MASON MARTIN CURRIE EUROP 24 MAVERICK FUNDAMENTAL QUANT LTD 27
JABCAP MULTI STRATEGY FUND LTD 59 OBSERVATORY CREDIT MARKETS FUN 14
LIM ASIA MULTI-STRATEGY FUND C 54 MAVERICK FUNDAMENTAL QUANT NEU 54
JENOP GLOBAL HEALTHCARE FUND L 31 OCCO EASTERN EUROPEAN FUND A S 23
LIM JAPAN FUND 60 MAX GIANT MACRO FUND 42
JL EQUITY MARKET NEUTRAL 54 OCEANIC HEDGE FUND - CLASS A 22
LINDEN INTERNATIONAL LTD 59 MEDALIST PARTNERS HARVEST FUND 16
JLP CREDIT OPPORTUNITY FUND 21 OCEANWIDE CHINA FOCUS SEGREGAT 22
LMR FUND LTD 59 MEMNON MARKET NEUTRAL FUND 53
JLP INSTITUTIONAL CREDIT FUND 18 OCP DEBT OPPORTUNITY INTERNATI 20
LTS GLOBAL EMERGING MARKETS FU 13 MERCHANT COMMODITY FUND (THE) 41
JPMORGAN INVESTMENT GLOBAL MAC 44 OCTAGON HIGH INCOME FUND 18
LUCERNE CAPITAL FUND L.P. 24 MIDOCEAN ABSOLUTE RETURN CREDI 18
ODEY EUROPEAN, INC (EUR) 25
LYNX (BERMUDA) LTD 50 MIDOCEAN CREDIT OPPORTUNITY FU 18
K OMNI EVENT FUND LIMITED 36
LYNX BERMUDA 1.5 LTD 50 MILL HILL CREDIT OPPORTUNITIES 18
ONE RIVER SYSTEMATIC TREND SP 50
KAWA FUND 57 MILLBURN COMMODITY PROGRAM 41
ONE WILLIAM STREET CAPITAL FUN 16
KEYNES DYNAMIC BETA STRATEGY F 49 M MILLBURN DIVERSIFIED PROGRAM 50
ORTUS AGGRESSIVE FUND (CAYMAN) 47
KEYNES LEVERAGED QUANTITATIVE 49 MILLENNIUM INTL LTD 59
M. KINGDON OFFSHORE NV - A/1 27 OWL CREEK OVERSEAS FUND, LTD 36
KEYNES MULTI ASSET VALUE FUND 49 MKP ENHANCED OPPORTUNITY OFFSH 44
MACQUARIE ASIAN ALPHA FUND 53 OWS CREDIT OPPORTUNITY FUND 20
KEYNES MULTI ASSET VALUE FUND 50 MKP OPPORTUNITY OFFSHORE, LTD 44
MACQUARIE EUROPEAN ALPHA FUND 53 OYSTER FLEXIBLE CREDIT FUND R 14
KG INVESTMENT FUND LLC 36 MLIS - MARSHALL W. TOPS UCITS 52
MADRAGUE EQUITY LONG SHORT 24
KINSALE COMPASS FUND 26 MLM MACRO PEAK PARTNERS OFFSH 44
MAN GLG GLOBAL CREDIT MULTI ST 59 P
KITE LAKE (KL) SPECIAL OPPORTU 36 MOAB PARTNERS OFFSHORE FUND LT 36
MAN GLG MULTI-STRATEGY CLASS A 59
KLS DIVERSIFIED FUND LTD 19 MONARCH DEBT RECOVERY FUND LTD 20 PALOMA INTERNATIONAL LTD CLASS 59
MAN GLG MULTI-STRATEGY FUND CL 59
KO-ZHOU FUNDAMENTAL FX FUND 42 MONEDA LATIN AMERICAN CORPORAT 13 PAMPLONA CREDIT OPPORTUNITIES 14
MANDARIN OFFSHORE FUND LTD P-U 22
MOORE GLOBAL INV FD, LTD - A $ 45 PARADIGM CAPITAL VALUE FUND SI 25
MARATHON VERTEX JAPAN FUND LTD 28
L MOORE MACRO MANAGERS FUND, LTD 45 PARETO NORDIC ALPHA CLASS B - 25
MARCATO ENCORE INTERNATIONAL L 34
MS ASCEND UCITS FUND CLASS I E 27 PARUS FUND PLC USD CLASS 27
L1 CAPITAL LONG SHORT FUND 22 MARCATO INTERNATIONAL LTD 34
MUDRICK DISTRESSED OPPORTUNITY 20 PASSPORT SPECIAL OPPORTUNITIES 27
LANSDOWNE DEVELOPED MARKET FUN 26 MARLIN FUND LP 29
PELHAM GLOBAL FINANCIALS FUND 31
LANSDOWNE DEVELOPED MARKET FUN 26 MARSHALL WACE - EUROPA FUND A 25
LANSDOWNE DEVELOPED MARKETS LO 40
N PELHAM LONG/SHORT FUND LTD CLA 25
MARSHALL WACE - MW TOPS FUND 25
PELHAM LONG/SHORT SMALL CAP FU 31
LANSDOWNE DEVELOPED MARKETS ST 27 MARSHALL WACE - MW EUREKA A1 27 NAPIER PARK ABS INCOME FUND LP 18
PERCEPTIVE LIFE SCIENCES OFFSH 32
LANSDOWNE ENERGY DYNAMICS FUND 30 MARSHALL WACE - MW GLOBAL FINA 30 NAPIER PARK EUROPEAN CREDIT OP 14

Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 6
Source - HSBC
PERSHING SQUARE INTL.LTD 36 ROY G. NIEDERHOFFER DIVERSIFIE 50 SOUND POINT CREDIT OPPORTUNITI 18 TM FULCRUM DIVERSIFIED ABSOLUT 45
PHALANX JAPAN AUSTRALASIA MULT 57 RP DEBT OPPORTUNITIES FUND 16 SPF CREDIT SUISSE SECURITIZED 16 TOLOMEO SQUAREPOINT FUND - GLO 55
PHARO AFRICA FUND LTD 42 RP SELECT OPPORTUNITIES FUND 16 SPINNAKER GLOB OPP FUND, LTD C 43 TONGA PARTNERS LP 32
PHARO GAIA FUND, LTD 43 RQSI GLOBAL ASSET ALLOCATION 50 SPINNAKER GLOBAL EMERGING MARK 43 TOSCA CLASS A - USD 31
PHARO MACRO FUND, LTD 45 RUBICON GLOBAL FUND, LTD 45 SPM CORE FUND 18 TOSCA PEGASUS FUND LIMITED SHA 28
PHARO TRADING FUND, LTD 43 RUSSIAN PROSPERITY FUND - A 40 SPX SEGREGATED PORTFOLIO EAGLE 45 TRIAN PARTNERS LTD 36
PIMCO ABSOLUTE RETURN STRATEGY 45 RV CAPITAL ASIA OPPORTUNITY FU 42 SR GLOBAL FUND (CLASS N) EMERG 23 TRIAS L/S FUND 25
PIMCO GLOBAL CREDIT OPPORTUNIT 16 RWC PENSATO EUROPA FUND LTD EU 25 SR GLOBAL FUND C - INTERNATION 27 TRICADIA CREDIT STRATEGIES, LT 17
PIMCO MULTI-ASSET VOLATILITY F 61 RWC US ABSOLUTE ALPHA FUND - C 29 SR GLOBAL FUND H - JAPAN (REAL 28 TRISTAN PARTNERS LP 32
PIMCO TACTICAL OPPORTUNITIES F 16 SR GLOBAL FUND INC - G - GLOBA 27 TRITON VALUE FUND - B1 35
PINPOINT CHINA FUND CLASS A US 22 S SR GLOBAL FUND M - FRONTIER 23 TRIUM BLACKWALL EUROPE L/S FUN 25
PINPOINT MULTI-STRATEGY FUND 59 STANDARD LIFE GLOBAL FOCUSED S 45 TRIUM OPPORTUNISTIC EQUITY FUN 28
SAGIL LATIN AMERICAN OPPORTUNI 23
PLATINUM FUND LTD 27 STRATEGIC VALUE RESTRUCTURING 21 TT EVENT DRIVEN FUND 35
SANDLER PLUS OFFSHORE FUND LTD 30
POLAR CAPITAL EUROPEAN FORAGER 31 STRATUS FUND LIMITED CLASS B 59 TT INTERNATIONAL FUND 45
SCHRODER CAZENOVE UK ABSOLUTE 52
PORTLAND HILL FUND SICAV - CAT 35 SVM FUNDS ICVC - UK OPPORTUNIT 28 TT MID-CAP EUROPE LONG/SHORT F 25
SCHRODER GAIA BLUETREND USD C 50
PORTLAND HILL OVERSEAS FUND LT 35 SYSTEMATICA ALTERNATIVE MARKET 50 TUDOR B.V.I GLOBAL FUND LTD -A 45
SCHRODER GAIA EGERTON EQUITY - 27
PRIVATE ADVISORS HEDGED EQUITY 38 SYSTEMATICA BLUEMATRIX FUND CL 55 TULIP TREND FUND, LTD - A 51
SCHRODER GAIA INDUS PACIFICHOI 22
PRIVATE ADVISORS UNDISCOVERED 38 SYSTEMATICA BLUETREND FUND, LT 51 TWIN OFFSHORE FUND LTD 36
SCHRODER GAIA SIRIOS US EQUITY 30
PSAM REBOUND PORTFOLIO FUND LT 20 SYSTEMATICA SYNERGY FUND LTD 60
SCHRODER ISF EMERGING MARKET D 43
PSAM WORLDARB MASTER FUND LTD 36 U
SECOR ALPHA MASTER FUND LP 46
PWP GLOBAL MACRO FUND 45 T
SEER CAPITAL PARTNERS OFFSHORE 16 UMJ KOTOSHIRO FUND 28
SEGANTII ASIA-PACIFIC EQUITY M 57 TALOMON VALUE FUND 31
Q V
SELIGMAN TECH SPECTRUM FUND CL 33 TELLIGENT GREATER CHINA FUND 22
QMS DIVERSIFIED GLOBAL MACRO 50 SELWOOD LIQUID CREDIT STRATEGY 16 TEWKSBURY INVESTMENT FUND, LTD 51
VARDEN PACIFIC OPPORTUNITY OFF 17
QUANTEDGE GLOBAL FUND 46 SEMINOLE OFFSHORE FUND 30 THE ARGO FUND 57
VAZIRANI OFFSHORE LTD 34
QUANTICA MANAGED FUTURES UCITS 50 SENVEST PARTNERS, LTD - CLASS 32 THE CAMBRIDGE STRATEGY - ASIAN 41
VERITION MULTI-STRATEGY FUND C 60
SERONE KEY OPPORTUNITIES FUND 14 THE CAMBRIDGE STRATEGY - EMERG 42
VR GLOBAL OFFSHORE FUND LTD 21
R SIERRA EUROPE OFFSHORE, LTD - 25 THREADNEEDLE UK ABSOLUTE ALPHA 28
SMN DIVERSIFIED FUTURES FUND 50 TIG ARBITRAGE ENHANCED FUND 35
REDWOOD OFFSHORE FUND 21 W
SOLUS SOLA LTD CL. I 20 TIG SECURITIZED ASSET FUND LTD 17
RENAISSANCE INSTITUTIONAL DIVE 53
SOLUS SOLA LTD CL. I N2 21 TIG SUNRISE FUND 17 WB OPPORTUNITIES FUND 14
RENAISSANCE INSTITUTIONAL EQUI 29
SOUND POINT BEACON OFFSHORE FU 21 TILDEN PARK OFFSHORE INVESTMEN 18 WEISS MULTI-STRATEGY PARTNERS 60

Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 7
Source - HSBC
WELLINGTON MANAGEMENT INV BERM 31
WELTON GLOBAL 51
WESTFIELD FUND (CAYMAN) LTD 17
WESTRAY LONG/SHORT FEEDER FUND 25
WEXFORD OFFSHORE CATALYST FUND 60
WEXFORD OFFSHORE CREDIT OPPORT 18
WEXFORD OFFSHORE SPECTRUM FUND 60
WHITEBOX MULTI-STRATEGY FUND 36
WINTON EVOLUTION FUND 51
WINTON FUND 51
WYETREE EUROPEAN RECOVERY FUND 14
WYETREE NORTH AMERICAN ABS FUN 18
WYETREE RESIDENTIAL REAL ESTAT 17

Z
ZAIS OPPORTUNITY FUND LTD SERI 19
ZEAL CHINA FUND LTD - USD -NI 22
ZWEIG-DIMENNA INTL LIMITED - C 30

Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 8
Source - HSBC
Top Bottom
Investment Funds Return Date Investment Funds Return Date
NUMEN CREDIT OPPORTUNITIES FUND 21.51 31 May 18 CANTAB CAPITAL PARTNERS QUANTITATIVE FUND -16.01 15 Jun 18
(THE) - USD ARISTARCHUS
ODEY EUROPEAN, INC (EUR) 19.88 31 May 18
CERBERUS INTL. LTD CLASS A A/C 191 -15.66 31 May 18
ALPHAQUEST ORIGINAL PROGRAM (AQO) 18.18 15 Jun 18
ONE RIVER SYSTEMATIC TREND SP -13.89 31 May 18
WESTFIELD FUND (CAYMAN) LTD 17.33 31 May 18
HABROK INDIA FUND LTD A USD RESTRICTED -13.63 30 Apr 18
AAM ABSOLUTE RETURN FUND 17.09 15 Jun 18
PASSPORT SPECIAL OPPORTUNITIES FUND LTD CLASS -13.41 31 May 18
GRESHAM QUANT ACAR FUND 14.79 14 Jun 18 AA
PERCEPTIVE LIFE SCIENCES OFFSHORE FUND LTD 13.90 15 Jun 18 SMN DIVERSIFIED FUTURES FUND -12.80 15 Jun 18
ELEMENT CAPITAL FUND 13.19 30 Apr 18 GREENLIGHT CAPITAL OFFSHORE, LTD - A/1 -12.18 31 May 18
CAPEVIEW AZRI 2X FUND 12.87 15 Jun 18 EQUILIBRIA JAPAN FUND LTD 2X (USD) -12.03 15 Jun 18
EQUITILE RESILIENCE FEEDER FUND CLASS C HEDGED 12.71 20 Jun 18 DUNN WMA FUND SA -11.94 31 May 18
GROSS ACCOUNT
ALTIS GLOBAL TREND PORTFOLIO -11.62 31 May 18
JENOP GLOBAL HEALTHCARE FUND LTD SERIES A 11.45 05 Jun 18
JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI -10.89 15 Jun 18
MAVERICK FUNDAMENTAL QUANT NEUTRAL LTD 11.26 31 Mar 18
RQSI GLOBAL ASSET ALLOCATION -10.33 31 May 18
LANSDOWNE ENERGY DYNAMICS FUND 11.18 31 May 18
VAZIRANI OFFSHORE LTD -9.89 31 May 18
BORONIA DIVERSIFIED FUND MASTER 10.93 31 May 18
KEYNES MULTI ASSET VALUE FUND LTD (KMAV) - USD -9.65 15 Jun 18
BLACKROCK UK EMERGING COMPANIES HEDGE FUND 10.35 15 Jun 18 SERIES 2
DORSET ENERGY FUND, LTD - CLASS A 10.21 08 Jun 18 TULIP TREND FUND, LTD - A -9.50 15 Jun 18
CYGNUS UTILITIES, INFRASTRUCTURE & RENEWABLES 10.03 31 May 18 KEYNES MULTI ASSET VALUE FUND LTD (KMAV) - AMX -9.27 31 May 18
ALKEN CAPITAL ONE CLASS J 9.73 31 May 18 FUND
TOSCA CLASS A - USD 9.48 30 Apr 18 PWP GLOBAL MACRO FUND -9.07 31 May 18
ANDURAND COMMODITIES FUND 9.41 31 May 18 SPINNAKER GLOB OPP FUND, LTD COMPOSITE -9.05 31 May 18
WELTON GLOBAL -9.04 12 Jun 18
TWIN OFFSHORE FUND LTD -8.68 15 Jun 18

This ranking is for information only and should not be considered as exhaustive.
Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 9
Source - HSBC
Top Bottom
Investment Funds Return Date Investment Funds Return Date
HABROK INDIA FUND LTD A USD RESTRICTED 77.56 31 Dec 17 DORSET ENERGY FUND, LTD - CLASS A -39.48 31 Dec 17
ALKEN CAPITAL ONE CLASS J 61.82 31 Dec 17 RUBICON GLOBAL FUND, LTD -34.85 31 Dec 17
GOLDEN CHINA FUND NR CLASS 52.11 31 Dec 17 ELM RIDGE CAPITAL PARTNERS L.P. -23.46 31 Dec 17
TELLIGENT GREATER CHINA FUND 46.97 31 Dec 17 ODEY EUROPEAN, INC (EUR) -21.72 31 Dec 17
PERCEPTIVE LIFE SCIENCES OFFSHORE FUND LTD 43.43 31 Dec 17 BORONIA DIVERSIFIED FUND MASTER -14.84 31 Dec 17
OCEANWIDE CHINA FOCUS SEGREGATED PORTFOLIO 42.65 31 Dec 17 ROY G. NIEDERHOFFER DIVERSIFIED OFFSHORE FUND -13.70 31 Dec 17
PELHAM LONG/SHORT SMALL CAP FUND LTD 39.45 31 Dec 17 FARRINGDON ALPHA ONE -13.65 31 Dec 17
QUANTEDGE GLOBAL FUND 38.35 31 Dec 17 CAXTON GLOBAL INVESTMENT LTD -13.17 31 Dec 17
PINPOINT CHINA FUND CLASS A USD 35.88 31 Dec 17 ALPHAQUEST ORIGINAL PROGRAM (AQO) -12.95 31 Dec 17
MANDARIN OFFSHORE FUND LTD P-USD SHARE CLASS 35.01 31 Dec 17 ALTIS GLOBAL TREND PORTFOLIO -12.86 31 Dec 17
SR GLOBAL FUND (CLASS N) EMERGING MARKET 34.82 31 Dec 17 BLACKROCK PAN ASIA OPPORTUNITIES FUND LTD -12.57 31 Dec 17
EQUITY CLASS B
CAIUS CAPITAL MASTER FUND 32.63 31 Dec 17 ARCTIC BLUE ORIGINAL 2X -12.47 31 Dec 17
CERBERUS INTL. LTD CLASS A A/C 191 32.45 31 Dec 17 MERCHANT COMMODITY FUND (THE) - COMPOSITE -11.60 31 Dec 17
ZEAL CHINA FUND LTD - USD -NI 32.13 31 Dec 17 GRAHAM GLOBAL INVESTMENT FUND II - -10.28 31 Dec 17
DISCRETIONARY ENHANCED VOL -CLASS - B -
SR GLOBAL FUND INC - G - GLOBAL OPPORTUNITIES 31.88 31 Dec 17
PTF (REAL PERF) WEXFORD OFFSHORE CREDIT OPPORTUNITIES FUND -8.44 31 Dec 17
INFLECTION POINT INVESTMENTS CO LTD - CLASS A 30.96 31 Dec 17 QMS DIVERSIFIED GLOBAL MACRO -8.16 31 Dec 17
CANTAB CAPITAL PARTNERS QUANTITATIVE FUND 30.96 31 Dec 17 JL EQUITY MARKET NEUTRAL -7.98 31 Dec 17
(THE) - USD ARISTARCHUS
DYMON ASIA MACRO FUND - CLASS X -7.79 31 Dec 17
KG INVESTMENT FUND LLC 30.70 31 Dec 17
LYNX BERMUDA 1.5 LTD -7.05 31 Dec 17
ABOUT CAPITAL ASIAN SPECIAL OPPORTUNITIES FUND 30.70 31 Dec 17
GRAHAM ABSOLUTE RETURN TRADING LTD -6.86 31 Dec 17
CLASS A
MAVERICK FUNDAMENTAL QUANT NEUTRAL LTD 30.68 31 Dec 17

This ranking is for information only and should not be considered as exhaustive.
Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 10
Source - HSBC
Top Bottom
Investment Funds Return Date Investment Funds Return Date
DORSET ENERGY FUND, LTD - CLASS A 65.50 31 Dec 16 ODEY EUROPEAN, INC (EUR) -49.52 31 Dec 16
RUSSIAN PROSPERITY FUND - A 58.66 31 Dec 16 AMAZON MARKET NEUTRAL FUND CLASS A USD -29.98 31 Dec 16
JLP CREDIT OPPORTUNITY FUND 56.41 31 Dec 16 PASSPORT SPECIAL OPPORTUNITIES FUND LTD CLASS -26.42 31 Dec 16
AA
THE ARGO FUND 52.30 31 Dec 16
HORSEMAN GLOBAL FUND USD -24.03 31 Dec 16
WESTFIELD FUND (CAYMAN) LTD 50.78 31 Dec 16
PARUS FUND PLC USD CLASS -18.57 31 Dec 16
FIREBIRD FUND, LP 41.79 31 Dec 16
ZWEIG-DIMENNA INTL LIMITED - CLASS A -17.89 31 Dec 16
MUDRICK DISTRESSED OPPORTUNITY FUND LTD 38.90 31 Dec 16
ALTIS GLOBAL TREND PORTFOLIO -17.27 31 Dec 16
FJ CAPITAL FINANCIAL OPPORTUNITY FUND LTD 37.01 31 Dec 16
OCEANIC HEDGE FUND - CLASS A -17.10 31 Dec 16
WEXFORD OFFSHORE CREDIT OPPORTUNITIES FUND 36.58 31 Dec 16
GAM TALENTUM ENHANCED EUROPE LONG/SHORT - A - -16.78 31 Dec 16
BCM WESTON LP (BILLINGS CAPITAL MANAGEMENT) 33.66 31 Dec 16
CAPEVIEW AZRI 2X FUND -15.83 31 Dec 16
WEXFORD OFFSHORE CATALYST FUND LTD 33.62 31 Dec 16
LANSDOWNE DEVELOPED MARKET FUND, LTD (GBP) -15.22 31 Dec 16
VARDEN PACIFIC OPPORTUNITY OFFSHORE FUND I LTD 33.15 31 Dec 16 NNI
ABOUT CAPITAL ASIAN SPECIAL OPPORTUNITIES FUND 31.77 31 Dec 16 LANSDOWNE DEVELOPED MARKET FUND, LTD A USD -14.87 31 Dec 16
CLASS A
ANTARES EUROPEAN FUND, LTD - USD -14.79 31 Dec 16
CORRE OPPORTUNITIES QUALIFIED MASTER FUND LP 31.09 31 Dec 16
ALKEN CAPITAL ONE CLASS J -14.25 31 Dec 16
TRISTAN PARTNERS LP 30.88 31 Dec 16
JENOP GLOBAL HEALTHCARE FUND LTD SERIES A -13.88 31 Dec 16
CQS DIRECTIONAL OPP. FEEDER FUND. LTD – A NI USD 30.48 31 Dec 16
SCHRODER GAIA BLUETREND USD C ACC -13.67 31 Dec 16
ECF VALUE FUND INTERNATIONAL LTD 30.37 31 Dec 16
TELLIGENT GREATER CHINA FUND -13.19 31 Dec 16
L1 CAPITAL LONG SHORT FUND 29.63 31 Dec 16
GRAHAM GLOBAL INVESTMENT FUND II - K4D-15V - -13.16 31 Dec 16
SAGIL LATIN AMERICAN OPPORTUNITIES FUND CLASS 28.51 31 Dec 16 COMPOSITE
A
GREYWOLF CAPITAL OVERSEAS FUND -13.02 31 Dec 16
MARLIN FUND LP 26.96 31 Dec 16
BLACKROCK 32 CAPITAL MASTER FUND SPC, LTD (THE) -12.83 31 Dec 16
- B/1

This ranking is for information only and should not be considered as exhaustive.
Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 11
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Convertible
Ytd Avg. 2018 0.53%
Ytd Avg. 2018
Convertible/Global 0.53%
ADVENT GLOBAL PARTNERS 30 Sep 96 Q $296M 428.34 31 May 18 0.26% 0.80% 2.88% 4.32% 3.94% -1.54% 10.51% 6.94% 6.48% (27.58%)
Advent Capital Management Dec 17 Oct 07 - Nov 08

BASSO INVESTORS LTD 30 Sep 95 Q $209M 7,927.74 15 Jun 18 0.01% (0.52%) 1.4% 6.71% 2.11% 1.95% 11.45% 9.54% 5.55% (25.00%)
Howard Fischer Feb 18 Dec 07 - Oct 08

CQS GLOBAL CONVERTIBLE 30 Jun 14 M $419M 1,165.04 15 Jun 18 0.64% 0.15% 3.74% 5.2% 7.54% -0.88% 3.93% 2.72% (2.27%)
ARBITRAGE MASTER FUND LTD Apr 18 Feb 18 - May 18
CQS (UK) LLP, Alex Schoenenberger
JABCAP GLOBAL CONVERTIBLE 30 Apr 07 W $202M 230.90 05 Jun 18 2.43% 1.83% 12.66% -0.18% 0.25% 4.13% 27.15% 7.82% 11.49% (28.61%)
FUND - D1 UNRESTRICTED May 18 May 08 - Nov 08
Philippe Jabre
LAZARD RATHMORE STRATEGY 31 May 07 Q/M $712M 243.37 08 Jun 18 0.18% 0.37% 9% 5.84% -3.08% -0.89% 12.79% 8.40% 7.21% (16.25%)
Sean Reynolds Dec 17 Aug 08 - Nov 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 12
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Credit
Ytd Avg. 2018 2.33%
Ytd Avg. 2018
Credit/Emerging (0.26%)
ABSOLUTE INSIGHT EMERGING 30 Apr 08 D €782M 1.39 20 Jun 18 (1.45%) (4.56%) 4.27% -0.24% -4.3% 2.42% -0.64% 3.32% 6.34% (15.32%)
MARKET DEBT FUND CLASS B1P May 18 May 08 - Oct 08
Colm McDonagh
AQS EMERGING MARKETS 31 Dec 14 M $269M 127.82 31 May 18 (0.89%) (1.16%) 15.27% 13.68% -1.31% - 7.45% 6.14% (11.84%)
CORPORATE DEBT TOTAL May 18 May 15 - Jan 16
RETURN
Aventicum Capital Management (UK)
LLP
BAF LATAM TRADE FINANCE FUND 29 Feb 08 M $715M 2,223.02 31 May 18 0.37% 1.95% 5.04% 6.16% 7.2% 7.76% 8.09% 8.10% 0.62% 0.00%
Ernesto Lienhard & team. Apr 18 Jan 00 - Jan 00

CONTRARIAN EMERGING 31 Dec 05 Q $2'059M 546.85 31 May 18 (1.93%) 4.40% 20.2% 22.74% 14.48% -1.98% 14.61% 14.66% 13.25% (28.43%)
MARKETS OFF FUND LTD May 18 Feb 08 - Oct 08
Xiao Song
FINISTERRE CREDIT FUND 31 Jan 06 M $638M 230.58 31 May 18 (0.07%) 0.16% 8.64% 3.04% -2.41% 2.62% 4.78% 7.01% 10.14% (33.64%)
Hakan SofuoglU, Aashray Kannan May 18 Jun 08 - Dec 08

IP ALL SEASONS ASIAN CREDIT 31 Jan 02 W $110M 31.81 31 May 18 (2.12%) (1.46%) 11.59% 25.04% -0.39% 4.94% 2.2% 7.34% 9.17% (38.05%)
FUND May 18 Feb 08 - Mar 09
Job Campbell
LTS GLOBAL EMERGING MARKETS 31 Dec 11 M $69M 127.50 30 Apr 18 1.35% 1.06% 10.68% 4.3% 3% 3.47% 2.55% 5.68% 3.39% (2.46%)
FUND LTD Apr 18 Oct 14 - Jan 15
LTS Capital LLP, Simon Dalah &
Anthony Nahum
MONEDA LATIN AMERICAN 30 Sep 07 Q $303M 2,438.39 19 Jun 18 (1.49%) (2.46%) 16.37% 21.97% -6.12% 3.36% 8.67% 8.66% 12.35% (32.05%)
CORPORATE DEBT FUND -A- May 18 Aug 08 - Dec 08
Fernando Tisné and Javier Montero
Ytd Avg. 2018
Credit/Europe 1.31%
ABSOLUTE INSIGHT CREDIT FUND 30 Sep 11 W €254M 1.26 20 Jun 18 (0.04%) (1.31%) 6.09% -4.46% -1.06% 2.21% 7.4% 3.44% 3.87% (8.55%)
B1P2 EURO May 18 Jul 14 - Jul 16
Alex Veroude
ALEGRA ABS I FUND (EUR) 30 Jun 04 M €147M 4,373.68 30 Apr 18 (0.07%) 1.43% 11.67% 7.74% 10.68% 10.96% 41.6% 11.25% 22.91% (84.24%)
Alegra Capital (Lie) Ltd, Alfred Apr 18 May 07 - May 09
Haslinger, Philippe Jodin, Daniel
Riediker

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 13
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Credit/Europe 1.31%
CAIRN SPECIAL OPPORTUNITIES 31 Dec 07 Q €160M 210.61 31 May 18 0.91% 3.16% 5.78% 7.3% -3.28% 2.3% 8.54% 7.41% 7.00% (13.94%)
CREDIT FUND Apr 18 Jun 11 - Nov 11
Cairn Capital Limited
CAPITAL FOUR CREDIT 31 Dec 09 M €380M 175.61 15 Jun 18 0.02% 0.36% 6.42% 7.64% 3.84% 11.37% 16.31% 12.07% 6.28% (6.46%)
OPPORTUNITIES FUND Feb 18 May 11 - Nov 11
Capital Four Management Team
CHENAVARI TORO LIMITED 31 May 09 M €324M 1,257.50 30 Apr 18 0.39% 2.24% 9.29% 3.85% 15.22% 24.82% 32.93% 32.82% 10.64% (5.11%)
Chenavari Investment Managers Apr 18 Jul 11 - Oct 11

GLG CROSS ASSET VALUE 30 Nov 12 M $264M 1,438.56 15 Jun 18 (0.46%) (2.90%) 17.54% 2.25% 4.88% 4.68% 11.5% 6.78% 5.28% (7.88%)
OFFSHORE FUND CLASS A USD Apr 18 Dec 15 - Feb 16
UNRES
Chris Huggins
NAPIER PARK EUROPEAN CREDIT 31 Aug 10 Q €540M 308.79 31 May 18 0.17% 0.98% 5.75% 12.54% 8.49% 8.92% 31.32% 15.65% 7.86% (15.31%)
OPPORTUNITIES FUND LTD Apr 18 May 11 - Dec 11
Napier Park Global Capital (US) LP
NORTHLIGHT EUROPEAN 31 Dec 09 M $398M 1,721.39 15 Jun 18 0.05% 5.25% 2.98% 6.03% 5.39% 5.93% 12.61% 6.63% 2.40% (1.92%)
FUNDAMENTAL CREDIT FUND Dec 17 Sep 15 - Feb 16
Northlight Group LLP
OBSERVATORY CREDIT MARKETS 30 Jun 04 M $978M 365.29 31 May 18 (0.57%) 1.14% 5.49% 5.89% 3.13% 3.31% 7.26% 9.75% 5.68% (12.74%)
FUND (THE) Mar 18 Jul 07 - Jul 08
Shazad Ghaffar
OYSTER FLEXIBLE CREDIT FUND 31 May 14 W €59M 147.02 19 Jun 18 0.09% (0.70%) 0.86% 3.77% -2.92% -2.85% (0.49%) 2.83% (8.03%)
R EUR PR Jan 18 May 15 - Mar 16
Syz Asset Management SA (Sub
Manager Eiffel Investment Group)
PAMPLONA CREDIT 31 Aug 08 M €353M 215.61 31 May 18 (0.79%) (0.15%) 5.54% 1.43% 0.22% 6.55% 12.68% 8.20% 6.84% (17.90%)
OPPORTUNITIES FUND May 18 Apr 11 - Dec 11
Yves Leysen
SERONE KEY OPPORTUNITIES 29 Feb 12 M $332M 3,540.01 31 May 18 0.40% 5.03% 16.41% 17.24% 11.05% 9.14% 25.94% 22.40% 7.30% (4.47%)
FUND May 18 Nov 15 - Feb 16
Serone Capital Management, Serj
Walia
WB OPPORTUNITIES FUND 30 Sep 09 M $76M 204.80 08 Jun 18 0.38% 1.45% 2.99% 8.28% 3.76% 3.39% 11.95% 8.60% 4.09% (2.39%)
Butler Investment Managers Ltd, Apr 18 Aug 14 - Oct 14
Walter Butler
WYETREE EUROPEAN RECOVERY 31 Aug 13 M €50M 129.62 30 Apr 18 0.10% 2.32% 20.33% -7.42% -5.25% 16.74% 2.81% 5.72% 6.53% (18.97%)
FUND (WERF) Jun 16 Mar 15 - Jun 16
WyeTree Asset Management

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 14
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Credit/Global 3.41%
AG MORTGAGE VALUE PARTNERS 30 Apr 09 Q $1'360M 350.79 31 May 18 0.70% 7.23% 16.17% 7.89% 4.43% 10.07% 12.91% 14.80% 3.90% (3.76%)
LTD Apr 18 Oct 15 - Feb 16
Angelo, Gordon & Co./ Thomas
Durkin, Yong Joe
ALGEBRIS MACRO CREDIT FUND 30 Jun 16 D $950M 109.45 19 Jun 18 (0.87%) (4.49%) 10.59% 3.62% 4.69% 6.51% (7.46%)
(UCITS) Dec 17 Jan 18 - Jun 18
Alberto Gallo, Algebris
ALPHA UCITS FAIR OAKS 30 Sep 16 W €525M 1,098.77 19 Jun 18 0.14% 1.80% 7.37% 0.55% 5.65% 1.35% (0.34%)
DYNAMIC CREDIT FUND May 18 Sep 16 - Oct 16
Fair Oaks, Roger Coyle, Miguel
Ramos Fuentenebro
ARISTEIA INTERNATIONAL LTD 01 Aug 97 Q $1'118M 1,001.03 31 May 18 0.75% 0.99% 4.98% 13.98% -7.22% -3.13% 15.67% 11.69% 8.42% (30.20%)
Anthony M. Frascella, William R. Jun 18 May 08 - Dec 08
Techar
ASGARD FIXED INCOME FUND LTD 30 Jun 03 M €373M 671.00 15 Jun 18 0.31% 0.30% 12.04% 18.14% 8.8% 10.6% 16.02% 13.56% 6.35% (10.40%)
Morten Mathiesen Apr 18 Aug 08 - Oct 08

AXONIC CREDIT OPPORTUNITIES 31 Mar 09 Q $434M 369.08 31 May 18 1.58% 4.53% 7.15% 1.47% 0.52% 10.87% 12.1% 15.30% 6.34% (6.84%)
OVERSEAS FUND LTD Mar 18 May 15 - Mar 16
Clayton DeGiacinto, Jamshed
Engineer, Matthew Weinstein
BLUEBAY GLOBAL CREDIT ALPHA 31 Oct 11 M $147M 18,936.78 15 Jun 18 2.15% 3.79% 14.87% 3.19% 3.06% 1.85% 13.61% 10.11% 5.32% (3.58%)
LONG SHORT FUND May 18 Jan 18 - May 18
Geraud Charpin
CLAREANT GLOBAL SPECIAL 31 Oct 07 Q €125M 208.12 31 May 18 0.82% 5.92% 5.22% 9.64% 23.71% -1.88% 12% 7.17% 13.29% (48.74%)
SITUATIONS FUND US FEEDER Apr 18 Oct 07 - Dec 08
EUR CLASS III-A
Alcentra Ltd / David Forbes-Nixon
CLAREANT STRUCTURED CREDIT 31 Jan 11 Q $295M 439.97 31 May 18 0.69% 3.62% 16.41% 18.46% 8.89% 5.51% 48.08% 22.38% 10.56% (8.17%)
OPPORTUNITIES FUND II Apr 18 May 11 - Sep 11
Alcentra Ltd / Hiram Hamilton
COHERENCE CAPITAL SPECTRUM 31 Jul 12 Q $137M 16.04 15 Jun 18 0.29% (0.36%) 3.87% 5.47% 5.2% 2.83% 18.98% 8.37% 3.82% (2.98%)
FUND OFFSHORE FUND Mar 18 Jun 14 - Oct 14
Coherence Capital Partners LLC
CQS ABS FEEDER FUND - CLASS 30 Sep 06 Q $1'269M 6,821.51 31 May 18 0.76% 5.12% 12.37% 8.47% -2.36% 8.02% 9.7% 17.88% 9.93% (11.97%)
-B1- USD Apr 18 May 15 - Feb 16
Bill Murray, Jason Walker
ELLINGTON CREDIT 30 Apr 08 Q $280M 301.86 31 May 18 0.94% 4.06% 4.35% -0.9% 3.22% 7.89% 15.28% 11.57% 5.18% (5.51%)
OPPORTUNITIES FUND LTD Apr 18 Aug 15 - Mar 16
Ellington Management Group, LLC

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 15
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Credit/Global 3.41%
ELLINGTON MORTGAGE 31 Jan 09 Q $332M 292.44 31 May 18 0.44% 2.67% 2.73% 4.64% 1.79% 7.25% 9.64% 12.18% 3.66% (0.85%)
OPPORTUNITIES MASTER FUND Apr 18 May 15 - Oct 15
LTD
Ellington Management Group, LLC
III RELATIVE VALUE CREDIT 31 Oct 05 M $150M 1,872.20 15 Jun 18 (0.16%) 1.55% -0.66% 6.81% -7.26% 5.23% 8.5% 5.09% 7.00% (31.27%)
STRATEGIES FUND LTD May 18 Nov 07 - Dec 08
Lester Coyle
III SELECT CREDIT FUND LTD 31 Dec 07 Q $182M 1,987.80 15 Jun 18 (0.06%) 2.55% -0.93% 7.61% -8.35% 6.02% 8.56% 6.88% 5.83% (10.51%)
CLASS -A- May 18 May 15 - Feb 16
Lester Coyle
MEDALIST PARTNERS HARVEST 31 Jul 12 Q $400M 166.79 31 May 18 1.00% 4.47% 12.96% -0.5% -1.13% 13.78% 14.05% 9.17% 3.87% (11.21%)
FUND Apr 18 Jun 15 - Jun 16
Greg Richter and Brian Herr
ONE WILLIAM STREET CAPITAL 31 Mar 08 Q/Y $1'370M 2,632.93 31 May 18 0.05% 3.58% 16.08% 9.93% 2.33% 10.05% 5.75% 9.98% 5.02% (8.43%)
FUND May 18 Feb 11 - Nov 11
OWS Capital Management
PIMCO GLOBAL CREDIT 30 Jun 06 Q $3'733M 213.18 31 May 18 1.03% 4.86% -0.04% 6.97% 6.89% 4.34% 7.45% 6.55% 4.52% (12.86%)
OPPORTUNITY FUND SERIES 1 May 18 Jun 07 - Nov 08
Dan Ivascyn / Jon Horne
PIMCO TACTICAL OPPORTUNITIES 31 Jan 13 HY $1'951M 165.00 31 May 18 0.56% 4.40% 10.83% 9.32% 5.68% 7.56% 14.76% 9.85% 3.39% (1.88%)
FUND Apr 18 May 13 - Jun 13
Pimco LLC - Dan Ivascyn / Josh
Anderson / Alfred Murata
RP DEBT OPPORTUNITIES FUND 30 Sep 09 M $1'978M 2,000.34 15 Jun 18 0.25% 0.67% 7.4% 11.1% 5.15% 5.06% 10.36% 9.62% 3.20% (1.80%)
RP Investment Advisors May 18 Jul 11 - Sep 11

RP SELECT OPPORTUNITIES 31 Mar 14 M $558M 12.84 15 Jun 18 0.67% 2.41% 10.39% 10.75% 6.62% 2.52% 7.74% 3.50% (3.50%)
FUND May 18 Dec 15 - Feb 16
RP Investment Advisors
SEER CAPITAL PARTNERS 30 Apr 09 Q $634M 241.84 31 May 18 0.80% 4.14% 9.9% -2.57% -0.57% 5.41% 12.13% 10.20% 6.01% (17.05%)
OFFSHORE FUND LTD Apr 18 Jul 15 - Feb 16
Phil Weingord, Richard d'Albert, Seer
Capital
SELWOOD LIQUID CREDIT 31 Aug 15 M $758M 134.86 31 May 18 0.12% 3.44% 14.87% 10.73% 2.5% 11.49% 1.89% 0.00%
STRATEGY May 18 Jan 00 - Jan 00
Selwood Asset Management
SPF CREDIT SUISSE SECURITIZED 30 Nov 11 Q $2'121M 191.29 15 Jun 18 0.25% 3.44% 9.36% 4.69% 6.14% 10.68% 18.1% 10.42% 2.67% (2.24%)
PRODUCTS MASTER FUND LTD May 18 Dec 15 - Feb 16
Albert Sohn

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 16
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Credit/Global 3.41%
TIG SECURITIZED ASSET FUND 30 Sep 12 M $475M 167.89 30 Apr 18 0.17% 1.66% 6.99% -0.05% 6.06% 15.17% 20.05% 9.72% 3.27% (4.65%)
LTD Apr 18 Sep 15 - Mar 16
Stuart Lippman, David Liu
TIG SUNRISE FUND 31 Oct 14 M $156M 124.42 15 Jun 18 0.45% 3.80% 13.57% 2% 3.6% -0.12% 6.21% 2.53% (3.30%)
Stuart Lippman, David Liu Apr 18 Aug 15 - Apr 16

TRICADIA CREDIT STRATEGIES, 31 Mar 05 Q $640M 375.02 15 Jun 18 0.05% 0.34% 7.78% -1.55% -1.82% 3.94% 10.57% 10.52% 6.49% (10.77%)
LTD May 18 Jun 08 - Nov 08
Arif Inayatullah & Michael Barnes
VARDEN PACIFIC OPPORTUNITY 31 Mar 11 Q $533M 170.30 31 May 18 (1.19%) 6.16% -6.43% 33.15% -6.17% 9.15% 15.14% 7.70% 11.93% (18.02%)
OFFSHORE FUND I LTD May 18 Mar 11 - Sep 11
Varden Pacific LLC
WESTFIELD FUND (CAYMAN) LTD 31 Oct 15 Q $134M 195.86 31 May 18 7.13% 17.33% 10.73% 50.78% -0.02% 29.72% 13.87% (11.65%)
Renyuan Gao Jun 18 Feb 17 - Jun 17

WYETREE RESIDENTIAL REAL 30 Nov 08 Q $91M 259.36 30 Apr 18 0.80% 2.42% 15.51% 2.21% -0.42% 12.66% 17.56% 10.65% 6.03% (14.92%)
ESTATE TOTAL RETURN OPP. Mar 18 Feb 11 - Dec 11
FUND (RRETRO FUND)
WyeTree Asset Management
Ytd Avg. 2018
Credit/USA 2.47%
400 CAPITAL CREDIT 31 Jan 09 Q $1'066M 336.28 30 Apr 18 1.03% 4.53% 13.55% 0.17% -0.42% 12.35% 15.24% 14.01% 5.63% (11.54%)
OPPORTUNITIES Mar 18 Jun 15 - Mar 16
Chris Hentemann
AG REAL ESTATE DEBT 31 Mar 11 Q $197M 2,254.29 31 May 18 0.95% 3.91% 13.41% 2.68% 4.34% 13.84% 28.14% 12.00% 5.59% (8.02%)
INVESTMENT FUND LTD May 18 Jun 11 - Sep 11
Angelo, Gordon & Co, Andrew
Solomon
BEACH POINT TOTAL RETURN 30 Jun 96 Q $1'700M 733.20 31 May 18 0.31% 1.39% 5.41% 12.16% -2.08% -0.67% 12.61% 9.53% 7.55% (24.04%)
OFFSHORE FUND II, LTD May 18 Oct 07 - Dec 08
Carl Goldsmith, Scott Klein,
BRIGADE LEVERAGED CAPITAL 31 Dec 06 Q $2'529M 190.01 31 May 18 1.13% 3.37% 6.1% 22.55% -11.11% 0.22% 5.96% 5.78% 6.40% (19.42%)
STRUCTURES FUND LTD Jun 18 Jun 08 - Dec 08
Don Morgan
GALTON MORTGAGE STRATEGIES 31 Oct 11 Q $162M 162.55 31 May 18 0.03% 2.91% 13.44% 8.17% 3.41% 7.4% 2.22% 7.65% 3.53% (6.17%)
OFFSHORE FUND LTD Apr 18 May 13 - Sep 13
Mariner Investment Group, Matt
Whalen, Kevin J. Finnerty
GCA CREDIT OPPORTUNITIES 30 Sep 08 Q $376M 337.22 31 May 18 1.89% 4.55% 1.32% 6.27% 2.55% 3.57% 8.46% 13.39% 5.63% (1.95%)
MASTER FUND LTD May 18 Jul 11 - Sep 11
Global Credit Advisers LLC

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 17
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Credit/USA 2.47%
HUDSON COVE CREDIT 31 Aug 09 Q $283M 299.10 30 Apr 18 0.70% 2.39% 10.93% 10.4% 8.93% 8.93% 10.21% 13.47% 2.85% (1.08%)
OPPORTUNITY FUND LTD Apr 18 May 13 - Jun 13
Hudson Cove Capital Management,
David Wu
JLP INSTITUTIONAL CREDIT FUND 31 Dec 10 Q $148M 146.44 30 Apr 18 0.74% 1.18% 4.01% 22.07% -10.08% -3.48% 10.85% 5.34% 5.90% (20.52%)
Phoenix Investment Adviser Apr 18 Jun 14 - Feb 16

MIDOCEAN ABSOLUTE RETURN 31 Jan 10 M $276M 166.06 31 May 18 0.05% 2.61% 2.12% 7.05% 4.34% 0.33% 7.66% 6.27% 3.38% (5.37%)
CREDIT FUND Oct 17 Jun 14 - Jan 15
MidOcean Credit Fund Management
LP
MIDOCEAN CREDIT OPPORTUNITY 31 Mar 09 Q $759M 257.51 31 May 18 0.70% 1.12% 6.28% 7.18% 2.26% 0.98% 10.07% 10.86% 5.53% (4.96%)
FUND CLASS B Sep 17 Aug 14 - Feb 16
MidOcean Credit Fund Management
LP
MILL HILL CREDIT 31 Oct 16 Q $112M 113.99 31 May 18 0.79% 2.41% 10.15% 1.06% 8.64% 2.36% (0.33%)
OPPORTUNITIES FUND May 18 May 17 - Jul 17
David Meneret
NAPIER PARK ABS INCOME FUND 30 Apr 15 Q $261M 127.79 30 Apr 18 0.30% 2.36% 12.21% 9.81% 1.33% 8.51% 2.07% (0.58%)
LP Apr 18 Jan 16 - Mar 16
Rajesh Agarwal
OCTAGON HIGH INCOME FUND 31 Jan 11 M $147M 171.05 31 May 18 0.17% 3.80% 8.52% 14.2% -0.55% 1.05% 9.83% 7.59% 6.16% (10.77%)
Andrew D. Gordon Mar 18 Jul 11 - Aug 11

SOUND POINT CREDIT 31 Aug 09 Q $1'003M 1,740.15 31 May 18 0.82% (2.28%) 7.52% 6.75% -0.26% 4.27% 14.73% 6.53% 3.63% (7.55%)
OPPORTUNITIES FUND LP Apr 18 May 15 - Feb 16
Sound Point Capital Management,
Stephen Ketchum
SPM CORE FUND 31 May 09 Q $671M 415.60 31 May 18 (0.75%) 2.11% 8.63% 4.69% 3.12% 16.34% -2.62% 17.14% 7.44% (9.62%)
William Mok, Nicolas Vassalli Dec 17 Mar 13 - Jun 13

TILDEN PARK OFFSHORE 31 Dec 10 Q $3'954M 264.72 31 May 18 0.40% 3.37% 5.16% 12.4% 1.31% 14.06% 20.51% 14.02% 5.88% (5.77%)
INVESTMENT FUND LTD Jun 18 May 15 - Mar 16
Josh Birnbaum
WEXFORD OFFSHORE CREDIT 31 Jan 03 Q $40M 534.47 31 May 18 1.20% 2.96% -8.44% 36.58% -1.59% 4.55% 10.12% 11.55% 8.33% (12.55%)
OPPORTUNITIES FUND May 18 Jun 08 - Mar 09
Charles E. Davidson
WYETREE NORTH AMERICAN ABS 30 Nov 12 M $65M 136.44 31 May 18 0.63% 2.35% 10.6% 6.69% -0.42% 7.78% 5.46% 5.81% 3.30% (6.33%)
FUND (WYNAABS) Jun 16 May 15 - Feb 16
WyeTree Asset Management

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 18
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Credit/USA 2.47%
ZAIS OPPORTUNITY FUND LTD 31 Mar 04 Y $134M 410.44 30 Apr 18 0.64% 1.92% 7.04% 19.14% -9.21% 8.62% 8.73% 10.54% 19.74% (74.83%)
SERIES A Apr 18 Jun 07 - Mar 09
Christian Zugel

Fixed Income
Ytd Avg. 2018 2.35%
Ytd Avg. 2018
Fixed Income/Global 2.35%
KLS DIVERSIFIED FUND LTD 31 Jul 08 Q $1'889M 186.14 31 May 18 1.56% 2.35% 3.32% 9.71% -2.4% 6.76% 1.58% 6.58% 3.71% (10.06%)
Jeff Kronthal ; Harry Lengsfield ; John May 18 May 15 - Feb 16
Steinhardt

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 19
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Distressed Security
Ytd Avg. 2018 1.07%
Ytd Avg. 2018
Distressed Security/Global 1.40%
BLACK DIAMOND CREDIT 31 Jul 09 Q $554M 428.97 31 May 18 1.00% 4.89% 8.71% 13.68% 4.34% 18.45% 21.65% 17.91% 7.41% (6.67%)
STRATEGIES MASTER FUND LTD Dec 17 Apr 10 - Aug 10
Black Diamond Capital Management
CAIUS CAPITAL MASTER FUND 30 Sep 16 Q $293M 146.04 31 May 18 1.57% 6.06% 32.63% 3.81% 25.52% 7.37% (0.08%)
Caius Capital LLP; Antònio Batista Apr 18 Jun 17 - Jul 17

CANYON VALUE REALIZATION FD, 31 Dec 94 Q $7'494M 9,509.70 31 May 18 0.72% 1.51% 13.02% 8.92% -2.72% 4.32% 15.65% 10.09% 7.81% (28.82%)
LTD - CLASS A Apr 18 Oct 07 - Nov 08
M.R. Julis & J.S. Friedman
CERBERUS INTL. LTD CLASS A A/C 31 May 93 Q $186M 1,109,962.8231 May 18 (8.91%) (15.66%) 32.45% -3.41% -4.96% 23.09% 14.1% 10.10% 7.75% (22.26%)
191 Jan 18 May 08 - Feb 09
Steve Feinberg
CONTRARIAN CAPITAL FUND I 30 Sep 86 Y $2'430M 3,288.39 31 May 18 2.30% 4.08% 5.05% 25.41% -7.89% 0.46% 17.01% 11.65% 9.27% (33.22%)
OFFSHORE LTD May 18 Jun 07 - Feb 09
Jon Bauer
DAVIDSON KEMPNER DIST. OPP. 31 Mar 05 Y $1'870M 341.59 31 Mar 18 0.71% 2.85% 9.49% 21.06% -6.17% 3.5% 21.95% 9.90% 8.80% (26.27%)
INT. LTD CLASS A TRN 1 Apr 18 Oct 07 - Nov 08
Anthony A. Yoseloff, Avi Z. Friedman
and Conor Bastable
MONARCH DEBT RECOVERY 31 Mar 02 Y $1'355M 4,287.23 31 May 18 0.67% 1.38% 5.54% 5.51% -2.73% 1.37% 18.36% 9.41% 7.09% (32.31%)
FUND LTD Apr 18 Oct 07 - Dec 08
Michael Weinstock, Andrew
Herenstein
MUDRICK DISTRESSED 30 Jun 09 Q $1'600M 213.79 15 Jun 18 0.40% 4.09% 6.2% 38.9% -25.71% 15.58% 7.73% 8.85% 9.70% (31.42%)
OPPORTUNITY FUND LTD Nov 17 Aug 14 - Jan 16
Jason Mudrick
OCP DEBT OPPORTUNITY 30 Jun 01 Q $295M 310.37 30 Apr 18 0.09% 0.88% 5.57% 17.06% -10.48% 0.47% 9.93% 6.96% 6.11% (24.14%)
INTERNATIONAL LTD Feb 18 Jun 07 - Dec 08
Onex Credit Partners
OWS CREDIT OPPORTUNITY FUND 31 Dec 10 Q/Y $938M 2,105.90 31 May 18 0.55% 5.63% 14.42% 10.24% 2.23% 12.81% 12.96% 10.56% 4.30% (7.61%)
OWS Capital Management May 18 Apr 11 - Oct 11

PSAM REBOUND PORTFOLIO 28 Feb 03 Q $2'100M 314.43 31 May 18 3.32% 2.35% 11.96% 16.04% -9.49% -1.16% 12.61% 7.79% 7.92% (32.91%)
FUND LTD May 18 Jul 07 - Mar 09
P.Schoenfeld Asset Management LLC
SOLUS SOLA LTD CL. I 31 Dec 01 Q $4'064M 1,451.62 15 Jun 18 0.71% (0.30%) 6.27% 10.67% 0.35% 10.04% 31.78% 17.64% 12.85% (21.93%)
Chris Pucillo, Scott Martin, CJ Jun 18 Feb 08 - Apr 09
Lanktree

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 20
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Distressed Security/Global 1.40%
SOLUS SOLA LTD CL. I N2 31 Mar 10 Q $1'596M 2,586.18 15 Jun 18 0.72% (0.08%) 7.11% 11.86% 0.95% 11.76% 34.66% 12.26% 7.69% (13.06%)
Chris Pucillo, Scott Martin, CJ Jun 18 May 11 - Sep 11
Lanktree
SOUND POINT BEACON 30 Nov 13 HY $313M 149.77 31 May 18 0.40% (2.56%) 10.34% 9.84% 0.57% 18.36% 6.54% 9.39% 6.28% (8.26%)
OFFSHORE FUND, LTD Apr 18 May 15 - Jan 16
Stephen Ketchum
STRATEGIC VALUE 31 Aug 02 Q/Y $1'900M 456.85 15 Jun 18 2.50% 7.25% 8.05% 21.66% -5.2% 1.7% 16.17% 10.09% 7.18% (24.47%)
RESTRUCTURING FUND (SVRF) Mar 18 May 07 - Jan 09
Victor Khosla
VR GLOBAL OFFSHORE FUND LTD 30 Apr 99 Q $3'672M 59,665.93 30 Apr 18 (0.54%) 0.03% 24.01% 17.02% 14.7% -0.4% 32.33% 23.99% 13.86% (48.38%)
Richard Deitz Apr 18 May 08 - Mar 09
Ytd Avg. 2018
Distressed Security/USA (1.53%)
JLP CREDIT OPPORTUNITY FUND 31 Aug 03 Q $328M 360.96 30 Apr 18 (1.40%) (5.18%) -0.74% 56.41% -38.02% -13.38% 25.98% 9.14% 17.27% (54.07%)
Phoenix Investment Adviser, Jeff Apr 18 May 14 - Feb 16
Peskind
REDWOOD OFFSHORE FUND 31 Jul 00 Y $2'190M 906.51 31 May 18 0.40% 2.12% 12.08% 12.81% -2.66% 1.59% 17.62% 13.15% 9.81% (36.28%)
Jonathan Kolatch & Ruben Kliksberg Apr 18 May 07 - Dec 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 21
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Equity-Commodity
Ytd Avg. 2018 (0.62%)
Ytd Avg. 2018
Equity-Commodity/Global (0.62%)
OCEANIC HEDGE FUND - CLASS A 31 Jul 02 M $87M 3,002.65 31 May 18 1.18% (0.62%) -2.8% -17.1% 0.97% 3.87% 23.3% 7.19% 8.60% (24.78%)
Cato Brahde, Andreas Vergottis, Mar 18 Jul 15 - Oct 17
Bjorn Rise

Equity-Diversified
Ytd Avg. 2018 1.59%
Ytd Avg. 2018
Equity-Diversified/Asia 3.56%
ABOUT CAPITAL ASIAN SPECIAL 31 May 13 Q $200M 230.25 15 Jun 18 (1.00%) 4.68% 30.69% 31.77% 12.04% 4.04% 9.56% 17.98% 13.44% (21.20%)
OPPORTUNITIES FUND CLASS A May 18 May 15 - Aug 15
Ted Chen
GOLDEN CHINA FUND NR CLASS 30 Jun 04 M $1'712M 326.63 15 Jun 18 1.14% 8.74% 52.11% -7.97% 21.94% 30.02% 17.48% 26.03% 23.03% (64.64%)
George Jiang, Sep 17 Oct 07 - Nov 08

MANDARIN OFFSHORE FUND LTD 31 Jan 07 M $134M 308.23 15 Jun 18 0.61% 7.21% 35.01% 2.64% -1.96% 11.45% 12.01% 10.40% 13.86% (29.63%)
P-USD SHARE CLASS Apr 18 Oct 07 - Feb 09
Lan Wang Simond
OCEANWIDE CHINA FOCUS 30 Jun 05 Q $53M 583.37 01 Jun 18 0.10% (1.91%) 42.65% -6.39% 4.45% -8.2% 61.8% 14.74% 23.67% (45.67%)
SEGREGATED PORTFOLIO Mar 18 May 15 - Jan 16
Chris Choy
PINPOINT CHINA FUND CLASS A 31 May 05 M $1'280M 1,443.02 15 Jun 18 (0.35%) 6.12% 35.88% 2.76% 11.75% 17.46% 9.26% 22.70% 17.64% (42.16%)
USD Apr 18 Oct 07 - Nov 08
Qiang Wang
SCHRODER GAIA INDUS 30 Jun 16 W $121M 131.37 19 Jun 18 (2.36%) 1.88% 24.35% 3.7% 14.86% 7.28% (2.97%)
PACIFICHOICE - USD C ACC Dec 17 Jan 18 - Mar 18
Indus Capital, Sheldon Kasowitz
TELLIGENT GREATER CHINA 31 Jul 04 M $222M 499.82 31 May 18 6.88% 8.44% 46.97% -13.19% 0.63% -6.27% 28.57% 12.33% 17.48% (46.90%)
FUND May 18 Oct 07 - Oct 08
Ching-Shan Lin
ZEAL CHINA FUND LTD - USD -NI 31 Dec 09 M $297M 214.82 15 Jun 18 0.52% (6.65%) 32.13% 8.49% 7.28% 0.92% 5.55% 9.46% 13.62% (20.74%)
Daniel POON Chun Pong May 18 May 15 - Aug 15
Ytd Avg. 2018
Equity-Diversified/Australian (3.68%)
L1 CAPITAL LONG SHORT FUND 31 Aug 14 M AUD$1,088m 270.14 31 May 18 (3.76%) (3.68%) 28.29% 29.63% 60.52% 5.07% 30.34% 9.10% (4.22%)
L1 Capital PTY Ltd May 18 Jan 18 - May 18

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 22
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Equity-Diversified/Emerging (0.57%)
AQS MENA FUND 30 Jun 13 M $267M 1,419.34 31 May 18 (4.37%) 4.49% 9.04% -6.78% -0.85% 22.04% 10.44% 7.38% 11.71% (23.03%)
Aventicum Capital Management May 18 Jul 15 - Sep 16
(Qatar) LLC
FIM EM FRONTIER FUND CLASS B 31 Dec 12 Q $121M 1,569.97 31 May 18 (5.69%) (5.24%) 8.12% 10.38% 2.92% 15.86% 16.41% 8.68% 11.26% (14.62%)
Hedi Ben Mlouka May 18 Jul 15 - Feb 16

FIREBIRD AVRORA FUND LTD 30 Nov 03 Q $110M 2,225.68 15 Jun 18 1.60% (2.46%) 23.02% 23.17% -11.93% -23.92% 22.15% 5.65% 23.47% (76.32%)
Harvey Sawikin & Ian Hague May 18 May 08 - Feb 09

FIREBIRD REPUBLICS FUND, LTD 30 Apr 97 Q $191M 1,221.49 31 May 18 (5.11%) (2.19%) 26.59% 25.21% -11.65% -22.64% 24.2% 12.59% 27.82% (73.20%)
Harvey Sawikin & Ian Hague Mar 18 Sep 97 - Jan 99

JABCAP EMEA FUND CLASS X1 30 Sep 08 M $219M 277.98 15 Jun 18 (0.24%) 0.43% 7.38% 7.2% -0.08% 7.15% 9.23% 11.10% 8.79% (10.02%)
Carl Tohme May 18 Apr 11 - May 12

OCCO EASTERN EUROPEAN FUND 31 Dec 01 Q/Y $474M 501.98 31 May 18 (2.50%) 2.18% 11.09% 9.15% 5.04% -2.56% 11.63% 11.11% 6.97% (20.86%)
A SHARES Apr 18 Jun 08 - Oct 08
Andrew Wiles
SAGIL LATIN AMERICAN 30 Jun 09 M $460M 204.93 31 May 18 (5.70%) (3.34%) 16.65% 28.51% -2.37% 6.71% 7.91% 8.37% 8.82% (15.40%)
OPPORTUNITIES FUND CLASS A Apr 18 Jun 14 - Aug 15
Adrian Landgrebe and Brad Jones
SR GLOBAL FUND (CLASS N) 31 Dec 12 M $110M 166.78 15 Jun 18 0.42% 4.30% 34.82% -0.04% 3.32% 3.68% 10.76% 9.83% 10.67% (14.61%)
EMERGING MARKET EQUITY May 18 May 15 - Feb 16
Ed Butchart and CJ Morrell
SR GLOBAL FUND M - FRONTIER 31 Dec 10 M $125M 195.02 15 Jun 18 (0.95%) (3.26%) 20.83% 10.95% 1.56% 3.59% 42.81% 9.37% 11.31% (15.20%)
CJ Morrell May 18 Dec 10 - Jan 12
Ytd Avg. 2018
Equity-Diversified/Europe 3.09%
ADELPHI EUR. FUND $ (A) 30 Sep 97 Q $1'336M 556.33 15 Jun 18 1.49% 4.23% 15.14% -12.82% 14.01% 9.28% 17.24% 9.18% 11.09% (26.23%)
Roderick Jack, Marcel Jongen Apr 18 May 07 - Feb 09

ADRIGO HEDGE 30 Nov 06 M $280M 182.61 31 May 18 (0.83%) (0.18%) 3% 1.83% 4.58% 4.32% 12.83% 5.37% 4.65% (9.13%)
Göran Tornée Apr 18 May 07 - Oct 08

ALKEN CAPITAL ONE CLASS J 30 Jun 08 M €202M 168,405.60 31 May 18 3.29% 9.73% 61.82% -14.25% 17.73% -3.75% 56.32% 21.19% 20.08% (32.19%)
Nicolas Rene Walewski, Marc Festa Mar 18 Nov 15 - Jun 16

ANTARES EUROPEAN FUND, LTD - 08 Dec 98 M $491M 763.14 15 Jun 18 1.30% 2.02% 28.79% -14.79% 17.71% 5.5% 28.79% 10.97% 14.46% (32.68%)
USD Dec 16 Jun 07 - Dec 08
Peter Miles Testa, Luca Orsini Baroni
AQS SPC - EUROPEAN ALPHA 31 Mar 14 M $296M 126.07 08 Jun 18 (0.84%) (2.98%) 9.08% 8.72% 14.15% -4.01% 5.68% 6.80% (4.42%)
FUND SP Mar 18 Feb 18 - Jun 18
Aventicum Capital Management
(Switzerland)

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 23
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Equity-Diversified/Europe 3.09%
AQUILUS INFLECTION FUND LTD 31 Jul 07 M €388M 159.37 31 May 18 2.31% 1.01% 8.8% 3.06% 3.12% 7.37% 14.59% 4.39% 8.40% (22.46%)
EUR SHS Apr 18 Oct 07 - Oct 08
Richard Vogel
CAPEVIEW AZRI 2X FUND 30 Sep 10 M $300M 230.32 15 Jun 18 1.80% 12.87% 16.2% -15.83% 21.64% 9.86% 24.8% 11.42% 8.26% (20.17%)
Michael Sakkas and Sushil Shah Dec 17 Nov 15 - Jun 16

CAPEVIEW AZRI FUND 31 Oct 07 M $970M 206.91 15 Jun 18 0.90% 6.48% 8.06% -8.27% 9.84% 4.6% 11.51% 7.08% 4.15% (10.45%)
Michael Sakkas and Sushil Shah Dec 17 Nov 15 - Jun 16

CARMIGNAC PORTFOLIO 31 Dec 15 D £102M 128.41 20 Jun 18 0.13% 3.65% 17.28% 10.56% - 12.71% 6.45% (3.01%)
LONG-SHORT EUROPEAN Mar 18 Mar 16 - Apr 16
EQUITIES F GBP ACC HDG
Malte Heininger
CORTO EUROPEAN FUND LTD 31 Aug 06 M €46M 189.74 15 Jun 18 1.19% 1.98% 6.18% -0.17% 9.28% -2.09% 14.72% 5.58% 5.92% (13.71%)
Philippe Sarreau Apr 18 Dec 10 - Dec 11

COVALIS CAPITAL CLASS B 31 Dec 12 M $410M 150.72 31 May 18 (0.60%) 2.52% 6.48% 7.92% 8.67% 3.69% 14.99% 8.12% 4.08% (2.80%)
Zach Mecelis Dec 17 Aug 17 - Jan 18

GIM PORTFOLIO STRATEGIES – 30 Sep 03 M €160M 465.26 15 Jun 18 1.11% (2.46%) 11.63% -7.42% 7.63% 1.1% 15.94% 11.01% 8.42% (16.39%)
EUROPE DYNAMIC L/S FUND Mar 18 Jun 08 - Nov 09
A10-03
Jonathan Ingram, John Baker, Anis
Lahlou-Abid
GLG EUROPEAN LONG SHORT 30 Sep 00 M $221M 366.27 15 Jun 18 (0.49%) 2.80% 6.47% -1.45% 7.62% -5.24% 7.09% 7.60% 7.45% (17.94%)
FUND CLASS D EUR UNRES Apr 18 Oct 07 - Oct 08
Neil Mason, Fabian Blohm
LANSDOWNE EUROPEAN EQUITY 31 Oct 02 M $594M 287.89 31 May 18 4.54% (0.91%) 20.39% -7.6% 27.32% -3.47% 22.11% 7.63% 10.59% (23.60%)
FD, LTD - B (EUR) Jan 18 May 08 - Feb 09
David Craigen
LANSDOWNE PRINCAY FUND 31 Mar 15 M $144M 130.35 15 Jun 18 0.40% 2.96% 13.32% 12.72% 0.72% 9.15% 11.28% (7.18%)
Samuel Joab Jan 18 Jul 15 - Sep 15

LC EQUITY FUND LTD 30 Sep 05 M CHF86M 326.20 31 May 18 0.42% 0.84% 9.19% 3.39% 2.09% 2.7% 5.27% 9.78% 5.39% (5.29%)
Limmat Capital Alternative May 18 Jun 11 - Aug 11
Investments AG
LEGG MASON MARTIN CURRIE 31 Aug 10 D €217M 14.86 20 Jun 18 1.09% 3.05% 9.41% -4.08% 6.02% 1.41% 20.23% 5.20% 6.39% (9.53%)
EUROP ABS ALPHA FUND CLASS Apr 18 Dec 10 - Sep 11
M (PF) DISTR. (A) EUR
Michael Browne and Steve Frost
LUCERNE CAPITAL FUND L.P. 31 Dec 01 M $446M 560.21 31 May 18 2.43% 0.66% 15.22% -8.03% 17.14% 10.8% 29.19% 12.25% 19.58% (60.03%)
Pieter Taselaar, Thijs Hovers May 18 May 07 - Feb 09

MADRAGUE EQUITY LONG SHORT 31 Jan 12 M €127M 156.49 30 Apr 18 4.17% 2.47% -1.73% 15.28% 6.52% -5.68% 30.08% 7.43% 8.23% (9.12%)
Madrague Capital Partners Apr 18 Jan 12 - Jun 12

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 24
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Equity-Diversified/Europe 3.09%
MARSHALL WACE - EUROPA FUND 31 Oct 06 M $77M 161.53 19 Jun 18 (0.08%) 1.76% 5.97% -7.35% 9.61% 3.96% 7.44% 4.21% 7.92% (26.47%)
A USD Jun 18 Jun 07 - Sep 08
Ernesto Fragomeni
MARSHALL WACE - MW TOPS 31 Dec 04 M $969M 281.83 19 Jun 18 (0.41%) 3.54% 8.55% 2.21% 10.45% 6.77% 16.35% 7.99% 6.81% (22.60%)
FUND USD Jun 18 Oct 07 - Feb 09
Anthony Clake
ODEY EUROPEAN, INC (EUR) 31 May 92 W €162M 396.62 31 May 18 2.40% 19.88% -21.72% -49.52% -12.82% 5.48% 25.75% 8.19% 17.99% (66.75%)
Crispin Odey Dec 17 Jan 15 - Dec 17

PARADIGM CAPITAL VALUE FUND 30 Jun 07 Q $405M 30,424.07 31 May 18 2.34% 2.51% 19.13% 22.32% 29.97% 6.15% 3.67% 10.72% 11.30% (24.09%)
SICAV Apr 18 Aug 07 - Mar 09
Jan Hummel
PARETO NORDIC ALPHA CLASS B 31 Dec 12 M NOK307M 173.55 19 Jun 18 (1.00%) (1.24%) 10.05% 0.85% 8.84% 15.85% 24.67% 10.46% 6.46% (5.18%)
- NOK Mar 18 Dec 15 - Jan 16
Thomas Raaschou, Christian T.
Nygaard
PELHAM LONG/SHORT FUND LTD 31 Oct 07 M $4'147M 262.31 31 May 18 1.66% 7.04% 14.56% -2.71% 14.57% 2.58% 32.52% 9.53% 11.19% (12.25%)
CLASS A EUR Apr 18 May 08 - Dec 08
Ross Turner
RWC PENSATO EUROPA FUND 31 May 08 M €58M 153.47 31 May 18 (0.54%) 7.89% -5.69% -3.37% 23.68% -4.99% 1.99% 4.37% 6.42% (11.22%)
LTD EURO CLASS Mar 18 Jul 16 - Aug 17
Graham Clapp & Edward Rumble
SIERRA EUROPE OFFSHORE, LTD 28 Feb 97 M $50M 557.48 31 May 18 1.42% 6.53% 3.58% -8.11% 7.61% -1.76% 4.48% 8.42% 8.41% (16.98%)
- CLASS C USD Apr 18 Mar 00 - Jan 03
Charles Michaels
TRIAS L/S FUND 30 Apr 12 D €141M 240.75 19 Jun 18 (0.70%) (3.15%) 28.71% -1.33% 22.56% 11.08% 33.7% 15.38% 11.94% (12.48%)
Entrepreneur Partners AG / Kilian May 18 May 15 - Jun 16
Kentrup
TRIUM BLACKWALL EUROPE L/S 31 Dec 14 D €204M 11.05 18 Jun 18 (0.27%) (1.96%) 2.65% 0.28% 9.6% - 2.95% 4.17% (3.87%)
FUND Jun 18 Jun 16 - Mar 17
Thomas Karlovits
TT MID-CAP EUROPE 30 Apr 05 M $905M 387.31 31 May 18 1.43% 1.54% 13.4% 3.2% 14.66% 2.64% 14.44% 10.81% 7.82% (7.41%)
LONG/SHORT FUND LTD - CL B May 18 Apr 06 - Sep 06
David Grimbley
WESTRAY LONG/SHORT FEEDER 31 May 14 Q $64M 135.06 31 May 18 0.07% 0.86% 5.53% 3.6% 13.92% 7.51% 7.80% 7.86% (5.53%)
FUND Dec 17 Aug 16 - Jan 17
Selvan Masil

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 25
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Equity-Diversified/Global 0.93%
AAM ABSOLUTE RETURN FUND 30 Nov 05 M $356M 410.76 15 Jun 18 (2.82%) 17.09% 3.43% 12.04% 58.52% -9.85% 4.75% 11.92% 11.43% (16.84%)
Harald James Otterhaug May 18 Oct 13 - Oct 14

ALPHAGEN OCTANIS CLASS C 28 Feb 05 M $9'835M 294.31 15 Jun 18 0.41% 1.00% 2.99% 0.32% 8.13% 4.36% 17.23% 8.45% 5.48% (9.67%)
Ben Wallace & Luke Newman Mar 18 May 07 - Mar 08

ANAVON MASTER FUND LTD 31 Dec 10 M $63M 156.72 31 May 18 (1.30%) 2.53% 9.41% -1.09% -1.45% 7.19% 11.88% 6.24% 7.80% (10.90%)
CLASS -C- May 18 May 15 - Jan 16
Avi Fruchter and Avraham Mevorah
ATLAS FUNDAMENTAL TRADING 30 Jun 08 M $308M 1,422.62 15 Jun 18 0.05% (6.37%) 4.48% -0.78% 4.86% 12.64% 8.54% 3.60% 7.69% (13.57%)
FUND LTD Dec 17 Sep 11 - Jun 13
Dmitry Balyasny, Managing Partner &
CIO
BROADWALK SELECT SERVICES 30 Apr 08 M $52M 380.23 30 Apr 18 4.29% 0.32% 7.83% 1.67% 24.15% 3.9% 39.02% 14.28% 12.85% (15.11%)
FUND May 18 Jun 11 - Sep 11
Charlie Cottam
BTG PACTUAL ABSOLUTO GLOBAL 30 Jun 15 M $51M 129.15 15 Jun 18 3.28% 4.97% 18.34% -2.91% 7.08% 9.02% 9.02% (6.89%)
EQUITIES FUND May 18 Jul 16 - Nov 16
BTG Pactual Global Asset
Management
ECOFIN VISTA LONG SHORT FUND 30 Nov 12 M $103M 125.07 31 Mar 18 (0.65%) (0.87%) 8.6% 1.22% 7.61% -0.21% 7.14% 4.28% 7.92% (14.23%)
Matthew Breidert Mar 18 May 15 - Mar 16

EXANE TEMPLIERS FUND 28 Feb 06 W €211M 17,676.95 19 Jun 18 (0.57%) (0.41%) 0.82% 1.22% 0.23% -1.64% 1.85% 3.48% 2.86% (3.81%)
Jean-Francois Roussel, Stéphane Jun 18 Dec 13 - Jan 16
Arrouays, Henri-Daniel Samama,
Exane Asset Management
FARRINGDON ALPHA ONE 31 Dec 06 M $300M 160.17 20 Jun 18 (3.71%) (8.45%) -13.65% -4.59% 11.35% 6.78% 10.56% 4.19% 10.83% (24.86%)
Bram Cornelisse, Andreas Tholstrup, Apr 18 Jun 15 - Jun 18
Dennis van Wees
HORIZON GROWTH FUND 31 Dec 99 M $142M 2,353.72 31 May 18 (8.11%) (4.49%) 28.66% -3.66% -13.11% 8.14% 42.83% 18.70% 25.49% (49.81%)
Horizon Capital Management may 18 Jan 00 - Apr 01

HORSEMAN GLOBAL FUND USD 31 Jan 01 M $616M 564.49 13 Jun 18 (2.30%) 1.92% 2.27% -24.03% 20.45% 12.63% 19.15% 10.47% 16.57% (37.30%)
Russell Clark & Bobby Turnbull Mar 18 Feb 16 - Apr 17

KINSALE COMPASS FUND 31 Oct 11 M $285M 181.61 31 May 18 (0.12%) (2.99%) 8.78% 7.68% 9.04% 6.56% 15.74% 9.48% 5.60% (6.00%)
Peter A Kinney May 18 Jan 18 - Mar 18

LANSDOWNE DEVELOPED 31 Jul 01 M $9'562M 732.19 15 Jun 18 (1.50%) 1.03% 8.49% -15.22% 16.84% 11.49% 33.26% 12.51% 10.55% (20.07%)
MARKET FUND, LTD (GBP) NNI Jan 18 Dec 10 - Dec 11
Peter Davies, Jonathon Regis
LANSDOWNE DEVELOPED 31 Jul 01 M $9'562M 660.66 15 Jun 18 (1.41%) 1.67% 9.59% -14.87% 16.88% 11.31% 33.11% 11.83% 10.59% (20.39%)
MARKET FUND, LTD A USD Jan 18 Dec 10 - Dec 11
Peter Davies, Jonathon Regis

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 26
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Equity-Diversified/Global 0.93%
LANSDOWNE DEVELOPED 30 Jun 07 M $1'923M 221.70 15 Jun 18 1.75% 4.98% 17.62% -10.1% 15.43% 10.48% 55.69% 7.53% 18.08% (56.31%)
MARKETS STRATEGIC Jan 18 Oct 07 - Feb 09
INVESTMENT FUND, LTD
Peter Davies, Jonathon Regis
M. KINGDON OFFSHORE NV - A/1 28 Feb 86 Q $327M 195.09 08 Jun 18 1.17% 7.29% 9.08% -2.24% 3.34% 8.23% 23.82% 13.80% 12.35% (30.15%)
Mark Kingdon Mar 18 Sep 87 - Oct 87

MARSHALL WACE - MW EUREKA 31 Jan 98 M $13'298M 1,195.68 19 Jun 18 (0.15%) 6.46% 12.89% 2.07% 12.55% 8.49% 21.79% 12.94% 8.38% (23.38%)
A1 USD Jun 18 Oct 07 - Nov 08
Paul Marshall
MARSHALL WACE - MW GLOBAL 28 Feb 09 M $1'727M 293.68 19 Jun 18 (1.10%) 3.32% 12.88% -0.28% 6.38% 6.3% 13.37% 12.27% 8.75% (7.61%)
OPPORTUNITIES A USD Jun 18 Jan 15 - Apr 15
Fehim Sever
MAVERICK FUND LTD - CLASS A/1 28 Feb 95 M $2'100M 1,587.62 15 Jun 18 (0.26%) 4.92% -0.44% -10.11% 16.01% 8.51% 16.46% 10.63% 10.96% (30.04%)
Lee Ainslie III May 18 May 08 - Nov 08

MAVERICK FUNDAMENTAL QUANT 31 Dec 14 M $185M 141.11 31 Mar 18 (1.58%) 4.60% 22.54% 1.68% 8.27% - 11.18% 7.15% (4.84%)
LTD Feb 18 Oct 15 - Jun 16
Maverick Capital
MS ASCEND UCITS FUND CLASS I 30 Apr 11 W $148M 1,007.36 19 Jun 18 (0.74%) (6.00%) 4.18% -7.49% 1.62% 5.11% 12.16% 0.10% 4.54% (10.35%)
EUR Nov 17 Jul 15 - Jun 17
Malcolm Fairbairn
PARUS FUND PLC USD CLASS 31 Dec 02 Bi-weekly $524M 520.40 15 Jun 18 3.06% 7.31% 4.5% -18.57% 12.48% 3.75% 26.37% 13.39% 13.48% (20.33%)
Parus Finance, Fabrice Vecchioli May 18 Jan 16 - Dec 16

PASSPORT SPECIAL 30 Apr 08 HY $291M 205.35 31 May 18 (0.90%) (13.41%) 29.3% -26.42% 17.81% 9.94% 45.5% 7.39% 26.43% (43.24%)
OPPORTUNITIES FUND LTD CLASS May 18 Jun 08 - Nov 08
AA
John Burbank
PLATINUM FUND LTD 31 May 94 M $336M 111.68 31 May 18 (0.50%) (0.71%) 28.77% 2.36% -3.08% -2.67% 21.76% 10.57% 11.92% (30.48%)
Kerr Neilson Apr 18 Oct 07 - Feb 09

SCHRODER GAIA EGERTON 30 Nov 09 W $1'607M 202.41 19 Jun 18 0.10% 6.06% 15.03% -3.68% 8.25% 3.37% 23.27% 8.73% 7.28% (8.07%)
EQUITY -C- ACC SHARES Apr 18 Jul 15 - Jun 16
Egerton Capital, John Armitage
SR GLOBAL FUND C - 31 Dec 93 M $555M 766.14 15 Jun 18 (1.91%) (4.48%) 27.71% -9.89% 4.95% 8.36% 36.28% 11.35% 20.17% (50.10%)
INTERNATIONAL (REAL PERF) May 18 Apr 08 - Aug 12
Hugh Sloane
SR GLOBAL FUND INC - G - 29 Feb 96 M $390M 1,679.32 15 Jun 18 1.40% (1.39%) 31.88% -7.05% 0.92% 2.7% 18.09% 16.28% 16.74% (37.25%)
GLOBAL OPPORTUNITIES PTF May 18 Oct 07 - Feb 09
(REAL PERF)
Richard Chenevix-Trench

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 27
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Equity-Diversified/Global 0.93%
TRIUM OPPORTUNISTIC EQUITY 31 Aug 17 D €223M 98.60 19 Jun 18 (0.62%) 0.25% -1.51% (1.58%) 5.24% (3.57%)
FUND Mar 18 Oct 17 - Apr 18
Randeep Grewal
Ytd Avg. 2018
Equity-Diversified/Japan 1.13%
AKAMATSU FUND 31 Dec 04 M $64M 247.13 31 May 18 0.62% 1.07% 19.91% -0.97% 2.45% 5.88% 21.71% 6.97% 7.46% (12.63%)
Philip Kay Mar 18 Jul 15 - Jul 16

MARATHON VERTEX JAPAN FUND 31 May 03 Q $392M 3,212.26 18 May 18 0.71% (2.14%) 10.51% 0.68% 15.58% 2.92% 23.38% 8.10% 8.72% (15.95%)
LTD CLASS B Mar 18 Nov 15 - Jun 16
William Arah
SR GLOBAL FUND H - JAPAN 30 Sep 03 M $60M 217.24 15 Jun 18 1.10% 4.42% 25.24% -9.7% 0.97% 0.41% 62.51% 5.64% 19.23% (35.57%)
(REAL PERF) May 18 Mar 08 - Jul 10
Hugh Sloane
UMJ KOTOSHIRO FUND 31 Oct 08 M $420M 270.68 31 May 18 4.01% 1.18% 19.3% 4.76% 5.72% 15.2% 32.05% 10.95% 7.85% (9.48%)
Masahiro Koshiba Jun 18 Jul 09 - Sep 10
Ytd Avg. 2018
Equity-Diversified/Russia (1.52%)
FIREBIRD FUND, LP 30 Apr 94 Q $128M 5,058.35 31 May 18 (2.03%) (1.52%) 22.46% 41.79% -10.73% -31.99% 8.55% 17.68% 40.88% (83.54%)
Harvey Sawikin & Ian Hague Mar 18 Sep 97 - Sep 98
Ytd Avg. 2018
Equity-Diversified/UK 4.46%
BLACKROCK UK EMERGING 30 Apr 04 M $137M 579.89 15 Jun 18 2.32% 10.35% 18.93% 3.71% 20.7% -2.42% 9.96% 13.27% 6.05% (7.48%)
COMPANIES HEDGE FUND Apr 18 Feb 14 - Sep 14
Dan Whitestone
BLACKROCK UK EQUITY HEDGE 30 Apr 05 M $619M 241.73 15 Jun 18 (0.19%) (1.35%) 0.57% 6.5% 8.35% 6.93% 6.42% 6.95% 5.23% (11.70%)
FUND Apr 18 Jun 08 - Oct 08
Nigel Ridge & Imran Sattar
SVM FUNDS ICVC - UK 31 Aug 09 D £163M 628.40 20 Jun 18 1.90% 8.48% 14.58% 8.57% 19.35% -1.84% 35.48% 14.03% 13.17% (17.25%)
OPPORTUNITIES FUND Jan 18 Jan 11 - Nov 11
Neil Veitch
THREADNEEDLE UK ABSOLUTE 30 Sep 10 D $691M 139.73 20 Jun 18 (0.04%) (0.43%) 3.94% -4.21% 7.19% 5.41% 10.7% 4.43% 3.96% (5.26%)
ALPHA FUND Jan 18 Dec 15 - Jun 16
Chris Kinder & Mark Westwood
TOSCA PEGASUS FUND LIMITED 31 Oct 97 Q £58M 74.27 31 May 18 1.73% 5.24% 6.68% 20.29% -4.12% -15.75% 63.79% 10.27% 14.85% (35.27%)
SHARES A-1 Apr 18 May 98 - Oct 98
Martin Hughes

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 28
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Equity-Diversified/USA 0.01%
ALLIANCEBERNSTEIN SELECT US 30 Nov 99 M $79M 5,261.53 19 Jun 18 0.87% 2.01% 9.72% 3.65% -0.78% 2.76% 16.27% 9.36% 6.84% (9.98%)
EQUITY LONG SHORT Mar 18 May 08 - Feb 09
Kurt Feuerman
ASCEND PARTNERS FUND LTD - A 31 Jan 04 Q $136M 208.46 15 Jun 18 (0.71%) (3.18%) 5.65% -3.62% 2.63% 4.75% 11.59% 5.24% 4.17% (5.23%)
Malcolm Fairbairn Apr 18 Apr 11 - Dec 11

BAY RESOURCES PARTNERS 31 Jul 98 M $2'360M 13,536.36 31 May 18 (0.70%) (0.73%) 11.89% 14.73% -1.62% 5.04% 22.23% 14.03% 14.91% (39.02%)
OFFSHORE FUND May 18 May 08 - Feb 09
Thomas Claugus
BCM WESTON LP (BILLINGS 31 Jan 08 M $119M 334.87 30 Apr 18 0.30% (5.37%) 5.78% 33.66% 4.37% 3.42% 50.32% 12.51% 13.12% (20.35%)
CAPITAL MANAGEMENT) Dec 17 Jun 15 - Jan 16
Billings Capital Management LLC
ELM RIDGE CAPITAL PARTNERS 31 Dec 99 Q $122M 370.19 31 May 18 1.20% 5.59% -23.46% 24.48% -29.96% -1.31% 22.28% 7.36% 14.67% (43.07%)
L.P. Jan 18 Aug 14 - Feb 18
Ronald Gutfleish
FJ CAPITAL FINANCIAL 31 Dec 07 Q $575M 478.13 31 May 18 4.31% 7.06% 11.63% 37.01% 22.49% 11.9% 27.95% 16.20% 13.37% (27.44%)
OPPORTUNITY FUND LTD May 18 May 08 - Feb 09
Martin Friedman
GLENVIEW CAPITAL PARTNERS 31 Dec 00 Q $3'151M 679.06 31 May 18 0.25% (4.84%) 23.38% -2.68% -18.12% 14.44% 42.9% 11.99% 15.91% (49.17%)
(CAYMAN), LTD. Apr 18 May 07 - Dec 08
Lawrence M. Robbins
GREENLIGHT CAPITAL 30 Sep 96 Q $1'700M 131,194.78 31 May 18 2.80% (12.18%) 1.47% 8.2% -20.38% 7.51% 18.76% 12.61% 10.92% (27.17%)
OFFSHORE, LTD - A/1 Jan 18 May 08 - Oct 08
David Einhorn
IVORY CAPITAL FLAGSHIP 30 Nov 98 Q $257M 4,174.77 15 Jun 18 0.21% (2.99%) 2.3% -0.83% -4.91% 6.8% 17.07% 7.58% 5.83% (12.61%)
STRATEGY Apr 18 May 08 - Nov 08
Curtis Macnguyen
IVORY OPTIMAL FUND LTD 31 Dec 08 Q $702M 195.39 15 Jun 18 0.59% (4.42%) 3.42% -0.94% -6.53% 11.31% 28.31% 7.34% 7.94% (15.01%)
Curtis Macnguyen May 18 May 15 - Feb 16

MARLIN FUND LP 30 Jun 95 M $495M 16,920.44 31 May 18 3.77% (3.10%) 12.27% 26.96% -8.43% 21.72% 77.47% 25.07% 24.66% (60.15%)
Michael Masters May 18 Oct 07 - Feb 09

NEUBERGER BERMAN US LONG 28 Feb 14 D $241M 11.77 20 Jun 18 1.55% 0.94% 12.55% 3.39% -4.21% 4.61% 3.85% 5.63% (8.39%)
SHORT EQUITY FUND Apr 18 Mar 15 - Jan 16
Neuberger Berman Group LLC
RENAISSANCE INSTITUTIONAL 31 Jul 05 M $4'281M 353.75 15 Jun 18 1.71% 1.48% 14.47% 20.64% 16.53% 13.84% 16.78% 10.30% 10.24% (35.73%)
EQUITIES LP (B) Dec 17 May 07 - Apr 09
Renaissance Technologies LLC
RWC US ABSOLUTE ALPHA FUND - 30 Sep 09 D $345M 155.41 19 Jun 18 0.25% 7.14% 7.95% -4.4% 5.37% 5.45% 14.28% 5.19% 5.82% (9.19%)
CLASS B Apr 18 Apr 10 - Dec 11
Mike Corcell

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 29
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Equity-Diversified/USA 0.01%
SANDLER PLUS OFFSHORE FUND 30 Sep 05 Q $210M 384.26 15 Jun 18 1.00% 8.23% 15.32% 0.38% 12.97% 5.68% 10.38% 11.17% 9.63% (14.88%)
LTD Mar 18 Dec 07 - Mar 09
Sandler Capital Mgmt, Andrew
Sandler
SCHRODER GAIA SIRIOS US 31 Jan 13 D $1'087M 141.34 19 Jun 18 0.47% 0.20% 13.29% 0.34% 0.79% 0.38% 22.66% 6.64% 6.85% (10.05%)
EQUITY USD C ACC Dec 17 Jul 15 - Feb 16
Sirios Capital, John Brennan
SEMINOLE OFFSHORE FUND 31 May 98 Q $316M 903.55 15 Jun 18 0.30% 1.15% 14.54% 3.68% -7.29% 11.04% 23.18% 11.60% 11.53% (15.62%)
Michael G. Messner, Paul C. Dec 17 May 02 - Mar 03
Shiverick
ZWEIG-DIMENNA INTL LIMITED - 31 May 87 Q 97,409.98 31 Mar 18 (3.06%) 3.22% 4.97% -17.89% 1.79% 4.64% 21.25% 12.51% 14.62% (50.23%)
CLASS A Feb 00 - Dec 02
Joseph DiMenna

Equity-Energy
Ytd Avg. 2018 10.69%
Ytd Avg. 2018
Equity-Energy/Global 11.18%
LANSDOWNE ENERGY DYNAMICS 31 Dec 14 M $348M 149.60 31 May 18 2.46% 11.18% 24.49% -5.87% 14.83% - 12.51% 7.67% (8.14%)
FUND Jan 18 Dec 15 - Nov 16
Per Lekander
Ytd Avg. 2018
Equity-Energy/USA 10.21%
DORSET ENERGY FUND, LTD - 31 Oct 00 M $86M 25.01 08 Jun 18 (1.43%) 10.21% -39.48% 65.5% -44.05% -27.2% 29.76% 5.34% 26.36% (70.37%)
CLASS A Dec 17 Jun 14 - Feb 16
David M. Knott, Donald Textor

Equity-Financial
Ytd Avg. 2018 3.43%
Ytd Avg. 2018
Equity-Financial/Global 3.43%
ABACO FINANCIALS FUND 31 May 03 M $488M 250.16 31 May 18 0.53% 0.89% 2.73% 2.37% 10.15% -11.47% 15.74% 6.30% 6.13% (11.68%)
Abaco Asset Management LLP May 18 Nov 13 - Dec 14

ALGEBRIS GLOBAL FINANCIALS 30 Sep 06 M $154M 216.90 30 Apr 18 0.00% 4.34% 23.37% 12.85% 20.89% -12.82% 60.6% 6.91% 20.11% (58.96%)
FUND Apr 18 Feb 08 - May 12
Davide Serra
MARSHALL WACE - MW GLOBAL 31 Oct 08 M $103M 173.97 19 Jun 18 0.20% 2.16% 11.48% 0.42% 10.32% 6.52% 5.76% 5.91% 5.52% (8.01%)
FINANCIALS M/N A USD Jun 18 Nov 11 - Aug 12
Amit Rajpal

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 30
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Equity-Financial/Global 3.43%
PELHAM GLOBAL FINANCIALS 31 Oct 15 M $331M 124.18 31 May 18 (6.24%) 0.18% 19.49% 2.17% 1.53% 7.58% 14.14% (13.75%)
FUND Apr 18 Jan 18 - Jun 18
Pelham Global Financials, Stephen
Kirk
TOSCA CLASS A - USD 30 Sep 00 M $632M 394.06 30 Apr 18 3.75% 9.48% 27.5% -7.45% 14.57% -6.79% 30.5% 8.11% 16.43% (67.54%)
Johnny de la Hey Apr 18 Dec 07 - Nov 08

WELLINGTON MANAGEMENT INV 31 Dec 95 HY $2'777M 288.54 31 May 18 1.70% 3.55% 27.11% -6.98% 8.16% -1.68% 20.27% 16.17% 16.55% (63.22%)
BERMUDA LTD BAY POND A/1 NI Jan 18 Apr 98 - Mar 99
Nicholas C. Adams, Partner

Equity-Healthcare
Ytd Avg. 2018 11.45%
Ytd Avg. 2018
Equity-Healthcare/Global 11.45%
JENOP GLOBAL HEALTHCARE 31 Oct 12 W $147M 17.89 05 Jun 18 0.86% 11.45% 24.06% -13.88% -2.68% 21.95% 27.16% 10.95% 16.15% (29.84%)
FUND LTD SERIES A Mar 18 Jul 15 - Jun 16
David Chan

Equity-Mid-Small Cap
Ytd Avg. 2018 0.62%
Ytd Avg. 2018
Equity-Mid-Small Cap/Europe 2.04%
CENTRICUS WITTENBERG 31 Aug 13 M $85M 153.17 31 May 18 (0.93%) (3.90%) -1.89% 24.11% 3.48% 18.24% 6.98% 9.39% 7.91% (9.03%)
EUROPEAN SMALL & MID-CAP May 18 Apr 14 - Mar 15
FUND
Stephen Alder, Ralph Jainz
PELHAM LONG/SHORT SMALL CAP 31 Oct 14 Q $578M 216.14 30 Apr 18 9.81% 2.40% 39.45% 2.57% 42.71% 3.41% 24.64% 14.54% (13.83%)
FUND LTD Apr 18 May 16 - Jun 16
Ross Turner
POLAR CAPITAL EUROPEAN 31 Jul 03 M €203M 344.41 15 Jun 18 1.17% 5.76% 7.39% -4.72% -1.67% 4.77% 11.79% 8.66% 7.23% (21.47%)
FORAGER FUND LTD - AX Mar 18 Oct 07 - Feb 09
Robert Gurner
TALOMON VALUE FUND 30 Sep 14 Q $91M 122.00 31 May 18 3.40% 3.91% 9.54% -1.82% 8.4% 0.71% 5.57% 10.04% (12.82%)
Jussi Nyrölä Apr 18 May 16 - Oct 16
Ytd Avg. 2018
Equity-Mid-Small Cap/India (13.63%)
HABROK INDIA FUND LTD A USD 31 Dec 15 Q $39M 175.92 30 Apr 18 3.25% (13.63%) 77.56% 14.7% - 27.41% 23.14% (18.82%)
RESTRICTED Jan 18 Dec 15 - Feb 16
Rahul Khanna

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 31
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Equity-Mid-Small Cap/UK 2.09%
1798 VOLANTIS FUND LTD CLASS 30 Apr 02 M £251M 658.59 31 May 18 1.92% 2.09% 19.01% 9.73% -4.71% -2.36% 13.72% 12.42% 8.36% (16.47%)
C GBP May 18 Jun 14 - Jun 16
Rob Giles & Adam McConkey
Ytd Avg. 2018
Equity-Mid-Small Cap/USA 1.81%
COOPER CREEK PARTNERS LLC 31 Oct 08 Q $160M 188.51 31 May 18 (0.70%) 3.38% -5.23% 4.31% 7.27% 2% 27.15% 6.84% 10.52% (22.12%)
Robert Schwartz Jan 18 Feb 11 - Sep 11

HARBOUR HOLDINGS LTD 31 Dec 85 M $129M 228.72 31 May 18 5.00% (2.73%) 25.89% 15.02% -13.46% 8.83% 26.65% 16.93% 22.13% (49.05%)
Charles A. Paquelet May 18 May 07 - Feb 09

HARVEY PARTNERS LLC 31 Jan 06 Q $110M 2,778.11 31 May 18 1.99% 1.48% 13.66% 13.72% -9.77% 3.63% 15.93% 8.63% 7.17% (13.18%)
Jeff Moskowitz and Jim Schwartz May 18 Jun 15 - Jan 16

SENVEST PARTNERS, LTD - 31 Mar 97 Q $1'264M 3,599.73 31 May 18 (1.39%) 6.54% 17.26% 23.23% -17.34% 22.21% 79.39% 18.43% 34.66% (70.54%)
CLASS A May 18 Feb 00 - Sep 02
Richard Mashaal
TONGA PARTNERS LP 30 Jun 92 HY $75M 3,094.61 31 May 18 1.22% 1.86% -0.48% 22.71% -12.61% 12.36% 34.84% 14.15% 15.03% (50.33%)
J. Carlo Cannell, Cannell Capital LLC May 18 Jun 07 - Apr 09

TRISTAN PARTNERS LP 31 May 05 HY $92M 480.77 31 May 18 2.08% 0.33% 15.61% 30.88% -6.76% -3.87% 38.52% 12.83% 16.55% (49.97%)
J. Carlo Cannell, Cannell Capital LLC May 18 Jun 07 - Feb 09

Equity-Pharma-Biotech
Ytd Avg. 2018 13.90%
Ytd Avg. 2018
Equity-Pharma-Biotech/USA 13.90%
PERCEPTIVE LIFE SCIENCES 31 Jul 00 M $2'771M 2,954.68 15 Jun 18 1.84% 13.90% 43.43% 1.64% 49.6% 20.3% 43.88% 20.84% 17.27% (24.43%)
OFFSHORE FUND LTD Dec 17 Dec 07 - Nov 08
Joseph Edelman

Equity-Technology
Ytd Avg. 2018 2.75%
Ytd Avg. 2018
Equity-Technology/Global 2.60%
EXANE ARCHIMEDES FUND CLASS 30 Sep 06 W €521M 16,563.79 19 Jun 18 0.70% (2.00%) -1.25% -3.04% 3.76% 8.21% 3.84% 4.40% 4.41% (8.58%)
A CAP Jun 18 May 16 - Feb 18
Gilles Lenoir and César Zeitouni
INFLECTION POINT INVESTMENTS 31 Dec 11 M $122M 24.27 31 May 18 5.91% 7.21% 30.96% 0.89% -1.1% 5.02% 33.82% 13.94% 13.22% (25.25%)
CO LTD - CLASS A May 18 Apr 15 - Feb 16
Inflection Point Investments LLP

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 32
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Equity-Technology/USA 3.04%
SELIGMAN TECH SPECTRUM 31 Dec 06 M $274M 662.13 31 May 18 5.96% 3.04% 19.63% 13.39% 8.35% 30% 11.22% 11.05% 11.32% (19.91%)
FUND CLASS -A1-S/2-2002 May 18 May 08 - Nov 08
J. & W. Seligman & Co. Incorporated

Equity-Utility
Ytd Avg. 2018 5.73%
Ytd Avg. 2018
Equity-Utility/Europe 10.03%
CYGNUS UTILITIES, 30 Apr 06 M $195M 2,073.29 31 May 18 4.01% 10.03% 4.28% -2.25% -0.98% 4.09% 2.98% 6.21% 7.13% (10.69%)
INFRASTRUCTURE & May 18 Nov 09 - Aug 11
RENEWABLES
Cygnus Asset Management
Ytd Avg. 2018
Equity-Utility/Global 1.44%
ELECTRON GLOBAL FUND, L.P. 28 Feb 13 M $870M 148.06 15 Jun 18 (0.97%) 1.44% 15% -3.2% 17.63% -2.84% 14.71% 7.69% 6.68% (7.85%)
Electron Capital Partners, LLC Jun 18 May 15 - Aug 15

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 33
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Credit
Ytd Avg. 2018 2.23%
Ytd Avg. 2018
Credit/Global 2.23%
AG SUPER FUND INTERNATIONAL, 30 Apr 93 Y $371M 1,912.84 15 Jun 18 1.00% 3.84% 2.08% 10.63% -6.41% 2.63% 16.86% 8.80% 5.25% (24.78%)
LTD Apr 18 Jun 07 - Dec 08
Angelo, Gordon & Co./ Michael
Gordon, Josh Baumgarten, Dave
Kamin
BLUEBAY EVENT DRIVEN CREDIT 30 Nov 09 Q €94M 175.19 15 Jun 18 0.07% 0.44% 10.19% 3.89% -0.66% 14.22% 9.75% 6.78% 4.40% (7.85%)
FUND Mar 18 Jul 15 - Feb 16
BlueBay Asset Management LLP -
Duncan Farley & Tim Leary
IRONSHIELD SPECIAL SITUATIONS 31 Jul 07 Q $230M 249.28 30 Apr 18 0.84% 2.41% 11.37% 8.55% 0.34% 5.34% 16.24% 8.86% 8.65% (16.83%)
L1 FUND Apr 18 Oct 07 - Apr 09
David Nazar and Amit Jain

Equity-Diversified
Ytd Avg. 2018 (5.49%)
Ytd Avg. 2018
Equity-Diversified/Europe (1.98%)
ALPHA UCITS AMBER EQUITY 31 Oct 13 W €269M 1,330.61 19 Jun 18 (0.27%) (1.98%) 6.03% 7.17% 14.13% 0.51% 1.99% 5.87% 5.10% (4.64%)
FUND Jun 18 Mar 14 - Oct 14
Amber Capital SGR SPA - Giorgio
Martorelli
Ytd Avg. 2018
Equity-Diversified/USA (6.66%)
MARCATO ENCORE 30 Jun 15 Q $107M 128.24 15 Jun 18 5.50% (4.37%) 22.6% 14.17% -4.19% 8.76% 12.85% (12.23%)
INTERNATIONAL LTD Dec 17 Jun 15 - Jan 16
Marcato Capital Management, Mick
McGuire
MARCATO INTERNATIONAL LTD 30 Sep 10 Q $766M 205.06 15 Jun 18 4.80% (5.72%) 25.78% 9.04% -9.31% 5.33% 26.16% 9.76% 14.57% (26.08%)
Richard McGuire, Marcato Capital Dec 17 May 15 - Feb 16
Management LLC
VAZIRANI OFFSHORE LTD 30 Sep 15 Q $75M 131.91 31 May 18 4.86% (9.89%) 16.71% 16.01% 8.11% 10.93% 12.16% (19.33%)
Vazirani Asset Management LLC, Raj May 18 Oct 17 - Apr 18
Vazirani

Merger-Arbitrage
Ytd Avg. 2018 4.36%

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 34
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Merger-Arbitrage/Global 4.36%
TIG ARBITRAGE ENHANCED FUND 31 Dec 06 M $204M 266.50 31 May 18 1.67% 4.36% 8.02% 7.29% 1.83% 1.72% 13.34% 8.96% 7.34% (10.97%)
Drew Figdor Apr 18 Oct 07 - Oct 08

Multi-Strategy
Ytd Avg. 2018 (0.19%)
Ytd Avg. 2018
Multi-Strategy/Europe (4.15%)
CYGNUS EUROPA EVENT DRIVEN 30 Jun 10 M $198M 2,139.75 31 May 18 0.14% 1.79% -2.75% -5.48% 27.54% 22.57% 32.14% 10.08% 9.12% (15.90%)
FUND Apr 18 Oct 11 - Jul 12
Jose Luis Perez Esteve
PORTLAND HILL FUND SICAV - 31 Aug 14 W $245M 121.62 19 Jun 18 (0.17%) (5.08%) 9.16% 1.1% 16.31% -0.19% 5.28% 6.83% (6.67%)
CATALYST DRIVEN May 18 Jan 18 - Jun 18
Thierry Lucas
PORTLAND HILL OVERSEAS FUND 31 May 12 M $210M 171.68 31 May 18 (3.31%) (4.68%) 16.81% 2.4% 18.46% 0.57% 17.41% 9.42% 7.76% (6.28%)
LTD May 18 Dec 15 - Jan 16
Thierry Lucas
TRITON VALUE FUND - B1 31 Aug 15 M €101M 1,400.74 31 May 18 (3.67%) (8.61%) 25.29% 23.03% -0.57% 13.03% 10.60% (9.09%)
Triton Investment Management Mar 18 Jan 18 - May 18
Limited, Roger Hagborg
Ytd Avg. 2018
Multi-Strategy/Europe & Asia 2.40%
TT EVENT DRIVEN FUND 28 Feb 15 M $176M 127.70 31 May 18 0.17% 2.40% 10.16% 5.91% 6.88% 7.91% 3.02% (1.57%)
Edward Cooper May 18 May 16 - Jun 16
Ytd Avg. 2018
Multi-Strategy/Global 0.69%
BG UMBRELLA FUND PLC 28 Feb 03 M €2'920M 160.61 15 Jun 18 0.48% 2.23% 7.73% 8.03% 10.77% 4.23% 11.56% 6.94% 5.56% (22.71%)
Boussard & Gavaudan Investment Apr 18 May 07 - Nov 08
Management
CORRE OPPORTUNITIES 31 Jul 09 Q $560M 303.39 31 May 18 0.94% 4.98% 14.58% 31.09% -8.7% 6.75% 24.09% 13.38% 7.58% (16.54%)
QUALIFIED MASTER FUND LP May 18 Aug 14 - Feb 16
Corre Partners Management, LLC /
John Barrett, Eric Soderlund
DAVIDSON KEMPNER INTL (BVI) 31 Oct 95 Q $9'167M 578.75 15 Jun 18 0.35% 1.84% 6.15% 7.56% 1.68% 5.15% 10.24% 8.06% 3.54% (11.22%)
LTD CLASS C Tranche 1 (DKIL) Dec 17 Oct 07 - Nov 08
Thomas L Kempner Jr, Anthony
Yoseloff
ECF VALUE FUND INTERNATIONAL 30 Jun 02 Q $2'042M 775.34 31 May 18 2.10% (0.78%) 16.37% 30.37% -20.57% -2.28% 18.9% 13.72% 16.00% (43.83%)
LTD Feb 18 May 07 - Dec 08
Gates Capital Management Inc.

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 35
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Multi-Strategy/Global 0.69%
GREYWOLF CAPITAL OVERSEAS 31 Jul 03 Q $608M 237.59 31 Mar 18 (0.21%) 0.76% 4.41% -13.02% -14.14% 5.67% 15.74% 6.07% 9.57% (35.55%)
FUND Apr 18 Jun 14 - May 17
Greywolf Capital Management LP
KG INVESTMENT FUND LLC 31 Dec 08 Q $314M 453.99 31 Mar 18 (1.96%) (1.14%) 30.7% 10.82% 12.44% 8.97% 26.85% 17.76% 12.85% (20.31%)
KG Funds Management LLC Mar 18 Dec 08 - Feb 09

KITE LAKE (KL) SPECIAL 31 Jan 11 Q $702M 179.93 08 Jun 18 0.84% 1.97% 10.28% 12.87% 8.99% 1.31% 9.44% 8.31% 5.53% (8.21%)
OPPORTUNITIES FUND LTD May 18 Mar 12 - Jun 12
Jamie Sherman & Jan Lernout
MOAB PARTNERS OFFSHORE 31 Mar 06 Q $265M 250.02 15 Jun 18 1.20% (4.40%) 7.07% 10.05% 4.31% 9.77% 18.26% 7.79% 6.99% (16.75%)
FUND LTD Mar 18 Aug 08 - Feb 09
Moab Capital Partners, LLC, Michael
Rothenberg
OMNI EVENT FUND LIMITED 31 Aug 13 M $186M 151.38 31 May 18 3.61% 5.89% 9.18% 10.89% 16.55% -3.49% 6.34% 9.41% 6.99% (8.29%)
Omni Partners LLP, John Melsom May 18 Sep 14 - Oct 14

OWL CREEK OVERSEAS FUND, 31 Jan 02 Y $1'537M 6,087.76 15 Jun 18 1.80% (0.96%) 21.51% 12.44% -2.95% -8% 48.63% 11.66% 12.24% (20.92%)
LTD May 18 Mar 10 - Sep 11
Jeffrey Altman
PERSHING SQUARE INTL.LTD 31 Dec 04 Q/Y $1'826M 4,029.94 19 Jun 18 5.20% 8.71% -3% -10.2% -16.66% 37.24% 9.3% 10.90% 14.73% (39.81%)
William Ackman May 18 Jul 15 - Mar 16

PSAM WORLDARB MASTER FUND 31 Aug 98 Q $714M 441.45 31 May 18 1.42% 2.24% 12.97% 13.47% -7.2% 3.51% 18.08% 7.80% 6.38% (29.14%)
LTD May 18 May 07 - Nov 08
P. Schoenfeld Asset Management LP
TRIAN PARTNERS LTD 31 Dec 05 Q $2'130M 247.13 31 May 18 1.35% (4.88%) 3.64% 10.94% 4.38% 10.52% 40.06% 7.56% 12.46% (30.56%)
Nelson Peltz, Peter May & Ed Garden Jan 18 May 07 - Feb 09

TWIN OFFSHORE FUND LTD 31 Aug 02 M $135M 281.07 15 Jun 18 2.27% (8.68%) 7.31% 7.71% 4.15% -9.15% 11.29% 6.76% 8.75% (19.40%)
Twin Capital Management, LLC, Dec 17 Aug 14 - Jan 16
David Simon
WHITEBOX MULTI-STRATEGY 31 Dec 01 Q $591M 692.18 15 Jun 18 0.86% 2.55% 6.77% 15.46% -2.78% 6.16% 18.09% 12.47% 8.83% (34.40%)
FUND Dec 17 Jun 08 - Dec 08
Robert Vogel

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 36
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Fixed Income
Ytd Avg. 2018 (0.52%)
Ytd Avg. 2018
Fixed Income/Global (0.52%)
AXONIC SYSTEMATIC ARBITRAGE 31 Mar 12 M $300M 159.85 31 May 18 (0.68%) (7.49%) 12.39% 20.91% -8.59% 18.54% 22.84% 7.90% 9.67% (10.45%)
OVERSEAS FUND LTD May 18 May 15 - Jan 16
Arnaud De Bevy
BLACKROCK FIXED INCOME 30 Sep 06 M $2'515M 237.49 31 May 18 (1.36%) (0.85%) 7.72% 1.13% 2.77% 3.78% 6.04% 7.62% 4.84% (10.54%)
GLOBAL ALPHA FUND Apr 18 Jun 08 - Dec 08
Tom Parker
BLACKROCK OBSIDIAN FUND 30 Jun 96 M $1'890M 8,039.39 15 Jun 18 0.25% 1.61% 6.47% 6.96% -0.14% 5.23% 10.83% 9.95% 8.87% (20.93%)
Stuart Spodek Jun 18 Jan 08 - Feb 09

BTG PACTUAL RATES FUND LP 31 Jul 11 M $111M 146.41 31 May 18 0.83% 1.60% 6.71% 7.94% 3.5% 1.68% 0.84% 5.73% 3.76% (4.67%)
John Fath May 18 Apr 13 - Jun 13

III FUND LTD 30 Jun 93 M $181M 4,456.18 15 Jun 18 (1.00%) 2.51% 0.49% 5.79% 1.65% 2.87% 13.44% 6.17% 10.14% (54.77%)
Cliff G Viner May 18 Jan 08 - Nov 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 37
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Arbitrage
Ytd Avg. 2018 2.12%
Ytd Avg. 2018
Arbitrage/Global 2.12%
HSBC MAA FUND USD 15 Jun 95 Q/M $55M 235.27 31 May 18 0.55% 2.12% 3.86% -1.2% 2.06% 4.48% 4.95% 3.79% 4.34% (25.30%)
HSBC Alternative Investments Limited Apr 18 Jul 07 - Dec 08

Event Driven
Ytd Avg. 2018 1.00%
Ytd Avg. 2018
Event Driven/Global 1.00%
GEMS PROGR. FUND SICAV 31 Dec 01 Q $73M 2,457.37 15 Jun 18 2.63% 2.84% 10.56% -5.03% -5.31% -0.44% 8.61% 5.61% 6.17% (23.23%)
RECOVERY PORTFOLIO REGULAR Jun 15 Jun 08 - Dec 08
USD
David Goldfarb, Miguel Abadi, Cedric
Carrol
HSBC SPECIAL OPPORTUNITIES 28 Feb 07 Q $37M 144.62 31 May 18 0.03% (0.83%) 5.87% 5.35% -3.33% 4.75% 13.97% 3.33% 8.63% (35.45%)
FUND LTD - USD CLASS May 18 Jun 08 - Mar 09
HSBC Alternative Investments Limited

Long/Short
Ytd Avg. 2018 3.10%
Ytd Avg. 2018
Long/Short/Global 3.10%
PRIVATE ADVISORS HEDGED 31 Oct 01 Q $565M 228.02 31 May 18 1.94% 2.67% 11.52% 0.33% -0.2% 4.91% 14.65% 5.09% 7.32% (34.42%)
EQUITY FUND (PAHEF) May 18 Dec 07 - Dec 08
Private Advisors, Charles Honey
PRIVATE ADVISORS 30 Apr 14 Q $105M 122.40 31 May 18 1.14% 3.52% 9.05% 6.69% 1.6% 0.02% 5.07% 7.17% (12.06%)
UNDISCOVERED VALUE FUND May 18 Jul 15 - Feb 16
(UVF)
Private Advisors, Charles Honey

Macro
Ytd Avg. 2018 2.18%
Ytd Avg. 2018
Macro/Global 2.18%
MASTERS FUND LTD MAGNOLIA 31 Dec 96 Q $222M 5,354.74 20 Apr 18 0.67% 2.18% -4.4% 3.11% 1.11% 1.97% 11.1% 8.19% 8.03% (9.96%)
SERIES Apr 18 Jul 98 - Oct 98
Sean M. Doyle

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 38
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Multi-Strategy
Ytd Avg. 2018 1.46%
Ytd Avg. 2018
Multi-Strategy/Global 1.46%
DIAMOND NEUTRAL FUND CLASS 31 Oct 02 Q $65M 197.78 30 Apr 18 0.04% 2.97% 5.19% -1.82% 2.62% 1.42% 10.45% 4.50% 3.93% (14.18%)
A1 Mar 18 Jun 08 - Dec 08
Elchanan Jaglom, Daniel Jaglom
GAM DIVERSITY I INC - US$ CLASS 31 Dec 89 M $100M 761.44 30 Apr 18 0.07% 1.59% 1.94% -0.46% -2.38% 0.19% 10.49% 7.42% 7.52% (19.64%)
David Smith Mar 18 Jan 94 - Jan 95

GAM TRADING II USD 30 Apr 97 M $105M 338.98 30 Apr 18 0.43% 0.43% -1.88% 0.1% 0.46% 4.08% -0.45% 5.98% 5.64% (7.34%)
David Smith, Arvin Soh Apr 17 Apr 13 - Oct 13

GOLDMAN SACHS FUNDS II - 31 Dec 15 Q $874M 106.94 20 Jun 18 (0.22%) (0.45%) 1.57% 5.3% - 2.57% 3.38% (2.76%)
GLOBAL MULTI-MANAGER Jan 18 Dec 15 - Jan 16
ALTERNATIVE PORTFOLIO
Goldman Sachs Asset Management -
Robert Mullane & Kent Clark
HSBC GH FUND USD 31 May 96 M $1'913M 376.20 31 May 18 1.18% 2.96% 4.75% 1.57% 3.51% 4.77% 8.51% 6.20% 5.86% (18.30%)
HSBC Alternative Investments Limited Mar 18 Jun 08 - Dec 08

HSBC UCITS ADVANTEDGE FUND - 31 Oct 09 W $181M 92.70 13 Jun 18 0.25% 1.23% 2.06% -7.22% -1.97% -1.57% 7.25% (0.87%) 3.63% (12.86%)
USD CLASS Apr 18 May 15 - Nov 16
Hsbc Alternative Inv. Ltd

Trading
Ytd Avg. 2018 (0.37%)
Ytd Avg. 2018
Trading/Global (0.37%)
HSBC TRADING ADVANTEDGE 31 Oct 05 M $59M 163.14 31 May 18 2.00% (0.37%) -0.41% 5.3% 3.29% 16.59% -8.75% 3.96% 9.31% (20.93%)
FUND May 18 Apr 11 - Sep 13
HSBC Alternative Investments Limited

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 39
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Equity-Diversified
Ytd Avg. 2018 3.27%
Ytd Avg. 2018
Equity-Diversified/Emerging 0.35%
RUSSIAN PROSPERITY FUND - A 31 Aug 96 W $821M 265.29 14 Jun 18 (0.48%) 0.35% 29.47% 58.66% -3.1% -43.99% 3.11% 16.39% 41.59% (90.26%)
Alexander Branis Jun 18 Jul 97 - Jan 99
Ytd Avg. 2018
Equity-Diversified/Global 4.25%
EQUITILE RESILIENCE FEEDER 29 Feb 16 D £135M 148.60 20 Jun 18 0.81% 12.71% 27.2% 3.65% 18.73% 9.64% (4.73%)
FUND CLASS C HEDGED GROSS May 18 Feb 18 - Mar 18
ACCOUNT
Equitile Investments Ltd - George
Cooper
LANSDOWNE DEVELOPED 31 Oct 12 M $3'187M 222.84 31 May 18 (0.53%) (0.40%) 28.8% -5.33% 9.79% 8.08% 46.29% 15.42% 11.35% (13.50%)
MARKETS LONG ONLY FUND LTD Jan 18 Oct 15 - Jun 16
CLASS A USD
Peter Davies, Jonathon Regis
LANSDOWNE EUROPEAN LONG 31 Dec 04 M $369M 110.36 15 Jun 18 1.98% 0.44% 17.06% -0.47% 11.74% 0.05% 27.18% 8.57% 14.84% (45.96%)
ONLY FUND LTD Jan 18 May 07 - Feb 09
Daniel Avigad

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 40
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Commodity
Ytd Avg. 2018 4.12%
Ytd Avg. 2018
Commodity/Global 4.12%
ALPHAGEN RELATIVE VALUE 31 Oct 10 M $70M 146.84 15 Jun 18 0.79% 0.82% 0.78% 1.2% 4.65% 3.36% 11.43% 5.17% 7.10% (10.93%)
AGRICULTURE FUND Apr 18 Jun 11 - Apr 12
Ian Bowler, Phillip Pyle
ANDURAND COMMODITIES FUND 31 Jan 13 M $1'200M 1,952.45 31 May 18 5.20% 9.41% 2.18% 22.12% 4.05% 38.31% 25.02% 18.36% 19.16% (17.25%)
Pierre Andurand Dec 17 Dec 16 - May 17

MERCHANT COMMODITY FUND 31 May 04 M $136M 539.04 31 May 18 2.50% 2.13% -11.6% 8.55% -3.23% 59.33% 15.77% 12.78% 20.53% (36.93%)
(THE) - COMPOSITE May 18 Dec 10 - Oct 11
Michael Coleman and Doug King

Commodity-Systematic
Ytd Avg. 2018 2.89%
Ytd Avg. 2018
Commodity-Systematic/Global 2.89%
ARCTIC BLUE ORIGINAL 2X 31 May 14 M $177M 109.71 31 May 18 (1.10%) 0.69% -12.47% -6.2% 8.4% 22.42% 2.34% 13.56% (30.24%)
Jean-Jacques Duhot Apr 18 Jun 16 - Nov 17

MILLBURN COMMODITY 28 Feb 05 M $267M 249.68 20 Jun 18 (1.96%) 5.10% 7.91% -1.89% 25.5% 28.09% -7.65% 7.11% 12.19% (30.96%)
PROGRAM Apr 18 Apr 11 - Nov 13
Millburn Ridgefield Corporation

Currency
Ytd Avg. 2018 0.68%
Ytd Avg. 2018
Currency/Asia (0.33%)
DYMON ASIA MACRO FUND - 31 Jul 08 M $2'487M 180.33 15 Jun 18 0.66% 0.57% -7.79% 14.32% -9.81% 19.23% 5.63% 6.15% 10.60% (13.69%)
CLASS X May 18 Jul 08 - Sep 08
Danny Yong
THE CAMBRIDGE STRATEGY - 31 Jan 06 M $34M 164.46 27 Apr 18 (5.93%) (1.23%) -4.4% -6.75% 4.79% 8.5% 1.13% 4.15% 7.74% (13.23%)
ASIAN MARKETS CURRENCY Dec 17 Aug 15 - Apr 18
ALPHA
Alexandra Edstein
Ytd Avg. 2018
Currency/Global 1.36%
IPM SYSTEMATIC CURRENCY 31 Mar 05 M $118M 175.07 15 Jun 18 (0.32%) 8.29% -2.5% 9.43% 2.59% 7.45% 4.98% 5.07% 9.57% (13.92%)
FUND Apr 18 Mar 06 - Aug 06
Björn Osterberg

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 41
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Currency/Global 1.36%
KO-ZHOU FUNDAMENTAL FX 28 Feb 15 M $106M 112.96 15 Jun 18 2.49% 1.72% 2.9% 1.97% 5.83% 3.76% 5.85% (6.21%)
FUND Mar 18 Sep 16 - Jan 18
Joe Zhou,
THE CAMBRIDGE STRATEGY - 31 Jan 08 M $130M 178.90 27 Apr 18 (4.31%) (5.94%) 0.14% -3.86% 8.26% 16.82% 0.27% 5.84% 8.15% (14.91%)
EMERGING MARKETS CURRENCY Dec 17 Apr 16 - Apr 18
ALPHA
Andrew Saunders

Diversified
Ytd Avg. 2018 1.87%
Ytd Avg. 2018
Diversified/Asia 0.56%
ASTIGNES ASIA RATES MASTER 31 Jan 07 M $571M 2,051.75 31 May 18 (0.45%) 1.34% 1.42% -0.69% 2.7% 5.69% 12.15% 6.54% 4.73% (6.62%)
FUND LTD May 18 Aug 15 - Apr 17
Astignes Capital Asia Pte Ltd
BREVAN HOWARD ASIA FUND 30 Sep 04 M $1'566M 270.89 31 May 18 0.82% 4.03% 0.45% 2.31% 5.2% 3.54% 11.56% 7.56% 3.65% (3.24%)
LIMITED Apr 18 Jan 16 - Sep 16
Kaspar Ernst, Minal Bathwal
GRATICULE ASIA MACRO FUND 28 Feb 11 Q $4'050M 1,670.64 15 Jun 18 (0.42%) (0.19%) 7.09% 6.03% 1.76% -1.21% 17.08% 7.28% 5.37% (6.81%)
Adam Levinson Apr 18 May 15 - Feb 16

MAX GIANT MACRO FUND 31 Dec 14 M $43M 113.58 31 May 18 (0.78%) (3.09%) 9.44% 6.68% 0.39% - 3.80% 6.19% (5.53%)
Max Group Capital Ltd May 18 May 15 - Sep 15

RV CAPITAL ASIA OPPORTUNITY 31 Dec 11 M $221M 170.69 31 May 18 (0.10%) 0.69% 7.95% 5.47% -0.94% 9.95% 13.06% 8.69% 4.10% (4.45%)
FUND Jan 18 May 15 - Feb 16
Ranodeb Roy, RV Capital
Management Private Ltd
Ytd Avg. 2018
Diversified/Emerging 0.23%
FINISTERRE GLOBAL 31 Mar 06 M $1'159M 231.94 31 May 18 0.32% (1.37%) -1.52% 5.12% 6.37% 11.35% 5.36% 7.15% 6.73% (18.02%)
OPPORTUNITY FUND May 18 Jun 08 - Oct 08
Darren Walker
GAVEA FUND LTD . CLASS A S/1 31 Jul 03 Q $274M 265.11 01 Jun 18 0.34% 5.14% -1.82% 3.45% 11.51% -5.31% 2.71% 6.79% 6.67% (12.50%)
Fraga Arminio and Gabriel Srour Mar 18 Jul 08 - Oct 08

GREEN FUND LLC - CLASS I 31 Jan 01 M $370M 759.93 14 Jun 18 (0.27%) (1.44%) -2.62% 7.82% 4.69% -3.49% 9.9% 11.63% 12.62% (33.00%)
Luis Stuhlberger Dec 17 Jun 08 - Nov 08

PHARO AFRICA FUND LTD 31 Jan 13 Q $284M 1,542.32 30 Apr 18 1.43% 6.49% 26.05% 18% -7.03% -0.18% 4.92% 8.61% 7.66% (18.49%)
Nicolas Sagna Apr 18 Aug 14 - Aug 15

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 42
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Diversified/Emerging 0.23%
PHARO GAIA FUND, LTD 30 Nov 08 Q $4'555M 3,490.43 30 Apr 18 (1.15%) 3.66% 27.3% 14.18% 7.94% 17.5% 6.73% 13.27% 12.04% (14.76%)
Guillaume Fonkenell and Michael Apr 18 May 13 - Jun 13
Skarbinski
PHARO TRADING FUND, LTD 30 Nov 00 M $543M 7,376.16 30 Apr 18 (2.30%) 5.95% 28.43% 11.93% -9.25% 12.47% 19.65% 11.78% 10.95% (17.68%)
Guillaume Fonkenell Apr 18 Aug 14 - Dec 15

SCHRODER ISF EMERGING 31 Jan 02 D $5'389M 37.86 20 Jun 18 (1.02%) (2.50%) 8.46% 9.75% -4.87% 0.62% 0.8% 6.64% 5.38% (9.31%)
MARKET DEBT A/R -I ACC- Dec 17 Mar 08 - Oct 08
Abdallah Guezour
SPINNAKER GLOB OPP FUND, LTD 31 Jan 01 M $612M 509.38 31 May 18 (4.54%) (9.05%) 7.12% 1.26% -2.3% 6.64% 1% 9.84% 10.80% (31.78%)
COMPOSITE May 18 May 08 - Feb 09
Jorge Rosas
SPINNAKER GLOBAL EMERGING 30 Jun 99 Q $843M 2,436.97 31 May 18 (2.87%) (4.78%) 11.97% 10.65% 7.08% -3.57% 3.4% 18.37% 11.07% (33.18%)
MARKETS FUND, LTD May 18 May 08 - Feb 09
Alexis Habib
Ytd Avg. 2018
Diversified/Global 2.58%
AVIVA INVESTOR 31 Jul 14 D €4'003M 105.54 19 Jun 18 (0.04%) (0.48%) -2.92% 0.43% 4.07% 4.08% 1.29% 4.08% (3.85%)
MULTI-STRATEGY TARGET May 18 Nov 15 - Jun 18
RETURN FUND I EUR
Peter Fitzgerarld, Ian Pizer, Dan
James, Brendan Walsh
BLUEBAY GLOBAL SOVEREIGN 30 Nov 15 D $849M 121.55 15 Jun 18 0.27% 2.02% 6.29% 11.75% 0.31% 7.98% 4.49% (2.21%)
OPPORTUNITIES FUND May 18 Feb 17 - May 17
Russel Matthews
BREVAN HOWARD FUND, LTD - 31 Mar 03 M $4'161M 322.27 31 May 18 7.92% 9.21% -5.4% 3.03% -1.96% -0.79% 2.68% 7.87% 6.93% (10.01%)
USD CLASS A Apr 18 Apr 13 - Sep 16
Alan Howard
BTG PACTUAL GLOBAL EM. MKTS 31 Jan 09 M $459M 2,928.19 31 May 18 (1.70%) (0.50%) 7.71% -1.81% 5.13% -4.88% 9.68% 12.17% 7.04% (12.76%)
AND MACRO FD Apr 18 Jun 14 - Jan 15
BTG Pactual Global Asset
Management
BW GLOBAL ENHANCED 31 Mar 15 M $405M 115.91 30 Apr 18 (0.74%) 3.93% 9.52% 12.3% -9.32% 4.90% 7.60% (10.20%)
ABSOLUTE RETURN MASTER Dec 17 Mar 15 - Sep 15
FUND LP
Brandywine Global, David Hoffman,
Steve Smith, Jack McIntyre, Anujeet
Sareen
CAXTON GLOBAL INVESTMENT 31 Jan 97 Q $4'579M 898.67 19 Jun 18 (0.92%) 5.59% -13.17% 6.38% 3.53% -1.38% 18.16% 10.81% 7.61% (13.17%)
LTD Mar 18 Dec 16 - Dec 17
Andrew E. Law

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 43
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Diversified/Global 2.58%
DG MACRO FUND LTD 31 Mar 04 M $410M 188.78 19 Jun 18 (0.08%) 5.00% 1.03% 1.79% -1.32% 2.53% 9.34% 4.57% 8.73% (34.17%)
David Gorton Apr 18 Jan 08 - Dec 08

EDL GLOBAL OPPORTUNITIES 31 Aug 15 M $817M 124.62 15 Jun 18 (1.15%) (2.05%) 5.95% 18.35% 1.46% 8.20% 8.62% (5.26%)
FUND LTD May 18 Jan 18 - Jun 18
EDL Capital (UK) Ltd / Edouard de
Langlade
ELEMENT CAPITAL FUND 31 Mar 05 Q $13'674M 117,858.39 30 Apr 18 1.30% 13.18% 5.49% 19.37% 22.72% 2.91% 19.44% 20.94% 10.02% (7.83%)
Jeffrey Talpins Apr 18 Oct 07 - Apr 08

EPISODE INC. CLASS A 31 Jul 05 Q $1'553M 178.01 15 Jun 18 0.40% 0.26% 8.94% 7.38% 2.51% 7.77% 6.14% 4.58% 9.91% (32.77%)
David Fishwick / Tony Finding Apr 18 Oct 07 - Feb 09

GAM GLOBAL RATES HEDGE 31 Jan 04 M $189M 211.06 30 Apr 18 (2.50%) (2.01%) -2.26% -4.89% 1.72% 4.72% -0.11% 5.38% 7.40% (12.94%)
FUND Mar 18 Jul 15 - Apr 18
Adrian Owens
GEMSSTOCK FUND - B1 USD 30 Nov 10 M $1'120M 264.53 30 Apr 18 (2.30%) 1.29% 8.51% 19.86% 12.42% 6.19% 23.95% 13.58% 14.27% (20.66%)
Al Breach & Darren Read May 18 Apr 11 - Sep 11

GRAHAM ABSOLUTE RETURN 31 Dec 04 Q $2'501M 500.52 19 Jun 18 0.55% 6.49% -6.86% 11.78% 1.43% 10.42% 10.5% 10.68% 9.37% (13.31%)
TRADING LTD Apr 18 May 07 - May 08
Graham Capital Management, L.P.
GRAHAM GLOBAL INVESTMENT 31 May 04 Q $1'941M 137.17 19 Jun 18 1.18% 6.66% -10.28% 12.06% -0.36% 6.53% 7.57% 9.02% 10.06% (30.81%)
FUND II - DISCRETIONARY Apr 18 May 07 - Jun 08
ENHANCED VOL -CLASS - B -
Kenneth G. Tropin
GRAHAM GLOBAL INVESTMENT 31 May 04 Q $1'941M 282.86 19 Jun 18 0.60% 3.43% -5.36% 5.96% -0.34% 3.17% 3.63% 5.01% 5.05% (14.81%)
FUND- DISCRETIONARY Apr 18 May 07 - Jun 08
Kenneth G. Tropin
JPMORGAN INVESTMENT GLOBAL 30 Apr 05 D €4'674M 166.01 20 Jun 18 (1.66%) (0.55%) 15.2% -4.81% 10.43% 13.75% 16.29% 5.47% 7.46% (21.35%)
MACRO OPPORTUNITIES C (ACC) Jan 18 Oct 07 - Feb 09
EUR
James Elliot, Shrenick Shah, Talib
Sheikh
MKP ENHANCED OPPORTUNITY 31 Jul 13 M $525M 105.71 30 Apr 18 0.00% 1.11% -2.24% 5.46% 0.81% -3.62% 4.36% 1.18% 7.41% (11.73%)
OFFSHORE, LTD Apr 18 Mar 15 - Aug 16
MKP Capital Management, LLC
MKP OPPORTUNITY OFFSHORE, 31 Jul 01 M $1'896M 316.27 30 Apr 18 0.13% 1.15% -1.24% 3.85% 0.71% -2.17% 7.11% 7.11% 5.31% (7.67%)
LTD Apr 18 Mar 15 - Aug 16
MKP Capital Management, L.L.C.
MLM MACRO PEAK PARTNERS 31 Mar 02 M $635M 2,730.86 15 Jun 18 2.53% 3.54% -3.04% -0.87% 1.44% 13.66% 23.84% 6.39% 16.80% (36.99%)
OFFSH FD, LTD - B May 18 Dec 10 - May 12
Timothy Rudderow

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 44
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Diversified/Global 2.58%
MOORE GLOBAL INV FD, LTD - A $ 31 Dec 89 Q $3'400M 63,900.12 07 Jun 18 0.59% 2.19% 1.04% 5.13% 3.43% 1.74% 17.02% 15.73% 11.15% (18.45%)
Louis Bacon Sep 17 Jan 94 - Feb 95

MOORE MACRO MANAGERS 31 Jul 93 Q $4'500M 15,419.44 07 Jun 18 1.52% 2.50% 0.59% 0.04% 3.12% 5.54% 13.49% 11.63% 7.92% (14.47%)
FUND, LTD CLASS -A- Sep 17 Jan 94 - Feb 94
Louis Bacon
PHARO MACRO FUND, LTD 30 Apr 05 Q $4'843M 4,268.09 30 Apr 18 (0.20%) 6.66% 16.52% 7.47% 3.57% 8.23% 18.51% 11.14% 8.23% (9.64%)
Pharo Team Apr 18 Jun 08 - Nov 08

PIMCO ABSOLUTE RETURN 31 Mar 02 Q $1'424M 2,632.22 31 May 18 (0.02%) (1.59%) 3.54% 0.75% 4.54% 5.86% -0.44% 6.16% 7.57% (25.88%)
STRATEGY IV OFFSHORE FUND II , May 18 May 08 - Nov 08
CL. A/1
Qi Wang
PWP GLOBAL MACRO FUND 30 Sep 13 M $777M 113.52 31 May 18 (3.29%) (9.07%) 14.18% -2.31% -5.47% 17.22% 1% 2.75% 7.74% (11.73%)
Maria Vassalou, May 18 Jan 18 - May 18

RUBICON GLOBAL FUND, LTD 31 Oct 99 M $319M 412.65 15 Jun 18 0.49% 5.59% -34.85% 7.28% 5.41% 1.72% 18.27% 7.90% 15.76% (36.03%)
Paul Brewer Jan 18 Dec 04 - May 07

SPX SEGREGATED PORTFOLIO 31 Dec 11 M $564M 207.41 30 Apr 18 1.43% 8.82% 15.15% 11.44% 25.89% -8.03% 17.39% 12.21% 10.85% (10.81%)
EAGLE Apr 18 Aug 13 - Dec 14
SPX International Asset Management
Ltd
STANDARD LIFE GLOBAL 31 Dec 13 D €402M 9.53 20 Jun 18 (0.22%) (4.41%) 0.55% -8.85% 8.32% -1.12% - (1.41%) 5.25% (12.39%)
FOCUSED STRATEGIES (GFS) Apr 18 Dec 15 - Jun 18
FUND
Standard Life Investments
TM FULCRUM DIVERSIFIED 31 Mar 12 D £998M 12,053.00 20 Jun 18 (0.90%) 0.01% 2.58% -0.47% 1.54% 2.02% 12.47% 3.17% 4.37% (7.87%)
ABSOLUTE RETURN FUND - C Mar 18 May 15 - Jun 16
CLASS
Fulcrum Investment Team
TT INTERNATIONAL FUND 31 Aug 89 M $206M 7,511.24 31 May 18 0.40% 1.92% 13.75% -6.91% -0.58% -8.57% 7.65% 7.23% 13.44% (27.05%)
Tacchi Tim Apr 18 Jan 94 - Jan 95

TUDOR B.V.I GLOBAL FUND LTD 31 Dec 11 Q $2'644M 142,518.49 31 May 18 1.19% 7.57% -2.21% 0.96% 1.42% 3.47% 14.29% 4.83% 6.22% (6.01%)
-A- ALT SERIES 01 Dec 17 Mar 15 - Aug 16
Paul Tudor Jones

Systematic
Ytd Avg. 2018 (1.26%)

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 45
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Systematic/Global (1.26%)
HIGHER MOMENT AURORA FUND 31 Mar 08 M $76M 168.39 31 May 18 (1.23%) (5.33%) 12.1% -0.59% -4.99% 11.69% 5.5% 5.26% 6.38% (9.63%)
LP Dec 17 Jun 09 - Aug 09
Ravi Singh
HIGHER MOMENT CAPITAL 30 Nov 09 M $175M 495.24 31 May 18 0.42% 0.25% 0.76% 11.16% 31.61% 12.47% -9.29% 20.70% 21.25% (17.34%)
OPPORTUNITIES, LP Dec 17 Jan 11 - Mar 11
Ravi Singh
IPM SYSTEMATIC MACRO FUND 30 Jun 06 M $1'215M 258.21 15 Jun 18 (0.10%) 4.69% 2.18% 7.39% 4.39% 14.65% 1.16% 8.32% 10.84% (12.22%)
Björn Osterberg Apr 18 Oct 10 - Sep 11

QUANTEDGE GLOBAL FUND 30 Sep 06 M $1'897M 1,218.89 31 May 18 (0.16%) (2.77%) 38.35% 26.84% -18.26% 29.36% 9.16% 23.89% 28.48% (44.65%)
Quantedge Capital Pte Ltd May 18 Feb 08 - Oct 08

SECOR ALPHA MASTER FUND LP 31 Aug 12 Q $334M 144.02 15 Jun 18 (2.53%) (3.14%) -1.9% 3.01% 8.29% 28.51% 3.39% 6.50% 10.30% (8.67%)
SECOR Capital Advisors, Ray May 18 Nov 15 - Apr 18
Iwanowski

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 46
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Currency
Ytd Avg. 2018 (1.12%)
Ytd Avg. 2018
Currency/Global (1.12%)
ORTUS AGGRESSIVE FUND 29 Feb 04 Q $140M 335.51 31 May 18 (0.34%) (1.12%) 7.96% 4.37% 0.87% 18.72% -30.11% 8.86% 27.07% (62.89%)
(CAYMAN) LTD Apr 18 Jul 08 - Oct 08
Joe Zhou,

Diversified
Ytd Avg. 2018 (2.58%)
Ytd Avg. 2018
Diversified/Global (2.58%)
AHL DIMENSION 30 Jun 06 M $5'300M 1.05 15 Jun 18 (0.27%) (2.58%) 3.91% -1.48% 6.79% 16.5% 2.64% 4.91% 8.58% (10.63%)
Tim Wong, Nick Granger Mar 18 Dec 08 - Jan 10

Systematic
Ytd Avg. 2018 (3.14%)
Ytd Avg. 2018
Systematic/Global (3.14%)
AHL EVOLUTION 31 Aug 05 M $3'400M 1.80 15 Jun 18 1.23% (2.70%) 17.86% 6.17% 3.17% 20.31% 16.92% 13.43% 11.51% (13.16%)
Tim Wong , Matthew Sargaison Mar 18 Jun 08 - Oct 08

AHL ALPHA 30 Sep 95 M $4'100M 1.28 15 Jun 18 0.67% (2.80%) 5.25% -3.03% 1.51% 22.83% -1.51% 10.99% 11.94% (12.29%)
Tim Wong, Matthew Sargaison Mar 18 Oct 01 - Feb 02

AHL DIVERSIFIED 29 Feb 96 W $2'900M 1.31 15 Jun 18 0.81% (6.42%) 5% -7.59% -2.68% 33.79% -3.05% 11.10% 16.30% (19.53%)
Tim Wong, Matthew Sargaison Mar 18 Oct 01 - Apr 02

ALPHAQUEST ORIGINAL 30 Apr 99 M $1'417M 781.58 15 Jun 18 (2.60%) 18.18% -12.95% 7.03% 5.69% 16.27% 15.94% 11.34% 20.12% (29.40%)
PROGRAM (AQO) May 18 Feb 16 - Aug 17
Quest Partners LLC
ALTIS GLOBAL TREND PORTFOLIO 30 Jun 14 D $46M 82.34 31 May 18 0.46% (11.62%) -12.86% -17.27% 9.57% 17.96% (4.84%) 22.20% (42.48%)
Altis Partners (Jersey) Limited, Apr 18 Feb 16 - Apr 18
Zbigniew Hermaszewski
ASPECT DIVERSIFIED FUND - 30 Nov 98 W $454M 388.37 19 Jun 18 0.46% (5.89%) 5% -9.17% 7.88% 32.04% -4.44% 7.18% 15.88% (22.19%)
CLASS A May 18 Feb 12 - Mar 14
Anthony Todd
BH-DG SYSTEMATIC TRADING 30 Apr 06 D $328M 198.03 15 Jun 18 (0.62%) (1.55%) 6.86% 2.97% -1.43% 10.81% 2.09% 5.79% 11.31% (15.21%)
FUND LTD May 18 Apr 11 - Apr 14
BH-DG Systematic Trading LLP
BORONIA DIVERSIFIED FUND 31 Aug 93 M $46M 1,878.37 31 May 18 1.67% 10.93% -14.84% -1.17% -4.54% 14.33% 13.23% 7.79% 11.55% (23.95%)
MASTER Feb 18 Jul 16 - Dec 17
Richard Grinham and Angus Grinham

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 47
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Systematic/Global (3.14%)
CAMPBELL OFFSHORE FUND 30 Jun 02 M $250M 3,957.22 19 Jun 18 2.42% 0.84% 7.81% -3.49% 1.29% 14.37% 11.33% 6.09% 11.28% (22.92%)
LIMITED SPC - ABSOLUTE RETURN May 18 Jun 07 - Aug 07
CLASS B
Campbell & Company
CAMPBELL OFFSHORE FUND 31 Jan 98 M $2'521M 4,046.05 19 Jun 18 2.03% (5.67%) 5.1% -10.1% -2.99% 19.92% 12.57% 7.10% 13.26% (22.46%)
LIMITED SPC - CAMPBELL May 18 Mar 15 - Jun 17
MANAGED FUTURES CLASS A
Campbell & Company
CANTAB CAPITAL PARTNERS 28 Feb 07 M $1'400M 1,906.07 15 Jun 18 (0.62%) (16.01%) 30.96% -7.39% -8.24% 39.31% -27.65% 6.01% 17.90% (34.86%)
QUANTITATIVE FUND (THE) - USD Apr 18 Apr 13 - Apr 14
ARISTARCHUS
Ewan Kirk, Cantab Capital
CRABEL FUND SPC LTD CLASS A - 28 Feb 98 M $330M 6,205.55 31 Mar 18 0.21% 6.61% -3.7% 5.22% -1.74% 8.67% 2.2% 9.51% 15.07% (16.71%)
Fee Option 1 Mar 17 Oct 98 - Jun 99
Toby Crabel
DB PLATINUM IV DBX SYSTEMATIC 30 Jun 10 W $1'394M 137.07 13 Jun 18 (0.26%) (0.23%) 7.72% -3.62% -0.06% 14.41% 6.63% 4.04% 8.03% (8.98%)
ALPHA INDEX FUND - CLASS I1CU Jan 18 Mar 15 - Nov 16
DB Platinum Advisors
DISCUS FEEDER LTD CL. B USD 31 Dec 90 M $55M 1,505.29 15 Jun 18 (0.52%) 0.18% 12.05% 6.44% 8.35% 15.4% -10.32% 10.59% 15.27% (34.56%)
STANDARD LEVERAGE Mar 18 Jun 94 - Oct 95
Team managed
DUNN WMA FUND SA 31 Dec 10 M $57M 171.56 31 May 18 (6.66%) (11.94%) 21.49% -5.31% 9.66% 35.08% 33.42% 7.55% 24.90% (27.38%)
Dunn Capital Management LLP May 18 Aug 11 - Oct 12

DUNN WMA INSTITUTIONAL UCITS 31 Aug 11 D $348M 146.25 06 Apr 18 (1.67%) (3.85%) 12.08% -1.5% 9.14% 24.18% 33.48% 5.93% 17.35% (27.86%)
FUND Jan 18 Aug 11 - Oct 12
Dunn Capital Management LLP
FLORIN COURT CAPITAL 31 Jul 15 M $525M 96.81 15 Jun 18 0.20% (4.89%) 7.63% -4.32% -1.16% (1.12%) 9.99% (17.65%)
Doug Greenig Mar 18 Feb 16 - Jun 17

FORT GLOBAL CONTRARIAN 30 Sep 02 D $2'839M 4,544.95 15 Jun 18 1.74% 0.36% 6.55% 0.77% -1.34% 12.36% 1.62% 10.11% 10.97% (17.42%)
Yves Balcer, Sanjiv Kumar Jun 18 Mar 08 - Oct 08

FORT GLOBAL DIVERSIFIED 30 Sep 93 W $610M 27,986.73 15 Jun 18 2.24% 1.23% 3.24% 7.19% -3.2% 19.02% -4.68% 14.43% 18.10% (26.56%)
Yves Balcer, Sanjiv Kumar Jun 18 May 99 - Sep 00

FORT GLOBAL UCITS 31 Oct 14 D €498M 1,102.66 15 Jun 18 2.81% (0.06%) 6.28% 2.43% -0.81% 2.17% 2.73% 8.07% (6.65%)
CONTRARIAN Jun 18 Sep 16 - Nov 16
Yves Balcer, Sanjiv Kumar
FORT GLOBAL UCITS DIVERSIFIED 30 Sep 15 W €179M 1,047.97 15 Jun 18 2.95% 1.20% 2.7% 6.51% -5.34% 1.74% 10.17% (8.16%)
Yves Balcer, Sanjiv Kumar Jun 18 Jul 16 - Oct 16

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 48
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Systematic/Global (3.14%)
FULCRUM MULTI ASSET TREND 30 Apr 15 D $71M 90.61 31 May 18 (4.30%) (8.43%) 7.35% -3.52% -4.45% (3.14%) 11.22% (12.05%)
FUND May 18 Jan 18 - May 18
Fulcrum Investment Team
GRAHAM GIF II PROPRIETARY 30 Jun 99 M $844M 395.91 19 Jun 18 0.43% 1.43% -4.63% 6.52% 0.28% 15.87% 13.74% 7.52% 11.62% (17.91%)
MATRIX SP SIES A Apr 18 Apr 11 - Nov 12
Kenneth G. Tropin
GRAHAM GLOBAL INVESTMENT 28 Feb 15 M $659M 123.95 19 Jun 18 (0.22%) 6.00% 12.04% 6.98% -2.44% 6.71% 9.20% (6.79%)
FUND - QUANT MACRO SERIES A Apr 18 May 15 - Aug 15
Graham Capital Management LP
GRAHAM GLOBAL INVESTMENT 31 Jan 95 M $2'548M 397.72 19 Jun 18 (0.89%) (5.03%) 6.02% -9.44% 0.34% 17.71% 10.04% 6.08% 11.89% (20.69%)
FUND II - K4D-10V Apr 18 Apr 11 - Nov 12
Kenneth G. Tropin
GRAHAM GLOBAL INVESTMENT 30 Sep 01 M $2'548M 249.69 19 Jun 18 (1.37%) (7.97%) 8.67% -13.16% 1% 27.41% 15.24% 5.62% 17.39% (30.53%)
FUND II - K4D-15V - COMPOSITE Apr 18 Feb 04 - Apr 05
Kenneth G. Tropin
GRAHAM GLOBAL INVESTMENT 30 Sep 06 W $7'788M 115.79 19 Jun 18 (1.37%) (7.48%) 5.66% -10.73% 5.08% 22.4% 8.53% 6.67% 10.84% (17.83%)
FUND TACTICAL TREND S/A Apr 18 May 15 - Sep 17
Graham Capital Management, L.P.
GRESHAM QUANT ACAR FUND 28 Feb 17 M $66M 129.57 14 Jun 18 0.98% 14.79% 12.88% 22.22% 13.45% (5.16%)
Gresham Investment Management May 18 Dec 17 - Mar 18
LLC
GSA TREND FUND 31 Aug 13 D $4'480M 135.74 15 Jun 18 0.23% (8.25%) -3.09% -2.3% 14.91% 32.59% 2.55% 6.58% 14.11% (19.88%)
Jonathan Hiscock, Pavel Zhlobich & Jun 18 Feb 16 - May 18
David Khabie-Zeitoune
ISAM SYSTEMATIC TREND FUND 31 May 01 M $3'760M 543.93 31 Mar 18 0.23% (7.86%) 1.66% -12.17% 15.06% 61.95% -10.66% 10.58% 18.46% (34.79%)
CLASS Q Apr 18 Feb 11 - Sep 13
ISAM Systematic Management
KEYNES DYNAMIC BETA 30 Jun 15 D $113M 110.97 15 Jun 18 0.84% 4.81% 10.4% 0.15% -4.23% 3.58% 5.31% (6.24%)
STRATEGY FUND (KDBS) May 18 Jul 15 - Nov 16
Wadhwani Asset Management LLP,
Dr. Sushil Wadhwani
KEYNES LEVERAGED 31 Dec 04 W $175M 120.95 08 Jun 18 (2.72%) 0.24% 3.08% -4.07% 2.28% 15.92% -3.01% 6.43% 11.69% (16.64%)
QUANTITATIVE STRATEGIES FUND May 18 Mar 15 - Jun 17
(KLQS)
Wadhwani Asset Management LLP,
Dr. Sushil Wadhwani
KEYNES MULTI ASSET VALUE 28 Feb 17 W $709M 88.01 31 May 18 (5.22%) (9.27%) -3% (9.71%) 10.57% (14.32%)
FUND LTD (KMAV) - AMX FUND Apr 18 Jan 18 - May 18
Dr. Sushil Wadhwani

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 49
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Systematic/Global (3.14%)
KEYNES MULTI ASSET VALUE 31 May 15 W $417M 86.89 15 Jun 18 (1.23%) (9.65%) 2.15% -4.61% -1.3% (4.51%) 7.35% (14.43%)
FUND LTD (KMAV) - USD SERIES 2 Mar 18 Apr 16 - Jun 18
Wadhwani Asset Management LLP,
Dr. Sushil Wadhwani
LYNX (BERMUDA) LTD 30 Apr 00 M $1'307M 4,943.14 19 Jun 18 1.93% (3.46%) -4.04% -3.29% -8.73% 27.03% 11.1% 9.20% 14.80% (30.02%)
Jonas Bengtsson, Svante Bergstrom, May 18 Mar 15 - Jun 17
Martin Sandquist
LYNX BERMUDA 1.5 LTD 30 Apr 08 M $285M 153.47 19 Jun 18 2.86% (6.27%) -7.05% -5.79% -13.76% 42.18% 16.7% 4.31% 23.34% (42.94%)
Jonas Bengtsson, Svante Bergstrom, May 18 Mar 15 - Jun 17
Martin Sandquist
MILLBURN DIVERSIFIED 31 Jan 77 M $3'500M 25,101.41 20 Jun 18 (0.62%) (5.66%) 5.22% 11.44% 5.57% 17.65% -6.02% 14.27% 17.57% (25.65%)
PROGRAM Apr 18 May 89 - Oct 89
Millburn Ridgefield Corporation
ONE RIVER SYSTEMATIC TREND 30 Nov 14 M $178M 108.98 31 May 18 (4.77%) (13.89%) 11.07% -8.51% 18.08% 5.47% 2.48% 16.67% (19.16%)
SP May 18 Jan 18 - May 18
Eric Peters, Stephen Prajna, Ryan
McRandal
QMS DIVERSIFIED GLOBAL 31 May 10 M $2'540M 148.78 31 May 18 (4.58%) 2.31% -8.16% -10% 2.65% 17.14% 22.88% 5.09% 12.35% (27.57%)
MACRO May 18 Mar 15 - Sep 17
QMS Capital Management LP
QUANTICA MANAGED FUTURES 31 Aug 15 D $196M 1,108.26 19 Jun 18 1.39% (2.46%) 11.03% 7.08% -4.44% 3.73% 9.52% (8.68%)
UCITS FUND - CLASS B2 May 18 Jan 18 - May 18
Quantica Capital AG
ROY G. NIEDERHOFFER 31 Aug 95 M $517M 211.45 20 Jun 18 (1.60%) (2.05%) -13.7% -12.74% 4.22% 14.86% 9.31% 3.34% 19.39% (54.92%)
DIVERSIFIED OFFSHORE FUND Jan 18 Nov 08 - Feb 18
R. G. Niederhoffer Capital
Management, Inc.
RQSI GLOBAL ASSET ALLOCATION 31 Oct 12 M $467M 161.34 31 May 18 0.20% (10.33%) 16.16% 14.46% 3.52% 12.84% 12.48% 8.94% 13.18% (13.09%)
Ramsey Quantitative Systems Inc May 18 Apr 15 - Dec 15

SCHRODER GAIA BLUETREND 30 Nov 15 W $335M 79.99 19 Jun 18 (1.37%) (6.68%) 0.69% -13.67% -1.39% (8.37%) 12.99% (26.18%)
USD C ACC Jan 18 Feb 16 - Sep 17
Leda Braga, Systematica Investments
SMN DIVERSIFIED FUTURES FUND 31 Oct 96 W $58M 268.72 15 Jun 18 (0.88%) (12.80%) 6.02% -10.53% 0.91% 57.24% -5.95% 6.23% 18.76% (37.70%)
SMN Investment Services GmbH Jun 18 Dec 08 - Sep 13

SYSTEMATICA ALTERNATIVE 31 Dec 15 M $1'723M 123.09 15 Jun 18 0.67% (3.12%) 24.67% 1.92% - 8.82% 8.87% (9.66%)
MARKETS FUND LTD (SAM) - May 18 Feb 16 - Sep 16
CLASS C USD
Systematica Investments Limited

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 50
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Systematic/Global (3.14%)
SYSTEMATICA BLUETREND FUND, 31 Mar 04 M $4'065M 267.37 15 Jun 18 (0.27%) (7.11%) 1.81% -10.97% 3.44% 12.68% -11.5% 7.16% 14.22% (24.49%)
LTD -USD- CLASS A May 18 Feb 16 - Sep 17
Systematica Investments Limited
TEWKSBURY INVESTMENT FUND, 31 Dec 90 M $2'073M 19,476.08 15 Jun 18 (3.70%) 0.31% -2.73% 8.2% 3.21% 7% 7.57% 11.41% 5.43% (7.85%)
LTD - B Mar 18 Apr 16 - Aug 16
Matthew Tewksbury
TULIP TREND FUND, LTD - A 31 Mar 03 M $299M 4,860.66 15 Jun 18 4.82% (9.50%) -1.03% 18.78% -8.81% 36.15% -0.01% 10.95% 28.40% (34.25%)
Progressive Capital Partners Ltd Dec 17 Feb 09 - Jan 10

WELTON GLOBAL 31 May 04 M $180M 229.93 12 Jun 18 (0.55%) (9.04%) 2.81% 11.08% -1.91% 34.01% -5.73% 6.11% 14.15% (33.18%)
Welton Investment Partners May 18 Feb 11 - Sep 13

WINTON EVOLUTION FUND 31 Aug 05 M $388M 1,849.25 31 May 18 (0.40%) 0.16% 9.49% -5.26% 0.74% 17.26% 14.56% 4.94% 10.87% (14.61%)
David Harding Apr 18 Jun 08 - Jul 09

WINTON FUND 30 Sep 97 M $8'800M 1,082.82 15 Jun 18 0.09% 0.27% 7.89% -3% 0.93% 13.87% 9.4% 12.18% 15.72% (25.08%)
David Harding May 18 Oct 01 - Feb 02

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 51
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Discretionary
Ytd Avg. 2018 (0.27%)
Ytd Avg. 2018
Discretionary/Asia 6.91%
AMAZON MARKET NEUTRAL FUND 31 Aug 05 M $150M 501.75 31 May 18 0.59% 6.91% 25.61% -29.98% 26.27% 11.2% 7.34% 13.34% 12.04% (33.67%)
CLASS A USD May 18 Dec 15 - Apr 17
Philip King
Ytd Avg. 2018
Discretionary/Global 2.44%
BLACK DIAMOND RELATIVE VALUE 31 Jul 99 Q $15M 349.02 15 Jun 18 0.13% 3.42% -0.49% 4.13% -3.82% 1.57% 8.26% 6.84% 5.33% (10.73%)
LTD -C-SHS May 18 Jul 14 - Mar 16
Clint Carlson
MARSHALL WACE - MW MARKET 31 Oct 07 M $1'271M 233.97 19 Jun 18 (1.87%) 3.09% 7.97% 12.38% 19% 13.34% 18.78% 8.32% 6.00% (15.98%)
NEUTRAL TOPS A USD Jun 18 Jun 08 - Nov 08
Anthony Clake.
MLIS - MARSHALL W. TOPS UCITS 31 May 09 D $3'599M 153.29 19 Jun 18 (1.19%) 0.80% 4.73% 2.42% 9.08% 6.98% 8.4% 4.83% 3.13% (2.47%)
FUND (MKT NTRL) B USD Jun 18 Apr 10 - Jun 10
Marshall Wace LLP
Ytd Avg. 2018
Discretionary/Japan (8.81%)
EQUILIBRIA JAPAN FUND LTD 1X 30 Apr 02 M $168M 256.60 15 Jun 18 (1.58%) (5.59%) 7.26% 0.36% 1.95% 4.6% 9.16% 6.01% 4.57% (7.20%)
USD May 18 Jul 11 - Dec 12
James Pulsford, Sara Gardiner-Hill
EQUILIBRIA JAPAN FUND LTD 2X 30 Apr 09 M $366M 165.90 15 Jun 18 (3.27%) (12.03%) 13.37% -0.46% 3.19% 9.46% 19.7% 5.70% 8.70% (14.55%)
(USD) May 18 Jun 15 - Jun 16
James Pulsford, Sara Gardiner-Hill
Ytd Avg. 2018
Discretionary/UK 0.62%
ABSOLUTE INSIGHT EQUITY MKT 31 Mar 08 D £231M 1.25 20 Jun 18 (0.38%) 0.06% 1.12% -0.26% 1.69% 0.6% 2.8% 2.14% 1.37% (1.82%)
NEUTRAL FUND-CLASS B2P GBP May 18 Feb 14 - May 14
Andrew Cawker, Iain Brown, Richard
Howarth
SCHRODER CAZENOVE UK 30 Jun 08 D £52M 121.30 20 Jun 18 (0.33%) 1.17% -2.6% -2.76% 5.24% -3.98% 10.09% 1.95% 4.70% (9.96%)
ABSOLUTE TARGET FUND - P2 Jan 18 Sep 09 - Dec 10
GBP
Steven Cordell

Diversified
Ytd Avg. 2018 2.91%

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 52
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Diversified/Global 2.91%
RENAISSANCE INSTITUTIONAL 28 Feb 12 M $5'262M 174.90 15 Jun 18 0.96% 2.91% 11.54% 10.67% 16.23% 11.39% 7.07% 9.28% 11.17% (8.40%)
DIVERSIFIED ALPHA FUND INTL. Dec 17 Mar 13 - Sep 13
L.P.,A
Renaissance Technologies LLC

Equity Diversified
Ytd Avg. 2018 2.02%
Ytd Avg. 2018
Equity Diversified/Asia 2.64%
BLACKROCK PAN ASIA 31 Jul 10 M $79M 104.32 30 Apr 18 (0.11%) 3.65% -12.57% -10.85% -1.91% 3.78% 7.13% 0.55% 5.88% (25.86%)
OPPORTUNITIES FUND LTD CLASS Apr 18 Jul 15 - Dec 17
B
Jeff Shen, Ryan Kim
MACQUARIE ASIAN ALPHA FUND 30 Sep 05 M $284M 1,723.39 31 May 18 2.80% 1.63% -1.41% -8.13% -8.11% 10.4% 9.04% 5.74% 6.49% (19.52%)
Nick Bird May 18 May 15 - Mar 18
Ytd Avg. 2018
Equity Diversified/Europe 1.81%
AGORA FUND LTD 31 Mar 12 M €479M 146.59 15 Jun 18 0.44% 5.43% 2.53% 0.47% 12.94% 6.33% 10.84% 6.35% 4.20% (4.18%)
Elif Aktug Apr 18 Mar 12 - Jun 12

BLACKROCK EUROPEAN 30 Sep 10 D €366M 121.87 20 Jun 18 (0.16%) 0.39% 1.73% -11.32% 5.2% 4.9% 16.13% 2.19% 5.91% (17.81%)
DIVERSIFIED EQUITY A.R.F - Jan 18 Jul 15 - Feb 18
SHARE CLASS D
Robert Fisher/Simon Weinberger
GAM TALENTUM ENHANCED 30 Nov 04 M €135M 282.13 30 Apr 18 0.54% 3.56% 5.11% -16.78% 18.3% 3.54% 15.83% 8.15% 8.69% (25.03%)
EUROPE LONG/SHORT - A - Feb 18 Jun 08 - Apr 09
Gianmarco Mondani / Roberto
Cantaluppi / Paolo Longinotti
GLG EUROPEAN EQUITY 30 Jun 11 D $1'249M 123.69 15 Jun 18 (0.58%) 2.75% 5.86% -2.18% 6.91% -6.26% 7.23% 3.10% 4.68% (10.37%)
ALTERNATIVE CLASS IN EUR Apr 18 Feb 14 - Oct 14
Neil Mason, Fabian Blohm
MACQUARIE EUROPEAN ALPHA 31 Jul 12 M $532M 143.21 31 May 18 (1.60%) (1.38%) 8.37% -1.24% 5.04% 9.62% 12.78% 6.45% 4.49% (4.57%)
FUND - CLASS A May 18 Jan 16 - Apr 16
Nick Bird, Andrew Alexander
MEMNON MARKET NEUTRAL 31 Dec 16 D €341M 107.97 19 Jun 18 (0.86%) 0.11% 7.85% - 5.37% 3.78% (2.17%)
FUND Apr 18 Feb 18 - Jun 18
Zadig

Multi-Strategy
Ytd Avg. 2018 1.45%

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 53
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Multi-Strategy/Asia (1.89%)
LIM ASIA MULTI-STRATEGY FUND 31 Dec 95 Q $640M 41.47 15 Jun 18 0.24% (1.89%) 6.15% 0.63% 1.77% 4.12% 5.63% 6.53% 5.45% (15.79%)
CLASS A May 18 Feb 08 - Nov 08
George W. Long
Ytd Avg. 2018
Multi-Strategy/Global 3.12%
ALPHANATICS FUND 31 Aug 04 M €1'335M 173.04 08 Jun 18 (0.12%) 1.06% 5.07% 1.02% 4.31% 1.74% 7.91% 4.06% 3.40% (5.91%)
Philippe de Weck, Federico Canè Apr 18 Dec 10 - Nov 11

HUDSON BAY INTERNATIONAL 31 May 06 Q $1'941M 273.97 15 Jun 18 0.72% 5.18% 10.21% 4.04% -1.91% -2.08% 7.9% 8.72% 4.58% (6.11%)
FUND LTD May 18 Feb 14 - Nov 15
Hudson Bay Capital Management LP

Statistical Arbitrage
Ytd Avg. 2018 (1.15%)
Ytd Avg. 2018
Statistical Arbitrage/Global (1.15%)
GSA INTERNATIONAL FUND - 28 Feb 05 Q $810M 312.42 15 Jun 18 (0.72%) (1.15%) 11.28% -3.61% 11.41% 12.14% 13.28% 8.94% 4.31% (11.91%)
CLASS A Jun 18 Jun 08 - Sep 08
David Khabie-Zeitoune

Systematic
Ytd Avg. 2018 3.56%
Ytd Avg. 2018
Systematic/Europe 3.26%
BLACKROCK EOS CLASS B USD 28 Feb 02 M $146M 1,530.87 19 Jun 18 1.73% 3.26% 3.13% -11.3% 5.08% 6.55% 20.08% 7.51% 8.14% (16.82%)
COMPOSITE Jun 18 Aug 15 - Feb 18
Robert Fisher, Simon Weinberger
Ytd Avg. 2018
Systematic/Global 3.61%
BLACKROCK 32 CAPITAL MASTER 31 Jul 02 M/Q $512M 2,203.94 30 Apr 18 (0.99%) 4.73% 7.47% -12.83% 6.35% -0.67% 8.02% 5.14% 7.32% (25.15%)
FUND SPC, LTD (THE) - B/1 Apr 18 Jun 08 - Sep 09
Raffaele Savi and Ken Kroner
JL EQUITY MARKET NEUTRAL 30 Apr 10 D €188M 1,271.48 18 Jun 18 0.06% 2.28% -7.98% -1.06% 2.95% 8.47% 11.46% 2.97% 5.60% (11.80%)
Sebastien Valeyre Apr 18 Mar 16 - Dec 17

MARSHALL WACE - MW LIQUID 30 Jun 15 D $2'122M 118.40 19 Jun 18 (0.86%) 1.75% 4.28% 8.05% 3.26% 5.84% 2.62% (1.06%)
ALPHA UCITS FUND CLASS A Jun 18 May 16 - Jun 16
Anthony Clake.
MAVERICK FUNDAMENTAL QUANT 31 Dec 14 M $800M 158.28 31 Mar 18 (0.19%) 11.26% 30.68% -4.95% 14.52% - 15.18% 12.47% (12.22%)
NEUTRAL LTD Feb 18 Jan 16 - Jan 17
Maverick Capital

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 54
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Systematic/Global 3.61%
SYSTEMATICA BLUEMATRIX FUND 31 Oct 07 M $1'380M 179.20 15 Jun 18 (1.05%) (0.46%) 4.92% -2.72% 7.9% 10.4% 12.57% 5.64% 7.13% (10.53%)
CLASS -A- USD May 18 Jan 16 - Aug 16
Systematica Investments Limited
TOLOMEO SQUAREPOINT FUND - 30 Apr 12 M $69M 1,420.58 31 May 18 4.86% 2.10% 8.06% -0.86% 13.63% 2.73% 5.68% 5.94% 6.43% (5.66%)
GLOBAL EQUITIES Feb 18 Mar 16 - Aug 16
Tolomeo Capital AG

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 55
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Merger-Arbitrage
Ytd Avg. 2018 0.78%
Ytd Avg. 2018
Merger-Arbitrage/Global 1.57%
GLAZER ENHANCED OFFSHORE 31 Dec 98 M $643M 1,410.80 31 May 18 0.28% 1.57% 6.03% 7.69% 11.78% 5.91% 5.56% 14.60% 5.68% (5.77%)
FUND LTD May 18 Oct 07 - Dec 07
Paul Glazer
Ytd Avg. 2018
Merger-Arbitrage/USA 0.00%
GABELLI ASSOCIATES LIMITED 31 Aug 89 M $197M 688.28 31 May 18 0.79% 0.00% 2.75% 5.88% 3.14% 2.09% 3.12% 6.94% 3.17% (6.65%)
Mario Gabelli Nov 17 Oct 07 - Oct 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 56
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Credit
Ytd Avg. 2018 4.40%
Ytd Avg. 2018
Credit/Europe 6.91%
CAIRN STRATA CREDIT FUND 31 Dec 14 M €52M 111.21 31 May 18 (0.29%) (0.01%) 5.75% 4.42% 0.72% - 3.16% 4.52% (7.21%)
Cairn Capital Limited Apr 18 May 15 - Feb 16

CHENAVARI MULTI STRATEGY 31 Jan 12 M $227M 148.98 31 Mar 18 (2.13%) (0.77%) 5.27% 0.26% 2.48% 7.89% 20.58% 6.68% 3.91% (6.72%)
CREDIT FUND - MS2 € Feb 18 May 15 - Feb 16
Chenavari Investment Managers
NUMEN CREDIT OPPORTUNITIES 31 Oct 08 M €141M 514.97 31 May 18 14.71% 21.51% 1.33% -4.77% 1.79% 1.59% 12.47% 18.64% 16.16% (16.68%)
FUND May 18 Oct 10 - Jan 12
Filippo Lanza
Ytd Avg. 2018
Credit/Global 1.89%
BLUEMOUNTAIN CREDIT 31 Oct 03 Q $5'107M 283.62 15 Jun 18 (0.29%) 1.03% 1.05% 6.1% 0.07% 2.67% 7.87% 7.38% 5.56% (11.83%)
ALTERNATIVES FUND Apr 18 Aug 08 - Dec 08
BlueMountain Capital Management
CANYON BALANCED FUND LTD 31 May 04 Q $1'504M 4,174.75 31 May 18 1.04% 1.38% 15.14% 9.08% -8.4% 6.16% 19.99% 10.74% 9.22% (30.14%)
M.R. Julis & J.S. Friedman Apr 18 Oct 07 - Nov 08

KAWA FUND 31 Aug 07 M $397M 34,457.32 31 May 18 0.87% 3.26% 5.91% 5.84% 6.12% 11.12% 5.49% 12.19% 4.40% (2.49%)
Kawa Capital Management, Daniel Apr 18 Dec 15 - Feb 16
Ades

Diversified
Ytd Avg. 2018 1.87%
Ytd Avg. 2018
Diversified/Asia (2.20%)
PHALANX JAPAN AUSTRALASIA 31 Mar 05 Q $51M 1,551.93 15 Jun 18 1.54% (7.02%) -1.87% 21.8% 10.23% -12.87% 12.82% 23.06% 23.32% (30.13%)
MULTI-STRATEGY FUND LTD Jun 18 Apr 06 - Mar 07
Christopher S. McGuire
SEGANTII ASIA-PACIFIC EQUITY 30 Nov 07 M $2'562M 449.00 15 Jun 18 (0.59%) 2.63% 8.56% 6.69% 29.51% 34.88% -1.68% 15.30% 9.06% (10.16%)
MULTI-STRATEGY FUND Apr 18 May 13 - Mar 14
Simon Sadler & Kurt Ersoy
Ytd Avg. 2018
Diversified/Emerging 1.51%
THE ARGO FUND 30 Sep 00 M $68M 341.54 30 Apr 18 (0.15%) 1.51% 10.7% 52.3% -17.42% -4.94% 8.49% 7.23% 11.85% (43.29%)
Argo Capital Management Ltd - Apr 18 Jun 08 - Jan 09
Andreas Rialas

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 57
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Diversified/Global 2.13%
1992 MULTI-STRATEGY FUND 31 Aug 92 Q/Y $1'631M 108,921.23 15 Jun 18 (0.09%) 2.44% 4.08% 5.48% 2.92% 6.16% 6.5% 9.70% 6.55% (30.04%)
CORPORATION CLASS -A-SERIES Dec 17 Jun 08 - Nov 08
N (COMPOSITE)
Mark Vanacore
ARROWGRASS MASTER FUND 31 Jan 08 Q €4'359M 182.63 18 Jun 18 (0.04%) 1.53% 1.61% 0.6% 6.13% 2.89% 8.58% 5.97% 3.93% (3.99%)
Nick Niell May 18 Apr 11 - Sep 11

ATLAS ENHANCED FUND LTD 28 Feb 11 M $8'191M 160.78 15 Jun 18 0.69% (2.10%) 6.54% -0.73% 5.93% 13.73% 20.85% 6.72% 7.12% (13.44%)
Dmitry Balyasny Dec 17 Jul 11 - Apr 12

ATLAS GLOBAL INVESTMENTS 31 Dec 03 M $2'372M 4,035.21 15 Jun 18 0.41% (1.53%) 3.61% -1.51% 2.45% 7.2% 12.94% 10.12% 7.55% (12.51%)
LTD UNRESTRICTED Dec 17 Jun 04 - Aug 04
Dmitry Balyasny
BLACK DIAMOND, LTD - CLASS B 31 Dec 95 Q $54M 346.03 15 Jun 18 0.77% 4.12% -6.42% 5.43% -0.89% 4.91% 6.18% 5.68% 4.03% (18.64%)
(UNRESTRICTED) May 18 Aug 08 - Dec 08
Clint D. Carlson
BLACKROCK MULTI-STRATEGY 30 Apr 05 M $290M 1,818.09 31 May 18 2.25% 4.36% 13.11% -3.06% 1.67% 2.07% 7.05% 4.67% 5.24% (13.96%)
FUND LTD - CLASS A May 18 Jun 08 - Dec 08
Sami Mesrour
BLACKROCK CAPITAL 31 Dec 08 M $326M 149.60 30 Apr 18 (3.96%) (1.52%) 21.82% -11.05% 12.3% -5.21% 7.19% 4.41% 9.19% (18.99%)
STRUCTURE INVESTMENTS FUND Apr 18 Jan 16 - Aug 16
LTD
Chad Meuse, Benoy Thomas
BOOTHBAY ABSOLUTE RETURN 30 Jun 14 Q $55M 143.65 31 May 18 1.09% 6.67% 16.01% 3.84% 10.14% 1.5% 9.68% 3.54% (1.40%)
STRATEGIES Dec 17 Dec 15 - Mar 16
Ari Glass
BOUSSARD & GAVAUDAN 31 Oct 06 D €695M 23.65 20 Jun 18 0.40% 0.85% 5.89% 7.22% 15.65% 6.85% 13.6% 7.67% 6.27% (20.69%)
HOLDING LTD ORDINARY SHARES Apr 18 May 07 - Sep 08
Emmanuel Gavaudan
BREVAN HOWARD M/S FUND, LTD 29 Feb 08 M $770M 144.39 31 May 18 5.07% 6.28% 0.75% 5.99% -2.39% 1.12% 0.92% 3.52% 4.75% (6.29%)
– CL. A/USD Apr 18 Feb 08 - Sep 08
Alan Howard
BRUMMER MULTISTRATEGY 2XL, 30 Apr 09 M $240M 1,725.73 31 May 18 4.30% 4.88% 13.88% -2.76% 2.6% 1.86% 15.02% 6.19% 7.83% (12.91%)
LTD - C - Apr 18 Mar 15 - May 16
Patrik Brummer, Mikael Spangberg
CFM ISDIVERSIFIED FUND LP 31 Dec 14 W $1'500M 104.16 31 May 18 (1.74%) (5.58%) 6.27% -2.09% 6.02% - 1.20% 5.72% (5.58%)
Capital Fund Management Apr 18 Dec 17 - May 18

CQS DIRECTIONAL OPP. FEEDER 31 Jul 05 Q $3'041M 6,182.88 31 May 18 (0.68%) 1.17% 6.09% 30.48% -7.97% 3.12% 15.97% 15.24% 13.27% (24.58%)
FUND. LTD – A NI USD May 18 Apr 11 - Sep 11
Michael Hintze

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 58
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Diversified/Global 2.13%
CQS DIVERSIFIED FUND (SPC) LTD 28 Feb 07 Q $161M 2,018.46 31 May 18 (0.85%) 0.84% 7.74% 12.26% -2.63% 1.18% 5.99% 6.44% 6.04% (14.78%)
ALPHA CLASS B USD May 18 Jun 08 - Dec 08
James Peattie
DOUBLE BLACK DIAMOND LTD - 31 Mar 98 Q $1'998M 461.98 15 Jun 18 0.67% 5.27% -3.93% 6.46% 0.64% 4.45% 7.74% 7.86% 5.10% (19.30%)
SERIES A (UNRESTRICTED) May 18 Aug 08 - Dec 08
Clint Carlson
HALCYON SOLUTIONS FUND LTD 31 Jul 91 Q $78M 1,147.97 15 Jun 18 0.88% 6.28% 0.69% 26.08% -5.73% -2.88% 7.4% 9.50% 5.95% (15.01%)
Jason Dillow Nov 17 Oct 07 - Dec 08

JABCAP GLOBAL BALANCED FUND 30 Apr 07 W $215M 240.18 12 Jun 18 4.36% (3.91%) 27.46% -12.26% -3.93% 2.01% 47.8% 8.19% 16.04% (38.10%)
LTD CLASS D/1 NI May 18 May 15 - Jun 16
Philippe Jabre
JABCAP MULTI STRATEGY FUND 31 Jan 07 M $168M 134.06 15 Jun 18 (1.18%) (10.89%) -2.51% -1.11% -0.74% -3.04% 43.03% 2.61% 17.37% (40.20%)
LTD CLASS D/1 NI May 18 Feb 08 - Jan 09
Philippe Jabre
LINDEN INTERNATIONAL LTD 31 May 03 Q $2'855M 460.06 31 May 18 (0.47%) 1.10% 14.1% 12.23% 2.82% 12.43% 16% 10.70% 8.41% (24.60%)
Joe Wong May 18 Feb 08 - Dec 08

LMR FUND LTD 31 Jan 10 M $2'692M 310.35 15 Jun 18 0.65% 1.98% 10.2% 9.47% 14.72% 2.22% 10.04% 14.48% 7.97% (9.53%)
LMR Partners LLP, LMR Partners Apr 18 Apr 10 - May 10
Limited
MAN GLG GLOBAL CREDIT MULTI 31 Dec 97 M $464M 1,150.30 15 Jun 18 0.04% 3.06% 13.4% 14.18% -0.23% -7.43% 10.3% 12.68% 13.38% (54.03%)
STRATEGY IL XX USD SHARES Apr 18 Nov 07 - Dec 08
Chris Huggins
MAN GLG MULTI-STRATEGY 31 Jul 16 D $242M 116.39 15 Jun 18 0.16% 1.67% 11.6% 2.57% 8.43% 2.55% (0.94%)
CLASS A USD UNRESTRICTED Apr 18 Jan 18 - Apr 18
David Kingsley
MAN GLG MULTI-STRATEGY FUND 31 Dec 02 M $84M 123.15 15 Jun 18 0.15% 1.52% 11.21% -1.09% 5.91% -0.92% 5.08% 4.57% 6.58% (30.54%)
CLASS G USD Apr 18 Oct 07 - Dec 08
David Kingsley
MILLENNIUM INTL LTD 31 Dec 89 Q $35'350M 3,833.10 31 May 18 1.25% 5.74% 7.12% 3.38% 12.54% 12.09% 13.27% 13.66% 4.29% (7.24%)
Israel A Englander Apr 18 May 98 - Aug 98

PALOMA INTERNATIONAL LTD 31 Dec 02 Q/Y $2'419M 342.08 31 May 18 0.66% 3.15% 3.76% 4.74% 10.78% 5.06% 16.02% 8.30% 4.51% (6.83%)
CLASS A Apr 18 Jul 11 - Dec 11
Donald Sussman
PINPOINT MULTI-STRATEGY FUND 29 Feb 08 M $494M 259.21 15 Jun 18 (0.38%) 8.15% 20.06% 0.92% 17.03% 8.37% 4.65% 9.69% 10.18% (17.36%)
Qiang Wang May 18 Jun 08 - Nov 08

STRATUS FUND LIMITED CLASS B 30 Nov 03 M $251M 2,797.79 25 May 18 2.41% 0.01% 6.22% -2.15% 13.51% 14.58% 1.82% 7.36% 6.20% (10.52%)
Jean-Philippe Bouchaud, Philippe Mar 18 Feb 12 - Sep 13
Jordan, Marc Potters, Jacques
Sauliere

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 59
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1
Ytd Avg. 2018
Diversified/Global 2.13%
SYSTEMATICA SYNERGY FUND 31 Dec 15 M $317M 105.17 15 Jun 18 0.02% (1.37%) 10.69% -3.66% - 2.07% 6.52% (9.21%)
LTD May 18 Feb 16 - Sep 16
Systematica Investments Limited
VERITION MULTI-STRATEGY FUND 29 Feb 08 Q $730M 374.17 31 May 18 1.76% 3.27% 12.71% 5.65% 14.3% 10.56% 24.79% 13.73% 6.35% (7.89%)
COMPOSITE MODIFIED Jun 18 May 11 - Sep 11
INTERESTS,OPT-IN
Verition Fund Management LLC
WEISS MULTI-STRATEGY 30 Sep 06 Q $653M 221.59 15 Jun 18 (0.42%) 5.60% 6.54% 9.61% -0.86% -0.01% 14.64% 7.03% 5.83% (17.75%)
PARTNERS LLC Jun 18 Jun 08 - Dec 08
Weiss Multi-Strategy Advisers,LLC
WEXFORD OFFSHORE CATALYST 31 Dec 04 Q $663M 330.95 31 May 18 3.40% 5.81% 5.44% 33.62% -13.01% 15.34% 10.58% 9.33% 10.13% (23.74%)
FUND LTD May 18 Apr 15 - Feb 16
Charles E. Davidson
WEXFORD OFFSHORE SPECTRUM 31 Mar 97 Q $762M 9,373.03 31 May 18 2.70% 9.36% 5.13% 11.38% -8.15% 8.57% 14.27% 11.14% 9.33% (19.11%)
FUND Apr 18 Oct 07 - Nov 08
Charles E. Davidson
Ytd Avg. 2018
Diversified/Japan 1.90%
LIM JAPAN FUND 31 Oct 04 Q $211M 207.46 15 Jun 18 0.14% 1.90% 1.43% -4.25% -0.37% 5.85% 11.39% 5.50% 5.32% (10.09%)
George Long May 18 Jun 08 - Feb 09

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 60
Source - HSBC
Inception Liquidity Asset Last NAV Date MTD YTD 2017 2016 2015 2014 2013 Ann. Ann. Max
Date Size or Index Return Volatility Drawdown1

Arbitrage
Ytd Avg. 2018 (0.73%)
Ytd Avg. 2018
Arbitrage/Global (0.73%)
BLUEMOUNTAIN GLOBAL 28 Feb 06 Q $749M 2,498.76 15 Jun 18 0.67% (0.31%) 0.05% 6.49% 5.5% 0.36% 7.56% 7.73% 5.75% (9.57%)
VOLATILITY FUND Apr 18 Sep 08 - Feb 09
BlueMountain Capital Management
CASSIOPEIA FUND CLASS B 31 Jul 04 M $285M 312.14 31 May 18 (0.03%) 0.71% 2.39% 4.27% 5.24% -3.98% 0.87% 8.97% 8.81% (14.36%)
Pierre de Saab & Alain Dos Santos May 18 Mar 10 - Jun 10

CASSIOPEIA UCITS FUND CLASS B 31 May 15 M $333M 111.89 14 Jun 18 0.48% 1.43% 2.03% 3.62% 4.34% 3.76% 5.98% (3.29%)
Pierre de Saab & Alain Dos Santos May 18 Jul 17 - Jan 18

FULCRUM MULTI ASSET 31 Jul 13 M $688M 101.39 31 May 18 (0.50%) (1.91%) 7.61% -1.81% -1.79% -1.17% 0.78% 0.28% 3.70% (7.49%)
VOLATILITY FUND May 18 Aug 14 - Jun 16
Fulcrum Investment Team
PIMCO MULTI-ASSET VOLATILITY 31 Jul 11 M $793M 137.21 31 May 18 1.61% (3.56%) 1.44% 0.25% 7.73% 1.39% -6.17% 4.73% 6.57% (8.64%)
FUND LTD May 18 Oct 12 - Aug 13
Josh Thimons

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group | 61
Source - HSBC
This document has been distributed by HSBC Holding plc or any of its direct or indirect subsidiaries (each a “HSBC Group Member” and the entity which distributed this document, the “Relevant
HSBC Group Member”) to provide information solely to the persons to whom it is provided. This document must not be distributed to any jurisdiction in which its distribution is unlawful.

Information in this document is confidential. You agree to keep confidential at all times the information contained in it or made available by the Relevant HSBC Group Member in connection with
it. This document is for your exclusive use and, except with the prior written consent of the Relevant HSBC Group Member, shall not be copied or reproduced, stored in a retrieval system, or
distributed, communicated, transmitted or disclosed in whole or in part in any form or by any means electronic, mechanical, photocopying, recording, or otherwise, by you to any other person.
This document remains the property of HSBC and on request this document, and all other materials provided by the Relevant HSBC Group Member relating to proposals contained herein, must
be returned and any copies destroyed.

This document is for information purposes and convenient reference only. The issue of this document may not be regarded as creating any form of adviser/client relationship. The document does
not constitute and is not intended to constitute any form of legal, tax or investment advice or recommendation. Please note that the investment funds mentioned in this document may not be
available for subscription to you.

Any projection, estimate, forecast or other ‘forward-looking’ statement in this document only illustrates hypothetical performance under specified assumptions of events or conditions, and is not a
reliable indicator of future performance. Past performance is not a guide to the future results.

None of the HSBC Group Members assures, by means of this disclaimer, the accuracy or completeness of any information contained in this document and none of them is not responsible for
any mistake or omission related to any information in the document, which shall not be interpreted by you as inducing you to enter into any agreement or operation in connection with the subject
of the document. No HSBC Group Member give any undertaking, and is under any obligation, to provide the recipient with access to any additional information or to update this document or any
additional information or to correct any inaccuracies in it which may become apparent.

This document is based on information obtained from sources or third party materials that the relevant HSBC Group Member believes to be reliable but which it has not independently verified.
Except in the case of fraudulent misrepresentation, each HSBC Group Member (and each of its officers, employees or agents) expressly disclaims any responsibility or liability of any kind for: (i)
the accuracy, completeness or sufficiency of this document or of any information, statement, assumption or projection herein or any other written or oral information provided in connection
therewith; or (ii) any loss or damage (whether direct, indirect, consequential or other) arising out of reliance upon this document. No HSBC Group Member shall have any responsibility or liability
to any third parties for any losses, costs or expenses or other liabilities.

It is not intended that this document offers, invites, or induces, you to buy, sell, subscribe for or underwrite any financial instruments, any security or other investments, in any jurisdiction.

Where distribution of this document is made by HSBC Bank plc: where this document would otherwise constitute a “financial promotion”, as defined within the FCA Handbook, it has been
provided to you on the basis that it is either an “excluded communication” or a “non-retail communication”. HSBC Bank plc is authorised by the Prudential Regulation Authority and regulated by
the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England No. 14259. Registered Office: 8 Canada Square, London, E14 5HQ, United Kingdom.

Where distribution of this document is made by The Hongkong and Shanghai Banking Corporation Limited: This document has been issued by The Hongkong and Shanghai Banking Corporation
Limited in the conduct of its Hong Kong regulated business and this document is intended to be distributed to “professional investors” (as defined under the Securities and Futures Ordinance of
Hong Kong) only.

Where distribution of this document is made by The Hongkong and Shanghai Banking Corporation Limited, Singapore branch: This document has been issued by The Hongkong and
Shanghai Banking Corporation Limited, Singapore branch and this document is intended for distribution to, or use by, institutional and/or accredited investors, as defined in section 4A of the
Securities and Futures Act (Cap. 289) of Singapore.

Where distribution of this document is made by The Hongkong and Shanghai Banking Corporation Limited, Australia branch (ABN 65 117 925 970) AFSL 301737: This document has been
issued by the The Hongkong and Shanghai Banking Corporation Limited, Australia branch and this document is intended to be distributed for the general information of its “wholesale” customers
(as defined in the Corporations Act 2001). It makes no representations that the products or services mentioned in this document are available to persons in Australia or anywhere else or are
necessarily suitable for any particular person or appropriate in accordance with local law. No consideration has been given to the particular investment objectives, financial situation or particular
needs of any recipient. Copyright 2016. ALL RIGHTS RESERVED.