Index Flash

Hedge funds continue on positive track, global index up 4%

Hedge funds continue on positive track, global index up 4%

Hedge funds posted positive returns in April as most markets trended upwards during the month. The 1 2 Eurekahedge Hedge Fund Index was up 1.09% during the month, while the MSCI World Index gained 2.02% in April. Key takeaways for the month of April 2013:

Japanese hedge funds witnessed strongest April and 4-months on record returns, gaining 4.22% and 15.87% respectively The Eurekahedge Billion Dollar Hedge Fund Index is up 4.01% April YTD with total assets standing at US$253 billion Asia ex-Japan hedge funds outperformed underlying markets for second consecutive month Eurekahedge is currently tracking more than 250 funds that have delivered over 15% year-to-date Distressed debt funds extend their winning streak to 10 months, gaining 23% since July 2012 The asset-weighted Mizuho-Eurekahedge Asia Pacific Index was up 6.89% in April YTD

Regional Indices The start of the month witnessed some profit taking from the equity markets amid some disappointing global economic data. The S&P 500 dipped below the 1550 mark by mid-month amid news of less-than-expected Chinese growth hit global markets. The markets however, brushed off initial disappointment amid the earnings season, some positive economic data from the US and the installation of an Italian government in Europe. Most major hedge fund investment regions delivered positive returns for the month, with Japanese managers posting the strongest returns for yet another month. The Eurekahedge Japan Hedge Fund Index was up 4.22% in April, bringing its year-to-date return to 15.87% and extending their winning run to eight consecutive months - making it the longest winning streak on record for Japanese funds. The Nikkei 255 was up 11.8% during the month. Asia ex-Japan managers also delivered positive returns in April with gains of 2.37%, outperforming the 3 underlying markets for the second consecutive month the MSCI Asia ex Japan Index was up 1.87% during 1

Index Flash

Hedge funds continue on positive track, global index up 4%

the month. Managers investing in India witnessed the strongest returns with an average gain of 6.60% in April. North American managers posted returns of 0.76% in April as the market witnessed some trend reversals during the month the S&P 500 increased by 1.81% in April. Strategy Indices With the exception of relative value funds, all strategic mandates finished the month with positive returns; the strongest gains being posted by CTA/managed futures and distressed debt. The Eurekahedge Distressed Debt Hedge Fund Index grew 5.50% in April, bringing its year-to-date return to 11.05%. Distressed debt gained from another month of positive news from the US housing sector and from declining risk aversion in Europe as the Eurogroup approved the Cyprus bailout while the Italian political situation stabilised. The BofA 4 Merrill Lynch High Yield Index was up 1.67% during the month. CTA/managed futures funds posted their strongest return for the year with gains of 1.89% in April. Although some managers reported losses from exposure to precious metals, a number of managers posted excellent double digit returns from contrarian views. Short-term trend-following managers also posted healthy returns during the month.

Main Eurekahedge Indices

April 2013*

2013 2012 Eurekahedge Regional Returns Returns Indices

Hedge Fund Index Fund of Funds Index Long-Only Absolute Return Fund Index Islamic Fund Index
Eurekahedge Strategy Indices

1.09 1.42 1.05 0.69

April 2013*

4.24 4.43 6.11 3.05

6.36 4.07

North American

April 2013* 0.76 0.16 -1.08 4.22 0.60 2.37 -0.02 April 2013* 1.19 0.69 1.10 1.07 April 2013* 2.60 6.60

2013 2012 Returns Returns 4.07 7.92 2.67 -1.64 15.87 4.04 6.13 1.39 6.84 6.73 6.20 11.10 12.40 10.40

2013 2012 Returns Return Asia ex-Japan

European 15.68 Eastern Europe & Russia 7.39 Japan Emerging Markets 6.93 1.33 14.03 Latin American

Arbitrage CTA/Managed Futures Distressed Debt Event Driven Fixed Income Long/Short Equities Macro Multi-Strategy Relative Value
Mizuho-Eurekahedge Indices

0.84 1.89 5.50 0.47 0.49 0.84 1.42 1.09 -0.83

April 2013*

3.67 2.76 11.05 4.13 4.36 5.50 3.29 3.35 2.09

Eurekahedge Global Hedge Fund Indices 9.30 by Fund Size 10.84 Small (< US$100m) 7.82 Medium (US$100m 2.27 US$500m) 7.77 Large (> US$500m) 11.04 Billion Dollar Asia-Eurekahedge Indices Greater China India

2013 2012 Returns Return 4.32 4.01 4.19 4.07 5.74 6.89 6.95 8.35

2013 2012 Returns Return

2013 2012 Returns Return 7.30 3.60 13.48 12.33

Mizuho-Eurekahedge Index - USD TOP 100 Index - USD TOP 300 Index - USD

1.94 2.05 2.02

4.03 4.07 4.13

5.93 6.46

5.99 * Based on 17.49% of funds which have reported April 2013 returns as at 7 May 2013

Index Flash

Hedge funds continue on positive track, global index up 4%

Eurekahedge indices are available for download from www.eurekahedge.com/indices/hedgefundindices.asp and are updated with the latest fund returns at 23:30 GMT every day. Index values and data can be downloaded for free and subscribers can download the full list of index constituents. Please contact indices@eurekahedge.com for more information. For the latest ongoing promotions offered by Eurekahedge and our marketing partners, please visit our promotions page, www.eurekahedge.com/promotions. Eurekahedge www.eurekahedge.com US office: +1 646 710 4898 (EST 9am to 6pm) International: +65 6212 0925
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Based on 17.49% of funds which have reported April 2013 returns as at 7 May 2013 MSCI AC World Index All Core (Local) MSCI AC Asia Pacific Ex Japan Index All Core (Local) 4 Bank of America Merrill Lynch US High Yield Master II Index (Total Return Index, in Local Currency)

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