Additional Disclaimers:
Fact Sheet


  • The fund-level performance presented herein reflects the reinvestment of dividends and other earnings, the deduction of all management fees, performance-based allocations, brokerage fees and other expenses applicable to the fund.  Investors will experience individual returns that vary materially from those illustrated in this presentation depending on various factors, including the timing of their investment in the fund, the level of management fees and performance allocations, the effects of additions and withdrawals from their capital accounts and individual high water marks.

  • This document may contain forward-looking statements and projections that are based on our current beliefs and assumptions and on information currently available that we believe to be reasonable, however, such statements necessarily involve risks, uncertainties and assumptions, and prospective investors may not put undue reliance on any of these statements.

  • The index performance is not illustrative of the fund’s performance.  Indexes are unmanaged and have no fees or expenses.  An investment cannot be made directly in an index.  The fund consists of securities which may vary significantly from those in the S&P 500, Credit Suisse Hedge Fund Index, HFRI Equity Hedge (Total) Index, and Credit Suisse Event Driven Hedge Fund Index, and performance calculation methods may not be entirely comparable.  Accordingly, comparing results shown may be of limited use.

  • The S&P 500 is an American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ.  The Credit Suisse Hedge Fund Index is compiled by Credit Suisse Hedge Index LLC.  It is an asset-weighted hedge fund index and includes only funds, as opposed to separate accounts.  The index uses the Credit Suisse Hedge Fund Database, which tracks approximately 9,000 funds and consists only of funds with a minimum of US$50 million under management, a 12-month track record, and audited financial statements.  The index is calculated and rebalanced on a monthly basis, and reflects performance net of all hedge fund component performance fees and expenses.  The Credit Suisse Event Driven Hedge Fund Index is a subset of the Credit Suisse Hedge Fund Index that measures the aggregate performance of event driven funds.  Event driven funds typically invest in various asset classes and seek to profit from potential mispricing of securities related to a specific corporate or market event.  Such events can include: mergers, bankruptcies, financial or operational stress, restructurings, asset sales, recapitalizations, spin-offs, litigation, regulatory and legislative changes as well as other types of corporate events.  Event driven funds can invest in equities, fixed income instruments (investment grade, high yield, bank debt, convertible debt and distressed), options and various other derivatives.  Many event driven fund managers use a combination of strategies and adjust exposures based on the opportunity sets in each subsector.   The HFRI Equity (Total) Index is compiled by Hedge Fund Research, Inc. and is an index of Investment Managers who maintain positions both long and short in primarily equity and equity derivative securities.  A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios.  
  • The S&P 500 Total Return Index calculates performance assuming that all dividends and distributions are reinvested.