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Hedge Weekly N22

Investment Funds Performance Review

HSBC Alternative Investment Group


Week of Monday 23 May to Friday 27 May 2016

Alternative Investment Products are:


NOT A DEPOSIT OR
OTHER OBLIGATION
OF THE BANK OR
ANY OF ITS
AFFILIATES

NOT FDIC INSURED

NOT INSURED BY
ANY FEDERAL
GOVERNMENT
AGENCY OF THE
UNITED STATES

NOT GUARANTEED
SUBJECT TO
BY THE BANK OR ANY INVESTMENT RISK,
OF ITS AFFILIATES
INCLUDING POSSIBLE
LOSS OF PRINCIPAL
INVESTED

Index by Strategies

Index by Funds

Top/Bottom 20

Newsletter

12

About This Document

60

Past performance is not a reliable indicator of future performance.

HSBC Alternative Investment Group

Convertible Arbitrage
Convertible

12

Credit Long/Short
Credit
Fixed Income

13
18
20

Equity Long/Short
Equity-Commodity
Equity-Diversified
Equity-Energy
Equity-Financial
Equity-Healthcare
Equity-Mid-Small Cap
Equity-Pharma-Biotech
Equity-Technology
Equity-Utility

21
21
30
30
31
31
32
32
32

Event Driven
Equity-Diversified
Merger-Arbitrage
Multi-Strategy

Currency
Systematic

46
49

Market Neutral
Discretionary
Diversified
Equity Diversified
Multi-Strategy
Statistical Arbitrage
Systematic

50
51
51
52
52
52

Merger Arbitrage
Merger-Arbitrage

54

Multi-Strategy
33
33
33

Fixed Income Arbitrage


Fixed Income

40
40
40
41
44
45

Managed Futures

Distressed
Distressed Security

Commodity
Commodity-Systematic
Currency
Diversified
Fixed Income
Systematic

36

Credit
Diversified

55
55

Volatility Arbitrage
Arbitrage

59

Fund of Funds
Arbitrage
Event Driven
Macro
Multi-Strategy
Trading

37
37
37
38
38

Long Only
Equity-Diversified

39

Macro
Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

4
400 CAPITAL CREDIT OPPORTUNITI

18

ANAVON MASTER FUND LTD CLASS -

25

BLACKROCK EUROPEAN DIVERSIFIED

51

CANYON BALANCED FUND LTD

55

ANDALUSIAN CORPORATE OPPORTUNI

34

BLACKROCK FIXED INCOME GLOBAL

36

CANYON VALUE REALIZATION FD, L

19

ANDURAND COMMODITIES FUND

40

BLACKROCK OBSIDIAN FUND

36

CAPEVIEW AZRI 2X FUND

23

ANTARES EUROPEAN FUND, LTD - U

22

BLACKROCK PAN ASIA OPPORTUNITI

51

CAPEVIEW AZRI FUND

23

APERIOS EMERGING CONNECTIVITY

22

BLACKROCK UK EQUITY HEDGE FUND

28

CAPEVIEW RECOVERY FUND

14
14

AQUILUS INFLECTION FUND LTD E

23

BLUEBAY CREDIT ALPHA LONG SHOR

15

CAPITAL FOUR CREDIT OPPORTUNIT

A.R.T. INTERNATIONAL INVESTOR

52

ARCTIC BLUE

40

BLUEBAY EMERGING MARKET CORPOR 13

CAPULA GLOBAL RELATIVE VALUE F

36

AAM ABSOLUTE RETURN FUND

25

ARCTIC BLUE CAPITAL 3X

40

BLUEBAY EMERGING MARKET OPPORT

13

CASSIOPEIA FUND CLASS C

59

ABACO FINANCIALS FUND

30

ARISTEIA INTERNATIONAL LTD

15

BLUEBAY EVENT DRIVEN CREDIT FU

19

CAXTON GLOBAL INVESTMENT LTD

42

ABRAX MERGER ARBITRAGE S.G. FU

54

ARROWGRASS MASTER FUND

55

BLUEMATRIX FUND CLASS -A- USD

53

CCI HEALTHCARE PARTNERS LTD

30

ABSOLUTE INSIGHT CREDIT FUND B

13

ASCEND PARTNERS FUND II LTD -

28

BLUEMOUNTAIN CREDIT ALTERNATIV

15

CCI MICRO HEALTHCARE PARTNERS

30

ABSOLUTE INSIGHT EMERGING MARK

13

ASGARD FIXED INCOME FUND LTD

15

BLUEMOUNTAIN EQUITY ALTERNATIV

59

CERBERUS INTL. LTD CLASS A A/

19

ABSOLUTE INSIGHT UK EQUITY MKT

50

ASPECT DIVERSIFIED FUND - CLAS

46

BLUEMOUNTAIN LONG SHORT EQUITY

25

CHENAVARI CORPORATE CREDIT STR

15

ADELPHI EUR. FUND $ (A)

22

ATLAS ENHANCED FUND LTD

55

BLUETREND FUND, LTD -USD- CLAS

46

CHENAVARI MULTI STRATEGY CREDI

55

ADRIGO HEDGE

22

ATLAS FUNDAMENTAL TRADING FUND

25

BNY MELLON ARX BRAZIL FUND SPC

22

CHENAVARI REGULATORY CAPITAL S

14

ADVENT GLOBAL PARTNERS

12

ATLAS GLOBAL INVESTMENTS LTD U

56

BORONIA DIVERSIFIED FUND MASTE

47

CHENAVARI TORO LIMITED

14

AG MORTGAGE VALUE PARTNERS LTD

15

ATREAUS OVERSEAS FUND LTD

42

BOUSSARD & GAVAUDAN HOLDING LT

56

CLAREANT GLOBAL SPECIAL SITUAT

15

AG SUPER FUND INTERNATIONAL, L

33

BREVAN HOWARD ASIA FUND LIMITE

41

CLAREANT STRUCTURED CREDIT OPP

15

AHL EVOLUTION

46

BREVAN HOWARD FUND, LTD - USD

42

CLAREANT STRUCTURED CREDIT OPP

15

AHL ALPHA

46

BREVAN HOWARD M/S FUND, LTD

56

COASTLAND DIRECT YIELD FUND

18

BRIGADE LEVERAGED CAPITAL STRU

18

COBALT OFFSHORE LTD

28

BRUMMER MULTISTRATEGY 2XL, LTD

56

COHERENCE CAPITAL SPECTRUM FUN

16

BTG PACTUAL GLOBAL EM. MKTS AN

42

COMMONWEALTH OPPORTUNITY CAYMA 42

AHL DIMENSION

55

AHL DIVERSIFIED

46

AJR INTERNATIONAL (BVI), INC.

28

AKAMATSU FUND

27

ALLIANCEBERNSTEIN SELECT US EQ

28

ALPHA4X CAPITAL GROWTH FUND

41

ALPHADYNE INVESTMENT STRATEGIE

41

ALPHAGEN OCTANIS CLASS A

28

ALPHAGEN VOLANTIS FUND, LTD -

31

ALTAI CAPITAL PARTNERS OFFSHOR

33

ALTIS GLOBAL TREND PORTFOLIO

46

AMAZON MARKET NEUTRAL FUND CLA

50

B
BAF LATAM TRADE FINANCE FUND

13

BASSO INVESTORS LTD

12

BAY RESOURCES PARTNERS OFFSHOR 28


BCM WESTON LP (BILLINGS CAPITA

28

BEACH POINT TOTAL RETURN OFFSH

18

BG UMBRELLA FUND PLC

34

BH-DG SYSTEMATIC TRADING FUND

46

CAIRN SPECIAL OPPORTUNITIES CR

14

BLACK DIAMOND RELATIVE VALUE L

50

CAIRN STRATA CREDIT FUND LTD

14

BLACK DIAMOND, LTD - CLASS B (

56

CAMPBELL GLOBAL ASSETS FUND LT

47

BLACKROCK EOS CLASS B USD COM

52

CAMPBELL GLOBAL ASSETS FUND LT

47

BLACKROCK MULTI-STRATEGY FUND

56

CANDLEWOOD SPECIAL SITUATIONS

19

BLACKROCK 32 CAPITAL MASTER FU

52

CANDLEWOOD STRUCTURED CREDIT H 15

BLACKROCK CAPITAL STRUCTURE IN


Past performance is not a reliable indicator of future performance.
Source - HSBC

56

CANTAB CAPITAL PARTNERS QUANTI

47

CONQUEST MACRO FUND, LTD (COMP

47

CONTRARIAN CAPITAL FUND I OFFS

19

CONTRARIAN EMERGING MARKETS OF

13

COOPER CREEK PARTNERS LLC

31

COVALIS CAPITAL CLASS B

23

CQS ABS FEEDER FUND - CLASS -B

16

CQS DIRECTIONAL OPP. FEEDER FU

56

CQS DIVERSIFIED FUND (SPC) LTD

56

CQS GLOBAL CONVERTIBLE ARBITRA

12

HSBC Alternative Investment Group

CRABEL FUND SPC LTD CLASS A

47

ELECTRON GLOBAL FUND, L.P.

32

GLADE BROOK GLOBAL OFFSHORE FU

25

HIGHER MOMENT AURORA FUND LP

45

CYGNUS EUROPA EVENT DRIVEN FUN

33

ELLINGTON CREDIT OPPORTUNITIES

16

GLAZER ENHANCED OFFSHORE FUND

54

HIGHER MOMENT CAPITAL OPPORTUN

45

CYGNUS UTILITIES, INFRASTRUCTU

32

ELLINGTON MORTGAGE OPPORTUNITI

16

GLENVIEW CAPITAL PARTNERS (CAY

28

HINOKI FUND LP

29

ELM RIDGE CAPITAL PARTNERS L.P

28

GLG CROSS ASSET VALUE OFFSHORE

14

HORSEMAN GLOBAL FUND USD

26

EPISODE INC. CLASS A

42

GLG EUROPEAN EQUITY ALTERNATIV

51

HSBC CREDIT MARKET OPPORTUNITI

37

EQUILIBRIA JAPAN FUND LTD 1X U

50

GLG EUROPEAN LONG SHORT FUND C

23

HSBC GH FUND USD

38

EQUILIBRIA JAPAN FUND LTD 2X (

50

GLG MARKET NEUTRAL FUND - CLAS

56

HSBC LEVERAGED GH FUND

38

EXANE ARCHIMEDES FUND CLASS A

32

GOLDEN CHINA FUND NR CLASS

21

HSBC MAA FUND USD

37

EXANE TEMPLIERS FUND

25

GRAHAM ABSOLUTE RETURN TRADING

43

HSBC SPECIAL OPPORTUNITIES FUN

37

GRAHAM GIF II PROPRIETARY MATR

48

HSBC TRADING ADVANTEDGE FUND

38

GRAHAM GLOBAL INVESTMENT FUND

43

HSBC UCITS ADVANTEDGE FUND - U

38

GRAHAM GLOBAL INVESTMENT FUND

48

HUDSON BAY INTERNATIONAL FUND

52

GRAHAM GLOBAL INVESTMENT FUND

48

HUTCHIN HILL DIVERSIFIED ALPHA

57

GRAHAM GLOBAL INVESTMENT FUND

48

GRAHAM GLOBAL INVESTMENT FUND-

43

GRANADA EUROPE FUND LTD

23

GRATICULE ASIA MACRO FUND

41

GREEN FUND LLC - CLASS I

42

GREENLIGHT CAPITAL OFFSHORE, L

29

GREYWOLF CAPITAL OVERSEAS FUND

34

GSA INTERNATIONAL FUND - CLASS

52

GSA TREND FUND

48

D
DACHARAN EQUITY FUND

53

DACHARAN HIGH EXPOSURE

46

DAVIDSON KEMPNER DIST. OPP. IN

19

DAVIDSON KEMPNER INTL, LTD - C

34

DB PLATINUM IV DBX SYSTEMATIC

47

DB PLATINUM IV MW HELIUM

47

DIAMOND NEUTRAL FUND CLASS A1

37

FARRINGDON ALPHA ONE

25

DISCUS FEEDER LTD CL. B USD ST

47

FINISTERRE CREDIT FUND

13

DORSET ENERGY FUND, LTD - CLAS

30

FINISTERRE GLOBAL OPPORTUNITY

41

DOUBLE BLACK DIAMOND LTD - SER

56

FIREBIRD NEW RUSSIA FUND, LTD

27

DROMEUS GLOBAL OPPORTUNITIES F

34

FIREBIRD REPUBLICS FUND, LTD

22

DUET EM FRONTIER FUND

22

FJ CAPITAL FINANCIAL OPPORTUNI

28

DUET GLOBAL PLUS FUND

25

FORT GLOBAL CONTRARIAN

47

DUNN WMA FUND SA

47

FORT GLOBAL DIVERSIFIED

47

DUNN WMA INSTITUTIONAL UCITS F

47

DW CATALYST OFFSHORE FUND -A -

16

DW VALUE OFFSHORE FUND LTD

16

DYMON ASIA MACRO FUND (SERIES

40

G
GABELLI ASSOCIATES LIMITED

54

GAM DIVERSITY I INC - US$ CLAS

38

GAM GLOBAL RATES HEDGE FUND

42

GAM TALENTUM ENHANCED EUROPE L

51

EAGLE GLOBAL

47

GAM TRADING II USD

38

EAGLE QUANTITATIVE MACRO

45

GAMUT INVESTMENTS

42

ECF VALUE FUND INTERNATIONAL L

34

GAVEA FUND LTD . CLASS A S/1

41

ECLECTICA FUND CLASS A EURO (T

42

GEMS PROGR. FUND SICAV RECOVER

37

ECOFIN VISTA LONG SHORT FUND

25

GEMSSTOCK FUND - B1 USD

42

EIFFEL CREDIT OPPORTUNITIES FU

14

GIM PORTFOLIO STRATEGIES Eur

Past performance is not a reliable indicator of future performance.


Source - HSBC

23

I
III FUND LTD

36

III RELATIVE VALUE CREDIT STRA

16

III SELECT CREDIT FUND LTD CLA

16

IP ALL SEASONS ASIAN CREDIT FU

13

ISAM SYSTEMATIC TREND FUND CLA

48

IVORY CAPITAL FLAGSHIP STRATEG

29

IVORY OPTIMAL FUND LTD

29

HABROK LTD

25

HALCYON OFF. ASSET-BACKED VALU

20

HALCYON PARTNERS OFFSHORE FUND 56


HARBOUR HOLDINGS LTD

31

HARMONIC ALPHA PLUS MACRO FUN

43

HARNESS MACRO CURRENCY FUND

41

HARVEY PARTNERS LLC

31

HIGHBRIDGE CAPITAL CORPORATION

57

JABCAP EMEA FUND CLASS X1

22

JABCAP GLOBAL BALANCED FUND LT

57

JABCAP GLOBAL CONVERTIBLE FUND

12

JABCAP MULTI STRATEGY FUND LTD

57

JENOP GLOBAL HEALTHCARE FUND L

30

JPMORGAN INVESTMENT GLOBAL MAC

43

HSBC Alternative Investment Group

K
KEYNES LEVERAGED QUANTITATIVE

48

KG INVESTMENT FUND LLC

34

LYNX (BERMUDA) LTD

48

MITRA CAPITAL MASTER FUND LP

51

OCP DEBT OPPORTUNITY INTERNATI

19

LYNX BERMUDA 1.5 LTD

48

MKP CREDIT OFFSHORE FUND

16

OCTAGON HIGH INCOME FUND

18

MKP ENHANCED OPPORTUNITY OFFSH

43

OCTAGON PAN ASIA FUND

21

MKP OPPORTUNITY OFFSHORE, LTD

43

ODEY EUROPEAN, INC (EUR)

24

MLIS - BEACH POINT DIVERSIFIED

16

OKUMUS OPPORTUNISTIC VALUE FUN

29

MLIS - CCI HEALTHCARE LONG SHO

30

OMEGA OVERSEAS PARTNERS LTD CL

29

MLIS - MARSHALL W. TOPS UCITS

50

OMNI EVENT FUND LIMITED

34

MLIS - OZ EUROPE UCITS FUND CL

33

ONE WILLIAM STREET CAPITAL FUN

16

MLIS - THEOREMA EUROPEAN EQUIT

24

ONSLOW MACRO FUND CLASS A

43

MLM MACRO PEAK PARTNERS OFFSH

43

ORTUS AGGRESSIVE FUND (CAYMAN)

46

MOAB PARTNERS OFFSHORE FUND LT

34

ORTUS FUND (CAYMAN) LTD

46

MOJNA ALPHA LEVERAGED MASTER F

24

OWL CREEK OVERSEAS FUND, LTD

34

MONARCH DEBT RECOVERY FUND LTD

19

OWS CREDIT OPPORTUNITY FUND

19

MONEDA LATIN AMERICAN CORPORAT

13

OYSTER MARKET NEUTRAL EUR

50

MOORE GLOBAL INV FD, LTD - A $

43

MOORE MACRO MANAGERS FUND, LTD

43

MS ASCEND UCITS FUND CLASS I E

26

MUDRICK DISTRESSED OPPORTUNITY

19

KINGDON CREDIT LTD A1/1

16

M. KINGDON OFFSHORE NV - A/1

26

KINSALE COMPASS FUND

26

MACQUARIE ASIAN ALPHA FUND

51

KITE LAKE (KL) SPECIAL OPPORTU

34

MACQUARIE EUROPEAN ALPHA FUND

51

KLS DIVERSIFIED FUND LTD

18

MADRAGUE EQUITY LONG SHORT

23

KO-ZHOU FUNDAMENTAL FX FUND

41

MAN AHL CURRENCY FUND DN USD

46

MAN GLG MULTI-STRATEGY CLASS M

57

L
L1 CAPITAL LONG SHORT FUND

22

LANSDOWNE DEVELOPED MARKET FUN 26


LANSDOWNE EUROPEAN EQUITY FD,

23

LAZARD GLOBAL HEXAGON FUND

26

LAZARD RATHMORE FUND - CLASS A

12

LC EQUITY FUND LTD

23

LEGG MASON MARTIN CURRIE EUROP

23

LIGHTHORSE CHINA GROWTH FUND L

21

LIM ASIA MULTI-STRATEGY FUND C

52

LIM JAPAN FUND

58

LINDEN INTERNATIONAL LTD

57

LION FUND, LTD (THE)

54

LMR ALPHA RATES TRADING FUND,

36

LMR FUND LTD

57

LNG EUROPA CREDIT FUND

14

LONDON SELECT FUND LIMITED

43

LOOMIS SAYLES CREDIT LONG SHOR

16

LOREM IPSUM MASTER FUND LP

26

LTS GLOBAL EMERGING MARKETS FU

13

LUCERNE CAPITAL FUND L.P.

23

MAN GLG MULTI-STRATEGY FUND CL

57

MARATHON VERTEX JAPAN FD, LTD

27

MARCATO INTERNATIONAL LTD

33

MARINUS OPPORTUNITIES FUND

18

MARKHAM RAE I SUB FUND

44

MARLIN FUND LP

29

MARSHALL WACE - EUROPA FUND A

23

PALOMA INTERNATIONAL LTD CLASS

57

MARSHALL WACE - MW TOPS FUND

24

MARSHALL WACE - MW EUREKA A1 E

26

MARSHALL WACE - MW GLOBAL FINA

30

MARSHALL WACE - MW GLOBAL OPPO

26

NAPIER PARK EUROPEAN CREDIT OP

PASSPORT LONG SHORT STRATEGY F

26

MARSHALL WACE - MW MARKET NEUT

50

NEUBERGER BERMAN US LONG SHORT 29

PASSPORT SPECIAL OPPORTUNITIES

26

MASTERS FUND LTD MAGNOLIA SERI

37

NEZU CYCLICALS FUND LTD

21

PEGASUS FUND LIMITED SHARES A-

28

MAVERICK FUND, LTD - CLASS A/1

26

NORDIC ALPHA CLASS B - NOK

24

PELAGUS CAPITAL FUND

36

MELLON OFF GLOB OPP FUND LTD -

43

NORTHLIGHT EUROPEAN FUNDAMENTA 14

PELHAM LONG/SHORT FUND LTD CLA

24

MERCHANT COMMODITY FUND (THE)

40

NUMEN CREDIT OPPORTUNITIES FUN

PELHAM LONG/SHORT SMALL CAP FU

31

MERRICKS CAPITAL SOFT COMMODIT

40

PENSATO EUROPA FUND LTD EURO C

24

MIDOCEAN ABSOLUTE RETURN CREDI

18

PERCEPTIVE LIFE SCIENCES OFFSH

32

MIDOCEAN CREDIT OPPORTUNITY FU

18

PERSHING SQUARE INTL.LTD

34

MILLBURN COMMODITY PROGRAM

40

PHALANX JAPAN AUSTRALASIA MULT

55

MILLBURN DIVERSIFIED PROGRAM

48

PHARO GAIA FUND, LTD

42

MILLENNIUM INTL LTD

57

PHARO MACRO FUND, LTD

44

Past performance is not a reliable indicator of future performance.


Source - HSBC

N
14

55

O
OBSERVATORY CREDIT MARKETS FUN

14

OCCO EASTERN EUROPEAN FUND A S

22

OCEANIC HEDGE FUND - CLASS A

21

PAMPLONA CREDIT OPPORTUNITIES

14

PARUS FUND PLC USD CLASS

26

PASSPORT GLOBAL STRATEGY FUND

26

HSBC Alternative Investment Group

PHARO TRADING FUND, LTD

42

RENAISSANCE INSTITUTIONAL DIVE

51

SMN DIVERSIFIED FUTURES FUND

49

TRICADIA CREDIT STRATEGIES, LT

17

PIMCO ABSOLUTE RETURN STRATEGY

44

RENAISSANCE INSTITUTIONAL EQUI

29

SOLAISE SYSTEMATIC FUND LTD (

49

TRISHIELD SPECIAL SITUATIONS F

35

PIMCO GLOBAL CREDIT OPPORTUNIT

17

RESIDENTIAL REAL ESTATE TOTAL

17

SOLUS SOLA LTD CL. I

35

TRISTAN PARTNERS LP

31

PIMCO MULTI-ASSET VOLATILITY F

59

ROY G. NIEDERHOFFER DIVERSIFIE

48

SOUND POINT BEACON OFFSHORE FU

20

TT INTERNATIONAL FUND

44

PIMCO TACTICAL OPPORTUNITIES F

17

RP DEBT OPPORTUNITIES FUND

17

SPF CREDIT SUISSE SECURITIZED

17

TT LONG/SHORT FOCUS FUND

25

PINE RIVER CONVERTIBLES FUND

12

RP SELECT OPPORTUNITIES FUND

17

SPINNAKER GLOB OPP FUND, LTD C

42

TT MID-CAP EUROPE LONG/SHORT F

25

PINE RIVER FIXED INCOME FUND L

17

RUBICON GLOBAL FUND, LTD

44

SPINNAKER GLOBAL EMERGING MARK

55

TUDOR B.V.I GLOBAL FUND LTD -A

44

PINE RIVER FUND CLASS -B1- SHA

57

RUSSIAN PROSPERITY FUND - A

39

SR GLOBAL FUND (Class N) Emerg

22

TUDOR BVI GLOBAL FUND LTD CLAS

44

PINE RIVER LIQUID RATES FUND

36

RV CAPITAL ASIA OPPORTUNITY FU

41

SR GLOBAL FUND C - INTERNATION

27

TUDOR DISCRETIONARY MACRO FUND

44

PINPOINT CHINA FUND CLASS A US

21

RWC ASIA ABSOLUTE ALPHA FUND -

27

SR GLOBAL FUND H - JAPAN (Real

27

TULIP TREND FUND, LTD - A

49

PINPOINT MULTI-STRATEGY FUND

44

RWC ASIA OPPORTUNITY FUND

21

SR GLOBAL FUND INC - G - GLOBA

27

TWO SIGMA ABSOLUTE RETURN CAYM

52

PLATINUM FUND LTD

27

RWC SAMSARA FUND CLASS A EURO

24

SR PHOENICIA INC CLASS -A- SER

27

TWO SIGMA COMPASS CAYMAN FUND

49

PLATINUM PARTNERS VALUE ARBITR

57

RWC US ABSOLUTE ALPHA FUND - C

29

STANDARD LIFE GLOBAL FOCUSED S

44

TYRUS CAPITAL EVENT FUND LTD

35

POLAR CAPITAL EUROPEAN CONVICT

24

STK CAPITAL GLOBAL EQUITIES

27

POLAR CAPITAL EUROPEAN FORAGER

31

STRATEGIC VALUE RESTRUCTURING

20

STRATUS FUND LIMITED CLASS B

58

SUSA EUROPEAN EQUITIES FUND CL

24

PORTLAND HILL OVERSEAS FUND LT

33

POTOMAC RIVER CAPITAL MASTER F

44

PROLOGUE FEEDER FUND, LTD. CLA

36

PSAM REBOUND PORTFOLIO FUND LT

19

PSAM WORLDARB MASTER FUND LTD

34

PWP GLOBAL MACRO FUND

44

S
SABA CAPITAL OFFSHORE FUND LTD

17

SAGIL LATIN AMERICAN OPPORTUNI

22

SALAR CONVERTIBLE ABSOLUTE RET

12

SANCTUM FIXED INCOME FUND

36

SANDLER PLUS OFFSHORE FUND LTD

29

TELLIGENT GREATER CHINA FUND

21

SCHRODER CAZENOVE UK ABSOLUTE

50

TEWKSBURY INVESTMENT FUND, LTD

49

SCHRODER ISF EMERGING MARKET D

13

THE CAMBRIDGE STRATEGY - ASIAN

40

SEER CAPITAL PARTNERS OFFSHORE

17

THE CAMBRIDGE STRATEGY - EMERG

41

U
UMJ KOTOSHIRO FUND

27

VARDEN PACIFIC OPPORTUNITY OFF

17

VERITION MULTI-STRATEGY FUND C

58

VISIUM BALANCED OFFSHORE FUND

32

VISIUM GLOBAL OFFSHORE FUND LT

58

VISIUM INSTITUTIONAL PARTNERS

31

VR GLOBAL OFFSHORE FUND LTD

20

QMS DIVERSIFIED GLOBAL MACRO

48

SEGANTII ASIA-PACIFIC EQUITY M

55

THREADNEEDLE UK ABSOLUTE ALPHA

28

QUAM CHINA FOCUS SEGREGATED PO

21

SELIGMAN TECH SPECTRUM FUND CL

32

TIG ARBITRAGE ENHANCED FUND

33

QVT OFFSHORE LTD CLASS 1-NR

57

SEMINOLE OFFSHORE FUND

29

TIG SECURITIZED ASSET FUND LTD

17

SENVEST PARTNERS, LTD - CLASS

31

TILDEN PARK OFFSHORE INVESTMEN

18

SERONE KEY OPPORTUNITIES FUND

15

TONGA PARTNERS LP

31

WEISS MULTI-STRATEGY PARTNERS

58

SFP VALUE REALIZATION FUND

27

TOSCA CLASS A - USD

30

WELLINGTON MANAGEMENT INV BERM

30
49

R
RBR EUROPEAN LONG SHORT LTD (E

24

REAL RETURN ASIAN FUND LTD (TH

21

REDWOOD OFFSHORE FUND

20

SIERRA EUROPE OFFSHORE, LTD -

24

TRADELINK INTEGRATED PROGRAM L

49

WELTON GLOBAL DIRECTIONAL PORT

SINFONIETTA FUND

41

TRIAN PARTNERS LTD

35

WF ASIA FUND LTD S/1

21

SIVIK GLOBAL HEALTHCARE OFFSHO

32

TRIAS L/S FUND

24

WHITEBOX MULTI-STRATEGY FUND

35

Past performance is not a reliable indicator of future performance.


Source - HSBC

HSBC Alternative Investment Group

WINTON EVOLUTION FUND

49

WINTON FUTURES FUND

49

WYETREE EUROPEAN RECOVERY FUND 15


WYETREE YIELD DISTRIBUTION FUN

18

Z
ZADIG FUND CLASS A1

25

ZEAL CHINA FUND LTD - USD -NI

21

ZWEIG-DIMENNA INTL LIMITED - C

29

Past performance is not a reliable indicator of future performance.


Source - HSBC

HSBC Alternative Investment Group

Top
Investment Funds

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Return

Date

Investment Funds

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Date

DORSET ENERGY FUND, LTD - CLASS A

40.83

20 May 16

ODEY EUROPEAN, INC (EUR)

-27.95

20 May 16

RUSSIAN PROSPERITY FUND - A

20.38

19 May 16

ALTAI CAPITAL PARTNERS OFFSHORE, LTD

-27.03

30 Apr 16

ARCTIC BLUE CAPITAL 3X

19.37

30 Apr 16

OKUMUS OPPORTUNISTIC VALUE FUND, LTD CLASS A

-25.36

30 Apr 16

HALCYON PARTNERS OFFSHORE FUND LTD

18.61

20 May 16

SR GLOBAL FUND H - JAPAN (Real Perf)

-21.96

20 May 16

VARDEN PACIFIC OPPORTUNITY OFFSHORE FUND I LTD

15.21

30 Apr 16

LOREM IPSUM MASTER FUND LP

-20.93

31 Mar 16

MUDRICK DISTRESSED OPPORTUNITY FUND LTD

15.10

20 May 16

30 Apr 16

15.03

30 Apr 16

WELLINGTON MANAGEMENT INV BERMUDA LTD BAY


POND A/1 NI

-20.68

L1 CAPITAL LONG SHORT FUND


CONQUEST MACRO FUND, LTD (COMP)

14.53

24 May 16

JENOP GLOBAL HEALTHCARE FUND LTD SERIES A

-20.17

10 May 16

ELM RIDGE CAPITAL PARTNERS L.P.

14.16

30 Apr 16

SFP VALUE REALIZATION FUND

-18.20

20 May 16

PERSHING SQUARE INTL.LTD

-17.05

24 May 16

JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NI

-16.90

17 May 16

CAPEVIEW AZRI 2X FUND

-16.73

20 May 16

SABA CAPITAL OFFSHORE FUND LTD

14.06

20 May 16

ANDURAND COMMODITIES FUND

12.67

30 Apr 16

CQS DIRECTIONAL OPP. FEEDER FUND. Ltd A NI USD

11.55

30 Apr 16

PEGASUS FUND LIMITED SHARES A-1

11.15

13 May 16

RWC ASIA OPPORTUNITY FUND

10.67

20 May 16

ECF VALUE FUND INTERNATIONAL LTD

10.60

30 Apr 16

BRIGADE LEVERAGED CAPITAL STRUCTURES FUND


LTD

10.52

20 May 16

DACHARAN HIGH EXPOSURE

10.23

30 Apr 16

VISIUM INSTITUTIONAL PARTNERS FUND LTD

-16.34

20 May 16

GOLDEN CHINA FUND NR CLASS

-16.25

20 May 16

LUCERNE CAPITAL FUND L.P.

-16.05

30 Apr 16

AMAZON MARKET NEUTRAL FUND CLASS A USD

-16.04

30 Apr 16

ZWEIG-DIMENNA INTL LIMITED - CLASS A

-15.66

31 Mar 16

LANSDOWNE EUROPEAN EQUITY FD, LTD - A (EUR)

-14.62

29 Apr 16

FIREBIRD NEW RUSSIA FUND, LTD - CLASS A

9.73

20 May 16

NEZU CYCLICALS FUND LTD

-14.62

20 May 16

CRABEL FUND SPC LTD CLASS A

9.20

20 May 16

JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI

-13.74

13 May 16

SAGIL LATIN AMERICAN OPPORTUNITIES FUND CLASS


A

8.81

30 Apr 16

CCI MICRO HEALTHCARE PARTNERS LTD

-13.63

30 Apr 16

This ranking is for information only and should not be considered as exhaustive.
Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

Top
Investment Funds

Bottom
Date

Investment Funds

L1 CAPITAL LONG SHORT FUND

Return
60.52

31 Dec 15

DORSET ENERGY FUND, LTD - CLASS A

Return
-44.05

31 Dec 15

Date

AAM ABSOLUTE RETURN FUND

58.52

31 Dec 15

ALTAI CAPITAL PARTNERS OFFSHORE, LTD

-39.09

31 Dec 15

PERCEPTIVE LIFE SCIENCES OFFSHORE FUND LTD

49.60

31 Dec 15

ELM RIDGE CAPITAL PARTNERS L.P.

-29.96

31 Dec 15

MITRA CAPITAL MASTER FUND LP

43.43

31 Dec 15

MUDRICK DISTRESSED OPPORTUNITY FUND LTD

-25.71

31 Dec 15

PELHAM LONG/SHORT SMALL CAP FUND LTD

42.71

31 Dec 15

ANDALUSIAN CORPORATE OPPORTUNITIES FUND LP

-22.85

31 Dec 15

HIGHER MOMENT CAPITAL OPPORTUNITIES, LP

31.61

31 Dec 15

ECF VALUE FUND INTERNATIONAL LTD

-20.57

31 Dec 15

SEGANTII ASIA-PACIFIC EQUITY MULTI-STRATEGY FUND

29.51

31 Dec 15

GREENLIGHT CAPITAL OFFSHORE, LTD - A/1

-20.38

31 Dec 15

LANSDOWNE EUROPEAN EQUITY FD, LTD - A (EUR)

28.24

31 Dec 15

TRISHIELD SPECIAL SITUATIONS FUND LLC

-19.85

31 Dec 15

CYGNUS EUROPA EVENT DRIVEN FUND

27.54

31 Dec 15

GLENVIEW CAPITAL PARTNERS (CAYMAN), LTD.

-18.12

31 Dec 15

TT LONG/SHORT FOCUS FUND

26.81

31 Dec 15

SENVEST PARTNERS, LTD - CLASS A

-17.34

31 Dec 15

AMAZON MARKET NEUTRAL FUND CLASS A USD

26.27

31 Dec 15

PERSHING SQUARE INTL.LTD

-16.66

31 Dec 15

MILLBURN COMMODITY PROGRAM

25.50

31 Dec 15

CANDLEWOOD SPECIAL SITUATIONS FUND LTD

-14.25

31 Dec 15

CLAREANT GLOBAL SPECIAL SITUATIONS FUND

23.71

31 Dec 15

GREYWOLF CAPITAL OVERSEAS FUND

-14.14

31 Dec 15

PENSATO EUROPA FUND LTD EURO CLASS

23.68

31 Dec 15

LYNX BERMUDA 1.5 LTD

-13.76

31 Dec 15

ABRAX MERGER ARBITRAGE S.G. FUND

22.73

31 Dec 15

HARBOUR HOLDINGS LTD

-13.46

31 Dec 15

TRIAS L/S FUND

22.56

31 Dec 15

ODEY EUROPEAN, INC (EUR)

-12.82

31 Dec 15

GOLDEN CHINA FUND NR CLASS

21.94

31 Dec 15

TONGA PARTNERS LP

-12.61

31 Dec 15

CAPEVIEW AZRI 2X FUND

21.64

31 Dec 15

POLAR CAPITAL EUROPEAN CONVICTION FUND LIMITED

-12.20

31 Dec 15

HORSEMAN GLOBAL FUND USD

20.42

31 Dec 15

FIREBIRD REPUBLICS FUND, LTD

-11.65

31 Dec 15

FJ CAPITAL FINANCIAL OPPORTUNITY FUND LTD

19.64

31 Dec 15

BNY MELLON ARX BRAZIL FUND SPC LONG SHORT

-11.34

31 Dec 15

This ranking is for information only and should not be considered as exhaustive.
Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

10

Top
Investment Funds

Bottom
Date

Investment Funds

ISAM SYSTEMATIC TREND FUND CLASS Q

Return
61.95

31 Dec 14

RUSSIAN PROSPERITY FUND - A

Return

MERCHANT COMMODITY FUND (THE) - COMPOSITE

59.33

31 Dec 14

FIREBIRD NEW RUSSIA FUND, LTD - CLASS A

-34.59

31 Dec 14

MAN AHL CURRENCY FUND DN USD

58.05

31 Dec 14

DORSET ENERGY FUND, LTD - CLASS A

-27.20

31 Dec 14

-43.99

Date
31 Dec 14

SMN DIVERSIFIED FUTURES FUND

57.24

31 Dec 14

FIREBIRD REPUBLICS FUND, LTD

-22.64

31 Dec 14

LYNX BERMUDA 1.5 LTD

42.18

31 Dec 14

PEGASUS FUND LIMITED SHARES A-1

-15.72

31 Dec 14

CANTAB CAPITAL PARTNERS QUANTITATIVE FUND


(THE) - USD ARISTARCHUS

39.31

31 Dec 14

PHALANX JAPAN AUSTRALASIA MULTI-STRATEGY FUND


LTD

-12.87

31 Dec 14

ANDURAND COMMODITIES FUND

38.31

31 Dec 14

MITRA CAPITAL MASTER FUND LP

-12.55

31 Dec 14

PERSHING SQUARE INTL.LTD

37.24

31 Dec 14

ABACO FINANCIALS FUND

-11.47

31 Dec 14

TULIP TREND FUND, LTD - A

36.15

31 Dec 14

SABA CAPITAL OFFSHORE FUND LTD

-10.80

31 Dec 14

DUNN WMA FUND SA

35.08

31 Dec 14

LNG EUROPA CREDIT FUND

-10.36

31 Dec 14

SEGANTII ASIA-PACIFIC EQUITY MULTI-STRATEGY FUND

34.88

31 Dec 14

AAM ABSOLUTE RETURN FUND

-9.85

31 Dec 14

WELTON GLOBAL DIRECTIONAL PORTFOLIO

34.01

31 Dec 14

TT INTERNATIONAL FUND

-8.57

31 Dec 14

AHL DIVERSIFIED

33.79

31 Dec 14

LION FUND, LTD (THE)

-8.29

31 Dec 14

ARCTIC BLUE CAPITAL 3X

32.91

31 Dec 14

QUAM CHINA FOCUS SEGREGATED PORTFOLIO

-8.20

31 Dec 14

GSA TREND FUND

32.59

31 Dec 14

OWL CREEK OVERSEAS FUND, LTD

-8.00

31 Dec 14

ASPECT DIVERSIFIED FUND - CLASS A

32.05

31 Dec 14

ONSLOW MACRO FUND CLASS A

-7.94

31 Dec 14

GOLDEN CHINA FUND NR CLASS

30.02

31 Dec 14

GLG MARKET NEUTRAL FUND - CLASS Z USD Unres

-7.43

31 Dec 14

SELIGMAN TECH SPECTRUM FUND CLASS -A1-S/2-2002

30.00

31 Dec 14

AJR INTERNATIONAL (BVI), INC. - A/1

-6.92

31 Dec 14

OKUMUS OPPORTUNISTIC VALUE FUND, LTD CLASS A

29.71

31 Dec 14

TOSCA CLASS A - USD

-6.79

31 Dec 14

MILLBURN COMMODITY PROGRAM

28.09

31 Dec 14

MLIS - OZ EUROPE UCITS FUND CLASS B EUR

-6.70

31 Dec 14

This ranking is for information only and should not be considered as exhaustive.
Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

11

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(1.03%)
0.38%
2.08%
3.94%

-1.54%

10.51%

8.45%

-6.27%

7.37%

6.77%

Max
Drawdown1

Convertible
Ytd Avg. 2016

(0.26%)

Convertible/Global
ADVENT GLOBAL PARTNERS
ADVENT CAPITAL MANAGEMENT

30 Sep 96

BASSO INVESTORS LTD


Howard Fischer

30 Sep 95

Q
Q

CQS GLOBAL CONVERTIBLE


30 Jun 14
ARBITRAGE MASTER FUND LTD
CQS (UK) LLP, Alex Schoenenberger

JABCAP GLOBAL CONVERTIBLE


FUND - D1 Unrestricted
Philippe Jabre

30 Apr 07

LAZARD RATHMORE FUND CLASS A-2


Sean Reynolds

31 May 07

SALAR CONVERTIBLE ABSOLUTE


RETURN FUND
Alex Warren, David Persaud

31 Aug 10

Q/M

$311M
Mar 16
$444M
Apr 16

404.16

20 May 16

7,486.03 20 May 16

$496M
Apr 16

108.46

$227M
Apr 16

181.59

$826M
Feb 16

201.95

$217M
Apr 16

117.89

$219M
May 16

0.43%

1.64%

2.11%

1.95%

11.45%

9.5%

2.61%

10.24%

5.74%

(25.00%)
Dec 07 - Oct 08

06 May 16 (0.01%)

1.76%

7.54%

-0.88%

4.48%

2.96%

(1.53%)
Jul 14 - Sep 14

17 May 16 (1.96%)

(9.94%)

0.25%

4.13%

27.14%

5.37%

-14.15%

6.81%

12.18%

(28.61%)
May 08 - Nov 08

20 May 16 (0.31%)

0.15%

-3.74%

-1.69%

10.55%

4.73%

-1.64%

8.14%

8.06%

(16.25%)
Aug 08 - Nov 08

20 May 16

0.27%

(1.88%)

1.9%

0.71%

10.34%

6.42%

-2.86%

2.92%

3.52%

(7.17%)
May 15 - Mar 16

Convertible/USA
PINE RIVER CONVERTIBLES FUND 31 Jul 09
Franklin Parlamis

(27.58%)
Oct 07 - Nov 08

198.67

30 Apr 16

Ytd Avg. 2016


4.39%
4.70%
4.39%
-3.59%

0.41%

19.34%

7.6%

4.98%

10.70%

7.15%

(11.01%)
Jun 15 - Jan 16

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

12

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


1.67%
25 May 16 (1.37%)
2.38%
-4.31%

2.42%

-0.65%

11.73%

0.08%

4.59%

6.85%

Max
Drawdown1

Credit
Ytd Avg. 2016

0.14%

Credit/Emerging
ABSOLUTE INSIGHT EMERGING
MARKET DEBT FUND CLASS B1P
Colm McDonagh

30 Apr 08

BAF LATAM TRADE FINANCE FUND 29 Feb 08


Ernesto Lienhard & team.

BLUEBAY EMERGING MARKET


31 Oct 11
CORPORATE ALPHA FUND
Polina Kurdyavko and Anthony Kettle

BLUEBAY EMERGING MARKET


OPPORTUNITY FUND
BlueBay Asset Management LLP David Dowsett

31 May 07

CONTRARIAN EMERGING
MARKETS OFF FUND LTD
Xiao Song

31 Dec 05

FINISTERRE CREDIT FUND


Rafal Biosse Duplan

31 Jan 06

IP ALL SEASONS ASIAN CREDIT


FUND
Job Campbell

31 Jan 02

M
W

LTS GLOBAL EMERGING MARKETS 31 Dec 11


FUND LTD
LTS Capital LLP, Simon Dalah &
Anthony Nahum

MONEDA LATIN AMERICAN


CORPORATE DEBT FUND -AFernando Tisn and Javier Montero

30 Sep 07

SCHRODER ISF EMERGING


MARKET DEBT A/R -I ACCAbdallah Guezour

31 Jan 02

781M
Mar 16

1.44

$820M
Mar 16

1,999.89

$36M
Apr 16

110.08

$34M
Mar 16

175.07

$439M
Mar 16

340.60

$572M
Apr 16

204.37

$142M
Apr 16

24.71

$50M
Apr 16

111.60

$203M
Apr 16
$3'374M
Mar 16

30 Apr 16

640M
Mar 16

0.57%

2.27%

7.2%

7.76%

8.09%

8.71%

8.99%

8.85%

0.52%

0.00%
Jan 00 - Jan 00

20 May 16 (1.47%)

(1.67%)

2.44%

11.29%

-7.22%

12.29%

2.19%

3.96%

6.47%

(12.26%)
Feb 13 - Sep 13

31 Mar 16

0.54%

(1.46%)

-4.87%

-2.05%

-1.96%

11.33%

2.85%

6.54%

8.61%

(19.88%)
Feb 08 - Nov 08

30 Apr 16

0.31%

(4.07%)

14.48%

-1.98%

14.61%

23.2%

-7.16%

12.59%

13.37%

(28.43%)
Feb 08 - Oct 08

30 Apr 16

0.89%

(0.62%)

-2.41%

2.62%

4.78%

18%

-4.14%

7.22%

11.05%

(33.64%)
Jun 08 - Dec 08

18 May 16

1.12%

6.80%

-0.39%

4.94%

2.2%

18.68%

-1.37%

6.53%

9.08%

(38.05%)
Feb 08 - Mar 09

30 Apr 16

1.57%

2.11%

3%

3.47%

2.55%

11.27%

5.12%

3.44%

(2.46%)
Oct 14 - Jan 15

1,827.86 25 May 16

0.63%

3.78%

-6.12%

3.36%

8.67%

11.48%

2.44%

7.21%

13.48%

(32.05%)
Aug 08 - Dec 08

34.97

25 May 16 (2.90%)

7.22%

-4.87%

0.62%

0.8%

5.36%

0.69%

7.05%

5.43%

(9.31%)
Mar 08 - Oct 08

Credit/Europe
ABSOLUTE INSIGHT CREDIT FUND 30 Sep 11
B1P2 EURO
Alex Veroude

(15.32%)
May 08 - Oct 08

1.20

25 May 16

Ytd Avg. 2016


(0.87%)
0.55%
(4.10%)
-1.06%

2.21%

7.38%

12.65%

2.59%

4.06%

4.44%

(8.44%)
Jul 14 - Mar 16

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

13

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Credit/Europe
CAIRN SPECIAL OPPORTUNITIES
CREDIT FUND
Cairn Capital Limited

31 Dec 07

CAIRN STRATA CREDIT FUND LTD 31 Dec 14


Cairn Capital Limited

CAPEVIEW RECOVERY FUND


Theo Phanos

30 Jun 03

CAPITAL FOUR CREDIT


OPPORTUNITIES FUND
Capital Four Management Team

31 Dec 09

CHENAVARI REGULATORY
CAPITAL STRATEGY - DR
Chenavari Investment Managers

31 Mar 11

CHENAVARI TORO LIMITED


Chenavari Investment Managers

31 May 09

EIFFEL CREDIT OPPORTUNITIES


FUND CLASS A
Emmanuel Weyd, Eiffel Investment
Group

30 Nov 11

GLG CROSS ASSET VALUE


OFFSHORE FUND Class A USD
Unres
Chris Huggins

30 Nov 12

LNG EUROPA CREDIT FUND


LNG Capital LLP

31 Mar 11

M
M

NAPIER PARK EUROPEAN CREDIT 31 Aug 10


OPPORTUNITIES FUND LTD
Napier Park Global Capital (US) LP

NORTHLIGHT EUROPEAN
FUNDAMENTAL CREDIT FUND
NORTHLIGHT GROUP LLP

30 Nov 09

OBSERVATORY CREDIT MARKETS 30 Jun 04


FUND (THE)
Shazad Ghaffar

PAMPLONA CREDIT
OPPORTUNITIES FUND
Yves Leysen

31 Aug 08

122M
Apr 16

175.57

59M
Apr 16

97.67

$355M
Feb 16

347.14

114M
May 16

152.82

$171M
Mar 16

190.29

$396M
Mar 16

1,070.58

75M
Apr 16

1,285.09 20 May 16

$245M
Mar 16

1,194.17 20 May 16

$119M
Mar 16

1,223.78

362M
Apr 16

260.74

$210M
Mar 16

30 Apr 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(0.87%)
1.67%
(2.40%)
-3.28%

2.3%

8.54%

19.95%

-12.51%

6.98%

7.50%

Max
Drawdown1

(13.94%)
Jun 11 - Nov 11

30 Apr 16

1.35%

(3.03%)

0.72%

(1.76%)

4.62%

(7.21%)
May 15 - Feb 16

20 May 16

1.09%

(0.16%)

4.06%

3.14%

18.23%

8.41%

1.48%

10.13%

8.39%

(30.45%)
Oct 07 - Dec 08

30 Apr 16

1.87%

0.04%

3.84%

11.37%

16.31%

17.68%

10.64%

13.92%

7.04%

(6.46%)
May 11 - Nov 11

31 Mar 16

2.48%

3.34%

10.44%

8.84%

15.19%

36.91%

-2.87%

13.72%

4.70%

(4.65%)
Jul 11 - Sep 11

30 Apr 16

0.92%

(1.20%)

15.22%

24.82%

32.93%

32.42%

24.71%

40.86%

11.47%

(5.11%)
Jul 11 - Oct 11

0.00%

(2.59%)

-5.61%

4.53%

8.11%

20.07%

3.01%

5.76%

6.37%

(12.78%)
May 15 - Feb 16

2.22%

(3.12%)

4.87%

4.68%

11.5%

0.71%

5.24%

4.91%

(7.87%)
Dec 15 - Feb 16

31 Mar 16

3.49%

5.04%

2.22%

-10.36%

16.1%

19.58%

-7.79%

4.25%

8.40%

(12.90%)
Jun 14 - Dec 14

30 Apr 16

1.95%

1.33%

8.12%

8.89%

31.11%

55.73%

-2.23%

18.42%

8.90%

(14.95%)
May 11 - Dec 11

1,523.79 20 May 16

0.89%

1.07%

5.12%

5.91%

12.51%

6.31%

3.68%

6.72%

2.50%

(2.13%)
Sep 15 - Feb 16

$1'010M
Apr 16

327.81

374M
Apr 16

192.73

30 Apr 16

1.08%

1.37%

3.13%

3.31%

7.25%

13.46%

-5.02%

10.55%

6.10%

(12.74%)
Jul 07 - Jul 08

20 May 16

0.15%

(4.46%)

0.22%

6.55%

12.68%

19.87%

-9.26%

8.87%

7.58%

(17.90%)
Apr 11 - Dec 11

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

14

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Credit/Europe
SERONE KEY OPPORTUNITIES
FUND
Serone Capital Management, Serj
Walia

29 Feb 12

WYETREE EUROPEAN RECOVERY 31 Aug 13


FUND (WERF)
WyeTree Asset Management

$147M
Mar 16

252.05

55M
Apr 16

105.92

30 Apr 16

ARISTEIA INTERNATIONAL LTD


Anthony M. Frascella, William R.
Techar

01 Aug 97

ASGARD FIXED INCOME FUND LTD 30 Jun 03


Morten Mathiesen

BLUEBAY CREDIT ALPHA LONG


SHORT FUND
Geraud Charpin

31 Oct 11

BLUEMOUNTAIN CREDIT
ALTERNATIVES FUND
BlueMountain Capital Management

31 Oct 03

CANDLEWOOD STRUCTURED
CREDIT HARVEST FD LTD
Greg Richter and Brian Herr

31 Jul 12

CHENAVARI CORPORATE CREDIT 30 Sep 08


STRATEGY M1
Chenavari Investment Managers

CLAREANT GLOBAL SPECIAL


SITUATIONS FUND
Alcentra Ltd / David Forbes-Nixon

31 Oct 07

CLAREANT STRUCTURED CREDIT 31 Aug 09


OPPORTUNITIES FUND
Alcentra Ltd / Hiram Hamilton

CLAREANT STRUCTURED CREDIT 31 Jan 11


OPPORTUNITIES FUND II
Alcentra Ltd / Hiram Hamilton

YTD

2015

Ytd Avg. 2016


(0.87%)
2.52%
2.05%
11.05%

2014

2013

2012

9.14%

25.94%

61.8%

2011

Ann.
Return

Ann.
Volatility

24.82%

8.56%

Max
Drawdown1

(4.47%)
Nov 15 - Feb 16

30 Apr 16

0.50%

(7.04%)

-5.25%

16.86%

2.91%

2.18%

6.33%

(14.52%)
Mar 15 - Feb 16

Credit/Global
AG MORTGAGE VALUE PARTNERS 30 Apr 09
LTD
Jonathan Lieberman

MTD

$1'382M
Mar 16

257.54

$957M
May 16

829.49

268M
Feb 16

531.96

191M
Apr 16

132.01

$6'570M
Mar 16

260.40

$394M
Apr 16

134.49

$237M
Mar 16

140.18

115M
Mar 16

170.82

142M
Apr 16

538.76

220M
Apr 16

312.24

30 Apr 16

Ytd Avg. 2016


(0.15%)
1.10%
(1.33%)
4.43%

10.07%

12.91%

20.59%

7.47%

14.46%

4.26%

(3.76%)
Oct 15 - Feb 16

30 Apr 16

1.11%

0.14%

-7.22%

-3.13%

15.67%

11.2%

2.36%

11.94%

8.79%

(30.20%)
May 08 - Dec 08

04 May 16

0.04%

5.25%

8.8%

10.6%

16.02%

34.12%

25.32%

13.89%

6.71%

(10.40%)
Aug 08 - Oct 08

20 May 16

0.86%

(1.13%)

1.57%

0.92%

12.13%

26.17%

0.3%

8.30%

4.92%

(4.75%)
Feb 15 - Apr 16

20 May 16

1.51%

(0.55%)

0.07%

2.67%

7.87%

14.51%

3.56%

7.92%

5.86%

(11.83%)
Aug 08 - Dec 08

30 Apr 16

0.30%

(5.31%)

-1.04%

13.78%

14.05%

10.71%

8.22%

4.52%

(9.96%)
Jun 15 - Mar 16

29 Apr 16 (0.18%)

(8.09%)

1.4%

3.94%

13.84%

17.22%

1.29%

9.17%

5.69%

(9.40%)
Apr 15 - Apr 16

31 Mar 16

2.02%

0.29%

23.71%

-1.88%

12%

16.64%

-8.59%

6.56%

14.84%

(48.74%)
Oct 07 - Dec 08

30 Apr 16

1.02%

(3.05%)

3.68%

7.28%

29.09%

44.15%

8.7%

28.73%

16.98%

(15.92%)
May 11 - Nov 11

30 Apr 16

2.76%

1.41%

8.89%

5.51%

48.08%

50.97%

19.88%

24.22%

12.17%

(8.17%)
May 11 - Sep 11

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

15

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Credit/Global
COHERENCE CAPITAL SPECTRUM 31 Jul 12
FUND OFFSHORE FUND
Coherence Capital Partners LLC

CQS ABS FEEDER FUND - CLASS


-B1- USD
Simon Finch

30 Sep 06

DW CATALYST OFFSHORE FUND


-A - USD NI
DW Partners, LP

31 Jul 09

DW VALUE OFFSHORE FUND LTD


DW Partners, LP

29 Feb 12

ELLINGTON CREDIT
OPPORTUNITIES FUND LTD
Ellington Management Group, LLC

30 Apr 08

ELLINGTON MORTGAGE
OPPORTUNITIES MASTER FUND
LTD
Ellington Management Group, LLC

31 Jan 09

III RELATIVE VALUE CREDIT


STRATEGIES FUND LTD
Lester Coyle

31 Oct 05

III SELECT CREDIT FUND LTD


CLASS -ALester Coyle

31 Dec 07

KINGDON CREDIT LTD A1/1


Michael Pohly

30 Sep 09

LOOMIS SAYLES CREDIT LONG


SHORT FUND
Kevin Kearns and Tom Stolberg

31 Aug 07

MKP CREDIT OFFSHORE FUND


MKP Capital Management, L.L.C.

28 Feb 99

MLIS - BEACH POINT DIVERSIFIED 31 Mar 13


CREDIT UCITS FUND CLASS B USD
Carl Goldsmith and Scott Klein
ONE WILLIAM STREET CAPITAL
FUND
OWS Capital Management

31 Mar 08

HY
Q

Q
Q

Q
W

Q/Y

$92M
Apr 16

15.02

$1'077M
Apr 16

5,082.87

$4'400M
Mar 16

165.36

$900M
Mar 16

156.68

$840M
Apr 16

269.01

$301M
Apr 16

267.55

20 May 16

MTD

YTD

Ytd Avg. 2016


(0.15%)
0.50%
2.23%

2015

2014

2013

2012

5.2%

2.83%

18.98%

14.17%

2011

Ann.
Return

Ann.
Volatility

11.29%

4.34%

Max
Drawdown1

(2.98%)
Jun 14 - Oct 14

30 Apr 16

1.89%

(4.52%)

-2.36%

8.02%

9.7%

16.85%

0.67%

18.48%

10.87%

(11.97%)
May 15 - Feb 16

30 Apr 16

1.91%

(2.55%)

-8.9%

5.8%

13.91%

15.34%

1.22%

7.73%

4.89%

(14.77%)
Apr 15 - Mar 16

30 Apr 16

1.57%

(0.08%)

-1.46%

8.1%

23.7%

19.01%

11.37%

5.59%

(6.74%)
Apr 15 - Feb 16

30 Apr 16

0.47%

(4.09%)

3.22%

7.89%

15.28%

27.73%

1.86%

13.16%

5.70%

(5.51%)
Aug 15 - Mar 16

30 Apr 16

0.52%

0.97%

1.79%

7.25%

9.64%

13.29%

16.19%

14.54%

3.92%

(0.85%)
May 15 - Oct 15

$126M
Mar 16

1,775.66 20 May 16 (0.40%)

$142M
Mar 16

1,859.46 20 May 16 (0.37%)

$335M
Apr 16

1,591.21

$685M
Apr 16

170.03

$2'012M
Nov 15

474.17

$207M
Oct 15

107.70

$961M
May 16

1,987.57

2.19%

-7.26%

5.23%

8.5%

10.22%

10.36%

5.59%

7.58%

(31.27%)
Nov 07 - Dec 08

2.27%

-8.35%

6.02%

8.56%

11.95%

7.41%

7.79%

6.33%

(10.51%)
May 15 - Feb 16

30 Apr 16

1.89%

(0.21%)

-2.68%

3.42%

15.67%

8.3%

1.64%

7.42%

5.31%

(10.60%)
May 15 - Feb 16

20 May 16

0.14%

2.11%

-2.52%

-2.44%

4.35%

12.48%

-0.76%

6.27%

6.30%

(9.90%)
Jun 08 - Sep 08

30 Apr 16

0.37%

(7.37%)

-6.74%

5.33%

11.18%

19.63%

-5.12%

9.48%

5.64%

(16.78%)
May 15 - Mar 16

24 May 16

0.10%

3.16%

-1.98%

-2.52%

9.26%

2.38%

5.26%

(9.25%)
Jun 14 - Feb 16

30 Apr 16

2.00%

(0.21%)

2.33%

10.05%

5.75%

18.98%

-4.19%

8.86%

5.51%

(8.43%)
Feb 11 - Nov 11

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

16

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Credit/Global
PIMCO GLOBAL CREDIT
OPPORTUNITY FUND SERIES 1
Dan Ivascyn / Jon Horne

30 Jun 06

PIMCO TACTICAL OPPORTUNITIES 31 Jan 13


FUND
PIMCO LLC - Dan Ivascyn / Josh
Anderson / Alfred Murata
PINE RIVER FIXED INCOME FUND
LTD
Steve Kuhn, Colin Teichholtz,
Brendan McAllister, Jiayi Chen

31 Aug 08

RESIDENTIAL REAL ESTATE


TOTAL RETURN OPP. FUND
(RRETRO FUND)
WyeTree Asset Management

30 Nov 08

RP DEBT OPPORTUNITIES FUND


RP Investment Advisors

30 Sep 09

RP SELECT OPPORTUNITIES
FUND
RP Investment Advisors

31 Mar 14

SABA CAPITAL OFFSHORE FUND


LTD
Boaz Weinstein

31 Jul 09

HY

M
M

SEER CAPITAL PARTNERS


30 Apr 09
OFFSHORE FUND LTD
Phil Weingord, Richard d'Albert, Seer
Capital

SPF CREDIT SUISSE SECURITIZED 31 Dec 11


PRODUCTS MASTER FUND LTD
Albert Sohn

TIG SECURITIZED ASSET FUND


LTD
Stuart Lippman, David Liu

30 Sep 12

TRICADIA CREDIT STRATEGIES,


LTD
Arif Inayatullah & Michael Barnes

31 Mar 05

VARDEN PACIFIC OPPORTUNITY


OFFSHORE FUND I LTD
Varden Pacific LLC

31 Mar 11

$3'380M
Apr 16

192.13

$972M
Apr 16

131.50

$1'623M
May 16

476.80

$96M
Mar 16

206.64

$942M
Apr 16

190.73

$236M
Apr 16

110.48

$1'191M
May 16

123.31

$1'450M
Mar 16

200.30

$1'888M
Apr 16

160.34

$684M
Apr 16

148.53

$1'573M
Mar 16

341.88

$427M
Apr 16

148.35

30 Apr 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(0.15%)
0.81%
1.06%
6.89%

4.34%

7.45%

15.18%

6.24%

6.86%

4.81%

Max
Drawdown1

(12.86%)
Jun 07 - Nov 08

30 Apr 16

1.24%

0.80%

5.68%

7.56%

14.76%

8.80%

4.11%

(1.88%)
May 13 - Jun 13

30 Apr 16

1.50%

(3.63%)

-2.52%

6.13%

10.18%

34.85%

4.77%

22.59%

9.37%

(8.99%)
May 15 - Mar 16

30 Apr 16

2.20%

(3.66%)

-0.42%

12.66%

17.56%

24.07%

-10.5%

10.28%

6.42%

(14.92%)
Feb 11 - Dec 11

30 Apr 16

1.53%

2.97%

5.13%

5.07%

10.35%

14.9%

2.78%

10.30%

3.51%

(1.80%)
Jul 11 - Sep 11

30 Apr 16

2.06%

1.08%

6.62%

2.52%

4.90%

4.25%

(3.50%)
Dec 15 - Feb 16

20 May 16

1.35%

14.06%

3.36%

-10.8%

-6.76%

-3.87%

9.33%

3.13%

8.62%

(28.08%)
Jun 12 - Mar 15

30 Apr 16

2.10%

(7.65%)

-0.57%

5.41%

12.13%

25.85%

2.09%

10.42%

6.68%

(17.05%)
Jul 15 - Feb 16

17 May 16

0.25%

(0.38%)

6.14%

10.31%

18.04%

16.46%

11.38%

3.09%

(2.24%)
Dec 15 - Feb 16

30 Apr 16

0.57%

(3.83%)

6.06%

15.17%

20.05%

5.33%

11.67%

3.75%

(4.65%)
Sep 15 - Mar 16

13 May 16

0.18%

(2.94%)

-1.82%

3.94%

10.57%

12.73%

-0.81%

11.68%

6.97%

(10.77%)
Jun 08 - Nov 08

30 Apr 16

2.88%

15.21%

-6.17%

9.15%

15.14%

28.54%

-15.05%

8.06%

13.40%

(18.02%)
Mar 11 - Sep 11

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

17

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Credit/USA
400 CAPITAL CREDIT
OPPORTUNITIES
Chris Hentemann

31 Jan 09

BEACH POINT TOTAL RETURN


OFFSHORE FUND II, LTD
Carl Goldsmith, Scott Klein,

30 Jun 96

BRIGADE LEVERAGED CAPITAL


STRUCTURES FUND LTD
Don Morgan

31 Dec 06

COASTLAND DIRECT YIELD FUND 31 Aug 14


Coastland Capital, Peter Sterling

MARINUS OPPORTUNITIES FUND


Najib Canaan

31 Mar 12

MIDOCEAN ABSOLUTE RETURN


CREDIT FUND
MidOcean Credit Fund Management
LP

31 Jan 10

MIDOCEAN CREDIT OPPORTUNITY 31 Mar 09


FUND CLASS B
MidOcean Credit Fund Management
LP

OCTAGON HIGH INCOME FUND


Andrew D. Gordon

31 Jan 11

TILDEN PARK OFFSHORE


INVESTMENT FUND LTD
Josh Birnbaum

31 Dec 10

WYETREE YIELD DISTRIBUTION


FUND (WYDF)
WyeTree Asset Management

30 Nov 12

$1'073M
Apr 16

262.37

$2'000M
Mar 16

633.80

$2'300M
Apr 16

156.24

$80M
Apr 16

112.59

$345M
Apr 16

124.63

$318M
Jan 16

149.47

$742M
Jan 16

224.49

$114M
Mar 16

135.33

$3'482M
May 16

209.94

$69M
Apr 16

113.79

30 Apr 16

MTD

YTD

2015

Ytd Avg. 2016


1.23%
1.36%
(7.23%)
-0.42%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

12.35%

15.24%

34.21%

3.07%

14.23%

6.32%

Max
Drawdown1

(11.54%)
Jun 15 - Mar 16

30 Apr 16

2.04%

3.62%

-2.08%

-0.67%

12.61%

13.86%

-0.98%

9.75%

7.92%

(24.04%)
Oct 07 - Dec 08

20 May 16

1.23%

10.52%

-11.11%

0.22%

5.96%

6.7%

2.44%

4.87%

6.80%

(19.42%)
Jun 08 - Dec 08

31 Mar 16

0.33%

0.82%

10.2%

1.34%

7.78%

1.17%

(0.12%)
Aug 14 - Sep 14

30 Apr 16

1.12%

0.73%

1.37%

3.08%

6.11%

11.59%

5.54%

2.52%

(2.27%)
May 15 - Feb 16

30 Apr 16

0.41%

0.97%

4.34%

0.33%

7.66%

10.87%

9.99%

6.64%

3.78%

(5.37%)
Jun 14 - Jan 15

30 Apr 16

1.67%

0.41%

2.26%

0.98%

10.07%

10.78%

7.46%

12.09%

6.17%

(4.96%)
Aug 14 - Feb 16

30 Apr 16

2.87%

4.80%

-0.92%

0.94%

9.04%

19.9%

-1.24%

5.93%

6.98%

(10.79%)
Jul 11 - Aug 11

30 Apr 16

1.11%

(3.10%)

1.31%

14.06%

20.51%

41.34%

10.07%

14.92%

5.62%

(5.77%)
May 15 - Mar 16

30 Apr 16

1.90%

0.73%

-0.42%

7.78%

5.46%

-0.2%

3.85%

3.72%

(6.24%)
May 15 - Feb 16

Fixed Income
Ytd Avg. 2016

(0.89%)

Fixed Income/Global
KLS DIVERSIFIED FUND LTD
31 Jul 08
Jeff Kronthal ; Harry Lengsfield ; John
Steinhardt

$830M
Apr 16

159.02

30 Apr 16

Ytd Avg. 2016


(0.89%)
2.41%
(0.89%)
-2.4%

6.76%

1.58%

7.35%

4.85%

6.17%

3.89%

(10.06%)
May 15 - Feb 16

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

18

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

14.22%

9.75%

13.06%

-0.49%

6.66%

4.84%

Max
Drawdown1

Distressed Security
Ytd Avg. 2016

1.80%

Distressed Security/Global
BLUEBAY EVENT DRIVEN CREDIT
FUND
BlueBay Asset Management LLP Anthony Robertson

30 Nov 09

CANDLEWOOD SPECIAL
SITUATIONS FUND LTD
Michael Lau and David Koenig

30 Apr 03

CANYON VALUE REALIZATION FD, 31 Dec 94


LTD - CLASS A
M.R. Julis & J.S. Friedman

CERBERUS INTL. LTD CLASS A A/C 31 May 93


191
Steve Feinberg

CONTRARIAN CAPITAL FUND I


OFFSHORE LTD
Jon Bauer

30 Sep 86

DAVIDSON KEMPNER DIST. OPP. 31 Mar 05


INT. LTD - CLASS A TRN 1
Anthony A. Yoseloff, Avi Z. Friedman
and Conor Bastable

MONARCH DEBT RECOVERY


FUND LTD
Michael Weinstock, Andrew
Herenstein

31 Mar 02

MUDRICK DISTRESSED
OPPORTUNITY FUND LTD
Jason Mudrick

30 Jun 09

OCP DEBT OPPORTUNITY


INTERNATIONAL LTD
Onex Credit Partners

30 Jun 01

OWS CREDIT OPPORTUNITY FUND 31 Dec 10


OWS Capital Management

Q/Y

PSAM REBOUND PORTFOLIO


28 Feb 03
FUND LTD
P.Schoenfeld Asset Management LLC

138M
Jan 16

151.77

$840M
Jan 16

670.33

$5'874M
Mar 16

7,731.10

20 May 16

Ytd Avg. 2016


1.70%
0.28%
(0.38%)
-0.66%

(7.96%)
Jul 15 - Feb 16

29 Feb 16 (3.60%)

(5.91%)

-14.25%

5.68%

12.53%

14.78%

3.88%

15.97%

11.02%

(28.11%)
May 08 - Nov 08

30 Apr 16

1.89%

1.58%

-2.72%

4.32%

15.65%

18.05%

-4.66%

10.06%

8.15%

(28.82%)
Oct 07 - Nov 08

$507M 1,018,817.43 30 Apr 16 (0.60%)


Apr 16
$1'918M
Apr 16

2,438.53

$1'085M
Apr 16

262.31

$1'575M
Mar 16

3,710.23

$1'200M
May 16

160.25

$250M
Mar 16

250.92

$611M
May 16

1,544.56

$2'000M
Apr 16

231.29

30 Apr 16

4.07%

(0.95%)

-4.96%

23.09%

14.1%

12.05%

9.6%

10.65%

6.39%

(22.26%)
May 08 - Feb 09

1.68%

-7.89%

0.46%

17.01%

24.31%

-1.32%

11.39%

9.46%

(33.22%)
Jun 07 - Feb 09

30 Apr 16

3.72%

4.69%

-6.17%

3.5%

21.95%

13.51%

-2.45%

9.08%

9.46%

(26.27%)
Oct 07 - Nov 08

30 Apr 16

0.51%

(2.31%)

-2.73%

1.37%

18.36%

11.57%

-0.46%

9.75%

7.52%

(32.31%)
Oct 07 - Dec 08

20 May 16

4.70%

15.10%

-25.71%

15.7%

7.73%

21.85%

-3.72%

7.08%

9.43%

(31.42%)
Aug 14 - Jan 16

31 Mar 16

3.51%

0.79%

-10.48%

0.47%

9.93%

9.21%

-1.39%

6.43%

6.40%

(24.14%)
Jun 07 - Dec 08

30 Apr 16

1.10%

(0.21%)

1.8%

12.3%

12.47%

23.41%

-2.46%

8.49%

4.73%

(7.86%)
Apr 11 - Oct 11

30 Apr 16

1.05%

(2.19%)

-9.49%

-1.16%

12.61%

14.01%

1.55%

6.57%

8.13%

(32.91%)
Jul 07 - Mar 09

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

19

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Distressed Security/Global
SOUND POINT BEACON
OFFSHORE FUND, LTD
Stephen Ketchum

30 Nov 13

STRATEGIC VALUE
RESTRUCTURING FUND
Victor Khosla

31 Aug 02

VR GLOBAL OFFSHORE FUND LTD 30 Apr 99


Richard Deitz

HY

Q/Y

$353M
Apr 16

126.63

$1'100M
Mar 16

343.95

$2'118M
Apr 16

30 Apr 16

30 Nov 05

REDWOOD OFFSHORE FUND


Jonathan Kolatch

31 Jul 00

$892M
Mar 16

$2'332M
Mar 16

YTD

2015

Ytd Avg. 2016


1.70%
2.40%
(0.15%)
0.57%

2014

2013

18.36%

6.54%

2012

2011

Ann.
Return

Ann.
Volatility

10.26%

7.51%

Max
Drawdown1

(8.26%)
May 15 - Jan 16

20 May 16

0.15%

6.14%

-5.2%

1.7%

16.17%

13.18%

-11.03%

9.42%

7.52%

(24.47%)
May 07 - Jan 09

43,445.85 30 Apr 16

5.02%

5.89%

14.49%

-0.4%

32.33%

20.69%

3.58%

24.82%

14.59%

(48.38%)
May 08 - Mar 09

Distressed Security/USA
HALCYON OFF. ASSET-BACKED
VALUE FUND LTD
Joseph Wolnick ,Joseph Godley and
Jim Coppola

MTD

3,049.05 13 May 16

Ytd Avg. 2016


2.53%
0.41%
2.40%
2.14%

6.74%

6.66%

16.14%

4.12%

11.25%

5.04%

(13.32%)
Aug 08 - Mar 09

718.56

30 Apr 16

3.20%

2.66%

-2.95%

1.59%

17.62%

21.94%

-1.98%

13.33%

10.41%

(36.28%)
May 07 - Dec 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

20

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(8.03%)
3.10%
(8.03%)
0.97%

3.87%

23.3%

-7.73%

5.24%

9.38%

8.32%

Max
Drawdown1

Equity-Commodity
Ytd Avg. 2016

(8.03%)

Equity-Commodity/Global
OCEANIC HEDGE FUND - CLASS A
Cato Brahde, Andreas Vergottis,
Bjorn Rise

31 Jul 02

$335M
Feb 16

3,448.56 20 May 16

(13.37%)
Jul 15 - Mar 16

Equity-Diversified
Ytd Avg. 2016

(3.89%)

Equity-Diversified/Asia
GOLDEN CHINA FUND NR CLASS
George Jiang,

30 Jun 04

LIGHTHORSE CHINA GROWTH


FUND LTD
Shawn Kang

31 Dec 05

NEZU CYCLICALS FUND LTD


Fuyuki Fujiwara

31 Jul 05

OCTAGON PAN ASIA FUND


Poh Min Lam & Nelson Chia

30 Sep 04

PINPOINT CHINA FUND CLASS A


USD
Qiang Wang

31 May 05

QUAM CHINA FOCUS


SEGREGATED PORTFOLIO
Chris Choy

30 Jun 05

REAL RETURN ASIAN FUND LTD


(THE)
Ezra Sun

30 Sep 04

RWC ASIA OPPORTUNITY FUND


Garret Mallal

30 Apr 15

TELLIGENT GREATER CHINA


FUND
Ching-Shan Lin

31 Jul 04

WF ASIA FUND LTD S/1


Scobie Ward

31 Jan 01

ZEAL CHINA FUND LTD - USD -NI


Daniel POON Chun Pong

31 Dec 09

M
M

Q
M
M

M
M

M
M

$1'731M
Feb 16

179.70

$110M
Aug 15

383.56

$196M
Feb 16

239.11

$21M
Feb 16

211.63

$618M
Apr 16

938.20

$127M
Apr 16

385.01

$234M
Mar 16

275.67

$81M
Apr 16

116.19

$256M
Apr 16

329.23

$546M
Apr 16

475.82

$217M
Apr 16

162.97

Ytd Avg. 2016


(5.40%)
20 May 16 (7.37%) (16.25%)
21.94%

30.02%

17.48%

26.91%

-3.9%

24.79%

24.43%

(64.64%)
Oct 07 - Nov 08

29 Apr 16

0.01%

(4.16%)

8.66%

-0.51%

15.85%

-14.51%

-12.64%

13.89%

19.42%

(41.06%)
Feb 08 - Dec 08

20 May 16 (2.93%)

(14.62%)

3.83%

16%

27.39%

-6.58%

-5.09%

8.40%

12.16%

(25.06%)
Oct 07 - Feb 09

30 Apr 16

1.20%

0.12%

1.33%

-4.44%

4.6%

11.8%

-6.07%

6.68%

8.25%

(10.69%)
Oct 07 - Jan 09

13 May 16 (0.80%)

(3.66%)

11.75%

17.46%

9.26%

8.06%

0.6%

22.66%

19.13%

(42.16%)
Oct 07 - Nov 08

20 May 16 (7.01%)

(13.55%)

4.45%

-8.2%

61.8%

16.99%

-22.17%

13.31%

25.21%

(45.67%)
May 15 - Jan 16

20 May 16

5.94%

(7.85%)

1.25%

4.33%

13.35%

9.02%

-9.19%

9.10%

10.17%

(23.36%)
May 15 - Apr 16

20 May 16

4.85%

10.67%

5%

15.25%

13.35%

(5.73%)
Aug 15 - Jan 16

30 Apr 16 (0.86%)

(8.86%)

0.63%

-6.27%

28.57%

10.76%

-17.35%

10.67%

18.32%

(46.90%)
Oct 07 - Oct 08

20 May 16

2.46%

(2.73%)

15.28%

5.71%

11.72%

27.68%

-7.21%

10.73%

12.54%

(37.65%)
Oct 07 - Nov 08

20 May 16 (1.36%)

1.52%

7.28%

0.92%

5.55%

12.89%

6.19%

7.94%

14.82%

(20.74%)
May 15 - Aug 15

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

21

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Equity-Diversified/Australian
L1 CAPITAL LONG SHORT FUND
L1 Capital PTY Ltd

31 Aug 14

$108M
Mar 16

Equity-Diversified/Brazil
BNY MELLON ARX BRAZIL FUND
SPC LONG SHORT
Bruno Garcia, Frederico Saraiva &
Rogerio Poppe

31 Jan 07

$23M
Mar 16

193.99

31 Dec 11

DUET EM FRONTIER FUND


Hedi Ben Mlouka

31 Dec 12

FIREBIRD REPUBLICS FUND, LTD


Harvey Sawikin & Ian Hague

30 Apr 97

JABCAP EMEA FUND CLASS X1


Carl Tohme

30 Sep 08

OCCO EASTERN EUROPEAN FUND 31 Dec 01


A SHARES
Andrew Wiles
SAGIL LATIN AMERICAN
OPPORTUNITIES FUND CLASS A
Adrian Landgrebe and Brad Jones

30 Jun 09

SR GLOBAL FUND (Class N)


Emerging Market Equity
Ed Butchart and CJ Morrell

31 Dec 12

M
Q
M
Q/Y

30 Sep 97

ADRIGO HEDGE
Gran Torne

30 Nov 06

ANTARES EUROPEAN FUND, LTD - 08 Dec 98


USD
Peter Miles Testa, Luca Orsini Baroni

Q
M
M

2015

Ytd Avg. 2016


15.03%
2.46%
15.03%
60.52%

Ytd Avg. 2016


6.61%
1,733.46 23 May 16 (1.62%)
6.61%
-11.34%

2014

2013

2012

2011

5.07%

Ann.
Return

Ann.
Volatility

48.85%

10.52%

Max
Drawdown1

(2.42%)

5.1%

5.22%

11.04%

3.56%

6.08%

8.64%

(23.95%)
Jun 08 - Oct 08

$80M
Apr 16

95.82

$200M
Feb 16

131.79

$136M
Apr 16

848.81

$211M
Apr 16

239.47

$442M
Apr 16

422.06

$90M
Apr 16

153.90

$70M
Feb 16

115.20

Ytd Avg. 2016


0.95%
30 Apr 16 (1.04%) (10.35%)
-3.37%

12.24%

11.49%

9.92%

4.13%

10.07%

(19.58%)
May 15 - Feb 16

19 May 16 (0.56%)

(0.38%)

2.15%

12.92%

14.7%

8.50%

12.73%

(14.92%)
Jul 15 - Feb 16

20 May 16 (0.58%)

7.73%

-11.65%

-22.64%

24.2%

13.26%

-19.42%

11.87%

29.03%

(73.20%)
Sep 97 - Jan 99

13 May 16 (1.20%)

(0.40%)

-0.08%

7.15%

9.23%

6.94%

-3.2%

12.13%

9.42%

(10.02%)
Apr 11 - May 12

20 May 16

1.87%

4.16%

5.04%

-2.56%

11.63%

7.73%

5.42%

11.42%

7.32%

(20.86%)
Jun 08 - Oct 08

30 Apr 16

6.40%

8.81%

-2.37%

6.71%

7.91%

14.48%

-9.05%

6.51%

8.97%

(15.40%)
Jun 14 - Aug 15

20 May 16 (1.91%)

(2.91%)

3.32%

3.68%

10.76%

4.27%

10.49%

(14.61%)
May 15 - Feb 16

Equity-Diversified/Europe
ADELPHI EUR. FUND $ (A)
Roderick Jack, Marcel Jongen

YTD

Aug 14 - Sep 14

Equity-Diversified/Emerging
APERIOS EMERGING
CONNECTIVITY MASTER FUND
LTD
Aperios Partners Investment
Management LLP

30 Apr 16

MTD

$1'940M
Aug 15

493.50

$245M
Feb 16

174.08

$252M
Apr 16

621.84

20 May 16

Ytd Avg. 2016


(5.09%)
4.12%
(7.20%)
2.84%

9.35%

17.28%

14.08%

-4.91%

8.94%

11.52%

(26.28%)
May 07 - Feb 09

30 Apr 16 (0.15%)

(0.19%)

4.58%

4.32%

12.83%

5.91%

-0.17%

6.06%

4.90%

(9.13%)
May 07 - Oct 08

20 May 16

3.52%

(8.77%)

17.71%

5.5%

28.79%

1.7%

-10.75%

11.03%

14.60%

(32.68%)
Jun 07 - Dec 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

22

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Equity-Diversified/Europe
AQUILUS INFLECTION FUND LTD
EUR SHS
Richard Vogel

31 Jul 07

CAPEVIEW AZRI 2X FUND


Michael Sakkas and Sushil Shah

30 Sep 10

CAPEVIEW AZRI FUND


Michael Sakkas and Sushil Shah

31 Oct 07

COVALIS CAPITAL CLASS B


Zach Mecelis

31 Dec 12

GIM PORTFOLIO STRATEGIES


Europe Dynamic L/S Fund A10-03
Jonathan Ingram, John Baker, Anis
Lahlou-Abid

30 Sep 03

M
M
M
M

GLG EUROPEAN LONG SHORT


30 Sep 00
FUND Class D EUR Unres
Pierre Lagrange, Simon Savage, Neil
Mason

GRANADA EUROPE FUND LTD


Swiss Hedge Capital AG, Andreas
Zehnder

31 Aug 04

LANSDOWNE EUROPEAN EQUITY 31 Aug 98


FD, LTD - A (EUR)
David Craigen

LC EQUITY FUND LTD


Limmat Capital Alternative
Investments AG

30 Sep 05

LEGG MASON MARTIN CURRIE


31 Aug 10
EUROP ABS ALPHA FUND Class M
(PF) Distr. (A) EUR
Michael Browne and Steve Frost

LUCERNE CAPITAL FUND L.P.


Pieter Taselaar, Thijs Hovers

31 Dec 01

MADRAGUE EQUITY LONG SHORT 31 Jan 12


Madrague Capital Partners

MARSHALL WACE - EUROPA FUND 31 Oct 06


A USD
Ernesto Fragomeni

481M
May 16

135.44

$320M
Feb 16

173.74

$1'440M
Apr 16

179.36

$291M
Mar 16

136.60

341M
Apr 16

426.24

$354M
Mar 16

331.23

CHF61M
Apr 16

1,576.58

$486M
Apr 16

225.09

CHF73M
Apr 16

289.73

257M
Mar 16

13.36

$300M
Apr 16

440.92

106M
Apr 16

136.84

$122M
May 16

152.86

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(5.09%)
20 May 16 (0.90%)
(3.74%)
3.12%

7.37%

14.59%

18.73%

-14.14%

3.50%

8.74%

Max
Drawdown1

(22.46%)
Oct 07 - Oct 08

20 May 16 (0.14%)

(16.73%)

21.64%

9.86%

24.8%

12.65%

4.31%

10.29%

8.06%

(16.97%)
Nov 15 - May 16

20 May 16 (0.10%)

(8.51%)

9.84%

4.6%

11.51%

5.82%

1.29%

7.06%

4.09%

(8.67%)
Nov 15 - May 16

30 Apr 16

1.25%

6.78%

8.67%

3.69%

14.99%

-1.27%

10.23%

4.29%

(2.45%)
Feb 14 - Jun 14

20 May 16

0.94%

(7.65%)

7.63%

1.1%

15.93%

-4.72%

10.2%

12.15%

8.48%

(16.39%)
Jun 08 - Nov 09

20 May 16

0.27%

(2.45%)

7.62%

-5.24%

7.09%

5.75%

7%

7.95%

7.76%

(17.94%)
Oct 07 - Oct 08

30 Apr 16

0.27%

1.46%

0.61%

2.12%

-3.57%

-8.93%

4.9%

3.98%

4.68%

(13.54%)
Sep 11 - Dec 13

29 Apr 16 (0.01%)

(14.62%)

28.24%

-4.32%

21.51%

4.56%

-12.68%

8.75%

11.80%

(21.60%)
May 08 - Feb 09

30 Apr 16

0.49%

1.11%

2.09%

2.7%

5.27%

2.04%

0.83%

10.57%

5.75%

(5.29%)
Jun 11 - Aug 11

25 May 16

2.22%

(4.43%)

6.31%

1.54%

20.02%

14.91%

-8.75%

5.18%

6.58%

(9.23%)
Dec 10 - Sep 11

30 Apr 16 (3.89%)

(16.05%)

17.14%

10.8%

29.19%

26.9%

-19.85%

12.26%

20.15%

(60.03%)
May 07 - Feb 09

30 Apr 16

2.22%

1.51%

6.52%

-5.68%

30.08%

3.16%

7.66%

8.93%

(9.12%)
Jan 12 - Jun 12

24 May 16

1.13%

(5.46%)

9.61%

3.96%

7.44%

8.72%

5.65%

4.53%

8.16%

(26.47%)
Jun 07 - Sep 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

23

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Equity-Diversified/Europe
MARSHALL WACE - MW TOPS
FUND
Anthony Clake

31 Dec 04

MLIS - THEOREMA EUROPEAN


31 May 10
EQUITY LONG SHORT UCITS FUND
- EUR B (acc)
Theorema Asset Management Limited

MOJNA ALPHA LEVERAGED


MASTER FUND - EUR NNI
Jakob Nordestedt, Michael OMara

30 Nov 07

NORDIC ALPHA CLASS B - NOK


Thomas Raaschou, Christian T.
Nygaard

31 Dec 12

ODEY EUROPEAN, INC (EUR)


Crispin Odey

31 May 92

PELHAM LONG/SHORT FUND LTD


CLASS A EUR
Ross Turner

31 Oct 07

PENSATO EUROPA FUND LTD


EURO CLASS
Graham Clapp & Edward Rumble

31 May 08

POLAR CAPITAL EUROPEAN


CONVICTION FUND LIMITED
Robert Gurner & Andrew Marsh

31 Mar 06

RBR EUROPEAN LONG SHORT


LTD (Ex Rhine Alpha Stars)
Rudolf Bohli

30 Apr 05

RWC SAMSARA FUND CLASS A


EURO
Ajay Gambhir

17 Sep 07

W
M

SIERRA EUROPE OFFSHORE, LTD 28 Feb 97


- CLASS C USD
Charles Michaels

SUSA EUROPEAN EQUITIES FUND 28 Feb 09


CLASS A NIE EUR
Reza Amiri

TRIAS L/S FUND


Entrepreneur Partners AG / Kilian
Kentrup

30 Apr 12

$531M
May 16

241.33

66M
Oct 15

110.90

$90M
Apr 16

167.79

NOK479M
Apr 16

155.17

730M
Mar 16

603.15

3'613M
Apr 16

214.43

99M
Apr 16

147.91

18M
Dec 15

144.54

CHF105M
Mar 16

24 May 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(5.09%)
0.84%
0.94%
9.98%

6.72%

16.17%

11.31%

4.29%

8.03%

7.19%

Max
Drawdown1

(21.75%)
Oct 07 - Feb 09

24 May 16

1.25%

(4.86%)

6.21%

-5.61%

7.94%

4.37%

-0.27%

1.74%

7.12%

(12.02%)
Sep 11 - Jul 12

20 May 16 (2.10%)

(2.61%)

7.31%

-5.72%

14.82%

-4.33%

5.58%

6.30%

6.33%

(11.33%)
Dec 13 - Aug 14

24 May 16

1.35%

(1.99%)

8.84%

15.85%

24.67%

13.57%

6.64%

(5.18%)
Dec 15 - Jan 16

20 May 16

6.02%

(27.95%)

-12.82%

5.48%

25.76%

30.69%

-20.56%

10.84%

17.88%

(50.64%)
Jan 94 - Jul 95

30 Apr 16 (0.87%)

(2.48%)

14.57%

2.58%

32.52%

16.89%

-10.68%

9.38%

11.11%

(12.25%)
May 08 - Dec 08

30 Apr 16 (0.34%)

(5.24%)

23.68%

-4.99%

1.99%

11.22%

-0.28%

5.06%

6.31%

(8.88%)
May 13 - Apr 14

20 May 16

0.76%

(0.08%)

-12.2%

2.97%

1.9%

8.07%

6.45%

3.70%

8.26%

(15.17%)
Dec 14 - Oct 15

2,937.80 13 May 16

2.60%

(8.21%)

4.25%

13.94%

20.33%

29.45%

-11.71%

10.25%

18.40%

(55.01%)
Jun 07 - Nov 08

53M
Apr 16

135.16

$42M
Apr 16

530.45

$432M
Apr 16

182.32

97M
Apr 16

189.27

20 May 16 (0.55%)

(6.13%)

-1.22%

3.63%

17.47%

2.95%

-0.84%

3.53%

7.33%

(11.67%)
Apr 15 - May 16

20 May 16

1.61%

(3.52%)

7.61%

-1.76%

4.48%

11.82%

4.88%

9.06%

8.67%

(16.98%)
Mar 00 - Jan 03

20 May 16

3.80%

(1.34%)

10.67%

-4.8%

17.78%

15.22%

-10.33%

8.66%

11.05%

(16.04%)
May 11 - Sep 11

24 May 16

3.06%

(3.30%)

22.56%

11.08%

33.7%

7.53%

16.98%

12.53%

(10.72%)
May 14 - Oct 14

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

24

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Equity-Diversified/Europe
TT LONG/SHORT FOCUS FUND
Vikram Kumar

30 Jun 13

TT MID-CAP EUROPE
LONG/SHORT FUND LTD - CL B
David Grimbley

30 Apr 05

ZADIG FUND CLASS A1


Laurent Saglio

30 Nov 05

M
M

$483M
May 16

131.22

$548M
Apr 16

324.09

163M
Sep 15

240.75

30 Nov 05

ANAVON MASTER FUND LTD


CLASS -BAvi Fruchter and Avraham Mevorah

31 Dec 10

M
M

ATLAS FUNDAMENTAL TRADING


30 Jun 08
FUND LTD
Dmitry Balyasny, Managing Partner &
CIO

BLUEMOUNTAIN LONG SHORT


EQUITY FUND L.P.
BlueMountain Capital Management
LLC

30 Jun 11

DUET GLOBAL PLUS FUND


Jason McNab

31 Jul 10

ECOFIN VISTA LONG SHORT FUND 30 Nov 12


Matthew Breidert

EXANE TEMPLIERS FUND


Jean-Francois Roussel, Stphane
Arrouays, Henri-Daniel Samama,
Exane Asset Management

28 Feb 06

FARRINGDON ALPHA ONE


31 Dec 06
Bram Cornelisse, Andreas Tholstrup,
Dennis van Wees

GLADE BROOK GLOBAL


OFFSHORE FUND LTD CLASS-ANRPaul Hudson

30 Sep 11

HABROK LTD
Rahul Khanna

31 Mar 04

2015

Ytd Avg. 2016


(5.09%)
30 Apr 16 (2.15%)
(4.98%)
26.81%

2014

2013

-2.65%

11.87%

2012

2011

Ann.
Return

Ann.
Volatility

10.05%

9.81%

Max
Drawdown1

(5.74%)

30 Apr 16

1.14%

(0.57%)

14.66%

2.64%

14.43%

6.9%

-1.72%

11.27%

8.31%

(7.41%)

20 May 16

0.36%

(5.53%)

19.06%

-6.33%

8.9%

11.02%

3.56%

8.75%

10.77%

(19.14%)
Aug 08 - Oct 08

298.17

$66M
Apr 16

131.07

Ytd Avg. 2016


(5.05%)
20 May 16 (6.00%)
(1.50%)
58.52%

-9.85%

4.75%

0.95%

16.27%

10.99%

11.03%

(16.84%)
Oct 13 - Oct 14

30 Apr 16 (1.50%)

(4.96%)

-2.07%

6.66%

11.45%

12.62%

5.19%

5.20%

8.15%

(11.31%)
May 15 - Jan 16

1,488.88 20 May 16 (0.93%)

1.58%

4.86%

12.64%

8.54%

-3.47%

7.52%

5.17%

8.23%

(13.57%)
Sep 11 - Jun 13

$882M
Mar 16

147.66

$1'500M
Mar 16

125.46

$92M
Apr 16

106.77

144M
Apr 15

YTD

Apr 06 - Sep 06

$207M
Feb 16

$239M
Mar 16

MTD

Feb 14 - Jul 14

Equity-Diversified/Global
AAM ABSOLUTE RETURN FUND
Harald James Otterhaug

Date

20 May 16

2.51%

(3.31%)

2.83%

19.48%

19.48%

3.66%

0.34%

8.29%

6.79%

(12.86%)
Jul 15 - Apr 16

30 Apr 16

0.05%

(0.19%)

0.84%

-0.38%

3.95%

11.05%

8.05%

5.05%

2.97%

(2.56%)
Feb 14 - May 14

30 Apr 16

0.85%

(6.97%)

7.61%

-0.21%

7.14%

-0.24%

1.94%

8.35%

(14.23%)
May 15 - Mar 16

17,286.49 24 May 16

0.20%

(0.61%)

0.23%

-1.64%

1.85%

0.77%

0.49%

3.97%

3.03%

(3.81%)
Dec 13 - Jan 16

$480M
Apr 16

197.36

$284M
May 16

1,261.44

$73M
Apr 16

283.17

24 May 16 (5.03%)

(7.06%)

11.35%

6.78%

10.56%

19.44%

-12.63%

7.50%

11.03%

(16.50%)
May 08 - Oct 08

30 Apr 16 (0.30%)

(10.48%)

13.12%

-1.36%

19.76%

13.1%

-6.77%

5.19%

9.53%

(10.75%)
Dec 15 - Feb 16

30 Apr 16

0.03%

(7.80%)

0.84%

7%

13.13%

6.27%

-14.36%

8.99%

14.71%

(37.31%)
May 08 - Jan 09

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

25

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Equity-Diversified/Global
HORSEMAN GLOBAL FUND USD
Russell Clark & Bobby Turnbull

31 Jan 01

KINSALE COMPASS FUND


Peter A Kinney

31 Oct 11

M
M

LANSDOWNE DEVELOPED
31 Jul 01
MARKET FUND, LTD (GBP) NNI
Peter Davies, Stuart Roden, Jonathon
Regis

LAZARD GLOBAL HEXAGON FUND 31 May 10


Jean-Daniel Malan

LOREM IPSUM MASTER FUND LP


John Segrich

31 Jul 13

M. KINGDON OFFSHORE NV - A/1


Mark Kingdon

28 Feb 86

MARSHALL WACE - MW EUREKA


A1 EUR
Paul Marshall

07 Jan 98

MARSHALL WACE - MW GLOBAL


OPPORTUNITIES A USD
Fehim Sever

28 Feb 09

Q
M

MAVERICK FUND, LTD - CLASS A/1 28 Feb 95


Lee Ainslie III

MS ASCEND UCITS FUND CLASS I


EUR
Malcolm Fairbairn

30 Apr 11

PARUS FUND PLC USD CLASS


Parus Finance, Fabrice Vecchioli

31 Dec 02 Bi-weekly

PASSPORT GLOBAL STRATEGY


FUND
John Burbank

31 Jul 00

PASSPORT LONG SHORT


STRATEGY FUND
John Burbank, Tim Garry

30 Jun 10

PASSPORT SPECIAL
30 Apr 08
OPPORTUNITIES FUND LTD CLASS
AA
John Burbank

HY

$1'016M
Apr 16

690.40

$250M
Apr 16

161.67

$10'592M
Apr 16

713.35

$326M
Feb 16

119.88

$93M
Mar 16

95.08

$1'661M
Apr 16

161.38

$8'076M
May 16

462.92

$1'073M
May 16

254.04

25 May 16

MTD

YTD

2015

Ytd Avg. 2016


(5.05%)
2.15%
(3.13%)
20.42%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

12.63%

19.15%

16.28%

-2.98%

13.44%

16.34%

Max
Drawdown1

(33.75%)
Feb 09 - Jun 10

30 Apr 16

1.86%

1.16%

9.04%

6.56%

15.74%

16.75%

1.79%

11.26%

5.52%

(4.87%)
May 15 - Jan 16

20 May 16

3.92%

(9.47%)

16.84%

11.49%

33.26%

17.87%

-20.07%

14.18%

10.80%

(20.07%)
Dec 10 - Dec 11

20 May 16 (0.63%)

(3.98%)

1.28%

-2.22%

8.97%

13.27%

-1.94%

2.91%

4.99%

(8.43%)
Apr 15 - Feb 16

31 Mar 16 (2.10%)

(20.93%)

-1.47%

12.27%

8.69%

(1.88%)

16.98%

(31.55%)
May 15 - Mar 16

20 May 16

2.77%

(5.35%)

3.34%

8.23%

23.82%

11.78%

-18.03%

14.08%

12.60%

(30.15%)
Sep 87 - Oct 87

24 May 16

1.65%

(2.94%)

12.05%

8.44%

21.61%

7.45%

9.74%

12.73%

8.79%

(23.24%)
Oct 07 - Oct 08

24 May 16

3.37%

0.60%

6.38%

6.3%

13.37%

6.83%

27.16%

13.75%

9.34%

(7.61%)
Jan 15 - Apr 15

$2'000M
Jan 16

1,702.27 20 May 16

$230M
Dec 15

1,045.91 24 May 16

2.20%

0.67%

16.01%

8.51%

16.46%

15.46%

-14.85%

12.09%

11.22%

(30.04%)
May 08 - Nov 08

0.34%

(5.94%)

1.62%

5.11%

12.16%

-0.14%

-7.06%

0.89%

4.12%

(7.49%)
Jul 15 - Mar 16

$740M
Apr 16

521.60

$1'900M
Apr 16

1,033.04

$1'000M
Apr 16

141.37

$424M
Apr 16

228.78

20 May 16

3.02%

(8.48%)

12.48%

3.75%

26.37%

23.69%

-6%

15.63%

14.06%

(15.49%)
Apr 11 - Sep 11

30 Apr 16 (0.20%)

(7.70%)

10.19%

0.9%

23.02%

11.08%

-18.74%

15.97%

25.13%

(52.74%)
Jun 08 - Dec 08

30 Apr 16 (0.60%)

(3.12%)

10.12%

-6.24%

19.89%

12.13%

-7.19%

6.11%

8.11%

(10.06%)
Apr 11 - Dec 11

30 Apr 16 (4.90%)

(8.21%)

17.81%

9.94%

45.5%

-5.67%

-19.91%

10.89%

26.81%

(43.24%)
Jun 08 - Nov 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

26

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Equity-Diversified/Global
PLATINUM FUND LTD
Kerr Neilson

31 May 94

RWC ASIA ABSOLUTE ALPHA


FUND -BPriya Kodeeswaran

31 Jan 10

SR GLOBAL FUND C INTERNATIONAL (Real Perf)


Hugh Sloane

31 Dec 93

SR GLOBAL FUND INC - G GLOBAL OPPORTUNITIES PTF


(Real Perf)
Richard Chenevix-Trench

29 Feb 96

SR PHOENICIA INC CLASS -ASERIES 1


Richard Atherton

31 Jul 01

STK CAPITAL GLOBAL EQUITIES


Daniel Grozdea

30 Nov 10

M
D

$390M
Apr 16

81.19

$19M
Apr 16

139.55

$530M
Feb 16

620.30

$390M
Feb 16

31 Dec 04

MARATHON VERTEX JAPAN FD,


LTD CLASS B
William Arah

31 May 03

SFP VALUE REALIZATION FUND


Greg McEntyre

31 Oct 03

M
Q

SR GLOBAL FUND H - JAPAN (Real 30 Sep 03


Perf)
Hugh Sloane, Alex Kydd

UMJ KOTOSHIRO FUND


Masahiro Koshiba

31 Oct 08

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(5.05%)
20 May 16 (3.93%)
(4.86%)
-3.08%

-2.67%

21.76%

17.44%

-13.51%

9.99%

12.26%

25 May 16

1,298.49 20 May 16 (1.00%)

(30.48%)

(1.13%)

11.02%

0.29%

12.92%

6.59%

0.45%

5.42%

6.65%

(6.47%)

(11.00%)

4.95%

8.36%

36.28%

1.03%

-24.27%

11.41%

20.71%

(50.10%)

(6.54%)

0.92%

2.7%

18.09%

-0.88%

-17.2%

16.59%

17.34%

(37.25%)
Oct 07 - Feb 09

$98M
Apr 16

130.19

20 May 16 (1.98%)

(6.49%)

4.18%

4.63%

20.89%

8.13%

-20.97%

11.39%

17.34%

(56.02%)
Oct 07 - Feb 09

30 Apr 16 (0.93%)

(3.47%)

-1.98%

5.27%

16.09%

9.35%

-1.64%

4.99%

8.59%

(11.78%)
Feb 15 - Feb 16

190.96

Ytd Avg. 2016


(12.06%)
30 Apr 16 (3.55%)
(7.26%)
2.45%

5.88%

21.71%

-3.45%

-0.85%

5.87%

7.27%

(12.18%)
Mar 12 - Oct 12

2,634.00 20 May 16

0.33%

(10.72%)

15.58%

2.91%

23.38%

4.89%

0.59%

7.75%

8.61%

(12.09%)
Nov 15 - Feb 16

$309M
Apr 16

380.16

$110M
Feb 16

143.58

$280M
May 16

209.45

$70M
Mar 16

1.62%

20 May 16 (5.08%)

20 May 16

7.38%

(18.20%)

18.6%

10.82%

82.11%

44.54%

7.42%

11.22%

19.93%

(55.47%)
Jan 06 - Oct 10

20 May 16 (4.60%)

(21.96%)

0.97%

0.41%

62.51%

31.05%

-8.33%

3.16%

20.20%

(35.57%)
Mar 08 - Jul 10

30 Apr 16 (2.89%)

(2.15%)

5.72%

15.2%

32.05%

17.83%

12.2%

10.36%

8.11%

(9.48%)
Jul 09 - Sep 10

Equity-Diversified/Russia
FIREBIRD NEW RUSSIA FUND, LTD 30 Jun 96
- CLASS A
Harvey Sawikin & Ian Hague

Max
Drawdown1

Apr 08 - Aug 12

494.26

$465M
Feb 15

YTD

Feb 14 - Apr 14

$100M
Feb 16

$58M
Mar 16

MTD

Oct 07 - Feb 09

Equity-Diversified/Japan
AKAMATSU FUND
Philip Kay

Date

1,568.60 20 May 16

Ytd Avg. 2016


9.73%
0.16%
9.73%
-11.33%

-34.59%

4.08%

11.42%

-14.62%

14.83%

37.85%

(81.79%)
Mar 98 - Sep 98

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

27

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Equity-Diversified/UK
ALPHAGEN OCTANIS CLASS A
Ben Wallace & Luke Newman

28 Feb 05

BLACKROCK UK EQUITY HEDGE


FUND
Nigel Ridge & Imran Sattar

30 Apr 05

M
M

PEGASUS FUND LIMITED SHARES 31 Oct 97


A-1
Martin Hughes

THREADNEEDLE UK ABSOLUTE
ALPHA FUND
Chris Kinder & Mark Westwood

30 Sep 10

$6'925M
Mar 16

264.11

$640M
Apr 16

230.99

$140M
Jan 15

61.12

$970M
Oct 15

140.44

06 May 16

31 Jan 93

ALLIANCEBERNSTEIN SELECT US 30 Nov 99


EQUITY LONG SHORT
Kurt Feuerman

Q/Y

ASCEND PARTNERS FUND II LTD - 31 Jan 04


A
Malcolm Fairbairn

BAY RESOURCES PARTNERS


OFFSHORE FUND
Thomas Claugus

31 Jul 98

BCM WESTON LP (BILLINGS


CAPITAL MANAGEMENT)
Billings Capital Management LLC

31 Jan 08

COBALT OFFSHORE LTD


Wayne Cooperman

31 Dec 96

ELM RIDGE CAPITAL PARTNERS


L.P.
Ronald Gutfleish

31 Dec 99

FJ CAPITAL FINANCIAL
OPPORTUNITY FUND LTD
Martin Friedman

31 Dec 07

GLENVIEW CAPITAL PARTNERS


(CAYMAN), LTD.
Lawrence M. Robbins

31 Dec 00

Q
Q

$1'300M
Dec 15
$126M
Apr 16
$440M
Mar 16
$2'143M
Feb 16

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


2.76%
0.31%
(0.71%)
7.74%

4.01%

16.77%

3.87%

-0.47%

9.07%

5.78%

Max
Drawdown1

(10.72%)
May 07 - Mar 08

20 May 16

1.48%

0.97%

8.35%

6.93%

6.42%

4.27%

2.48%

7.86%

5.49%

(11.70%)
Jun 08 - Oct 08

13 May 16

0.21%

11.15%

-4.13%

-15.72%

63.74%

1.06%

-1.11%

10.30%

14.88%

(35.27%)
May 98 - Oct 98

25 May 16

1.31%

(0.36%)

7.19%

5.4%

10.7%

2.91%

4.22%

6.19%

3.72%

(3.17%)
Jun 11 - Sep 11

Equity-Diversified/USA
AJR INTERNATIONAL (BVI), INC. A/1
Alexander J. Roepers

MTD

1,061.58

30 Apr 16

Ytd Avg. 2016


(2.64%)
0.15%
1.75%
-7.15%

-6.92%

20.33%

3.85%

-6%

10.69%

18.75%

(44.44%)
May 08 - Dec 08

4,548.99 24 May 16

0.26%

0.30%

-0.78%

2.76%

16.27%

6.17%

0.81%

9.62%

7.13%

(9.98%)
May 08 - Feb 09

202.24

20 May 16

0.33%

(4.36%)

2.63%

4.75%

11.59%

3.48%

-2.86%

5.89%

4.21%

(5.23%)
Apr 11 - Dec 11

10,481.24 30 Apr 16

1.00%

(1.33%)

-1.62%

5.04%

22.23%

9.24%

-6.89%

14.14%

15.51%

(39.02%)
May 08 - Feb 09

$65M
Feb 16

260.46

$298M
Mar 16

751.61

$349M
Apr 16

420.06

$163M
Apr 16

271.69

$3'001M
Apr 16

535.57

30 Apr 16

4.26%

4.07%

4.37%

3.42%

50.32%

15.2%

-8.95%

12.30%

13.28%

(20.35%)
Jun 15 - Jan 16

30 Apr 16 (2.12%)

(5.55%)

-1.12%

4.92%

8.88%

4.49%

-0.66%

10.99%

7.88%

(19.53%)
Apr 98 - Sep 98

30 Apr 16 10.10%

14.16%

-29.96%

-1.31%

22.28%

-14.08%

0.7%

9.18%

13.91%

(37.41%)
Aug 14 - Feb 16

30 Apr 16

3.68%

(0.72%)

19.64%

9.76%

25.15%

25.9%

14.77%

12.74%

13.50%

(27.44%)
May 08 - Feb 09

30 Apr 16

2.59%

(9.88%)

-18.12%

14.44%

42.9%

24.24%

-10.95%

11.56%

16.57%

(49.17%)
May 07 - Dec 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

28

Inception Liquidity
Date

Equity-Diversified/USA
GREENLIGHT CAPITAL
OFFSHORE, LTD - A/1
David Einhorn

30 Sep 96

HINOKI FUND LP
Ellen Adams & Dan Sheridan

30 Jun 12

IVORY CAPITAL FLAGSHIP


STRATEGY
Curtis Macnguyen

30 Nov 98

IVORY OPTIMAL FUND LTD


Curtis Macnguyen

31 Dec 08

MARLIN FUND LP
Michael Masters

30 Jun 95

NEUBERGER BERMAN US LONG


SHORT EQUITY FUND
Neuberger Berman Group LLC

28 Feb 14

M
Q

Q
M
D

OKUMUS OPPORTUNISTIC VALUE 31 Dec 12


FUND, LTD CLASS A
Ahmet H. Okumus

HY

OMEGA OVERSEAS PARTNERS


LTD CLASS A
Leon Cooperman

31 Dec 91

RENAISSANCE INSTITUTIONAL
EQUITIES LP (B)
Renaissance Technologies LLC

31 Jul 05

RWC US ABSOLUTE ALPHA FUND - 30 Sep 09


CLASS B
Mike Corcell

SANDLER PLUS OFFSHORE FUND 30 Sep 05


LTD
Sandler Capital Mgmt, Andrew
Sandler

SEMINOLE OFFSHORE FUND


Michael G. Messner, Paul C.
Shiverick

31 May 98

ZWEIG-DIMENNA INTL LIMITED CLASS A


Joseph DiMenna

31 May 87

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

Ytd Avg. 2016


(2.64%)
$2'923M 139,535.27 30 Apr 16 (0.30%)
2.55%
-20.38%
Jan 16
$70M
Apr 16
$782M
Apr 16
$1'686M
Apr 16
$413M
Apr 16

132.48

(8.04%)

18.12%

2013

2012

2011

Ann.
Return

Ann.
Volatility

7.51%

18.76%

7.66%

1.86%

14.40%

10.94%

Max
Drawdown1

(27.17%)
May 08 - Oct 08

-4.9%

26.05%

1.73%

7.61%

9.94%

(12.58%)
Feb 14 - Apr 14

4,098.02 20 May 16 (0.46%)

(3.39%)

-4.91%

6.8%

17.07%

10.5%

-3.54%

8.40%

5.99%

(12.61%)
May 08 - Nov 08

189.12

20 May 16 (0.27%)

(5.22%)

-6.53%

11.31%

28.31%

16.41%

-4.37%

9.01%

8.45%

(15.01%)
May 15 - Feb 16

12,216.72 30 Apr 16 (2.14%)

(0.28%)

-8.43%

21.72%

77.47%

31.53%

-17.77%

25.92%

24.99%

(60.15%)
Oct 07 - Feb 09

$161M
May 16

10.27

$376M
Apr 16

148.76

$1'400M
Feb 16

793.62

$2'572M
Mar 16

273.91

$495M
Apr 16

134.72

$117M
Apr 16

305.66

$690M
Apr 16

736.85

$1'141M
Mar 16

30 Apr 16 (4.91%)

2014

25 May 16

0.69%

2.50%

-4.21%

4.61%

1.20%

6.89%

(8.39%)
Mar 15 - Jan 16

30 Apr 16

7.48%

(25.36%)

14.25%

29.71%

34.49%

12.66%

19.85%

(36.06%)
Jun 15 - Mar 16

31 Mar 16

4.81%

(5.62%)

-10.43%

-2.13%

30.02%

25.66%

-2.97%

8.91%

14.71%

(42.55%)
May 07 - Feb 09

20 May 16

0.63%

8.50%

16.53%

13.84%

16.78%

8.29%

34.12%

9.77%

10.50%

(35.73%)
May 07 - Apr 09

24 May 16

1.20%

(4.15%)

5.37%

5.45%

14.28%

16.32%

-2.24%

4.58%

6.08%

(9.19%)
Apr 10 - Dec 11

20 May 16

2.10%

(0.34%)

12.97%

5.68%

10.38%

5.62%

8.91%

11.07%

10.34%

(14.88%)
Dec 07 - Mar 09

20 May 16 (1.10%)

(2.04%)

-7.29%

11.04%

23.18%

5.08%

-0.7%

11.75%

12.05%

(15.62%)
May 02 - Mar 03

92,342.79 31 Mar 16 (2.83%)

(15.66%)

1.79%

4.64%

21.25%

-1.18%

-2.37%

13.23%

14.94%

(50.23%)
Feb 00 - Dec 02

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

29

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

-27.2%

29.76%

-6.43%

-1.27%

7.74%

25.77%

Max
Drawdown1

Equity-Energy
Ytd Avg. 2016

40.83%

Equity-Energy/USA
DORSET ENERGY FUND, LTD CLASS A
David M. Knott, Donald Textor

31 Oct 00

$120M
Jan 16

31.90

Ytd Avg. 2016


40.83%
20 May 16 (3.77%)
40.83%
-44.05%

(70.37%)
Jun 14 - Feb 16

Equity-Financial
Ytd Avg. 2016

(9.97%)

Equity-Financial/Global
ABACO FINANCIALS FUND
Abaco Asset Management LLP

31 May 03

MARSHALL WACE - MW GLOBAL


FINANCIALS M/N A USD
Amit Rajpal

31 Oct 08

TOSCA CLASS A - USD


Johnny de la Hey

30 Sep 00

WELLINGTON MANAGEMENT INV


BERMUDA LTD BAY POND A/1 NI
Nicholas C. Adams, Partner

31 Dec 95

M
M

M
HY

381M
Apr 16

232.94

$97M
May 16

143.02

$697M
Apr 16

268.45

$4'064M
Apr 16

186.93

Ytd Avg. 2016


(9.97%)
30 Apr 16 (1.03%)
(1.21%)
10.15%

-11.47%

15.74%

4.84%

12.67%

6.76%

6.09%

(11.68%)
Nov 13 - Dec 14

24 May 16

0.87%

(5.98%)

10.31%

6.52%

5.76%

-0.75%

3.21%

4.84%

5.72%

(8.01%)
Nov 11 - Aug 12

30 Apr 16

1.19%

(12.00%)

14.57%

-6.79%

30.5%

24.94%

1.14%

6.54%

16.60%

(67.54%)
Dec 07 - Nov 08

30 Apr 16

3.40%

(20.68%)

8.16%

-1.68%

20.27%

20.41%

-12.53%

15.48%

16.88%

(63.22%)
Apr 98 - Mar 99

Equity-Healthcare
Ytd Avg. 2016

(13.59%)

Equity-Healthcare/Global
CCI HEALTHCARE PARTNERS LTD 31 Dec 00
Oliver Marti, CCI Healthcare Partners

CCI MICRO HEALTHCARE


31 Dec 12
PARTNERS LTD
Oliver Marti, CCI Healthcare Partners

JENOP GLOBAL HEALTHCARE


FUND LTD SERIES A
David Chan

31 Oct 12

MLIS - CCI HEALTHCARE LONG


31 Jan 10
SHORT UCITS FUND - B (acc) USD
Oliver Marti, CCI Healthcare Partners

$517M
Apr 16

304.19

$44M
Apr 16

175.23

$170M
Apr 16

11.99

$506M
Oct 15

125.22

30 Apr 16

Ytd Avg. 2016


(13.59%)
1.55%
(8.51%)
-7.25%

7.67%

26.54%

6.56%

3.99%

7.52%

8.89%

(20.58%)
Mar 15 - Mar 16

30 Apr 16

4.57%

(13.63%)

5.39%

20.54%

59.69%

18.34%

23.50%

(28.85%)
Jul 15 - Feb 16

10 May 16 (4.48%)

(20.17%)

-2.68%

21.95%

27.17%

-0.45%

5.29%

16.01%

(31.09%)
Jul 15 - May 16

24 May 16 (0.67%)

(9.31%)

-7.93%

7.41%

26.97%

5.51%

2.72%

3.63%

9.78%

(21.03%)
Mar 15 - Mar 16

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

30

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Equity-Healthcare/Global
VISIUM INSTITUTIONAL PARTNERS 31 May 10
FUND LTD
Jacob Gottlieb, Visium Asset
Management

$78M
Apr 16

113.93

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(13.59%)
20 May 16 (4.60%) (16.34%)
4.69%

2.11%

20.91%

5.73%

1.28%

2.21%

7.93%

Max
Drawdown1

(21.24%)
Jun 15 - May 16

Equity-Mid-Small Cap
Ytd Avg. 2016

(0.06%)

Equity-Mid-Small Cap/Europe
PELHAM LONG/SHORT SMALL CAP 31 Oct 14
FUND LTD
Ross Turner

POLAR CAPITAL EUROPEAN


FORAGER FUND LTD - AX
Robert Gurner & Andrew Marsh

31 Jul 03

425M
Apr 16

143.27

574M
Dec 15

306.13

31 Mar 16

$332M
Mar 16

20 May 16 (0.37%)

31 Oct 08

HARBOUR HOLDINGS LTD


Charles A. Paquelet

31 Dec 85

HARVEY PARTNERS LLC


Jeff Moskowitz and Jim Schwartz

31 Jan 06

SENVEST PARTNERS, LTD CLASS A


Richard Mashaal

31 Mar 97

Q
M
Q
Q

TONGA PARTNERS LP
30 Jun 92
J. Carlo Cannell, Cannell Capital LLC

HY

TRISTAN PARTNERS LP
31 May 05
J. Carlo Cannell, Cannell Capital LLC

HY

28.90%

10.71%

(6.70%)

(3.81%)

-1.67%

4.76%

11.79%

11.93%

2.39%

9.12%

7.14%

(21.47%)
Oct 07 - Feb 09

468.21

06 May 16

Ytd Avg. 2016


1.39%
1.43%
1.39%
-4.72%

-2.54%

13.46%

12.7%

1.02%

11.63%

8.45%

(14.36%)
Jun 14 - Feb 16

Equity-Mid-Small Cap/USA
COOPER CREEK PARTNERS LLC
Robert Schwartz

3.41%

Dec 15 - Jan 16

Equity-Mid-Small Cap/UK
ALPHAGEN VOLANTIS FUND, LTD - 30 Apr 02
A (USD)
Rob Giles & Adam McConkey

Ytd Avg. 2016


(3.36%)
2.72%
(2.92%)
42.71%

$163M
Mar 16

185.44

$129M
Mar 16

160.38

$106M
Apr 16

2,196.44

$670M
Apr 16

2,190.99

$67M
Apr 16

2,619.80

$64M
Apr 16

325.51

30 Apr 16

Ytd Avg. 2016


0.80%
0.00%
0.53%
7.27%

2%

27.15%

9.93%

-13.51%

8.58%

10.20%

(22.12%)
Feb 11 - Sep 11

31 Mar 16

7.30%

(1.22%)

-13.46%

8.83%

26.65%

14.64%

-1.07%

16.87%

22.80%

(49.05%)
May 07 - Feb 09

30 Apr 16

1.20%

3.70%

-9.77%

3.63%

15.93%

9.43%

-4.99%

7.98%

7.52%

(13.18%)
Jun 15 - Jan 16

30 Apr 16

4.00%

(6.30%)

-17.34%

22.21%

79.39%

34.84%

-34%

17.55%

36.12%

(70.54%)
Feb 00 - Sep 02

30 Apr 16

9.12%

5.31%

-12.61%

12.36%

34.84%

24.02%

-9.02%

14.67%

15.25%

(50.33%)
Jun 07 - Apr 09

30 Apr 16 12.30%

2.79%

-6.76%

-3.87%

38.52%

17.18%

20.24%

11.41%

16.48%

(49.97%)
Jun 07 - Feb 09

Equity-Pharma-Biotech
Ytd Avg. 2016

(8.34%)

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

31

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Equity-Pharma-Biotech/USA
PERCEPTIVE LIFE SCIENCES
OFFSHORE FUND LTD
Joseph Edelman

31 Jul 00

SIVIK GLOBAL HEALTHCARE


OFFSHORE - A/01-01
Krishen Sud

30 Jun 01

VISIUM BALANCED OFFSHORE


FUND CL 2
Jacob Gottlieb

31 Oct 05

Q/Y

$1'161M
Feb 16

1,582.17 20 May 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(8.34%)
1.65%
(11.09%)
49.6%

20.3%

43.88%

27.75%

5.82%

19.08%

16.96%

Max
Drawdown1

(24.43%)
Dec 07 - Nov 08

$42M
Feb 16

2,350.58

$3'408M
Feb 16

252.18

30 Apr 16

2.46%

(3.49%)

-5.08%

25.55%

20.95%

13.88%

-8.27%

5.93%

11.71%

(32.70%)
Oct 07 - Feb 09

20 May 16 (3.54%)

(10.44%)

5.56%

7.78%

18.57%

10.31%

1.89%

9.16%

8.85%

(15.79%)
Aug 08 - Dec 08

Equity-Technology
Ytd Avg. 2016

(0.29%)

Equity-Technology/Global
EXANE ARCHIMEDES FUND CLASS 30 Sep 06
A CAP
Gilles Lenoir and Csar Zeitouni

1'136M
Mar 16

17,895.85 24 May 16

$494M
Apr 16

8.21%

3.84%

-0.19%

3.99%

6.22%

4.30%

(5.10%)
Nov 11 - May 12

Equity-Technology/USA
SELIGMAN TECH SPECTRUM
31 Dec 06
FUND CLASS -A1-S/2-2002
J. & W. Seligman & Co. Incorporated

Ytd Avg. 2016


1.38%
0.41%
1.38%
3.76%

464.36

Ytd Avg. 2016


(1.97%)
30 Apr 16 (5.45%)
(1.97%)
8.35%

30%

11.22%

0.65%

-0.21%

9.44%

11.70%

(19.91%)
May 08 - Nov 08

Equity-Utility
Ytd Avg. 2016

(0.23%)

Equity-Utility/Europe
CYGNUS UTILITIES,
INFRASTRUCTURE &
RENEWABLES
Cygnus Asset Management

30 Apr 06

$250M
Apr 16

1,905.05

28 Feb 13

$560M
Apr 16

4.09%

2.98%

10.88%

-2.7%

6.65%

7.24%

(10.69%)
Nov 09 - Aug 11

Equity-Utility/Global
ELECTRON GLOBAL FUND, L.P.
Electron Capital Partners, LLC

30 Apr 16

Ytd Avg. 2016


3.06%
0.24%
3.06%
-0.98%

126.51

Ytd Avg. 2016


(3.52%)
20 May 16 (0.37%)
(3.52%)
17.63%

-2.84%

14.71%

7.56%

7.67%

(7.85%)
May 15 - Aug 15

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

32

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(11.96%)
16 May 16 (2.50%) (11.96%)
-9.31%

5.33%

26.16%

28.67%

-4.16%

6.10%

14.66%

Max
Drawdown1

Equity-Diversified
Ytd Avg. 2016

(11.96%)

Equity-Diversified/USA
MARCATO INTERNATIONAL LTD
Richard McGuire, Marcato Capital
Management LLC

30 Sep 10

$1'784M
Aug 15

139.61

(26.08%)
May 15 - Feb 16

Merger-Arbitrage
Ytd Avg. 2016

(0.12%)

Merger-Arbitrage/Global
TIG ARBITRAGE ENHANCED FUND 31 Dec 06
Drew Figdor

$148M
Apr 16

220.09

Ytd Avg. 2016


(0.12%)
30 Apr 16 (2.49%)
(0.12%)
1.83%

1.72%

13.34%

7.34%

6.85%

8.82%

7.80%

(10.97%)
Oct 07 - Oct 08

Multi-Strategy
Ytd Avg. 2016

(1.48%)

Multi-Strategy/Europe
CYGNUS EUROPA EVENT DRIVEN 30 Jun 10
FUND
Jose Luis Perez Esteve

MLIS - OZ EUROPE UCITS FUND


CLASS B EUR
David Windreich, Och-Ziff Capital
Management Group

31 Mar 11

PORTLAND HILL OVERSEAS FUND 31 May 12


LTD
Thierry Lucas

$139M
Mar 16

2,233.99

$379M
Oct 15

109.00

$119M
Apr 16

145.62

Multi-Strategy/Global
AG SUPER FUND INTERNATIONAL, 30 Apr 93
LTD
Michael Gordon & Dave Kamin

ALTAI CAPITAL PARTNERS


OFFSHORE, LTD
ALTAI CAPITAL MANAGEMENT,
L.P.

31 Oct 09

$482M
Apr 16
$79M
Apr 16

Ytd Avg. 2016


(2.63%)
30 Apr 16 (3.34%)
(2.31%)
27.54%

22.57%

32.14%

9.47%

-0.26%

14.77%

10.01%

(15.90%)
Oct 11 - Jul 12

24 May 16

2.46%

(3.65%)

4.96%

-6.7%

14.37%

10.74%

-8.79%

1.69%

6.55%

(10.96%)
Apr 11 - Nov 11

30 Apr 16 (1.30%)

(1.94%)

17.54%

0.25%

17.1%

7.62%

10.07%

8.37%

(6.30%)
Dec 15 - Jan 16

Ytd Avg. 2016


(1.30%)
1,665.17 20 May 16 (0.15%)
2.09%
-6.41%

2.63%

16.86%

13.67%

-2.62%

8.97%

5.40%

(24.78%)
Jun 07 - Dec 08

97.54

30 Apr 16 (1.68%)

(27.03%)

-39.09%

24.91%

52.07%

-0.05%

-0.36%

(0.38%)

24.11%

(60.60%)
Jun 15 - Apr 16

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

33

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Multi-Strategy/Global
ANDALUSIAN CORPORATE
OPPORTUNITIES FUND LP
Michael Reeber, Harrison M.
Wreschner

31 Jul 09

BG UMBRELLA FUND PLC


Boussard & Gavaudan Investment
Management

28 Feb 03

DAVIDSON KEMPNER INTL, LTD CLASS C Tranche 1


Thomas L. Kempner, Jr.

31 Oct 95

DROMEUS GLOBAL
OPPORTUNITIES FUND
Dromeus Capital Management Ltd

30 Jun 08

ECF VALUE FUND INTERNATIONAL 30 Jun 02


LTD
Gates Capital Management Inc.

GREYWOLF CAPITAL OVERSEAS


FUND
Greywolf Capital Management LP

31 Jul 03

KG INVESTMENT FUND LLC


KG Funds Management LLC

31 Dec 08

KITE LAKE (KL) SPECIAL


OPPORTUNITIES FUND LTD
Jamie Sherman & Jan Lernout

31 Jan 11

MOAB PARTNERS OFFSHORE


FUND LTD
Moab Capital Partners, LLC, Michael
Rothenberg

31 Mar 06

OMNI EVENT FUND LIMITED


Omni Partners LLP, John Melsom

31 Aug 13

OWL CREEK OVERSEAS FUND,


LTD
Jeffrey Altman

31 Jan 02

PERSHING SQUARE INTL.LTD


William Ackman

31 Dec 04

PSAM WORLDARB MASTER FUND 31 Aug 98


LTD
P. Schoenfeld Asset Management LP

Q
Q

M
Y

Q/Y
Q

$127M
Apr 16

192.35

1'480M
Apr 16

142.64

$7'738M
Apr 16

509.78

$91M
Apr 16

198.71

$1'600M
Mar 16

569.67

$946M
Apr 16

262.74

$140M
Apr 16

311.77

$235M
Apr 16

146.64

$161M
Mar 16

226.40

$97M
Mar 16

122.42

31 Mar 16

MTD

2015

Ytd Avg. 2016


(1.30%)
4.25%
(8.75%)
-22.85%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

5.37%

41.15%

30.08%

1.49%

10.30%

11.86%

Max
Drawdown1

(36.95%)
Aug 14 - Feb 16

20 May 16

1.25%

5.66%

10.77%

4.23%

11.56%

8.49%

-5.04%

2.72%

13.20%

(44.40%)
Oct 10 - Dec 11

20 May 16

0.70%

2.12%

1.68%

5.15%

10.24%

8.49%

1.59%

8.24%

3.67%

(11.22%)
Oct 07 - Nov 08

29 Apr 16

0.21%

(2.05%)

-8.8%

1.92%

11.65%

20.78%

-1.62%

9.16%

9.25%

(17.93%)
Jun 14 - Feb 16

30 Apr 16

5.34%

10.60%

-20.57%

-2.28%

18.9%

26.22%

2.09%

13.39%

16.91%

(43.83%)
May 07 - Dec 08

30 Apr 16

3.18%

1.20%

-14.14%

5.67%

15.74%

3.8%

-1.09%

7.86%

9.54%

(27.67%)
Jul 07 - Dec 08

30 Apr 16 (0.45%)

(1.67%)

12.44%

8.97%

26.85%

21.93%

12.4%

16.77%

13.51%

(20.31%)
Dec 08 - Feb 09

30 Apr 16

0.21%

3.44%

8.99%

1.31%

9.44%

11.94%

4.8%

7.56%

5.33%

(8.21%)
Mar 12 - Jun 12

20 May 16

0.10%

1.99%

4.31%

9.77%

18.26%

4.76%

-0.82%

8.39%

7.31%

(16.75%)
Aug 08 - Feb 09

30 Apr 16 (0.48%)

3.66%

16.55%

-3.49%

6.34%

8.40%

7.19%

(8.29%)
Sep 14 - Oct 14

$2'123M
Apr 16

4,613.37 20 May 16 (0.10%)

$3'967M
Apr 16

3,530.22 24 May 16 (2.50%)

$900M
Apr 16

YTD

2.55%

-2.95%

-8%

48.63%

11.07%

-15.44%

11.28%

12.70%

(20.92%)
Mar 10 - Sep 11

(17.05%)

-16.66%

37.24%

9.3%

12.39%

-2.03%

11.70%

14.91%

(39.81%)
Jul 15 - Mar 16

343.27

30 Apr 16 (0.47%)

1.91%

-7.2%

3.51%

18.08%

10.66%

1.94%

7.23%

6.61%

(29.14%)
May 07 - Nov 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

34

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Multi-Strategy/Global
SOLUS SOLA LTD CL. I
Chris Pucillo, Scott Martin, CJ
Lanktree

31 Dec 01

TRIAN PARTNERS LTD


31 Dec 05
Nelson Peltz, Peter May & Ed Garden

TRISHIELD SPECIAL SITUATIONS


FUND LLC
Jeff Buick and Robert Harteveldt.

31 May 08

TYRUS CAPITAL EVENT FUND LTD 30 Sep 09


Tony Chedraoui

WHITEBOX MULTI-STRATEGY
FUND
Andrew Redleaf, Paul Twitchell, Rob
Vogel

31 Dec 01

$3'967M
May 16

1,236.12 20 May 16

MTD

YTD

2015

Ytd Avg. 2016


(1.30%)
0.61%
(0.17%)
0.37%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

10.04%

31.78%

9.11%

-1.73%

19.09%

13.52%

Max
Drawdown1

(21.93%)
Feb 08 - Apr 09

$2'678M
Jan 16

230.43

$138M
Apr 16

3,820.41

$2'200M
Apr 16

159.33

$575M
Dec 15

558.44

20 May 16

0.35%

1.98%

4.38%

10.52%

40.06%

0.9%

3.98%

8.36%

13.24%

(30.56%)
May 07 - Feb 09

31 Mar 16

1.98%

(12.67%)

-19.85%

15.65%

22.84%

52.21%

-8.38%

18.65%

29.64%

(34.32%)
Aug 14 - Feb 16

20 May 16 (0.67%)

4.16%

-1.31%

7.65%

15.74%

6.77%

-0.07%

7.26%

7.38%

(13.79%)
Jun 14 - Sep 15

20 May 16

1.10%

1.99%

-2.78%

6.16%

18.09%

11.38%

1.2%

12.69%

9.36%

(34.40%)
Jun 08 - Dec 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

35

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


2.52%
30 Apr 16 (0.34%)
0.30%
2.77%

3.78%

6.04%

14.73%

19.93%

8.60%

5.03%

Max
Drawdown1

Fixed Income
Ytd Avg. 2016

2.52%

Fixed Income/Global
BLACKROCK FIXED INCOME
GLOBAL ALPHA FUND
Tim Webb

30 Sep 06

BLACKROCK OBSIDIAN FUND


Stuart Spodek

30 Jun 96

CAPULA GLOBAL RELATIVE VALUE 30 Sep 05


FUND LTD CLASS -AYan Huo, Masao Asai

III FUND LTD


Cliff G Viner

30 Jun 93

LMR ALPHA RATES TRADING


FUND, LTD
LMR Partners

31 May 14

PELAGUS CAPITAL FUND


Bruno Usai

31 Dec 07

PINE RIVER LIQUID RATES FUND


Pine River Capital Management L.P.

30 Nov 11

PROLOGUE FEEDER FUND, LTD.


CLASS A
David Lofthouse, Graham Walsh

31 Jan 06

SANCTUM FIXED INCOME FUND


Sanctum FI, LLP

31 Aug 03

M
M
Q

$5'700M
Feb 16
$2'000M
May 16
$9'006M
May 16
$177M
Apr 16

220.56

6,852.51 20 May 16 (0.25%)


266.35

-0.14%

5.23%

10.83%

34.27%

-13.5%

10.15%

9.24%

(20.93%)

20 May 16

0.29%

2.72%

7.53%

8.15%

7.56%

0.43%

6.21%

9.64%

4.25%

(7.41%)
Feb 08 - Mar 08

4,186.35 20 May 16

0.35%

2.37%

1.65%

2.87%

13.44%

11.83%

9.03%

6.45%

10.56%

(54.77%)
Jan 08 - Nov 08

127.67

$83M
Apr 16

197.11

$1'241M
May 16

154.03

$277M
May 16

(1.37%)

Jan 08 - Feb 09

$775M
Apr 16

$993M
May 16

(10.54%)
Jun 08 - Dec 08

20 May 16

1.00%

5.76%

15.05%

4.93%

13.18%

2.45%

(0.15%)
Mar 15 - Apr 15

20 May 16

0.08%

3.28%

-2.61%

-4.09%

3.38%

4.47%

2.27%

8.42%

5.43%

(8.75%)
Oct 13 - Jun 15

30 Apr 16

1.10%

4.85%

13.55%

2.27%

7.96%

11.71%

4.89%

10.27%

5.84%

(7.68%)
Mar 12 - May 12

1,924.69 20 May 16

0.18%

1.35%

1.88%

-3.34%

2.51%

6.02%

8.37%

6.56%

3.84%

(6.61%)
May 13 - Aug 14

199.45

20 May 16

0.28%

3.46%

5.67%

-0.27%

3.36%

1.91%

6.58%

5.57%

8.35%

(23.61%)
Jul 08 - Oct 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

36

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(2.33%)
30 Apr 16 (0.12%)
(2.33%)
2.06%

4.48%

4.95%

4.21%

-3.61%

3.83%

4.53%

Max
Drawdown1

Arbitrage
Ytd Avg. 2016

(2.33%)

Arbitrage/Global
HSBC MAA FUND USD
15 Jun 95
HSBC Alternative Investments Limited

Q/M

$79M
Mar 16

219.30

(25.30%)
Jul 07 - Dec 08

Event Driven
Ytd Avg. 2016

(1.68%)

Event Driven/Global
GEMS PROGR. FUND SICAV
31 Dec 01
RECOVERY PORTFOLIO REGULAR
USD
David Goldfarb, Miguel Abadi, Cedric
Carrol

HSBC CREDIT MARKET


OPPORTUNITIES FUND USD
CLASS COMPOSITE
Hsbc Management (Guernsey) Ltd

31 May 09

HSBC SPECIAL OPPORTUNITIES


28 Feb 07
FUND LTD - USD CLASS
HSBC Alternative Investments Limited

$73M
Jun 15

Ytd Avg. 2016


(1.68%)
2,152.67 20 May 16 (0.67%)
(5.41%)
-5.31%

-0.44%

8.61%

5.91%

-12.46%

5.47%

6.48%

(23.23%)
Jun 08 - Dec 08

$32M
Mar 16

116.49

$59M
Mar 16

134.73

29 Apr 16

0.20%

(2.66%)

-0.53%

2.75%

9.19%

8.74%

-7.47%

3.74%

5.26%

(9.16%)
Feb 11 - Dec 11

30 Apr 16

0.91%

3.04%

-3.33%

4.75%

13.97%

20.63%

-3.5%

3.30%

9.48%

(35.45%)
Jun 08 - Mar 09

Macro
Ytd Avg. 2016

(1.17%)

Macro/Global
MASTERS FUND LTD MAGNOLIA
SERIES
Sean M. Doyle

31 Dec 96

$248M
Feb 16

5,253.97

Ytd Avg. 2016


(1.17%)
31 Mar 16 (1.61%)
(1.17%)
1.11%

1.97%

11.1%

1.49%

-0.36%

9.00%

8.36%

(9.96%)
Jul 98 - Oct 98

Multi-Strategy
Ytd Avg. 2016

(3.12%)

Multi-Strategy/Global
DIAMOND NEUTRAL FUND CLASS
A1
Elchanan Jaglom, Daniel Jaglom

31 Oct 02

$118M
Apr 16

180.99

29 Apr 16

Ytd Avg. 2016


(3.12%)
0.17%
(2.68%)
2.62%

1.42%

10.45%

2.61%

-1.97%

4.49%

4.13%

(14.18%)
Jun 08 - Dec 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

37

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Multi-Strategy/Global
GAM DIVERSITY I INC - US$ CLASS 31 Dec 89
David Smith

GAM TRADING II USD


David Smith, Arvin Soh

30 Apr 97

HSBC GH FUND USD


31 May 96
HSBC Alternative Investments Limited

HSBC LEVERAGED GH FUND


HSBC Republic Investment Limited

30 Nov 04

HSBC UCITS ADVANTEDGE FUND - 31 Oct 09


USD CLASS
Hsbc Alternative Inv. Ltd

$284M
Mar 16

714.19

$541M
Mar 16

344.48

$2'042M
Mar 16

336.34

$2'042M
Mar 16

158.34

204M
Mar 16

90.88

23 May 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(3.12%)
0.49%
(3.30%)
-2.38%

0.19%

10.49%

6.67%

-3.44%

7.73%

7.76%

Max
Drawdown1

(19.64%)
Jan 94 - Jan 95

23 May 16 (0.24%)

0.25%

0.46%

4.08%

-0.45%

2.83%

-4.11%

6.70%

5.73%

(7.34%)
Apr 13 - Oct 13

30 Apr 16

0.42%

(2.06%)

3.51%

4.77%

8.51%

5.4%

-3.37%

6.28%

6.10%

(18.30%)
Jun 08 - Dec 08

30 Apr 16

0.66%

(4.92%)

5.03%

7.61%

15.12%

8.72%

-8.76%

4.11%

10.89%

(37.09%)
Jun 08 - Dec 08

18 May 16 (0.38%)

(6.02%)

-1.97%

-1.57%

7.25%

1.38%

-7.51%

(1.44%)

3.93%

(10.79%)
May 15 - May 16

Trading
Ytd Avg. 2016

6.81%

Trading/Global
HSBC TRADING ADVANTEDGE
31 Oct 05
FUND
HSBC Alternative Investments Limited

$62M
Mar 16

166.76

Ytd Avg. 2016


6.81%
30 Apr 16 (0.42%)
6.81%
3.29%

16.59%

-8.75%

-5.39%

-1.62%

4.99%

9.76%

(20.93%)
Apr 11 - Sep 13

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

38

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

-43.99%

3.11%

20.19%

-18.03%

15.08%

43.49%

Max
Drawdown1

Equity-Diversified
Ytd Avg. 2016

20.38%

Equity-Diversified/Emerging
RUSSIAN PROSPERITY FUND - A
Alexander Branis

31 Aug 96

$796M
Apr 16

154.93

Ytd Avg. 2016


20.38%
19 May 16 (4.17%)
20.38%
-3.1%

(90.26%)
Jul 97 - Jan 99

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

39

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

38.31%

25.02%

2012

2011

Ann.
Return

Ann.
Volatility

24.32%

18.87%

Max
Drawdown1

Commodity
Ytd Avg. 2016

5.44%

Commodity/Global
ANDURAND COMMODITIES FUND
Pierre Andurand

31 Jan 13

MERCHANT COMMODITY FUND


(THE) - COMPOSITE
Michael Coleman and Doug King

31 May 04

MERRICKS CAPITAL SOFT


COMMODITIES
Merricks Capital Pty Limited

31 Jan 08

M
M

$1'130M
Apr 16

1,611.37

$239M
Apr 16

597.72

$151M
Apr 16

167.59

30 Apr 16

Ytd Avg. 2016


5.44%
6.50%
12.67%
4.05%

(14.92%)
Jul 13 - Sep 14

20 May 16 (0.40%)

8.67%

-3.23%

59.33%

15.77%

-7.6%

-30.07%

16.10%

21.67%

(36.93%)
Dec 10 - Oct 11

30 Apr 16

1.44%

(5.01%)

-3.43%

4.06%

8.79%

4.98%

1.85%

6.46%

7.11%

(13.39%)
May 15 - Mar 16

Commodity-Systematic
Ytd Avg. 2016

10.19%

Commodity-Systematic/Global
ARCTIC BLUE
Jean-Jacques Duhot

31 Dec 07

ARCTIC BLUE CAPITAL 3X


Jean-Jacques Duhot

31 May 14

MILLBURN COMMODITY
PROGRAM
Millburn Ridgefield Corporation

28 Feb 05

M
M
M

$70M
Apr 16

214.89

$65M
Apr 16

180.49

$208M
Apr 16

235.90

30 Apr 16

Ytd Avg. 2016


10.19%
1.10%
6.06%
3.88%

4.54%

13.28%

7.6%

2.87%

9.61%

8.71%

(12.55%)
Jun 13 - Jul 14

30 Apr 16

3.40%

19.37%

13.76%

32.91%

36.05%

21.20%

(13.02%)
Mar 15 - Jun 15

24 May 16

1.61%

5.13%

25.5%

28.09%

-7.65%

-15.24%

-5.62%

7.93%

12.50%

(30.96%)
Apr 11 - Nov 13

Currency
Ytd Avg. 2016

1.86%

Currency/Asia
DYMON ASIA MACRO FUND
(SERIES A)
Danny Yong

31 Jul 08

THE CAMBRIDGE STRATEGY ASIAN MARKETS CURRENCY


ALPHA
Alexandra Edstein

31 Jan 06

$3'242M
Apr 16

172.56

$109M
Mar 16

171.86

20 May 16

Ytd Avg. 2016


(0.61%)
2.85%
3.98%
-10.25%

18.75%

5.19%

0.96%

20.11%

7.24%

11.16%

(13.69%)
Jul 08 - Sep 08

20 May 16 (1.42%)

(5.20%)

4.16%

8.72%

1.06%

0.86%

6.36%

5.39%

7.98%

(6.96%)
May 13 - Apr 14

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

40

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Currency/Global
HARNESS MACRO CURRENCY
FUND
Harness Investment Group Ltd

31 Mar 09

KO-ZHOU FUNDAMENTAL FX
FUND
Joe Zhou,

28 Feb 15

THE CAMBRIDGE STRATEGY 31 Jan 08


EMERGING MARKETS CURRENCY
ALPHA
Andrew Saunders

$630M
Mar 16

1,016.14 24 May 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


3.50%
0.85%
(0.78%)
-3.64%

8.27%

3.49%

17.64%

-4.62%

5.62%

10.37%

Max
Drawdown1

(13.52%)
Apr 10 - Aug 10

$81M
Apr 16

111.10

$148M
Mar 16

204.05

13 May 16 (0.91%)

4.98%

5.83%

9.12%

5.82%

(1.35%)
Aug 15 - Sep 15

20 May 16 (0.09%)

6.30%

7.91%

16.61%

-0.3%

7.42%

10.46%

8.96%

8.16%

(10.76%)
May 13 - Sep 13

Diversified
Ytd Avg. 2016

(2.02%)

Diversified/Asia
ALPHADYNE INVESTMENT
31 Jan 07
STRATEGIES FUND LTD
Bart Broadman, Philippe Khuong-Huu

BREVAN HOWARD ASIA FUND


LIMITED
Kaspar Ernst

30 Sep 04

GRATICULE ASIA MACRO FUND


Adam Levinson

28 Feb 11

RV CAPITAL ASIA OPPORTUNITY


FUND
Ranodeb Roy, RV Capital
Management Private Ltd

31 Dec 11

SINFONIETTA FUND
Symphony Financial Partners

30 Jun 08

Q
M

$473M
Apr 16

2,025.11 20 May 16

FINISTERRE GLOBAL
OPPORTUNITY FUND
Darren Walker

31 Mar 06

GAVEA FUND LTD . CLASS A S/1


Fraga Arminio and Gabriel Srour

31 Jul 03

5.69%

12.15%

7.06%

3.11%

7.88%

4.97%

(5.92%)
Jan 14 - Jun 14

$2'602M
Apr 16

249.40

$3'540M
Apr 16

147.09

$203M
Feb 16

151.81

$60M
Apr 16

156.70

30 Apr 16 (0.11%)

(1.57%)

5.19%

3.55%

11.55%

4.41%

8.86%

8.21%

3.74%

(2.56%)
Jan 16 - Apr 16

20 May 16 (0.55%)

(0.22%)

1.76%

-1.21%

17.08%

21.23%

3.3%

7.66%

6.00%

(6.81%)
May 15 - Feb 16

30 Apr 16

1.40%

1.96%

-0.94%

9.95%

13.06%

20.91%

10.11%

4.70%

(4.45%)
May 15 - Feb 16

30 Apr 16

0.48%

(9.40%)

-5.14%

-3.1%

34.5%

7.26%

22.95%

5.79%

14.29%

(18.23%)
Jun 13 - Mar 16

Diversified/Emerging
ALPHA4X CAPITAL GROWTH FUND 30 Apr 06
Manuel E. Meja-Aoun, Urvish Bidkar

Ytd Avg. 2016


(1.70%)
0.42%
0.75%
2.68%

$49M
Apr 16

162.49

$1'227M
Apr 16

233.19

$508M
Apr 16

245.17

Ytd Avg. 2016


(0.23%)
30 Apr 16 (0.94%) (10.51%)
10.25%

6.85%

-7.33%

2.54%

11.5%

4.97%

7.94%

(14.63%)
Jun 13 - Jun 14

30 Apr 16

1.29%

2.66%

6.37%

11.35%

5.36%

7.75%

-5.97%

8.75%

7.04%

(18.02%)
Jun 08 - Oct 08

20 May 16

2.05%

(1.24%)

11.51%

-5.31%

2.71%

8.19%

-0.35%

7.25%

7.02%

(12.50%)
Jul 08 - Oct 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

41

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Diversified/Emerging
GREEN FUND LLC - CLASS I
Luis Stuhlberger

31 Jan 01

PHARO GAIA FUND, LTD


Guillaume Fonkenell and Michael
Skarbinski

30 Nov 08

PHARO TRADING FUND, LTD


Guillaume Fonkenell

30 Nov 00

SPINNAKER GLOB OPP FUND, LTD 31 Jan 01


COMPOSITE
Jorge Rosas

M
Q

M
M

$556M
Feb 16

744.49

$1'127M
Apr 16

2,413.71

$409M
Apr 16

5,077.15

$856M
Mar 16

501.04

30 Apr 12

BREVAN HOWARD FUND, LTD USD CLASS A


Alan Howard

31 Mar 03

BTG PACTUAL GLOBAL EM. MKTS


AND MACRO FD
BTG Pactual Global Asset
Management

31 Jan 09

CAXTON GLOBAL INVESTMENT


LTD
Andrew E. Law

31 Jan 97

M
M

COMMONWEALTH OPPORTUNITY 30 Nov 08


CAYMAN FUND LTD
Adam Fisher

ECLECTICA FUND CLASS A EURO 30 Sep 02


(THE)
Hugh Hendry

EPISODE INC. CLASS A


David Fishwick / Tony Finding

31 Jul 05

GAM GLOBAL RATES HEDGE


FUND
Adrian Owens

31 Jan 04

GAMUT INVESTMENTS
Adrian Owens

30 Jun 86

GEMSSTOCK FUND - B1 USD


Al Breach & Darren Read

30 Nov 10

M
M

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(0.23%)
19 May 16 (0.49%)
1.39%
4.69%

-3.49%

9.9%

13.55%

-5.7%

13.15%

13.31%

Max
Drawdown1

(33.00%)

30 Apr 16

2.70%

4.19%

7.94%

17.5%

6.73%

1.1%

8.26%

13.23%

12.59%

(14.76%)

30 Apr 16

3.65%

4.84%

-9.25%

12.47%

19.65%

0.69%

-2.68%

11.11%

10.84%

(17.68%)
Aug 14 - Dec 15

15 May 16 (1.62%)

(2.97%)

-2.3%

6.64%

1%

14.01%

-11.83%

11.11%

10.99%

(31.78%)
May 08 - Feb 09

120.02

$16'891M
Apr 16

297.38

$331M
Apr 16

2,758.32

$5'986M
Feb 16

919.53

$503M
Apr 16

222.03

$66M
Mar 16

258.20

$1'111M
Apr 16

151.40

$392M
Mar 16

225.67

$424M
Apr 16

YTD

May 13 - Jun 13

$1'310M
Apr 16

$62M
Mar 16

MTD

Jun 08 - Nov 08

Diversified/Global
ATREAUS OVERSEAS FUND LTD
Atreaus Capital LP

Date

Ytd Avg. 2016


(2.43%)
20 May 16 (1.33%)
(3.07%)
12.09%

9.07%

1%

0.27%

4.60%

7.70%

(4.11%)
Nov 15 - May 16

30 Apr 16 (0.87%)

(1.78%)

-1.96%

-0.79%

2.68%

3.93%

12.15%

8.68%

6.76%

(8.53%)
Apr 13 - Apr 16

30 Apr 16

0.70%

(2.08%)

5.3%

-4.66%

9.65%

28.12%

3.44%

15.02%

7.74%

(12.56%)
Jun 14 - Jan 15

24 May 16 (1.39%)

(0.20%)

3.53%

-1.38%

18.16%

1.96%

0.7%

12.17%

7.53%

(7.37%)
Jun 07 - Aug 07

20 May 16

0.30%

0.59%

1.04%

6.19%

5.39%

15.64%

10.75%

11.26%

8.86%

(10.38%)
Jan 09 - Feb 09

20 May 16 (0.60%)

(6.39%)

6.45%

9.48%

-0.01%

-1.72%

12.11%

7.20%

19.89%

(31.94%)
Feb 08 - Sep 08

20 May 16 (1.00%)

(0.24%)

2.51%

7.77%

6.14%

-4.69%

0.98%

3.91%

10.57%

(32.77%)
Oct 07 - Feb 09

17 May 16 (2.51%)

(2.60%)

1.72%

4.72%

-0.11%

14.71%

-6.73%

6.84%

7.23%

(12.25%)
Mar 11 - Sep 11

8,201.14 24 May 16 (0.88%)

(1.08%)

0.54%

5.1%

-2.83%

0.29%

-0.95%

15.87%

12.89%

(13.45%)
Dec 87 - Apr 88

201.55

30 Apr 16

5.74%

0.38%

12.42%

6.19%

23.95%

48.41%

-13.11%

13.81%

15.95%

(20.66%)
Apr 11 - Sep 11

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

42

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Diversified/Global
GRAHAM ABSOLUTE RETURN
TRADING LTD
Graham Capital Management, L.P.

31 Dec 04

GRAHAM GLOBAL INVESTMENT


FUND II - DISCRETIONARY
ENHANCED VOL -CLASS - B Kenneth G. Tropin

31 May 04

GRAHAM GLOBAL INVESTMENT


FUND- DISCRETIONARY
Kenneth G. Tropin

31 May 04

HARMONIC ALPHA PLUS MACRO


FUND - USD CLASS
Harmonic Capital Partners LLP

30 Apr 03

JPMORGAN INVESTMENT GLOBAL 30 Apr 05


MACRO OPPORTUNITIES C (Acc)
EUR
James Elliot, Shrenick Shah, Talib
Sheikh

LONDON SELECT FUND LIMITED


David Gorton

31 Mar 04

MELLON OFF GLOB OPP FUND


LTD - MULTICURRENCY - A1
Jeff Zhang

30 Nov 05

MKP ENHANCED OPPORTUNITY


OFFSHORE, LTD
MKP Capital Management, LLC

31 Jul 13

MKP OPPORTUNITY OFFSHORE,


LTD
MKP Capital Management, L.L.C.

31 Jul 01

MLM MACRO PEAK PARTNERS


OFFSH FD, LTD - B
Timothy Rudderow

31 Mar 02

MOORE GLOBAL INV FD, LTD - A $ 31 Dec 89


Louis Bacon

MOORE MACRO MANAGERS


FUND, LTD CLASS -ALouis Bacon

31 Jul 93

ONSLOW MACRO FUND CLASS A


Nicolas Galperin, Esteban Klein

31 Dec 07

$1'328M
Apr 16

452.45

$2'048M
Apr 16

238.90

$2'048M
Apr 16

272.17

$96M
Apr 16

134.92

2'934M
Feb 16

152.14

$486M
Apr 16

166.67

$137M
Aug 15

1,246.52

$748M
Nov 15

98.58

$2'422M
Nov 15

298.98

24 May 16

MTD

2015

Ytd Avg. 2016


(2.43%)
0.19%
0.16%
1.32%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

10.41%

10.5%

9.29%

4.54%

11.72%

9.66%

Max
Drawdown1

(13.31%)
May 07 - May 08

24 May 16

0.06%

(0.19%)

-0.27%

6.53%

7.57%

7.8%

6.66%

10.00%

10.20%

(30.81%)
May 07 - Jun 08

24 May 16

0.02%

(0.21%)

-0.35%

3.18%

3.63%

3.83%

3.56%

5.57%

5.11%

(14.81%)
May 07 - Jun 08

20 May 16 (1.48%)

(5.86%)

3.43%

8.27%

-8.34%

23.45%

-8.95%

5.11%

11.79%

(18.17%)
Aug 12 - Feb 14

25 May 16

0.52%

(0.07%)

10.43%

13.75%

16.29%

2.71%

-5.09%

5.69%

7.38%

(21.35%)
Oct 07 - Feb 09

17 May 16 (0.62%)

(4.68%)

-1.32%

2.53%

9.34%

5.37%

0.08%

4.30%

9.21%

(34.17%)
Jan 08 - Dec 08

29 Apr 16

1.82%

(2.40%)

11.89%

-1.12%

1.21%

-2.53%

4.79%

2.14%

8.74%

(31.90%)
Jan 07 - Oct 08

30 Apr 16

0.51%

(2.79%)

0.82%

-3.62%

4.36%

(0.52%)

7.23%

(11.28%)
Mar 15 - Mar 16

30 Apr 16

0.34%

(1.87%)

0.66%

-2.17%

7.11%

6.89%

11.43%

7.70%

5.34%

(7.57%)
Mar 15 - Mar 16

$872M
Apr 16

2,572.83 20 May 16 (2.10%)

$4'000M
Feb 16

58,787.03 12 May 16 (0.13%)

$7'500M
Feb 16

14,284.59 12 May 16

$113M
May 16

YTD

(6.24%)

1.44%

13.66%

23.84%

-0.76%

-35.04%

6.91%

17.48%

(36.99%)
Dec 10 - May 12

(0.14%)

3.43%

1.74%

17.02%

8.82%

-2.21%

16.70%

11.38%

(18.45%)
Jan 94 - Feb 95

0.05%

(4.45%)

3.12%

5.54%

13.49%

9.01%

-2.57%

12.37%

8.10%

(14.47%)
Jan 94 - Feb 94

151.95

30 Apr 16

3.92%

2.46%

8.15%

-7.94%

7.16%

-6.72%

3.17%

5.11%

13.23%

(25.48%)
Sep 08 - Oct 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

43

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Diversified/Global
PHARO MACRO FUND, LTD
Pharo Team

30 Apr 05

PIMCO ABSOLUTE RETURN


31 Mar 02
STRATEGY IV OFFSHORE FUND II ,
CL. A/1
Qi Wang

PINPOINT MULTI-STRATEGY FUND 29 Feb 08


Qiang Wang

POTOMAC RIVER CAPITAL


MASTER FUND
Mark W. Spindel

28 Feb 11

PWP GLOBAL MACRO FUND


Maria Vassalou,

30 Sep 13

RUBICON GLOBAL FUND, LTD


Paul Brewer

31 Oct 99

STANDARD LIFE GLOBAL


FOCUSED STRATEGIES (GFS)
FUND
Standard Life Investments

31 Dec 13

TT INTERNATIONAL FUND
Tacchi Tim

31 Aug 89

TUDOR B.V.I GLOBAL FUND LTD


-A- ALT SERIES 01
Paul Tudor Jones

31 Dec 11

TUDOR BVI GLOBAL FUND LTD


CLASS -A- SERIES 01 NI
Paul Tudor Jones

31 Oct 86

TUDOR DISCRETIONARY MACRO


FUND CLASS I Series 01
Multi-PM Platform

30 Jun 12

M
M
D

M
Q

$4'229M
Apr 16

3,254.30

$1'672M
Apr 16

2,524.22

$275M
Apr 16

192.40

$11M
Apr 16

120.15

$385M
Apr 16

113.37

$777M
Apr 16

514.85

650M
Apr 16

10.20

$190M
Apr 16

6,491.05

30 Apr 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(2.43%)
2.51%
1.85%
3.57%

8.23%

18.51%

12.53%

-7.83%

11.31%

8.43%

Max
Drawdown1

(9.64%)
Jun 08 - Nov 08

30 Apr 16

1.30%

(1.56%)

4.54%

5.86%

-0.44%

12.01%

1.82%

6.79%

8.04%

(25.88%)
May 08 - Nov 08

13 May 16 (0.20%)

(2.74%)

17.03%

8.37%

4.65%

6.19%

-10.43%

8.30%

11.20%

(17.36%)
Jun 08 - Nov 08

20 May 16 (0.69%)

(6.83%)

-9.67%

5.19%

9.3%

5.55%

17.65%

3.57%

10.08%

(18.10%)
Feb 15 - May 16

30 Apr 16 (1.34%)

1.30%

-5.47%

17.22%

1%

4.97%

6.04%

(7.18%)
Jan 15 - Dec 15

20 May 16 (0.47%)

(7.92%)

5.41%

1.72%

18.27%

-3.89%

5.34%

10.40%

14.97%

(36.03%)
Dec 04 - May 07

20 May 16

0.81%

(6.18%)

8.32%

-1.12%

0.20%

5.34%

(6.94%)
Dec 15 - Apr 16

30 Apr 16 (0.95%)

(6.73%)

-0.58%

-8.57%

7.65%

4.27%

-14.09%

7.20%

13.93%

(27.05%)
Jan 94 - Jan 95

$8'250M 130,084.84 20 May 16 (0.42%)


Sep 15

(3.06%)

$8'250M 125,846.33 20 May 16 (0.49%)


Sep 15

(3.53%)

$1'764M
Sep 15

(4.45%)

1,120.17 20 May 16 (0.65%)

1.42%

3.47%

14.29%

6.27%

4.94%

6.67%

(5.52%)
Mar 15 - May 16

0.45%

2.65%

13.99%

5.41%

2.17%

17.76%

18.13%

(17.07%)
Apr 92 - Jul 92

0.56%

0.15%

13.2%

2.82%

2.96%

6.75%

(9.27%)
Jun 13 - Jun 14

Fixed Income
Ytd Avg. 2016

(1.62%)

Fixed Income/Global
MARKHAM RAE I SUB FUND
Christopher Brandt

30 Sep 11

$183M
Apr 16

11.49

20 May 16

Ytd Avg. 2016


(1.62%)
1.00%
(1.62%)
5.83%

6.89%

-6.81%

5.77%

4.71%

3.03%

9.08%

(19.31%)
May 13 - Jul 14

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

44

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

11.34%

-10.32%

8.57%

4.2%

5.55%

13.63%

Max
Drawdown1

Systematic
Ytd Avg. 2016

0.61%

Systematic/Global
EAGLE QUANTITATIVE MACRO
Eagle Trading Systems Inc.
(Menachem Sternberg)

30 Sep 06

HIGHER MOMENT AURORA FUND


LP
Ravi Singh

31 Mar 08

HIGHER MOMENT CAPITAL


OPPORTUNITIES, LP
Ravi Singh

30 Nov 09

$303M
Mar 16

168.35

$78M
Apr 16

160.09

$79M
Apr 16

459.59

Ytd Avg. 2016


0.61%
20 May 16 (7.67%)
(2.67%)
-9.39%

(22.33%)
May 12 - Apr 14

30 Apr 16 (1.27%)

0.30%

-4.99%

11.69%

5.5%

9.42%

6.81%

5.99%

6.08%

(9.63%)
Jun 09 - Aug 09

30 Apr 16 (0.08%)

4.20%

31.61%

12.47%

-9.29%

38.83%

52.2%

26.82%

22.96%

(17.34%)
Jan 11 - Mar 11

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

45

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

-0.62%

-6.23%

-2.31%

14.41%

17.40%

24.09%

Max
Drawdown1

Currency
Ytd Avg. 2016

2.97%

Currency/Global
DACHARAN HIGH EXPOSURE
Dacharan

30 Apr 08

MAN AHL CURRENCY FUND DN


31 Jul 93
USD
Matthew Sargaison and Emidio Sciulli

ORTUS AGGRESSIVE FUND


(CAYMAN) LTD
Joe Zhou,

29 Feb 04

ORTUS FUND (CAYMAN) LTD


Dr Joe Zhou

30 Sep 03

$85M
Apr 16

3,611.93

$37M
Mar 16

140.18

$163M
Apr 16

320.65

$94M
Apr 16

212.57

30 Apr 16

Ytd Avg. 2016


2.97%
7.71%
10.23%
13.49%

(26.75%)
Jul 11 - Aug 14

20 May 16 (0.35%)

(7.40%)

13.03%

58.05%

-11.24%

1.13%

-20.46%

12.27%

23.78%

(31.58%)
Apr 11 - Jun 12

13 May 16 (3.48%)

6.48%

0.87%

18.72%

-30.11%

-30.43%

12.54%

10.01%

28.78%

(62.89%)
Jul 08 - Oct 08

13 May 16 (1.81%)

2.58%

-1.06%

7.42%

-17.32%

-17.33%

5.7%

6.15%

11.42%

(33.53%)
Jan 12 - Sep 14

Systematic
Ytd Avg. 2016

(1.58%)

Systematic/Global
AHL EVOLUTION
Tim Wong , Matthew Sargaison

31 Aug 05

AHL ALPHA
Tim Wong, Matthew Sargaison

30 Sep 95

AHL DIVERSIFIED
Tim Wong, Matthew Sargaison

29 Feb 96

M
M
W

ALTIS GLOBAL TREND PORTFOLIO 30 Jun 14


Altis Partners (Jersey) Limited,
Zbigniew Hermaszewski

ASPECT DIVERSIFIED FUND CLASS A


Anthony Todd

30 Nov 98

BH-DG SYSTEMATIC TRADING


FUND LTD
BH-DG Systematic Trading LLP

30 Apr 06

BLUETREND FUND, LTD -USDCLASS A


Systematica Investments Limited

31 Mar 04

$1'551M
Apr 16

1.53

$4'500M
Mar 16

1.27

$4'600M
Mar 16

1.39

$44M
Apr 16

110.91

$831M
Apr 16

406.52

$370M
Apr 16

182.00

$5'000M
Apr 16

310.64

Ytd Avg. 2016


(1.58%)
20 May 16 (1.80%)
3.27%
3.18%

20.31%

16.91%

23.53%

10.53%

14.45%

12.25%

(13.16%)
Jun 08 - Oct 08

20 May 16 (2.30%)

(1.69%)

1.51%

22.83%

-1.51%

-0.06%

-2.76%

12.11%

12.25%

(12.29%)
Oct 01 - Feb 02

20 May 16 (3.37%)

(3.70%)

-2.68%

33.79%

-3.05%

-2.23%

-5.91%

12.63%

16.57%

(19.53%)
Oct 01 - Apr 02

30 Apr 16 (5.76%)

(11.12%)

7.87%

15.69%

5.80%

23.14%

(18.59%)
Feb 16 - Apr 16

24 May 16 (1.30%)

(6.06%)

7.88%

32.04%

-4.44%

-10.66%

4.51%

8.35%

16.01%

(22.19%)
Feb 12 - Mar 14

20 May 16 (3.89%)

(0.43%)

-1.43%

10.81%

2.09%

-3.33%

1.83%

6.13%

11.25%

(15.21%)
Apr 11 - Apr 14

20 May 16 (2.29%)

(2.18%)

3.44%

12.68%

-11.5%

0.02%

0.32%

9.78%

14.23%

(22.05%)
Apr 11 - Jan 14

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

46

Inception Liquidity
Date

Asset
Size

Systematic/Global
BORONIA DIVERSIFIED FUND
31 Aug 93
MASTER
Richard Grinham and Angus Grinham

CAMPBELL GLOBAL ASSETS FUND 31 Jan 98


LTD Class A
Campbell & Company

CAMPBELL GLOBAL ASSETS FUND 30 Jun 02


LTD Class B
Campbell & Company

CANTAB CAPITAL PARTNERS


QUANTITATIVE FUND (THE) - USD
ARISTARCHUS
Ewan Kirk, Erich Schlaikjer, Cantab
Capital

28 Feb 07

CONQUEST MACRO FUND, LTD


(COMP)
Marc Malek

30 Apr 99

CRABEL FUND SPC LTD CLASS A


Toby Crabel

28 Feb 98

DB PLATINUM IV DBX SYSTEMATIC 30 Jun 10


ALPHA INDEX FUND - CLASS I1CU
DB Platinum Advisors

DB PLATINUM IV MW HELIUM
31 Jan 12
Marshall Wace LLP / Philippe Azoulay

DISCUS FEEDER LTD CL. B USD


STANDARD LEVERAGE
Team managed

31 Dec 90

DUNN WMA FUND SA


Dunn Capital Management LLP

31 Dec 10

DUNN WMA INSTITUTIONAL UCITS 31 Aug 11


FUND
Dunn Capital Management LLP

EAGLE GLOBAL
Menachem Sternberg

30 Sep 95

FORT GLOBAL CONTRARIAN


Yves Balcer, Sanjiv Kumar

30 Sep 02

FORT GLOBAL DIVERSIFIED


Yves Balcer, Sanjiv Kumar

30 Sep 93

D
W

$50M
Mar 16

Last NAV
or Index

Date

MTD

2015

Ytd Avg. 2016


(1.58%)
2,082.88 24 May 16 (2.95%)
3.52%
-4.54%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

14.33%

13.23%

-3.99%

-8.75%

9.00%

11.59%

Max
Drawdown1

(14.56%)
Feb 08 - Apr 12

$37M
Jan 16

4,242.95 24 May 16 (1.16%)

$37M
Jan 16

3,762.18 24 May 16 (0.70%)

$2'500M
Apr 16

1,864.31 20 May 16 (1.98%)

(6.55%)

-2.97%

19.84%

12.57%

4.52%

-2.92%

8.21%

13.27%

(21.17%)
Jun 07 - Jan 10

(0.31%)

1.34%

14.38%

11.34%

1.84%

1.83%

6.64%

11.46%

(22.92%)
Jun 07 - Aug 07

(0.37%)

-8.24%

39.32%

-27.65%

15.32%

12.84%

7.15%

18.06%

(34.86%)
Apr 13 - Apr 14

$199M
Feb 16

2,394.47 24 May 16

$565M
Mar 16

6,273.39 20 May 16 (1.16%)

0.75%

14.53%

2.28%

4.21%

-6.62%

-33.44%

-6.08%

5.25%

20.22%

(56.11%)
Jul 09 - Mar 13

9.20%

-1.74%

8.67%

2.2%

15.53%

-1.93%

10.59%

15.46%

(16.71%)
Oct 98 - Jun 99

$2'374M
May 16

127.44

$126M
Apr 16

90.97

$280M
Apr 16

YTD

18 May 16 (1.32%)

(3.69%)

-0.06%

14.41%

6.63%

-3.96%

4.85%

4.20%

8.23%

(7.88%)
Mar 15 - May 16

23 May 16

0.78%

(7.49%)

-3.27%

21.93%

6.14%

4.09%

4.43%

10.32%

(17.98%)
Mar 15 - Apr 16

1,228.64 20 May 16 (2.65%)

(2.50%)

8.36%

15.4%

-10.32%

-13.88%

21.95%

10.61%

15.55%

(34.56%)
Jun 94 - Oct 95

$233M
Apr 16

167.77

$76M
Oct 15

136.96

30 Apr 16 (3.33%)

(0.94%)

9.66%

35.08%

33.42%

-18.27%

4.85%

10.19%

25.22%

(27.38%)
Aug 11 - Oct 12

24 May 16

0.36%

(0.59%)

9.14%

24.18%

33.48%

-20.2%

-4.56%

6.87%

18.95%

(27.86%)
Aug 11 - Oct 12

$390M
Apr 16

704,376.73 20 May 16 (12.14%)

$1'350M
May 16

4,138.06 20 May 16 (0.19%)

$360M
May 16

2,587.62 20 May 16 (2.35%)

(10.80%)

-9.55%

-1.04%

-15.88%

8.1%

8.82%

9.91%

22.79%

(37.82%)
Apr 13 - May 16

(1.88%)

-1.34%

12.36%

1.62%

2.83%

28.7%

10.97%

11.38%

(17.42%)
Mar 08 - Oct 08

3.50%

-3.2%

19.02%

-4.67%

7.12%

39.95%

15.44%

18.70%

(26.55%)
May 99 - Sep 00

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

47

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Systematic/Global
GRAHAM GIF II PROPRIETARY
MATRIX SP SIES A
Kenneth G. Tropin

30 Jun 99

GRAHAM GLOBAL INVESTMENT


FUND II - K4D-10V
Kenneth G. Tropin

31 Jan 95

GRAHAM GLOBAL INVESTMENT


FUND II - K4D-15V - COMPOSITE
Kenneth G. Tropin

31 Dec 00

GRAHAM GLOBAL INVESTMENT


FUND TACTICAL TREND S/A
Graham Capital Management, L.P.

30 Sep 06

GSA TREND FUND


Jonathan Hiscock, Pavel Zhlobich &
David Khabie-Zeitoune

31 Aug 13

ISAM SYSTEMATIC TREND FUND


CLASS Q
ISAM Systematic Management

31 May 01

KEYNES LEVERAGED
31 Dec 04
QUANTITATIVE STRATEGIES FUND
CLASS B SERIE 2
Sushil Wadhwani,

LYNX (BERMUDA) LTD


30 Apr 00
Jonas Bengtsson, Svante Bergstrom,
Martin Sandquist

LYNX BERMUDA 1.5 LTD


30 Apr 08
Jonas Bengtsson, Svante Bergstrom,
Martin Sandquist

MILLBURN DIVERSIFIED
PROGRAM
Millburn Ridgefield Corporation

31 Jan 77

QMS DIVERSIFIED GLOBAL


MACRO
QMS CAPITAL MANAGEMENT LP

31 May 10

ROY G. NIEDERHOFFER
DIVERSIFIED OFFSHORE FUND
R. G. Niederhoffer Capital
Management, Inc.

31 Aug 95

$845M
Apr 16

370.38

$2'744M
Apr 16

410.13

$2'744M
Apr 16

263.53

$5'799M
Apr 16

230.14

$992M
Mar 16

152.19

$786M
Apr 16

621.45

$312M
Apr 16

111.02

$2'648M
Apr 16
$382M
Apr 16
$849M
Feb 16

Date

MTD

YTD

2015

Ytd Avg. 2016


(1.58%)
24 May 16 (1.10%)
(3.61%)
0.27%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

15.91%

13.72%

-0.07%

-9.85%

8.05%

11.90%

Max
Drawdown1

(17.90%)
Apr 11 - Nov 12

24 May 16 (1.96%)

(5.95%)

0.34%

17.71%

10.04%

-4.91%

-13.12%

6.84%

12.08%

(20.70%)
Apr 11 - Nov 12

24 May 16 (2.92%)

(8.34%)

1%

27.43%

15.25%

-7.15%

-18.64%

9.90%

18.82%

(29.84%)
Feb 04 - Apr 05

24 May 16 (2.30%)

(6.39%)

5.13%

22.4%

8.44%

4.21%

-0.1%

9.02%

10.50%

(10.54%)
May 15 - May 16

20 May 16 (3.04%)

(2.60%)

14.91%

32.59%

2.55%

16.69%

15.03%

(9.97%)
Feb 16 - May 16

20 May 16 (2.36%)

(6.00%)

15.06%

61.95%

-10.66%

-17.47%

-2.74%

12.97%

18.68%

(34.79%)
Feb 11 - Sep 13

20 May 16 (4.25%)

(3.45%)

2.28%

15.91%

-3.01%

7.19%

-4.95%

7.38%

12.08%

(12.69%)
Mar 15 - May 16

5,513.39 24 May 16 (4.79%)

(0.08%)

-8.73%

27.03%

11.1%

-6.71%

-2.25%

11.20%

14.33%

(16.95%)
Mar 15 - May 16

186.24

24 May 16 (7.18%)

(0.40%)

-13.76%

42.18%

16.7%

-10.82%

-4.08%

8.01%

22.43%

(25.28%)
Mar 15 - May 16

23,977.60 24 May 16

0.32%

5.66%

5.57%

17.65%

-6.02%

-5.5%

-6.39%

14.95%

17.90%

(25.65%)
May 89 - Oct 89

$2'690M
Apr 16

175.01

$803M
Apr 16

306.53

30 Apr 16 (2.34%)

(0.54%)

2.65%

17.14%

22.88%

11.04%

1.5%

9.91%

12.06%

(11.27%)
Dec 13 - Jul 14

25 May 16 (2.70%)

6.94%

4.22%

14.86%

9.31%

-22.39%

-16.7%

5.55%

18.77%

(52.73%)
Nov 08 - Oct 12

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

48

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Systematic/Global
SMN DIVERSIFIED FUTURES FUND 31 Oct 96
SMN Investment Services GmbH

SOLAISE SYSTEMATIC FUND LTD ( 31 May 11


S Class)
Ali Nejjar

TEWKSBURY INVESTMENT FUND, 31 Dec 90


LTD - B
Matthew Tewksbury

TRADELINK INTEGRATED
PROGRAM LTD
Alex Brockmann

31 Dec 93

TULIP TREND FUND, LTD - A


Progressive Capital Partners Ltd

31 Mar 03

TWO SIGMA COMPASS CAYMAN


FUND
Two Sigma Investments, LP

31 Jul 09

WELTON GLOBAL DIRECTIONAL


PORTFOLIO
Welton Investment Partners

31 May 04

WINTON EVOLUTION FUND


David Harding

31 Aug 05

WINTON FUTURES FUND


David Harding

30 Sep 97

M
M

M
M

$68M
Feb 16

302.84

$350M
May 16

100.54

Date

MTD

Ytd Avg. 2016


(1.58%)
20 May 16 (1.23%)
(6.78%)
20 May 16 (1.00%)

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

0.9%

57.24%

-5.95%

-20.11%

-7.77%

7.57%

19.13%

Max
Drawdown1

(37.70%)

(10.17%)

3.18%

12.26%

1.84%

-0.15%

-4.97%

0.11%

12.04%

(13.98%)
Mar 15 - May 16

19,686.59 20 May 16 (3.00%)

$132M
Apr 16

2,605.42 20 May 16 (2.70%)

$315M
Mar 16

4,530.40 20 May 16 (9.37%)

$862M
Mar 16

2,786.43

$133M
Apr 16

226.49

$13'418M
Apr 16

2015

Dec 08 - Sep 13

$2'224M
Apr 16

$358M
Apr 16

YTD

6.71%

3.21%

7%

7.57%

3.53%

4.55%

12.45%

4.95%

(7.75%)
Jun 07 - Aug 07

(3.79%)

-6.78%

22.7%

7.76%

-6.33%

-21.27%

15.67%

21.82%

(36.53%)
May 03 - Jan 05

(0.84%)

-8.81%

36.15%

-0.01%

4.89%

-20.93%

12.18%

27.46%

(34.25%)
Feb 09 - Jan 10

30 Apr 16

0.61%

7.50%

15.02%

25.56%

14.07%

4.23%

2.33%

16.38%

8.77%

(9.85%)
Apr 11 - Sep 11

23 May 16 (3.50%)

2.31%

-1.91%

34.01%

-5.73%

-8.12%

-14.44%

7.06%

14.10%

(33.18%)
Feb 11 - Sep 13

1,669.30 25 May 16 (2.37%)

(6.22%)

0.74%

17.26%

14.56%

-8.31%

3.83%

4.89%

11.07%

(14.61%)
Jun 08 - Jul 09

989.51

25 May 16 (1.96%)

(4.11%)

0.93%

13.87%

9.4%

-3.56%

6.29%

13.07%

16.35%

(25.08%)
Oct 01 - Feb 02

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

49

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

11.2%

7.34%

1.85%

11.56%

15.09%

12.02%

Max
Drawdown1

Discretionary
Ytd Avg. 2016

(3.96%)

Discretionary/Asia
AMAZON MARKET NEUTRAL FUND 31 Aug 05
CLASS A USD
Philip King

$266M
Apr 16

448.00

Ytd Avg. 2016


(16.04%)
30 Apr 16 (0.79%) (16.04%)
26.27%

Discretionary/Europe
OYSTER MARKET NEUTRAL EUR
Syz Asset Management S.A.

31 Jul 09

261M
Mar 15

167.42

24 May 16

MARSHALL WACE - MW MARKET


NEUTRAL TOPS A USD
Anthony Clake.

31 Oct 07

MLIS - MARSHALL W. TOPS UCITS 31 Dec 07


FUND (MKT NTRL)
Marshall Wace LLP

$805M
May 16

319.81

$1'159M
May 16

194.26

$3'309M
Apr 16

139.94

20 May 16

30 Apr 02

EQUILIBRIA JAPAN FUND LTD 2X


(USD)
James Pulsford, Sara Gardiner-Hill

30 Apr 09

24 May 16

31 Mar 08

SCHRODER CAZENOVE UK
ABSOLUTE TARGET FUND - P2
GBP
Steven Cordell

30 Jun 08

10.72%

6.4%

-6.15%

1.62%

4.51%

(8.93%)

Ytd Avg. 2016


0.94%
0.96%
(1.81%)
-3.82%

1.57%

8.26%

9.2%

-4.11%

7.16%

5.48%

(10.73%)

1.95%

3.86%

19%

13.34%

18.78%

15.02%

3.18%

8.06%

6.37%

(15.98%)
Jun 08 - Nov 08

24 May 16

0.65%

0.76%

7.97%

6.39%

7.58%

6.07%

3.46%

4.08%

4.29%

(11.63%)
Jun 08 - Oct 08

$187M
Apr 16

242.61

$337M
Apr 16

153.71

20 May 16

Ytd Avg. 2016


(5.96%)
0.29%
(3.91%)
1.95%

4.6%

9.16%

-3.55%

-0.13%

6.50%

4.57%

(7.20%)
Jul 11 - Dec 12

20 May 16

0.54%

(8.02%)

3.19%

9.46%

19.7%

-6.6%

-0.5%

6.28%

8.59%

(13.42%)
Jul 11 - Dec 12

Discretionary/UK
ABSOLUTE INSIGHT UK EQUITY
MKT NEUTRAL FUND-CLASS B2P
GBP
Andrew Cawker, Iain Brown, Richard
Howarth

-0.18%

Jul 14 - Mar 16

Discretionary/Japan
EQUILIBRIA JAPAN FUND LTD 1X
USD
James Pulsford, Sara Gardiner-Hill

Ytd Avg. 2016


(8.35%)
0.64%
(8.35%)
5.18%

Dec 15 - Apr 16

Discretionary/Global
BLACK DIAMOND RELATIVE VALUE 31 Jul 99
LTD -C-Shs
Clint Carlson

(20.20%)
Jun 08 - Dec 08

783M
Sep 15

1.23

262M
Aug 15

124.60

25 May 16

Ytd Avg. 2016


(1.06%)
0.43%
(0.54%)
1.69%

0.6%

2.8%

3.49%

2.3%

2.49%

1.40%

(1.82%)
Feb 14 - May 14

25 May 16 (0.56%)

(1.58%)

5.24%

-3.98%

10.09%

4.08%

11.24%

2.82%

4.88%

(9.96%)
Sep 09 - Dec 10

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

50

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

11.39%

7.07%

-0.67%

2011

Ann.
Return

Ann.
Volatility

9.00%

11.17%

Max
Drawdown1

Diversified
Ytd Avg. 2016

4.56%

Diversified/Global
RENAISSANCE INSTITUTIONAL
DIVERSIFIED ALPHA FUND INTL.
L.P.,A
Renaissance Technologies LLC

28 Feb 12

$2'512M
Mar 16

143.96

20 May 16

Ytd Avg. 2016


4.56%
1.64%
4.56%
16.23%

(8.40%)
Mar 13 - Sep 13

Equity Diversified
Ytd Avg. 2016

(4.37%)

Equity Diversified/Asia
BLACKROCK PAN ASIA
31 Jul 10
OPPORTUNITIES FUND LTD CLASS
B
Jeff Shen, Ryan Kim, Ryan LaFond,
Jan Bratteberg

MACQUARIE ASIAN ALPHA FUND


Nick Bird

30 Sep 05

$723M
Apr 16

$1'300M
Apr 16

119.18

30 Sep 10

GAM TALENTUM ENHANCED


EUROPE LONG/SHORT - A Gianmarco Mondani / Roberto
Cantaluppi / Paolo Longinotti

30 Nov 04

GLG EUROPEAN EQUITY


30 Jun 11
ALTERNATIVE Class IN EUR
Pierre Lagrange, Simon Savage, Neil
Mason

MACQUARIE EUROPEAN ALPHA


FUND - CLASS A
Nick Bird, Andrew Alexander

31 Jul 12

1,762.59 13 May 16

612M
Sep 15

129.75

337M
Apr 16

289.94

$912M
Mar 16

112.97

$734M
Apr 16

130.15

$69M
Mar 16

7.13%

2.92%

9.6%

3.08%

5.83%

(12.85%)

0.40%

(5.86%)

-8.11%

10.4%

9.04%

4.41%

9.11%

7.11%

6.42%

(14.79%)
May 15 - Apr 16

Ytd Avg. 2016


(4.35%)
25 May 16 (0.18%)
(3.58%)

5.2%

4.9%

16.13%

-0.35%

-4.05%

4.15%

5.42%

(13.12%)
Mar 11 - May 12

20 May 16

1.74%

(6.91%)

18.3%

3.54%

15.83%

16.66%

2.91%

9.72%

8.80%

(25.03%)
Jun 08 - Apr 09

20 May 16

0.17%

(2.83%)

6.91%

-6.26%

7.23%

6.19%

1.87%

2.52%

4.85%

(10.37%)
Feb 14 - Oct 14

30 Apr 16 (2.03%)

(4.09%)

5.04%

9.62%

12.78%

5.11%

7.44%

4.58%

(4.57%)
Jan 16 - Apr 16

Equity Diversified/Global
MITRA CAPITAL MASTER FUND LP 30 Sep 12
David Lander

3.78%

Jul 15 - Apr 16

Equity Diversified/Europe
BLACKROCK EUROPEAN
DIVERSIFIED EQUITY A.R.F SHARE CLASS D
Robert Fisher/Simon Weinberger

13 May 16

Ytd Avg. 2016


(6.78%)
0.74%
(7.70%)
-1.91%

142.39

31 Mar 16

Ytd Avg. 2016


(2.00%)
1.60%
(6.33%)
43.43%

-12.55%

17.04%

3.55%

10.62%

21.13%

(20.68%)
Feb 14 - Dec 14

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

51

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Equity Diversified/Global
TWO SIGMA ABSOLUTE RETURN
CAYMAN FUND LTD
Two Sigma Advisers, LP

31 Oct 11

$1'062M
Mar 16

1,517.58

30 Apr 16

MTD

YTD

2015

Ytd Avg. 2016


(2.00%)
0.43%
2.33%
14.99%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

10.09%

11.25%

4.03%

1.23%

9.71%

4.94%

Max
Drawdown1

(3.30%)
Jun 13 - Aug 13

Multi-Strategy
Ytd Avg. 2016

0.86%

Multi-Strategy/Asia
LIM ASIA MULTI-STRATEGY FUND
CLASS A
George W. Long

31 Dec 95

$970M
Apr 16

39.93

20 May 16

$2'204M
Mar 16

4.12%

5.63%

3.57%

-0.23%

7.02%

5.59%

(15.79%)
Feb 08 - Nov 08

Multi-Strategy/Global
HUDSON BAY INTERNATIONAL
31 May 06
FUND LTD
Hudson Bay Capital Management LP

Ytd Avg. 2016


0.91%
0.48%
0.91%
1.77%

229.00

30 Apr 16

Ytd Avg. 2016


0.81%
0.19%
0.81%
-1.91%

-2.08%

7.9%

11.37%

4.31%

8.71%

4.94%

(6.11%)
Feb 14 - Nov 15

Statistical Arbitrage
Ytd Avg. 2016

(0.87%)

Statistical Arbitrage/Global
A.R.T. INTERNATIONAL INVESTOR 28 Feb 07
(BVI) Ltd
Aaron Sosnick

GSA INTERNATIONAL FUND CLASS A


David Khabie-Zeitoune

28 Feb 05

$841M
Apr 16

248.46

$793M
Apr 16

285.93

Ytd Avg. 2016


(0.87%)
18 May 16 (0.93%)
1.23%
3.11%

9.83%

4.91%

5.67%

7.88%

10.37%

7.14%

(10.48%)
Jul 07 - Aug 07

20 May 16

1.66%

(2.96%)

11.41%

12.14%

13.28%

3.64%

15.2%

9.81%

4.40%

(11.91%)
Jun 08 - Sep 08

Systematic
Ytd Avg. 2016

(4.10%)

Systematic/Europe
BLACKROCK EOS CLASS B USD
COMPOSITE
Robert Fisher, Simon Weinberger

28 Feb 02

$431M
Apr 16

Ytd Avg. 2016


(3.64%)
1,561.87 24 May 16 (0.76%)
(3.64%)
5.08%

31 Jul 02

M/Q

$1'047M
Mar 16

20.08%

3.49%

-3.11%

8.80%

8.19%

(14.33%)
Jul 07 - Jan 08

Systematic/Global
BLACKROCK 32 CAPITAL MASTER
FUND SPC, LTD (THE) - B/1
Raffaele Savi and Ken Kroner

6.55%

2,079.91

Ytd Avg. 2016


(4.26%)
30 Apr 16 (1.68%)
(7.40%)
6.35%

-0.67%

8.02%

9.41%

24.92%

5.47%

7.43%

(25.15%)
Jun 08 - Sep 09

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

52

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Systematic/Global
BLUEMATRIX FUND CLASS -AUSD
Systematica Investments Limited

31 Oct 07

DACHARAN EQUITY FUND


Dacharan

31 Dec 13

$774M
Feb 16

169.02

$53M
Apr 16

1,273.99

20 May 16

MTD

YTD

Ytd Avg. 2016


(4.26%)
1.20%
(4.18%)

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

7.9%

10.4%

12.57%

-2.49%

-1.42%

6.32%

7.02%

Max
Drawdown1

(9.96%)
Apr 11 - Sep 11

30 Apr 16 (4.83%)

(1.19%)

9.66%

19.88%

11.88%

10.48%

(6.62%)
Jan 15 - Jun 15

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

53

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

2.63%

12.2%

12.04%

14.32%

13.20%

10.46%

Max
Drawdown1

Merger-Arbitrage
Ytd Avg. 2016

2.26%

Merger-Arbitrage/Global
ABRAX MERGER ARBITRAGE S.G.
FUND
Puzzle Capital, Xavier Robinson

30 Apr 11

GLAZER ENHANCED OFFSHORE


FUND LTD
Paul Glazer

31 Dec 98

LION FUND, LTD (THE)


Nick Walker

31 Jan 96

$82M
Apr 16
$473M
May 16
$32M
Apr 16

186.05

Ytd Avg. 2016


2.31%
30 Apr 16 (4.22%)
2.78%
22.74%

1,252.42 20 May 16

31 Aug 89

$138M
Apr 15

0.49%

2.96%

11.78%

5.91%

5.56%

5.34%

8.94%

15.64%

5.93%

(5.77%)
Oct 07 - Dec 07

37.89

30 Apr 16

3.21%

1.18%

8.52%

-8.29%

-5.17%

2.36%

4.6%

6.72%

9.43%

(34.07%)
Oct 07 - Feb 09

Merger-Arbitrage/USA
GABELLI ASSOCIATES LIMITED
Mario Gabelli

(11.84%)
May 12 - Oct 12

646.00

20 May 16

Ytd Avg. 2016


2.12%
0.42%
2.12%
3.14%

2.09%

3.12%

2.55%

3.03%

7.23%

3.20%

(6.65%)
Oct 07 - Oct 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

54

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

Ytd Avg. 2016


(1.68%)
0.71%
(5.41%)
2.48%

7.89%

20.57%

6.72%

2011

Ann.
Return

Ann.
Volatility

7.39%

4.32%

Max
Drawdown1

Credit
Ytd Avg. 2016

(1.12%)

Credit/Europe
CHENAVARI MULTI STRATEGY
CREDIT FUND - MS2
Chenavari Investment Managers

31 Jan 12

NUMEN CREDIT OPPORTUNITIES


FUND
Filippo Lanza

31 Oct 08

$513M
Mar 16

134.58

195M
Apr 16

448.16

31 Mar 16

30 Apr 16 (0.83%)

31 May 04

$1'413M
Apr 16

2.04%

1.79%

1.59%

12.47%

25.15%

-9.8%

22.14%

16.49%

(16.68%)
Oct 10 - Jan 12

Credit/Global
CANYON BALANCED FUND LTD
M.R. Julis & J.S. Friedman

(6.69%)
May 15 - Feb 16

3,278.91

30 Apr 16

Ytd Avg. 2016


0.01%
2.05%
0.01%
-8.4%

6.16%

19.99%

20.52%

-4.57%

10.47%

9.91%

(30.14%)
Oct 07 - Nov 08

Diversified
Ytd Avg. 2016

0.03%

Diversified/Asia
PHALANX JAPAN AUSTRALASIA
MULTI-STRATEGY FUND LTD
Christopher S. McGuire

31 Mar 05

SEGANTII ASIA-PACIFIC EQUITY


MULTI-STRATEGY FUND
Simon Sadler & Kurt Ersoy

30 Nov 07

$43M
Mar 16

1,440.80

$1'723M
Apr 16

379.10

31 Mar 16

30 Jun 99

$950M
Mar 16

30 Jun 06

ARROWGRASS MASTER FUND


Nick Niell , Henry Kenner

31 Jan 08

ATLAS ENHANCED FUND LTD


Dmitry Balyasny

28 Feb 11

M
Q
M

12.82%

11.48%

4.79%

27.42%

25.19%

(30.13%)

20 May 16 (0.95%)

0.36%

29.51%

34.88%

-1.68%

4.81%

40.75%

17.02%

9.90%

(10.16%)
May 13 - Mar 14

2,175.10 15 May 16

Ytd Avg. 2016


5.29%
1.24%
5.29%
7.08%

-3.57%

3.4%

20.68%

-9.29%

20.00%

11.56%

(33.18%)
May 08 - Feb 09

Diversified/Global
AHL DIMENSION
Tim Wong, Nick Granger

-12.87%

Apr 06 - Mar 07

Diversified/Emerging
SPINNAKER GLOBAL EMERGING
MARKETS FUND, LTD
Alexis Habib

Ytd Avg. 2016


1.76%
0.73%
3.17%
10.23%

$4'600M
Mar 16

1.04

4'405M
Apr 16

173.70

$7'300M
Mar 16

149.47

Ytd Avg. 2016


(0.26%)
20 May 16 (0.81%)
(0.69%)
6.94%

16.33%

2.64%

2.6%

-5.83%

5.92%

9.04%

(10.63%)
Dec 08 - Jan 10

20 May 16

1.00%

(1.30%)

6.13%

2.89%

8.58%

5.6%

0.12%

6.87%

4.11%

(3.99%)
Apr 11 - Sep 11

20 May 16

0.55%

(3.75%)

5.93%

13.73%

20.85%

12.61%

-5.28%

7.99%

7.91%

(13.44%)
Jul 11 - Apr 12

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

55

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Diversified/Global
ATLAS GLOBAL INVESTMENTS
LTD UNRESTRICTED
Dmitry Balyasny

31 Dec 03

BLACK DIAMOND, LTD - CLASS B


(UNRESTRICTED)
Clint D. Carlson

31 Dec 95

BLACKROCK MULTI-STRATEGY
FUND LTD - CLASS A
Matt McBrady

30 Apr 05

BLACKROCK CAPITAL
31 Dec 08
STRUCTURE INVESTMENTS FUND
LTD
Chad Meuse, Benoy Thomas

BOUSSARD & GAVAUDAN


HOLDING LTD ordinary shares
Emmanuel Gavaudan

31 Oct 06

BREVAN HOWARD M/S FUND, LTD 29 Feb 08


CL. A/USD
Alan Howard

BRUMMER MULTISTRATEGY 2XL,


LTD - C Klaus Jntti, Patrik Brummer

30 Apr 09

CQS DIRECTIONAL OPP. FEEDER


FUND. Ltd A NI USD
Michael Hintze

31 Jul 05

CQS DIVERSIFIED FUND (SPC) LTD 28 Feb 07


ALPHA CLASS B USD
James Peattie & Peter Warren

DOUBLE BLACK DIAMOND LTD SERIES A (UNRESTRICTED)


Clint Carlson

31 Mar 98

GLG MARKET NEUTRAL FUND CLASS Z USD Unres


Steve Roth

31 Dec 97

HALCYON PARTNERS OFFSHORE 31 May 04


FUND LTD
Jason Dillow

$3'600M
Mar 16

3,897.72 20 May 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(0.26%)
0.30%
(2.94%)
2.45%

7.2%

12.94%

4.84%

4.76%

11.60%

8.00%

Max
Drawdown1

(12.51%)
Jun 04 - Aug 04

$73M
May 16

340.06

$1'030M
Apr 16

1,535.54

$436M
Mar 16

132.65

515M
Apr 16

21.85

$2'187M
Apr 16

126.86

20 May 16

2.74%

0.96%

-0.89%

4.91%

6.18%

10.23%

-2.13%

6.18%

4.05%

(18.64%)
Aug 08 - Dec 08

30 Apr 16 (0.24%)

(3.35%)

1.67%

2.07%

7.04%

7.86%

2.43%

3.97%

5.26%

(13.96%)
Jun 08 - Dec 08

30 Apr 16 (2.76%)

(5.39%)

12.3%

-5.21%

7.19%

3.74%

22.94%

3.93%

9.06%

(13.18%)
Feb 14 - Jun 15

23 May 16

1.30%

5.80%

15.65%

6.85%

13.6%

9.45%

-2.58%

8.51%

6.70%

(20.69%)
May 07 - Sep 08

30 Apr 16 (0.81%)

(0.29%)

-2.39%

1.13%

0.91%

4.61%

5.2%

2.95%

4.62%

(6.29%)
Feb 08 - Sep 08

$1'415M
Apr 16

1,372.77 13 May 16 (0.40%)

$3'009M
Apr 16

4,924.65

$1'366M
Apr 16

1,698.86

$2'864M
May 16

435.87

$589M
Mar 16

876.56

$260M
Oct 15

199.56

(7.53%)

2.5%

1.86%

15.02%

3.57%

1.02%

4.60%

7.50%

(12.92%)
Mar 15 - May 16

30 Apr 16

3.23%

11.55%

-7.97%

3.12%

15.97%

35.87%

-10.42%

15.98%

14.07%

(24.58%)
Apr 11 - Sep 11

30 Apr 16

2.03%

2.66%

-2.63%

1.18%

5.99%

11.4%

-3.45%

5.94%

6.48%

(14.78%)
Jun 08 - Dec 08

20 May 16

2.02%

1.58%

0.64%

4.45%

7.74%

10.94%

-2.67%

8.45%

5.25%

(19.30%)
Aug 08 - Dec 08

20 May 16

1.10%

1.68%

-0.23%

-7.43%

10.3%

18.4%

0.78%

12.52%

14.07%

(54.03%)
Nov 07 - Dec 08

20 May 16

1.05%

18.61%

-5.73%

-2.88%

7.4%

11.24%

-5.91%

5.94%

6.90%

(15.01%)
Oct 07 - Dec 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

56

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Diversified/Global
HIGHBRIDGE CAPITAL
31 Aug 92
CORPORATION CLASS -A-Series N
(Composite)
Mark Vanacore
HUTCHIN HILL DIVERSIFIED
ALPHA MASTER FUND LTD 15%
Incentive Allocation
Neil Chriss

30 Jun 08

Q/Y

JABCAP GLOBAL BALANCED FUND 30 Apr 07


LTD CLASS D/1 NI
Philippe Jabre

JABCAP MULTI STRATEGY FUND


LTD CLASS D/1 NI
Philippe Jabre

31 Jan 07

LINDEN INTERNATIONAL LTD


Joe Wong

31 May 03

LMR FUND LTD


LMR Partners LLP, LMR Partners
Limited

31 Jan 10

MAN GLG MULTI-STRATEGY


CLASS MUS D140 USD
Neil Mason and David Kingsley

31 May 12

Q
M

MAN GLG MULTI-STRATEGY FUND 31 Dec 02


CLASS G USD
Neil Mason and David Kingsley

MILLENNIUM INTL LTD


Israel A Englander

31 Dec 89

PALOMA INTERNATIONAL LTD


CLASS A
Donald Sussman

31 Dec 02

PINE RIVER FUND CLASS -B1SHARES


Aaron Yeary, James Clark

31 May 02

PLATINUM PARTNERS VALUE


ARBITRAGE INT. FUND LTD
Mark Nordlicht

31 Dec 02

QVT OFFSHORE LTD CLASS 1-NR


Dan Gold

31 Oct 03

Q/Y

Q/Y

$1'097M
Jan 16

97,459.61 30 Apr 16

$3'737M
May 16

1,873.71 20 May 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(0.26%)
0.85%
0.64%
2.92%

6.16%

6.5%

9.79%

-5.11%

10.09%

6.80%

Max
Drawdown1

(30.04%)
Jun 08 - Nov 08

0.41%

1.19%

-5.2%

9.69%

19.38%

11.06%

-4.92%

8.28%

5.93%

(8.52%)
Mar 15 - Feb 16

$366M
Apr 16

185.75

$379M
Apr 16

134.61

$1'050M
Apr 16

357.00

$1'147M
Apr 16

257.60

$229M
Mar 16

103.26

$92M
Mar 16

107.19

$33'180M
Apr 16

3,183.79

$2'532M
Apr 16

308.61

$3'599M
May 16

3,508.03

$708M
Apr 16

8,318.61

$1'603M
Mar 16

2,684.14

17 May 16 (3.61%)

(16.90%)

-3.93%

2.01%

47.8%

15.5%

-27.33%

7.08%

15.56%

(35.04%)
Apr 10 - Jun 12

13 May 16 (2.29%)

(13.74%)

-0.74%

-3.04%

43.03%

11.8%

-25.65%

3.25%

17.29%

(40.20%)
Feb 08 - Jan 09

30 Apr 16

1.73%

0.46%

2.82%

12.43%

16%

4.11%

-7.86%

10.35%

9.01%

(24.60%)
Feb 08 - Dec 08

20 May 16

0.75%

2.12%

14.72%

2.22%

10.04%

8.09%

38.69%

16.19%

9.09%

(9.53%)
Apr 10 - May 10

20 May 16 (0.18%)

(3.90%)

1.98%

-0.97%

4.73%

1%

0.66%

3.42%

(6.77%)
Apr 15 - May 16

20 May 16

1.00%

(2.79%)

5.91%

-0.92%

5.08%

4.98%

-3.59%

4.21%

6.94%

(30.54%)
Oct 07 - Dec 08

30 Apr 16

1.37%

(2.73%)

12.54%

12.09%

13.27%

6.32%

8.39%

14.02%

4.40%

(7.24%)
May 98 - Aug 98

30 Apr 16 (0.09%)

1.14%

10.78%

5.06%

16.02%

8.43%

-2.83%

8.81%

4.76%

(6.83%)
Jul 11 - Dec 11

30 Apr 16

2.30%

(2.98%)

-2.75%

4.57%

9.58%

21.75%

5.7%

9.43%

9.96%

(29.16%)
Jun 08 - Dec 08

30 Apr 16

4.98%

7.79%

8.76%

10.76%

7.12%

11.58%

21.03%

17.21%

5.51%

(4.44%)
Aug 08 - Oct 08

31 Mar 16

0.31%

(0.45%)

17.74%

-2.3%

1.39%

14.69%

6.55%

8.27%

9.36%

(40.35%)
Feb 08 - Dec 08

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

57

Inception Liquidity
Date

Asset
Size

Diversified/Global
STRATUS FUND LIMITED CLASS B 30 Nov 03
Jean-Philippe Bouchaud, Philippe
Jordan, Marc Potters, Jacques
Sauliere

VERITION MULTI-STRATEGY FUND 29 Feb 08


COMPOSITE MODIFIED
INTERESTS,OPT-IN
Verition Fund Management LLC

VISIUM GLOBAL OFFSHORE FUND 31 Mar 09


LTD
Jacob Gottlieb

WEISS MULTI-STRATEGY
PARTNERS LLC
Weiss Multi-Strategy Advisers,LLC

30 Sep 06

$262M
Apr 16

Last NAV
or Index

Date

31 Oct 04

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

14.58%

1.82%

-2.89%

15.63%

8.34%

6.01%

Max
Drawdown1

(10.52%)
Feb 12 - Sep 13

$361M
Apr 16

308.46

$1'542M
Feb 16

335.01

$524M
Apr 16

188.31

$220M
Apr 16

YTD

Ytd Avg. 2016


(0.26%)
2,717.90 20 May 16 (1.57%)
0.95%
13.54%

30 Apr 16

0.71%

1.42%

14.25%

10.56%

24.79%

13.62%

1.18%

14.78%

6.95%

(7.89%)
May 11 - Sep 11

20 May 16

2.37%

(3.01%)

10.28%

0.79%

16.99%

19.52%

1.75%

18.44%

9.44%

(7.80%)
Apr 10 - Jun 10

20 May 16

0.52%

4.79%

-0.86%

-0.01%

14.64%

1.75%

-0.15%

6.78%

6.24%

(17.75%)
Jun 08 - Dec 08

Diversified/Japan
LIM JAPAN FUND
George Long

MTD

211.15

20 May 16

Ytd Avg. 2016


0.73%
0.59%
0.73%
-0.37%

5.85%

11.39%

5.62%

2.73%

6.68%

5.44%

(10.09%)
Jun 08 - Feb 09

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

58

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

5.5%

0.36%

7.56%

12.24%

7.67%

9.02%

6.19%

Max
Drawdown1

Arbitrage
Ytd Avg. 2016

2.24%

Arbitrage/Global
BLUEMOUNTAIN EQUITY
ALTERNATIVES FUND
BlueMountain Capital Management

28 Feb 06

CASSIOPEIA FUND CLASS C


Pierre de Saab & Alain Dos Santos

31 Jul 04

PIMCO MULTI-ASSET VOLATILITY


FUND LTD
Josh Thimons

31 Jul 11

M
M

$583M
Apr 16

2,419.97 20 May 16

Ytd Avg. 2016


2.24%
0.89%
2.87%

(9.57%)
Sep 08 - Feb 09

263M
Apr 16

241.71

$972M
Apr 16

138.81

20 May 16

2.24%

4.64%

4.75%

-4.16%

0.53%

24.85%

6.52%

10.06%

9.08%

(15.42%)
Mar 10 - Jun 10

30 Apr 16

1.04%

(0.78%)

7.73%

1.39%

-6.17%

13.41%

20.36%

7.14%

7.05%

(8.64%)
Oct 12 - Aug 13

1. Max Drawdown: Peak to trough.


Past performance is not a reliable indicator of future performance.
Source - HSBC

HSBC Alternative Investment Group

59

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