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Hedge Weekly N32

Investment Funds Performance Review

HSBC Alternative Investment Group


Week of Monday 01 Aug to Friday 05 Aug 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
53

Merger Arbitrage
Merger-Arbitrage

54

Multi-Strategy
33
33
33

Fixed Income Arbitrage


Fixed Income

40
40
40
41
45
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

17

ANDURAND COMMODITIES FUND

40

BLACKROCK CAPITAL STRUCTURE IN

56

CANTAB CAPITAL PARTNERS QUANTI

47

ANTARES EUROPEAN FUND, LTD - U

22

BLACKROCK EUROPEAN DIVERSIFIED

51

CANYON BALANCED FUND LTD

55

APERIOS EMERGING CONNECTIVITY

22

BLACKROCK FIXED INCOME GLOBAL

36

CANYON VALUE REALIZATION FD, L

19

AQUILUS INFLECTION FUND LTD E

23

BLACKROCK OBSIDIAN FUND

36

CAPEVIEW AZRI 2X FUND

23

ARCTIC BLUE

40

BLACKROCK PAN ASIA OPPORTUNITI

51

CAPEVIEW AZRI FUND

23

ARCTIC BLUE CAPITAL 3X

40

BLACKROCK UK EQUITY HEDGE FUND

28

CAPEVIEW RECOVERY FUND

14

A.R.T. INTERNATIONAL INVESTOR

52

ARISTEIA INTERNATIONAL LTD

15

BLUEBAY CREDIT ALPHA LONG SHOR

15

CAPITAL FOUR CREDIT OPPORTUNIT

14

AAM ABSOLUTE RETURN FUND

25

ARROWGRASS MASTER FUND

55

BLUEBAY EMERGING MARKET CORPOR 13

CAPULA GLOBAL RELATIVE VALUE F

36

ABACO FINANCIALS FUND

30

ASCEND PARTNERS FUND II LTD -

28

BLUEBAY EMERGING MARKET OPPORT

13

CASSIOPEIA FUND CLASS C

59

ABRAX MERGER ARBITRAGE S.G. FU

54

ASGARD FIXED INCOME FUND LTD

15

BLUEBAY EVENT DRIVEN CREDIT FU

19

CAXTON GLOBAL INVESTMENT LTD

42

ABSOLUTE INSIGHT CREDIT FUND B

13

ASPECT DIVERSIFIED FUND - CLAS

46

BLUEMATRIX FUND CLASS -A- USD

53

CCI HEALTHCARE PARTNERS LTD

30

ABSOLUTE INSIGHT EMERGING MARK

13

ATLAS ENHANCED FUND LTD

55

BLUEMOUNTAIN CREDIT ALTERNATIV

15

CCI MICRO HEALTHCARE PARTNERS

30

ABSOLUTE INSIGHT UK EQUITY MKT

50

ATLAS FUNDAMENTAL TRADING FUND

25

BLUEMOUNTAIN EQUITY ALTERNATIV

59

CERBERUS INTL. LTD CLASS A A/

19

ADELPHI EUR. FUND $ (A)

22

ATLAS GLOBAL INVESTMENTS LTD U

56

BLUEMOUNTAIN LONG SHORT EQUITY

25

CFM ISDIVERSIFIED FUND LP

56

ADRIGO HEDGE

22

ATREAUS OVERSEAS FUND LTD

42

BLUETREND FUND, LTD -USD- CLAS

46

CHENAVARI CORPORATE CREDIT STR

15

ADVENT GLOBAL PARTNERS

12

AVIVA INVESTOR MULTI-STRATEGY

42

BNY MELLON ARX BRAZIL FUND SPC

22

CHENAVARI MULTI STRATEGY CREDI

55

AG MORTGAGE VALUE PARTNERS LTD

15

AXONIC CREDIT OPPORTUNITIES OV

15

BORONIA DIVERSIFIED FUND MASTE

47

CHENAVARI REGULATORY CAPITAL S

14

AG SUPER FUND INTERNATIONAL, L

33

AXONIC SYSTEMATIC ARBITRAGE OV

36

BOUSSARD & GAVAUDAN HOLDING LT

56

CHENAVARI TORO LIMITED

14

AHL EVOLUTION

46

BREVAN HOWARD ASIA FUND LIMITE

41

CLAREANT GLOBAL SPECIAL SITUAT

15

AHL ALPHA

46

BREVAN HOWARD FUND, LTD - USD

42

CLAREANT STRUCTURED CREDIT OPP

15

AHL DIMENSION

55

BREVAN HOWARD M/S FUND, LTD

56

CLAREANT STRUCTURED CREDIT OPP

15

AHL DIVERSIFIED

46

BRIGADE LEVERAGED CAPITAL STRU

18

COASTLAND DIRECT YIELD FUND

18

AJR INTERNATIONAL (BVI), INC.

28

BRUMMER MULTISTRATEGY 2XL, LTD

56

COBALT OFFSHORE LTD

28

AKAMATSU FUND

27

BTG PACTUAL GLOBAL EM. MKTS AN

42

COHERENCE CAPITAL SPECTRUM FUN

16

ALLIANCEBERNSTEIN SELECT US EQ

28

ALPHADYNE INVESTMENT STRATEGIE

41

ALPHAGEN OCTANIS CLASS A

28

ALPHAGEN VOLANTIS FUND, LTD -

31

ALTIS GLOBAL TREND PORTFOLIO

46

AMAZON MARKET NEUTRAL FUND CLA

50

ANAVON MASTER FUND LTD CLASS -

25

ANDALUSIAN CORPORATE OPPORTUNI

33

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

17

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

55

BLACK DIAMOND, LTD - CLASS B (

56

CAMPBELL GLOBAL ASSETS FUND LT

47

BLACKROCK EOS CLASS B USD COM

53

CAMPBELL GLOBAL ASSETS FUND LT

47

BLACKROCK MULTI-STRATEGY FUND

56

CANDLEWOOD SPECIAL SITUATIONS

19

BLACKROCK 32 CAPITAL MASTER FU


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

COMMONWEALTH OPPORTUNITY CAYMA 42

53

CANDLEWOOD STRUCTURED CREDIT H 15

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

HSBC Alternative Investment Group

CQS DIVERSIFIED FUND (SPC) LTD

56

ECLECTICA FUND CLASS A EURO (T

42

GAMUT INVESTMENTS

43

HARBOUR HOLDINGS LTD

31

CQS GLOBAL CONVERTIBLE ARBITRA

12

ECOFIN VISTA LONG SHORT FUND

25

GAVEA FUND LTD . CLASS A S/1

41

HARMONIC ALPHA PLUS MACRO FUN

43

CRABEL FUND SPC LTD CLASS A

47

EIFFEL CREDIT OPPORTUNITIES FU

14

GEMS PROGR. FUND SICAV RECOVER

37

HARNESS MACRO CURRENCY FUND

41

CYGNUS EUROPA EVENT DRIVEN FUN

33

ELECTRON GLOBAL FUND, L.P.

32

GEMSSTOCK FUND - B1 USD

43

HARVEY PARTNERS LLC

31

CYGNUS UTILITIES, INFRASTRUCTU

32

ELEMENT CAPITAL FUND

42

GIM PORTFOLIO STRATEGIES Eur

23

HIGHBRIDGE CAPITAL CORPORATION

57

ELLINGTON CREDIT OPPORTUNITIES

16

GLADE BROOK GLOBAL OFFSHORE FU

26

HIGHER MOMENT AURORA FUND LP

45

ELLINGTON MORTGAGE OPPORTUNITI

16

GLAZER ENHANCED OFFSHORE FUND

54

HIGHER MOMENT CAPITAL OPPORTUN

45

ELM RIDGE CAPITAL PARTNERS L.P

28

GLENVIEW CAPITAL PARTNERS (CAY

29

HINOKI FUND LP

29

EPISODE INC. CLASS A

42

GLG CROSS ASSET VALUE OFFSHORE

14

HORSEMAN GLOBAL FUND USD

26

EQUILIBRIA JAPAN FUND LTD 1X U

50

GLG EUROPEAN EQUITY ALTERNATIV

51

HSBC CREDIT MARKET OPPORTUNITI

37

EQUILIBRIA JAPAN FUND LTD 2X (

50

GLG EUROPEAN LONG SHORT FUND C

23

HSBC GH FUND USD

38

EXANE ARCHIMEDES FUND CLASS A

32

GLG MARKET NEUTRAL FUND - CLAS

56

HSBC LEVERAGED GH FUND

38

EXANE TEMPLIERS FUND

25

GOLDEN CHINA FUND NR CLASS

21

HSBC MAA FUND USD

37

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

41

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

DISCUS FEEDER LTD CL. B USD ST

47

DORSET ENERGY FUND, LTD - CLAS

30

F
FARRINGDON ALPHA ONE

25

DOUBLE BLACK DIAMOND LTD - SER

56

FINISTERRE CREDIT FUND

13

DROMEUS GLOBAL OPPORTUNITIES F

34

FINISTERRE GLOBAL OPPORTUNITY

41

DUET EM FRONTIER FUND

22

FIREBIRD NEW RUSSIA FUND, LTD

28

DUET GLOBAL PLUS FUND

25

FIREBIRD REPUBLICS FUND, LTD

22

DUNN WMA FUND SA

47

FJ CAPITAL FINANCIAL OPPORTUNI

29

DUNN WMA INSTITUTIONAL UCITS F

47

FLORIN COURT CAPITAL

47

DW CATALYST OFFSHORE FUND -A -

16

DW VALUE OFFSHORE FUND LTD

16

DWC CROSS COMMS

56

DYMON ASIA MACRO FUND (SERIES

40

FORT GLOBAL CONTRARIAN


FORT GLOBAL DIVERSIFIED

48

G
GABELLI ASSOCIATES LIMITED

47

54

GAM DIVERSITY I INC - US$ CLAS

38

EAGLE GLOBAL

47

GAM GLOBAL RATES HEDGE FUND

43

EAGLE QUANTITATIVE MACRO

45

GAM TALENTUM ENHANCED EUROPE L

51

ECF VALUE FUND INTERNATIONAL L

34

GAM TRADING II USD

38

H
HABROK LTD

26

HALCYON OFF. ASSET-BACKED VALU

20

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

IPM SYSTEMATIC CURRENCY FUND

45

IPM SYSTEMATIC MACRO FUND

45

ISAM SYSTEMATIC TREND FUND CLA

48

IVORY CAPITAL FLAGSHIP STRATEG

29

IVORY OPTIMAL FUND LTD

29

HALCYON PARTNERS OFFSHORE FUND 57


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

HSBC Alternative Investment Group

J
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

31

JPMORGAN INVESTMENT GLOBAL MAC

43

K
KEYNES LEVERAGED QUANTITATIVE

48

KEYNES MULTI ASSET VALUE FUND

48

KG INVESTMENT FUND LLC

34

KINGDON CREDIT LTD A1/1

16

KINSALE COMPASS FUND

26

KITE LAKE (KL) SPECIAL OPPORTU

34

KLS DIVERSIFIED FUND LTD

18

KO-ZHOU FUNDAMENTAL FX FUND

41

LION FUND, LTD (THE)

54

MAVERICK FUND LTD - CLASS A/1

26

NORDIC ALPHA CLASS B - NOK

LMR ALPHA RATES TRADING FUND,

36

MELLON OFF GLOB OPP FUND LTD -

43

NORTHLIGHT EUROPEAN FUNDAMENTA 14

LMR FUND LTD

57

MERCHANT COMMODITY FUND (THE)

40

NUMEN CREDIT OPPORTUNITIES FUN

LNG EUROPA CREDIT FUND

14

MERRICKS CAPITAL SOFT COMMODIT

40

LONDON SELECT FUND LIMITED

43

MIDOCEAN ABSOLUTE RETURN CREDI

18

LOOMIS SAYLES CREDIT LONG SHOR

16

MIDOCEAN CREDIT OPPORTUNITY FU

18

LOREM IPSUM MASTER FUND LP

26

MILLBURN COMMODITY PROGRAM

40

LTS GLOBAL EMERGING MARKETS FU

13

MILLBURN DIVERSIFIED PROGRAM

48

LUCERNE CAPITAL FUND L.P.

23

MILLENNIUM INTL LTD

57

LYNX (BERMUDA) LTD

48

MITRA CAPITAL MASTER FUND LP

52

LYNX BERMUDA 1.5 LTD

48

MKP ENHANCED OPPORTUNITY OFFSH

43

MKP OPPORTUNITY OFFSHORE, LTD

43

MLIS - BEACH POINT DIVERSIFIED

16

MLIS - CCI HEALTHCARE LONG SHO

31

MLIS - MARSHALL W. TOPS UCITS

50

MLIS - OZ EUROPE UCITS FUND CL

33

MLIS - THEOREMA EUROPEAN EQUIT

24

MLM MACRO PEAK PARTNERS OFFSH

43

MOAB PARTNERS OFFSHORE FUND LT

34

MOJNA ALPHA LEVERAGED MASTER F

24

MONARCH DEBT RECOVERY FUND LTD

19

MONEDA LATIN AMERICAN CORPORAT

13

MOORE GLOBAL INV FD, LTD - A $

44

MOORE MACRO MANAGERS FUND, LTD

44

MS ASCEND UCITS FUND CLASS I E

26

MUDRICK DISTRESSED OPPORTUNITY

19

M
M. KINGDON OFFSHORE NV - A/1

26

MACQUARIE ASIAN ALPHA FUND

51

MACQUARIE EUROPEAN ALPHA FUND

52

MADRAGUE EQUITY LONG SHORT

23

MAN AHL CURRENCY FUND DN USD

46

MAN GLG MULTI-STRATEGY CLASS M

57

MAN GLG MULTI-STRATEGY FUND CL

57

MARATHON VERTEX JAPAN FUND LTD

27

MARCATO INTERNATIONAL LTD

33

LANSDOWNE DEVELOPED MARKET FUN 26

MARINUS OPPORTUNITIES FUND

18

LANSDOWNE EUROPEAN EQUITY FD,

MARKHAM RAE I SUB FUND

45

L1 CAPITAL LONG SHORT FUND

22

23

LAZARD GLOBAL HEXAGON FUND

26

MARLIN FUND LP

29

LAZARD RATHMORE FUND - CLASS A

12

MARSHALL WACE - EUROPA FUND A

23

LC EQUITY FUND LTD

23

MARSHALL WACE - MW TOPS FUND

24

LEGG MASON MARTIN CURRIE EUROP

23

MARSHALL WACE - MW EUREKA A1 E

26

LIGHTHORSE CHINA GROWTH FUND L

21

MARSHALL WACE - MW GLOBAL FINA

30

NAPIER PARK ABS INCOME FUND LP

18

LIM ASIA MULTI-STRATEGY FUND C

52

MARSHALL WACE - MW GLOBAL OPPO

26

NAPIER PARK EUROPEAN CREDIT OP

14

LIM JAPAN FUND

58

MARSHALL WACE - MW MARKET NEUT

50

NEUBERGER BERMAN US LONG SHORT 29

LINDEN INTERNATIONAL LTD

57

MASTERS FUND LTD MAGNOLIA SERI

37

NEZU CYCLICALS FUND LTD

Past performance is not a reliable indicator of future performance.


Source - HSBC

24

55

O
OBSERVATORY CREDIT MARKETS FUN

14

OCCO EASTERN EUROPEAN FUND A S

22

OCEANIC HEDGE FUND - CLASS A

21

OCP DEBT OPPORTUNITY INTERNATI

19

OCTAGON HIGH INCOME FUND

18

OCTAGON PAN ASIA FUND

21

ODEY EUROPEAN, INC (EUR)

24

OKUMUS OPPORTUNISTIC VALUE FUN

29

OMEGA OVERSEAS PARTNERS LTD CL

29

OMNI EVENT FUND LIMITED

34

ONE WILLIAM STREET CAPITAL FUN

16

ONSLOW MACRO FUND CLASS A

44

ORTUS AGGRESSIVE FUND (CAYMAN)

46

ORTUS FUND (CAYMAN) LTD

46

OWL CREEK OVERSEAS FUND, LTD

34

OWS CREDIT OPPORTUNITY FUND

19

OYSTER MARKET NEUTRAL EUR

50

P
PALOMA INTERNATIONAL LTD CLASS

57

PAMPLONA CREDIT OPPORTUNITIES

14

PARUS FUND PLC USD CLASS

26

PASSPORT GLOBAL STRATEGY FUND

26

PASSPORT LONG SHORT STRATEGY F

27

PASSPORT SPECIAL OPPORTUNITIES

27

PEGASUS FUND LIMITED SHARES A-

28

21

HSBC Alternative Investment Group

PELAGUS CAPITAL FUND

36

QUAM CHINA FOCUS SEGREGATED PO

21

SEGANTII ASIA-PACIFIC EQUITY M

55

THREADNEEDLE UK ABSOLUTE ALPHA

28

PELHAM LONG/SHORT FUND LTD CLA

24

QUANTEDGE GLOBAL FUND

45

SELIGMAN TECH SPECTRUM FUND CL

32

TIG ARBITRAGE ENHANCED FUND

33

PELHAM LONG/SHORT SMALL CAP FU

31

QVT OFFSHORE LTD CLASS 1-NR

58

SEMINOLE OFFSHORE FUND

30

TIG SECURITIZED ASSET FUND LTD

17

PENSATO EUROPA FUND LTD EURO C

24

SENVEST PARTNERS, LTD - CLASS

31

TILDEN PARK OFFSHORE INVESTMEN

18

PERCEPTIVE LIFE SCIENCES OFFSH

32

SERONE KEY OPPORTUNITIES FUND

14

TONGA PARTNERS LP

31

PERSHING SQUARE INTL.LTD

34

SFP VALUE REALIZATION FUND

27

TOSCA CLASS A - USD

30

SIERRA EUROPE OFFSHORE, LTD -

24

TRADELINK INTEGRATED PROGRAM L

49

SINFONIETTA FUND

41

TRIAN PARTNERS LTD

34

SIVIK GLOBAL HEALTHCARE OFFSHO

32

TRIAS L/S FUND

24

SMN DIVERSIFIED FUTURES FUND

49

TRICADIA CREDIT STRATEGIES, LT

17

SOLAISE SYSTEMATIC FUND LTD (

49

TRISHIELD SPECIAL SITUATIONS F

35

SOLUS SOLA LTD CL. I

34

TRISTAN PARTNERS LP

31

SOUND POINT BEACON OFFSHORE FU

20

TRIUM BLACKWALL EUROPE L/S FUN

25

SPF CREDIT SUISSE SECURITIZED

17

TT INTERNATIONAL FUND

44

SPINNAKER GLOB OPP FUND, LTD C

42

TT LONG/SHORT FOCUS FUND

25

SPINNAKER GLOBAL EMERGING MARK

55

TT MID-CAP EUROPE LONG/SHORT F

25

SR GLOBAL FUND (Class N) Emerg

22

TUDOR B.V.I GLOBAL FUND LTD -A

44

SR GLOBAL FUND C - INTERNATION

27

TUDOR BVI GLOBAL FUND LTD CLAS

44

SR GLOBAL FUND H - JAPAN (Real

27

TUDOR DISCRETIONARY MACRO FUND

44

SR GLOBAL FUND INC - G - GLOBA

27

TULIP TREND FUND, LTD - A

49

SR PHOENICIA INC CLASS -A- SER

27

TWO SIGMA ABSOLUTE RETURN CAYM

52

PHALANX JAPAN AUSTRALASIA MULT

55

PHARO GAIA FUND, LTD

42

PHARO MACRO FUND, LTD

44

PHARO TRADING FUND, LTD

42

PIMCO ABSOLUTE RETURN STRATEGY

44

PIMCO GLOBAL CREDIT OPPORTUNIT

16

PIMCO MULTI-ASSET VOLATILITY F

59

PIMCO TACTICAL OPPORTUNITIES F

17

PINE RIVER CONVERTIBLES FUND

12

PINE RIVER FUND CLASS -B1- SHA

57

PINE RIVER LIQUID RATES FUND

36

PINPOINT CHINA FUND CLASS A US

21

R
RBR EUROPEAN LONG SHORT LTD (E

24

REAL RETURN ASIAN FUND LTD (TH

21

REDWOOD OFFSHORE FUND

20

RENAISSANCE INSTITUTIONAL DIVE

51

RENAISSANCE INSTITUTIONAL EQUI

29

RESIDENTIAL REAL ESTATE TOTAL

17

ROY G. NIEDERHOFFER DIVERSIFIE

49

RP DEBT OPPORTUNITIES FUND

17

RP SELECT OPPORTUNITIES FUND

17

RUBICON GLOBAL FUND, LTD

44

RUSSIAN PROSPERITY FUND - A

39

RV CAPITAL ASIA OPPORTUNITY FU

41

RWC ASIA ABSOLUTE ALPHA FUND -

27

RWC ASIA OPPORTUNITY FUND

21

PINPOINT MULTI-STRATEGY FUND

44

PLATINUM FUND LTD

27

PLATINUM PARTNERS VALUE ARBITR

58

POLAR CAPITAL EUROPEAN CONVICT

24

STANDARD LIFE GLOBAL FOCUSED S

44

TWO SIGMA COMPASS CAYMAN FUND

49

POLAR CAPITAL EUROPEAN FORAGER

31

STK CAPITAL GLOBAL EQUITIES

27

TYRUS CAPITAL EVENT FUND LTD

35

PORTLAND HILL OVERSEAS FUND LT

33

RWC SAMSARA FUND CLASS A EURO

24

RWC US ABSOLUTE ALPHA FUND - C

29

STRATEGIC VALUE RESTRUCTURING

20

17

STRATUS FUND LIMITED CLASS B

58

SUSA EUROPEAN EQUITIES FUND CL

24

POTOMAC RIVER CAPITAL MASTER F

44

SABA CAPITAL OFFSHORE FUND LTD

PROLOGUE FEEDER FUND, LTD. CLA

36

SAGIL LATIN AMERICAN OPPORTUNI

22

PSAM REBOUND PORTFOLIO FUND LT

19

SALAR CONVERTIBLE ABSOLUTE RET

12

PSAM WORLDARB MASTER FUND LTD

34

SANCTUM FIXED INCOME FUND

36

PWP GLOBAL MACRO FUND

44

SANDLER PLUS OFFSHORE FUND LTD

29

SCHRODER CAZENOVE UK ABSOLUTE

51

SCHRODER ISF EMERGING MARKET D

13

SEER CAPITAL PARTNERS OFFSHORE

17

Q
QMS DIVERSIFIED GLOBAL MACRO

49

Past performance is not a reliable indicator of future performance.


Source - HSBC

U
UMJ KOTOSHIRO FUND

27

TELLIGENT GREATER CHINA FUND

21

TEWKSBURY INVESTMENT FUND, LTD

49

THE CAMBRIDGE STRATEGY - ASIAN

40

THE CAMBRIDGE STRATEGY - EMERG

41

VARDEN PACIFIC OPPORTUNITY OFF

17

VERITION MULTI-STRATEGY FUND C

58

VISIUM BALANCED OFFSHORE FUND

32

HSBC Alternative Investment Group

VISIUM GLOBAL OFFSHORE FUND LT

58

VR GLOBAL OFFSHORE FUND LTD

20

W
WEISS MULTI-STRATEGY PARTNERS

58

WELLINGTON MANAGEMENT INV BERM

30

WELTON GLOBAL DIRECTIONAL PORT

49

WF ASIA FUND LTD Class A S/1

21

WHITE SQUARE PURE ALPHA FUND

50

WHITEBOX MULTI-STRATEGY FUND

35

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

30

Past performance is not a reliable indicator of future performance.


Source - HSBC

HSBC Alternative Investment Group

Top
Investment Funds

Bottom
Return

Date

Investment Funds

Return

Date

DORSET ENERGY FUND, LTD - CLASS A

48.21

31 Jul 16

ODEY EUROPEAN, INC (EUR)

-29.21

29 Jul 16

QUANTEDGE GLOBAL FUND

44.04

31 Jul 16

30 Jun 16

32.33

28 Jul 16

WELLINGTON MANAGEMENT INV BERMUDA LTD BAY


POND A/1 NI

-27.88

RUSSIAN PROSPERITY FUND - A


CONQUEST MACRO FUND, LTD (COMP)

26.99

02 Aug 16

OKUMUS OPPORTUNISTIC VALUE FUND, LTD CLASS A

-25.36

30 Apr 16

MUDRICK DISTRESSED OPPORTUNITY FUND LTD

26.90

31 Jul 16

JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NI

-23.32

31 Jul 16

LUCERNE CAPITAL FUND L.P.

-23.28

30 Jun 16

TOSCA CLASS A - USD

-20.77

30 Jun 16

JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI

-20.63

15 Jul 16

ZWEIG-DIMENNA INTL LIMITED - CLASS A

-19.58

30 Jun 16

JENOP GLOBAL HEALTHCARE FUND LTD SERIES A

-18.06

22 Jul 16

TULIP TREND FUND, LTD - A

25.91

29 Jul 16

ECF VALUE FUND INTERNATIONAL LTD

25.56

31 Jul 16

ARCTIC BLUE CAPITAL 3X

23.60

30 Jun 16

HALCYON PARTNERS OFFSHORE FUND LTD

21.72

29 Jul 16

FIREBIRD NEW RUSSIA FUND, LTD - CLASS A

20.48

31 Jul 16

LYNX BERMUDA 1.5 LTD

17.52

02 Aug 16

BNY MELLON ARX BRAZIL FUND SPC LONG SHORT

17.50

29 Jul 16

VARDEN PACIFIC OPPORTUNITY OFFSHORE FUND I LTD

17.28

30 Jun 16

L1 CAPITAL LONG SHORT FUND

17.17

30 Jun 16

WELTON GLOBAL DIRECTIONAL PORTFOLIO

16.99

29 Jul 16

RENAISSANCE INSTITUTIONAL EQUITIES LP (B)

16.80

31 Jul 16

FIREBIRD REPUBLICS FUND, LTD

16.77

31 Jul 16

SAGIL LATIN AMERICAN OPPORTUNITIES FUND CLASS


A

16.14

22 Jul 16

IPM SYSTEMATIC CURRENCY FUND

15.89

31 Jul 16

BRIGADE LEVERAGED CAPITAL STRUCTURES FUND


LTD

15.40

31 Jul 16

LANSDOWNE EUROPEAN EQUITY FD, LTD - A (EUR)

-17.71

30 Jun 16

LOREM IPSUM MASTER FUND LP

-17.27

31 May 16

SR GLOBAL FUND H - JAPAN (Real Perf)

-16.58

31 Jul 16

CAPEVIEW AZRI 2X FUND

-16.29

31 Jul 16

CCI MICRO HEALTHCARE PARTNERS LTD

-16.15

30 Jun 16

SFP VALUE REALIZATION FUND

-15.94

29 Jul 16

MAN AHL CURRENCY FUND DN USD

-15.50

28 Jul 16

PERSHING SQUARE INTL.LTD

-15.48

31 Jul 16

AMAZON MARKET NEUTRAL FUND CLASS A USD

-15.21

30 Jun 16

BLACKROCK CAPITAL STRUCTURE INVESTMENTS FUND


LTD

-14.86

30 Jun 16

NEZU CYCLICALS FUND LTD

-14.73

31 Jul 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

ELM RIDGE CAPITAL PARTNERS L.P.

-29.96

31 Dec 15

PERCEPTIVE LIFE SCIENCES OFFSHORE FUND LTD

49.60

31 Dec 15

MUDRICK DISTRESSED OPPORTUNITY FUND LTD

-25.71

31 Dec 15

MITRA CAPITAL MASTER FUND LP

43.43

31 Dec 15

ANDALUSIAN CORPORATE OPPORTUNITIES FUND LP

-22.85

31 Dec 15

PELHAM LONG/SHORT SMALL CAP FUND LTD

42.71

31 Dec 15

ECF VALUE FUND INTERNATIONAL LTD

-20.57

31 Dec 15

HIGHER MOMENT CAPITAL OPPORTUNITIES, LP

31.61

31 Dec 15

GREENLIGHT CAPITAL OFFSHORE, LTD - A/1

-20.38

31 Dec 15

SEGANTII ASIA-PACIFIC EQUITY MULTI-STRATEGY FUND

29.51

31 Dec 15

TRISHIELD SPECIAL SITUATIONS FUND LLC

-19.85

31 Dec 15

LANSDOWNE EUROPEAN EQUITY FD, LTD - A (EUR)

28.24

31 Dec 15

QUANTEDGE GLOBAL FUND

-18.26

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

WHITE SQUARE PURE ALPHA FUND

24.50

31 Dec 15

GREYWOLF CAPITAL OVERSEAS FUND

-14.14

31 Dec 15

CLAREANT GLOBAL SPECIAL SITUATIONS FUND US


FEEDER EUR CLASS III-A

23.71

31 Dec 15

LYNX BERMUDA 1.5 LTD

-13.76

31 Dec 15

HARBOUR HOLDINGS LTD

-13.46

31 Dec 15

PENSATO EUROPA FUND LTD EURO CLASS

23.68

31 Dec 15

ABRAX MERGER ARBITRAGE S.G. FUND

22.74

31 Dec 15

ELEMENT CAPITAL FUND

22.72

31 Dec 15

TRIAS L/S FUND

22.56

31 Dec 15

GOLDEN CHINA FUND NR CLASS

21.94

31 Dec 15

CAPEVIEW AZRI 2X FUND

21.64

31 Dec 15

ODEY EUROPEAN, INC (EUR)

-12.82

31 Dec 15

TONGA PARTNERS LP

-12.61

31 Dec 15

POLAR CAPITAL EUROPEAN CONVICTION FUND LIMITED

-12.20

31 Dec 15

FIREBIRD REPUBLICS FUND, LTD

-11.65

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

-15.75

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

QUANTEDGE GLOBAL FUND

29.36

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


(0.42%)
(0.04%)
3.19%
3.94%

-1.54%

10.51%

8.45%

-6.27%

7.35%

6.74%

Max
Drawdown1

Convertible
Ytd Avg. 2016

0.69%

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

$307M
Jun 16

408.56

$460M
Jul 16

7,577.26

$487M
Jul 16

1,108.95

$194M
Jul 16

181.91

$826M
Feb 16

198.95

$188M
Jun 16

118.34

31 Jul 16
31 Jul 16

$172M
Aug 16

1.40%

2.88%

2.11%

1.95%

11.45%

9.5%

2.61%

10.20%

5.73%

(25.00%)
Dec 07 - Oct 08

31 Jul 16

2.00%

4.04%

7.54%

-0.88%

5.08%

3.06%

(1.53%)
Jul 14 - Sep 14

31 Jul 16

4.81%

(9.78%)

0.25%

4.13%

27.14%

5.37%

-14.15%

6.67%

12.29%

(28.61%)
May 08 - Nov 08

22 Jul 16

(0.42%)

(1.33%)

-3.74%

-1.69%

10.55%

4.73%

-1.64%

7.81%

8.01%

(16.25%)
Aug 08 - Nov 08

31 Jul 16

1.25%

(1.51%)

1.9%

0.71%

10.34%

6.42%

-2.86%

2.89%

3.54%

(7.33%)
May 15 - Jun 16

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

(27.58%)
Oct 07 - Nov 08

204.33

31 Jul 16

Ytd Avg. 2016


7.36%
0.18%
7.36%
-3.59%

0.41%

19.34%

7.6%

4.98%

10.74%

7.04%

(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


5.85%
0.02%
4.80%
-4.3%

2.42%

-0.64%

11.73%

0.08%

4.77%

6.76%

Max
Drawdown1

Credit
Ytd Avg. 2016

1.52%

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

771M
Jul 16

1.47

$940M
Jun 16

2,023.24

$36M
Jun 16

117.12

$2M
Jul 16

187.02

$444M
Apr 16

362.88

$544M
Jun 16

206.21

$145M
Jun 16

26.03

$50M
May 16

112.63

$203M
Apr 16

1,958.10

$3'374M
Mar 16

36.26

463M
Jul 16

(15.32%)
May 08 - Oct 08

30 Jun 16

0.60%

3.46%

7.2%

7.76%

8.09%

8.71%

8.99%

8.82%

0.51%

0.00%
Jan 00 - Jan 00

31 Jul 16

1.66%

4.62%

2.44%

11.29%

-7.22%

12.29%

2.19%

5.15%

6.58%

(12.26%)
Feb 13 - Sep 13

30 Jun 16

3.83%

5.26%

-4.87%

-2.05%

-1.96%

11.33%

2.85%

7.13%

8.61%

(19.88%)
Feb 08 - Nov 08

31 Jul 16

7.07%

2.21%

14.48%

-1.98%

14.61%

23.2%

-7.16%

12.94%

13.35%

(28.43%)
Feb 08 - Oct 08

30 Jun 16 (0.00%)

0.27%

-2.41%

2.62%

4.78%

18%

-4.14%

7.19%

10.96%

(33.64%)
Jun 08 - Dec 08

20 Jul 16

3.40%

12.50%

-0.39%

4.94%

2.2%

18.68%

-1.37%

6.83%

9.06%

(38.05%)
Feb 08 - Mar 09

30 Jun 16 (0.42%)

3.06%

3%

3.47%

2.55%

11.27%

5.14%

3.43%

(2.46%)
Oct 14 - Jan 15

02 Aug 16 (0.40%)

11.17%

-6.12%

3.36%

8.67%

11.48%

2.44%

7.89%

13.37%

(32.05%)
Aug 08 - Dec 08

03 Aug 16 (0.00%)

11.16%

-4.87%

0.62%

0.8%

5.36%

0.69%

7.22%

5.42%

(9.31%)
Mar 08 - Oct 08

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

03 Aug 16

1.19

Ytd Avg. 2016


(1.56%)
03 Aug 16 (0.06%)
(5.51%)
-1.06%

2.21%

7.4%

12.64%

2.59%

3.58%

4.36%

(8.60%)
Jul 14 - Aug 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

Credit/Europe
CAIRN SPECIAL OPPORTUNITIES
CREDIT FUND
Cairn Capital Limited

31 Dec 07

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

Q
M

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

SERONE KEY OPPORTUNITIES


FUND
Serone Capital Management, Serj
Walia

29 Feb 12

126M
Jun 16

175.39

$350M
May 16

339.40

120M
Jun 16

153.65

$171M
Mar 16

190.87

$396M
Mar 16

1,080.32

55M
May 16

1,292.59

$227M
Jun 16

1,168.46

$85M
Jun 16

1,141.89

402M
Jun 16

261.51

$225M
Jun 16

1,540.90

$1'063M
Jun 16

329.96

377M
Jun 16

194.00

$140M
Jun 16

254.18

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(1.56%)
30 Jun 16 (2.84%)
(2.50%)
-3.28%

2.3%

8.54%

19.95%

-12.51%

6.83%

7.56%

Max
Drawdown1

(13.94%)
Jun 11 - Nov 11

31 Jul 16

(0.38%)

(2.39%)

4.06%

3.14%

18.23%

8.41%

1.48%

9.78%

8.36%

(30.45%)
Oct 07 - Dec 08

30 Jun 16 (0.92%)

0.59%

3.84%

11.37%

16.31%

17.68%

10.64%

13.63%

6.99%

(6.46%)
May 11 - Nov 11

30 Apr 16

0.30%

3.65%

10.44%

8.84%

15.19%

36.91%

-2.87%

13.55%

4.67%

(4.65%)
Jul 11 - Sep 11

30 Jun 16 (0.04%)

(0.30%)

15.22%

24.82%

32.93%

32.42%

24.71%

39.90%

11.41%

(5.11%)
Jul 11 - Oct 11

22 Jul 16

1.10%

(2.02%)

-5.61%

4.53%

8.11%

20.07%

3.01%

5.68%

6.31%

(12.70%)
May 15 - Jun 16

29 Jul 16

(0.23%)

(5.22%)

4.88%

4.68%

11.5%

0.71%

4.34%

5.02%

(7.88%)
Dec 15 - Feb 16

30 Jun 16 (5.03%)

(2.00%)

2.22%

-10.36%

16.1%

19.58%

-7.79%

2.69%

8.55%

(12.90%)
Jun 14 - Dec 14

30 Jun 16 (1.12%)

1.63%

8.12%

8.89%

31.11%

55.73%

-2.23%

17.91%

8.84%

(14.95%)
May 11 - Dec 11

29 Jul 16

0.67%

2.20%

5.12%

5.91%

12.51%

6.31%

3.68%

6.70%

2.47%

(2.13%)
Sep 15 - Feb 16

30 Jun 16

0.02%

2.03%

3.13%

3.31%

7.25%

13.46%

-5.02%

10.45%

6.06%

(12.74%)
Jul 07 - Jul 08

15 Jul 16

(0.04%)

(3.83%)

0.22%

6.55%

12.68%

19.87%

-9.26%

8.78%

7.52%

(17.90%)
Apr 11 - Dec 11

30 Jun 16 (0.19%)

2.92%

11.05%

9.14%

25.94%

61.8%

24.00%

8.46%

(4.47%)
Nov 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

14

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Credit/Europe
WYETREE EUROPEAN RECOVERY 31 Aug 13
FUND (WERF)
WyeTree Asset Management

50M
Jun 16

99.62

Date

ARISTEIA INTERNATIONAL LTD


Anthony M. Frascella, William R.
Techar

01 Aug 97

ASGARD FIXED INCOME FUND LTD 30 Jun 03


Morten Mathiesen

AXONIC CREDIT OPPORTUNITIES


OVERSEAS FUND LTD
Axonic Capital, Clayton DeGiacinto

31 Mar 09

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 US FEEDER
EUR CLASS III-A
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


(1.56%)
30 Jun 16 (6.70%) (12.58%)
-5.25%

2014

2013

16.86%

2.91%

2012

2011

Ann.
Return

Ann.
Volatility

(0.14%)

7.37%

Max
Drawdown1

(18.56%)
Mar 15 - Jun 16

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

MTD

$1'431M
May 16

261.28

$921M
Jul 16

876.10

293M
Jun 16

559.75

$1'129M
May 16

320.96

191M
Jun 16

131.19

$6'798M
Jun 16

260.21

$395M
Jun 16

132.35

$237M
Mar 16

134.20

119M
Jun 16

171.93

74M
Jun 16

548.93

234M
Jun 16

316.55

30 Jun 16

Ytd Avg. 2016


1.04%
0.80%
0.11%
4.43%

10.07%

12.91%

20.59%

7.47%

14.33%

4.21%

(3.76%)
Oct 15 - Feb 16

31 Jul 16

0.81%

5.76%

-7.22%

-3.13%

15.67%

11.2%

2.36%

12.09%

8.74%

(30.20%)
May 08 - Dec 08

29 Jul 16

1.93%

10.75%

8.8%

10.6%

16.02%

34.12%

25.32%

14.06%

6.67%

(10.40%)
Aug 08 - Oct 08

31 Jul 16

0.75%

(1.17%)

0.52%

10.87%

12.1%

25.69%

6.01%

17.22%

6.98%

(6.84%)
May 15 - Mar 16

31 Jul 16

0.11%

(1.75%)

1.57%

0.92%

12.13%

26.17%

0.3%

7.80%

4.86%

(4.75%)
Feb 15 - Apr 16

22 Jul 16

1.53%

(0.63%)

0.07%

2.67%

7.87%

14.51%

3.56%

7.80%

5.84%

(11.83%)
Aug 08 - Dec 08

30 Jun 16 (0.90%)

(6.82%)

-1.04%

13.78%

14.05%

10.71%

7.41%

4.54%

(11.12%)
Jun 15 - Jun 16

30 Jun 16 (5.42%)

(12.01%)

1.4%

3.94%

13.84%

17.22%

1.29%

8.35%

6.05%

(13.26%)
Apr 15 - Jun 16

30 Jun 16 (1.12%)

0.94%

23.71%

-1.88%

12%

16.64%

-8.59%

6.45%

14.64%

(48.74%)
Oct 07 - Dec 08

30 Jun 16 (1.88%)

(1.22%)

3.68%

7.28%

29.09%

44.15%

8.7%

28.29%

16.85%

(15.92%)
May 11 - Nov 11

30 Jun 16 (2.23%)

2.81%

8.89%

5.51%

48.08%

50.97%

19.88%

23.71%

12.13%

(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
Bill Murray, Jason Walker

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

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

PIMCO GLOBAL CREDIT


OPPORTUNITY FUND SERIES 1
Dan Ivascyn / Jon Horne

30 Jun 06

HY
Q

Q
Q

Q/Y

$95M
Jun 16

15.34

$1'125M
Jun 16

5,309.84

$4'400M
Apr 16

166.01

$1'000M
Jun 16

156.71

$909M
Jun 16

271.43

$370M
May 16

270.42

$149M
Jun 16

1,804.99

$167M
Jun 16

1,904.93

$326M
Jul 16

1,652.80

$669M
Jun 16

169.14

$207M
Oct 15

110.43

$952M
Jul 16

2,009.00

$3'363M
Jun 16

192.13

22 Jul 16

MTD

YTD

Ytd Avg. 2016


1.04%
1.45%
4.37%

2015

2014

2013

2012

5.2%

2.83%

18.98%

14.17%

2011

Ann.
Return

Ann.
Volatility

11.35%

4.27%

Max
Drawdown1

(2.98%)
Jun 14 - Oct 14

31 Jul 16

2.31%

(0.26%)

-2.36%

8.02%

9.7%

16.85%

0.67%

18.49%

10.73%

(11.97%)
May 15 - Feb 16

30 Jun 16

0.02%

(2.16%)

-8.9%

5.8%

13.91%

15.34%

1.22%

7.60%

4.83%

(14.77%)
Apr 15 - Mar 16

30 Jun 16 (0.42%)

(0.06%)

-1.46%

8.1%

23.7%

19.01%

10.91%

5.52%

(6.74%)
Apr 15 - Feb 16

30 Jun 16

0.13%

(3.23%)

3.22%

7.89%

15.28%

27.73%

1.86%

13.00%

5.65%

(5.51%)
Aug 15 - Mar 16

30 Jun 16

0.18%

2.05%

1.79%

7.25%

9.64%

13.29%

16.19%

14.35%

3.89%

(0.85%)
May 15 - Oct 15

29 Jul 16

1.40%

3.88%

-7.26%

5.23%

8.5%

10.22%

10.36%

5.65%

7.53%

(31.27%)
Nov 07 - Dec 08

29 Jul 16

2.17%

4.77%

-8.35%

6.02%

8.56%

11.95%

7.41%

7.92%

6.29%

(10.51%)
May 15 - Feb 16

31 Jul 16

1.40%

3.65%

-2.68%

3.42%

15.67%

8.3%

1.64%

7.73%

5.29%

(10.60%)
May 15 - Feb 16

31 Jul 16

1.20%

1.57%

-2.52%

-2.44%

4.35%

12.48%

-0.76%

6.07%

6.29%

(9.90%)
Jun 08 - Sep 08

02 Aug 16 (0.30%)

5.78%

-1.98%

-2.52%

9.26%

3.01%

5.21%

(9.25%)
Jun 14 - Feb 16

30 Jun 16

0.45%

0.86%

2.33%

10.05%

5.75%

18.98%

-4.19%

8.82%

5.46%

(8.43%)
Feb 11 - Nov 11

30 Jun 16 (0.91%)

1.06%

6.89%

4.34%

7.45%

15.18%

6.24%

6.74%

4.79%

(12.86%)
Jun 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

16

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Credit/Global
PIMCO TACTICAL OPPORTUNITIES 31 Jan 13
FUND
PIMCO LLC - Dan Ivascyn / Josh
Anderson / Alfred Murata
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

$963M
Jun 16

134.03

$96M
Mar 16

201.43

$979M
Jun 16

193.99

$248M
Jun 16

112.48

$1'207M
Jun 16

117.73

$1'290M
Jul 16

196.43

$1'984M
Jun 16

162.19

$685M
Jun 16

152.35

$1'466M
Jun 16

338.05

$445M
Jun 16

151.02

30 Jun 16

31 Jan 09

BEACH POINT TOTAL RETURN


OFFSHORE FUND II, LTD
Carl Goldsmith, Scott Klein,

30 Jun 96

YTD

2015

2014

2013

Ytd Avg. 2016


1.04%
0.51%
2.75%
5.68%

7.56%

14.76%

2012

2011

Ann.
Return

Ann.
Volatility

8.96%

4.02%

Max
Drawdown1

(1.88%)
May 13 - Jun 13

30 Jun 16 (3.20%)

(6.09%)

-0.42%

12.66%

17.56%

24.07%

-10.5%

9.67%

6.52%

(14.92%)
Feb 11 - Dec 11

30 Jun 16

0.46%

4.73%

5.13%

5.07%

10.35%

14.9%

2.78%

10.31%

3.48%

(1.80%)
Jul 11 - Sep 11

30 Jun 16

0.45%

2.90%

6.62%

2.52%

5.36%

4.13%

(3.50%)
Dec 15 - Feb 16

30 Jun 16 (3.51%)

8.88%

3.36%

-10.8%

-6.76%

-3.87%

9.33%

2.39%

8.68%

(28.08%)
Jun 12 - Mar 15

30 Jun 16 (1.16%)

(9.43%)

-0.57%

5.41%

12.13%

25.85%

2.09%

9.87%

6.67%

(17.05%)
Jul 15 - Feb 16

18 Jul 16

0.25%

0.77%

6.14%

10.31%

18.04%

16.46%

11.21%

3.05%

(2.24%)
Dec 15 - Feb 16

30 Jun 16

1.39%

(1.35%)

6.06%

15.17%

20.05%

5.33%

11.88%

3.68%

(4.65%)
Sep 15 - Mar 16

15 Jul 16

(0.19%)

(4.03%)

-1.82%

3.94%

10.57%

12.73%

-0.81%

11.38%

6.95%

(10.77%)
Jun 08 - Nov 08

30 Jun 16

0.62%

17.28%

-6.17%

9.15%

15.14%

28.54%

-15.05%

8.16%

13.19%

(18.02%)
Mar 11 - Sep 11

Credit/USA
400 CAPITAL CREDIT
OPPORTUNITIES
Chris Hentemann

MTD

$1'026M
Jun 16

263.66

$2'100M
Jun 16

640.90

30 Jun 16

Ytd Avg. 2016


3.24%
0.06%
(6.78%)
-0.42%

12.35%

15.24%

34.21%

3.07%

13.96%

6.26%

(11.54%)
Jun 15 - Mar 16

30 Jun 16

0.06%

4.78%

-2.08%

-0.67%

12.61%

13.86%

-0.98%

9.73%

7.88%

(24.04%)
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

17

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Credit/USA
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

NAPIER PARK ABS INCOME FUND


LP
Rajesh Agarwal

30 Apr 15

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

M
Q

$2'300M
Apr 16

163.14

$85M
Jun 16

113.74

$353M
Jun 16

126.88

$318M
Jan 16

151.72

$742M
Jan 16

228.98

$212M
Jun 16

104.88

$119M
Jun 16

139.48

$3'399M
Jul 16

217.44

$65M
Jun 16

114.24

31 Jul 16

MTD

YTD

2015

Ytd Avg. 2016


3.24%
2.09%
15.40%
-11.11%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

0.22%

5.96%

6.7%

2.44%

5.24%

6.79%

Max
Drawdown1

(19.42%)
Jun 08 - Dec 08

30 Jun 16

0.22%

1.84%

10.2%

1.34%

7.27%

1.18%

(0.12%)
Aug 14 - Sep 14

30 Jun 16

1.28%

2.55%

1.37%

3.08%

6.11%

11.59%

5.76%

2.50%

(2.27%)
May 15 - Feb 16

30 Jun 16

0.68%

2.49%

4.34%

0.33%

7.66%

10.87%

9.99%

6.71%

3.73%

(5.37%)
Jun 14 - Jan 15

30 Jun 16

0.55%

2.41%

2.26%

0.98%

10.07%

10.78%

7.46%

12.10%

6.10%

(4.96%)
Aug 14 - Feb 16

30 Jun 16

1.21%

3.51%

1.33%

4.15%

1.80%

(0.58%)
Jan 16 - Mar 16

31 Jul 16

2.26%

8.00%

-0.92%

0.94%

9.04%

19.9%

-1.24%

6.23%

6.91%

(10.79%)
Jul 11 - Aug 11

30 Jun 16 (0.18%)

0.36%

1.31%

14.06%

20.51%

41.34%

10.07%

15.16%

5.68%

(5.77%)
May 15 - Mar 16

30 Jun 16

0.30%

1.13%

-0.42%

7.78%

5.46%

-0.2%

3.78%

3.63%

(6.33%)
May 15 - Feb 16

Fixed Income
Ytd Avg. 2016

3.30%

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

$970M
Jun 16

165.74

31 Jul 16

Ytd Avg. 2016


3.30%
1.25%
3.30%
-2.4%

6.76%

1.58%

7.35%

4.85%

6.51%

3.88%

(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%

6.49%

4.82%

Max
Drawdown1

Distressed Security
Ytd Avg. 2016

4.24%

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

152.09

$672M
Jul 16

692.82

$5'939M
Jun 16

7,837.00

$507M
Apr 16

31 Jul 16

Ytd Avg. 2016


4.22%
1.32%
(0.17%)
-0.66%

(7.96%)
Jul 15 - Feb 16

31 Jul 16

5.50%

(2.76%)

-14.25%

5.68%

12.53%

14.78%

3.88%

15.71%

11.12%

(28.11%)
May 08 - Nov 08

30 Jun 16

0.19%

2.97%

-2.72%

4.32%

15.65%

18.05%

-4.66%

10.04%

8.12%

(28.82%)
Oct 07 - Nov 08

932,633.07 30 Jun 16 (4.53%)

(9.33%)

-4.96%

23.09%

14.1%

12.05%

9.6%

10.15%

6.55%

(22.26%)
May 08 - Feb 09

$1'918M
Apr 16

2,615.39

$1'159M
Jun 16

269.26

$1'640M
Jun 16

3,749.37

$1'200M
Jun 16

176.68

$270M
Jun 16

262.84

$605M
Jul 16

1,576.57

$1'900M
Jul 16

238.88

31 Jul 16

3.54%

9.05%

-7.89%

0.46%

17.01%

24.31%

-1.32%

11.55%

9.43%

(33.22%)
Jun 07 - Feb 09

30 Jun 16

1.21%

7.46%

-6.17%

3.5%

21.95%

13.51%

-2.45%

9.20%

9.40%

(26.27%)
Oct 07 - Nov 08

30 Jun 16 (0.42%)

(1.28%)

-2.73%

1.37%

18.36%

11.57%

-0.46%

9.71%

7.49%

(32.31%)
Oct 07 - Dec 08

31 Jul 16

8.50%

26.90%

-25.71%

15.7%

7.73%

21.85%

-3.72%

8.36%

9.75%

(31.42%)
Aug 14 - Jan 16

30 Jun 16

0.53%

5.57%

-10.48%

0.47%

9.93%

9.21%

-1.39%

6.65%

6.39%

(24.14%)
Jun 07 - Dec 08

30 Jun 16

0.15%

(0.26%)

2.23%

12.81%

12.96%

23.81%

-2%

8.63%

4.69%

(7.61%)
Apr 11 - Oct 11

30 Jun 16

0.06%

1.02%

-9.49%

-1.16%

12.61%

14.01%

1.55%

6.74%

8.11%

(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

$358M
Jun 16

128.06

$1'400M
Jun 16

356.61

$2'170M
May 16

30 Jun 16

30 Nov 05

REDWOOD OFFSHORE FUND


Jonathan Kolatch

31 Jul 00

YTD

2015

Ytd Avg. 2016


4.22%
0.57%
0.97%
0.57%

2014

2013

18.36%

6.54%

2012

2011

Ann.
Return

Ann.
Volatility

10.04%

7.27%

Max
Drawdown1

(8.26%)
May 15 - Jan 16

22 Jul 16

2.21%

10.05%

-5.2%

1.7%

16.17%

13.18%

-11.03%

9.58%

7.48%

(24.47%)
May 07 - Jan 09

44,656.69 30 Jun 16

0.28%

8.84%

14.49%

-0.4%

32.33%

20.69%

3.58%

24.75%

14.53%

(48.38%)
May 08 - Mar 09

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

MTD

$890M
Jun 16

3,061.27

$1'858M
Jul 16

744.33

15 Jul 16

Ytd Avg. 2016


4.41%
0.18%
2.81%
2.14%

6.74%

6.66%

16.14%

4.12%

11.10%

5.01%

(13.32%)
Aug 08 - Mar 09

31 Jul 16

1.30%

6.02%

-2.66%

1.59%

17.62%

21.94%

-1.98%

13.36%

10.32%

(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


(14.25%)
(2.76%) (14.25%)
0.97%

3.87%

23.3%

-7.73%

5.24%

8.70%

8.40%

Max
Drawdown1

Equity-Commodity
Ytd Avg. 2016

(14.25%)

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

31 Jul 02

$224M
Jun 16

3,215.29

29 Jul 16

(16.55%)
Jul 15 - Jul 16

Equity-Diversified
Ytd Avg. 2016

(2.97%)

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 Class A 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

194.54

$110M
Aug 15

387.83

$162M
Jun 16

238.79

$21M
Feb 16

210.72

$627M
Jun 16

979.06

$121M
May 16

406.58

$44M
Jun 16

303.90

$85M
May 16

118.97

$253M
Jun 16

328.57

$513M
Jun 16

480.19

$217M
Jun 16

169.03

29 Jul 16

Ytd Avg. 2016


(2.40%)
4.79%
(9.33%)
21.94%

30.02%

17.48%

26.91%

-3.9%

25.17%

24.20%

(64.64%)
Oct 07 - Nov 08

31 May 16

1.11%

(3.09%)

8.66%

-0.51%

15.85%

-14.51%

-12.64%

13.89%

19.34%

(41.06%)
Feb 08 - Dec 08

31 Jul 16

(0.45%)

(14.73%)

3.83%

16%

27.39%

-6.58%

-5.09%

8.23%

12.09%

(25.06%)
Oct 07 - Feb 09

30 Jun 16

0.39%

(0.32%)

1.33%

-4.44%

4.6%

11.8%

-6.07%

6.55%

8.21%

(10.69%)
Oct 07 - Jan 09

15 Jul 16

2.05%

0.53%

11.75%

17.46%

9.26%

8.06%

0.6%

22.74%

18.98%

(42.16%)
Oct 07 - Nov 08

31 Jul 16

2.54%

(8.71%)

4.45%

-8.2%

61.8%

16.99%

-22.17%

13.62%

24.95%

(45.67%)
May 15 - Jan 16

29 Jul 16

7.12%

1.59%

1.25%

4.33%

13.35%

9.02%

-9.19%

9.85%

10.38%

(23.36%)
May 15 - Apr 16

22 Jul 16

1.39%

13.31%

5%

15.17%

12.25%

(5.73%)
Aug 15 - Jan 16

30 Jun 16

0.07%

(9.05%)

0.63%

-6.27%

28.57%

10.76%

-17.35%

10.49%

18.19%

(46.90%)
Oct 07 - Oct 08

31 Jul 16

2.32%

(1.84%)

15.28%

5.71%

11.72%

27.68%

-7.21%

10.65%

12.51%

(37.65%)
Oct 07 - Nov 08

29 Jul 16

2.87%

5.29%

7.28%

0.92%

5.55%

12.89%

6.19%

8.30%

14.64%

(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

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

31 Aug 14

AU$150M
Jun 16

197.61

Date

31 Jan 07

$25M
Jun 16

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

1,910.47

29 Jul 16

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

2014

2013

2012

2011

5.07%

Ann.
Return

Ann.
Volatility

45.00%

10.50%

Max
Drawdown1

(2.42%)

Ytd Avg. 2016


17.50%
6.53%
17.50%
-11.34%

5.1%

5.22%

11.04%

3.56%

7.05%

9.01%

(23.95%)
Jun 08 - Oct 08

$85M
Jun 16

93.35

$265M
Jun 16

138.85

$139M
May 16

920.01

$214M
Jun 16

245.75

$442M
Apr 16

425.94

$95M
Jun 16

164.27

$70M
Feb 16

128.48

30 Jun 16

Ytd Avg. 2016


5.82%
0.92%
(12.66%)
-3.37%

12.24%

11.49%

9.92%

3.37%

10.05%

(20.82%)
May 15 - May 16

28 Jul 16

2.81%

4.85%

2.25%

12.92%

14.7%

9.61%

12.46%

(14.90%)
Jul 15 - Feb 16

31 Jul 16

6.27%

16.77%

-11.65%

-22.64%

24.2%

13.26%

-19.42%

12.21%

28.92%

(73.20%)
Sep 97 - Jan 99

15 Jul 16

2.56%

2.21%

-0.08%

7.15%

9.23%

6.94%

-3.2%

12.22%

9.35%

(10.02%)
Apr 11 - May 12

08 Jul 16

(0.04%)

5.12%

5.04%

-2.56%

11.63%

7.73%

5.42%

11.38%

7.28%

(20.86%)
Jun 08 - Oct 08

22 Jul 16

1.93%

16.14%

-2.37%

6.71%

7.91%

14.48%

-9.05%

7.28%

8.94%

(15.40%)
Jun 14 - Aug 15

31 Jul 16

6.71%

8.28%

3.32%

3.68%

10.76%

7.24%

10.83%

(14.61%)
May 15 - Feb 16

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

2015

Aug 14 - Sep 14

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

YTD

Ytd Avg. 2016


17.17%
30 Jun 16 (0.89%)
17.17%
60.52%

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

MTD

$1'940M
Aug 15

474.23

$275M
Jul 16

174.17

$252M
Apr 16

582.90

29 Jul 16

Ytd Avg. 2016


(5.95%)
1.11%
(10.82%)
2.84%

9.35%

17.28%

14.08%

-4.91%

8.61%

11.66%

(26.28%)
May 07 - Feb 09

31 Jul 16

0.76%

(0.14%)

4.58%

4.32%

12.83%

5.91%

-0.17%

5.90%

4.91%

(9.13%)
May 07 - Oct 08

31 Jul 16

3.41%

(14.49%)

17.71%

5.5%

28.79%

1.7%

-10.75%

10.50%

14.88%

(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

Date

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

137.31

$300M
May 16

174.65

$1'440M
Apr 16

179.67

$365M
Jun 16

137.34

280M
Jul 16

427.79

$306M
Jun 16

321.81

CHF61M
Jul 16

1,595.37

$486M
Apr 16

216.95

CHF72M
Jun 16

291.70

245M
Jul 16

13.19

$274M
Jun 16

402.95

105M
Jun 16

138.87

$115M
Jul 16

155.83

31 Jul 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(5.95%)
3.86%
(2.41%)
3.12%

7.37%

14.59%

18.73%

-14.14%

3.58%

8.82%

Max
Drawdown1

(22.46%)
Oct 07 - Oct 08

31 Jul 16

4.60%

(16.29%)

21.64%

9.86%

24.8%

12.65%

4.31%

10.02%

8.59%

(20.21%)
Nov 15 - Jun 16

31 Jul 16

2.16%

(8.36%)

9.84%

4.6%

11.51%

5.82%

1.29%

6.92%

4.27%

(10.45%)
Nov 15 - Jun 16

30 Jun 16

1.00%

7.36%

8.67%

3.69%

14.99%

-1.27%

9.89%

4.24%

(2.45%)
Feb 14 - Jun 14

29 Jul 16

0.24%

(7.32%)

7.63%

1.1%

15.93%

-4.72%

10.2%

11.99%

8.45%

(16.39%)
Jun 08 - Nov 09

29 Jul 16

0.07%

(5.23%)

7.62%

-5.24%

7.09%

5.75%

7%

7.66%

7.79%

(17.94%)
Oct 07 - Oct 08

31 Jul 16

0.37%

2.67%

0.61%

2.12%

-3.57%

-8.93%

4.9%

3.99%

4.63%

(13.54%)
Sep 11 - Dec 13

30 Jun 16 (4.98%)

(17.71%)

28.24%

-4.32%

21.51%

4.56%

-12.68%

8.44%

11.82%

(21.60%)
May 08 - Feb 09

30 Jun 16 (0.23%)

1.80%

2.09%

2.7%

5.27%

2.04%

0.83%

10.46%

5.71%

(5.29%)
Jun 11 - Aug 11

03 Aug 16

0.76%

(4.00%)

6.02%

1.41%

20.23%

13.93%

-9.24%

4.78%

6.50%

(9.53%)
Dec 10 - Sep 11

30 Jun 16 (12.04%)

(23.28%)

17.14%

10.8%

29.19%

26.9%

-19.85%

11.41%

20.34%

(60.03%)
May 07 - Feb 09

30 Jun 16

0.35%

3.01%

6.52%

-5.68%

30.08%

3.16%

7.72%

8.76%

(9.12%)
Jan 12 - Jun 12

02 Aug 16

0.40%

(3.62%)

9.61%

3.96%

7.44%

8.72%

5.65%

4.65%

8.06%

(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

$588M
Jul 16

243.67

66M
Oct 15

109.46

$83M
Jun 16

165.04

NOK747M
Jun 16

156.14

730M
Mar 16

592.63

3'428M
Jun 16

197.57

109M
Jun 16

154.22

17M
Apr 16

142.26

CHF105M
Mar 16

2,802.10

53M
Apr 16

131.35

$70M
Jul 16

528.97

$379M
Jun 16

183.80

92M
Jul 16

173.42

02 Aug 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(5.95%)
0.43%
1.92%
9.98%

6.72%

16.17%

11.31%

4.29%

7.98%

7.14%

Max
Drawdown1

(21.75%)
Oct 07 - Feb 09

02 Aug 16 (0.05%)

(6.09%)

6.21%

-5.61%

7.94%

4.37%

-0.27%

1.47%

7.07%

(12.02%)
Sep 11 - Jul 12

29 Jul 16

0.63%

(4.20%)

7.31%

-5.72%

14.82%

-4.33%

5.58%

5.95%

6.35%

(11.33%)
Dec 13 - Aug 14

02 Aug 16 (0.71%)

(1.38%)

8.84%

15.85%

24.67%

12.99%

7.03%

(5.18%)
Dec 15 - Jan 16

29 Jul 16

(3.70%)

(29.21%)

-12.82%

5.48%

25.76%

30.69%

-20.56%

10.67%

17.86%

(50.64%)
Jan 94 - Jul 95

30 Jun 16 (10.53%)

(10.14%)

14.57%

2.58%

32.52%

16.89%

-10.68%

8.17%

11.68%

(12.25%)
May 08 - Dec 08

30 Jun 16

0.00%

(1.20%)

23.68%

-4.99%

1.99%

11.22%

-0.28%

5.50%

6.39%

(8.88%)
May 13 - Apr 14

29 Jul 16

2.09%

(1.65%)

-12.2%

2.97%

1.9%

8.07%

6.45%

3.47%

8.34%

(15.42%)
Dec 14 - Jun 16

29 Jul 16

6.51%

(12.45%)

4.25%

13.94%

20.33%

29.45%

-11.71%

9.59%

18.69%

(55.01%)
Jun 07 - Nov 08

31 Jul 16

0.40%

(8.77%)

-1.22%

3.63%

17.47%

2.95%

-0.84%

3.12%

7.41%

(14.50%)
Apr 15 - Jun 16

31 Jul 16

(0.24%)

(3.79%)

7.61%

-1.76%

4.48%

11.82%

4.88%

8.95%

8.64%

(16.98%)
Mar 00 - Jan 03

29 Jul 16

1.89%

(0.54%)

10.67%

-4.8%

17.78%

15.22%

-10.33%

8.55%

11.00%

(16.04%)
May 11 - Sep 11

02 Aug 16 (2.00%)

(11.40%)

22.56%

11.08%

33.7%

7.53%

13.79%

13.16%

(12.48%)
May 15 - Jun 16

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

Date

Equity-Diversified/Europe
TRIUM BLACKWALL EUROPE L/S
FUND
Thomas Karlovits

31 Dec 14

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

117M
Aug 16

11.24

$459M
Jul 16

128.08

$768M
Jun 16

337.91

163M
Sep 15

235.34

02 Aug 16

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

2014

9.6%

2013

2012

2011

Ann.
Return

Ann.
Volatility

7.70%

4.51%

Max
Drawdown1

(1.68%)

31 Jul 16

1.48%

(7.25%)

26.81%

-2.65%

11.87%

8.35%

10.20%

(8.61%)

31 Jul 16

2.48%

3.66%

14.66%

2.64%

14.43%

6.9%

-1.72%

11.42%

8.24%

(7.41%)
Apr 06 - Sep 06

29 Jul 16

(0.49%)

(7.65%)

19.06%

-6.33%

8.9%

11.02%

3.56%

8.35%

10.71%

(19.14%)
Aug 08 - Oct 08

333.68

$68M
Jul 16

140.82

$247M
Apr 16

1,477.09

$880M
Jun 16

148.67

$1'500M
Jun 16

125.96

$90M
Jun 16

108.60

$480M
May 16

Ytd Avg. 2016


(5.95%)
0.18%
2.66%

2015

Dec 15 - Jun 16

$198M
May 16

144M
Apr 15

YTD

May 15 - Jun 15

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

MTD

29 Jul 16

Ytd Avg. 2016


(3.66%)
7.68%
10.23%
58.52%

-9.85%

4.75%

0.95%

16.27%

11.96%

11.13%

(16.84%)
Oct 13 - Oct 14

30 Jun 16

3.50%

2.11%

-2.07%

6.66%

11.45%

12.62%

5.19%

6.42%

8.25%

(11.31%)
May 15 - Jan 16

22 Jul 16

(0.99%)

0.78%

4.86%

12.64%

8.54%

-3.47%

7.52%

4.95%

8.16%

(13.57%)
Sep 11 - Jun 13

22 Jul 16

(0.01%)

(2.65%)

2.83%

19.48%

19.48%

3.66%

0.34%

8.14%

6.72%

(12.86%)
Jul 15 - Apr 16

30 Jun 16

0.16%

0.21%

0.84%

-0.38%

3.95%

11.05%

8.05%

4.97%

2.93%

(2.56%)
Feb 14 - May 14

30 Jun 16 (0.15%)

(5.39%)

7.61%

-0.21%

7.14%

-0.24%

2.33%

8.20%

(14.23%)
May 15 - Mar 16

17,262.07 02 Aug 16 (0.02%)

(0.75%)

0.23%

-1.64%

1.85%

0.77%

0.49%

3.88%

3.03%

(3.81%)
Dec 13 - Jan 16

182.79

02 Aug 16 (0.84%)

(13.92%)

11.35%

6.78%

10.56%

19.44%

-12.63%

6.49%

11.14%

(16.50%)
May 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

25

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Equity-Diversified/Global
GLADE BROOK GLOBAL
OFFSHORE FUND LTD CLASS-ANRPaul Hudson

30 Sep 11

HABROK LTD
Rahul Khanna

31 Mar 04

HORSEMAN GLOBAL FUND USD


Russell Clark & Bobby Turnbull

31 Jan 01

KINSALE COMPASS FUND


Peter A Kinney

31 Oct 11

Q
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

$284M
May 16

1,298.08

$75M
Jun 16

290.46

$1'062M
May 16

735.42

$250M
Jun 16

160.31

$10'592M
Apr 16

681.56

$326M
Feb 16

119.70

$89M
Apr 16

99.47

$932M
Jul 16

167.21

$8'147M
Jul 16

469.03

$1'152M
Jul 16

263.51

$2'000M
Jan 16

1,626.08

$230M
Dec 15

1,030.94

$784M
May 16

490.70

$1'900M
Jun 16

1,038.96

31 Jul 16

MTD

YTD

2015

Ytd Avg. 2016


(3.66%)
2.50%
(7.88%)
13.12%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

-1.36%

19.76%

13.1%

-6.77%

5.54%

9.56%

Max
Drawdown1

(10.75%)
Dec 15 - Feb 16

30 Jun 16

2.45%

(5.43%)

0.84%

7%

13.13%

6.27%

-14.36%

9.09%

14.62%

(37.31%)
May 08 - Jan 09

31 Jul 16

(2.65%)

3.16%

20.45%

12.63%

19.15%

16.28%

-2.98%

13.73%

16.43%

(33.75%)
Feb 09 - Jun 10

30 Jun 16 (0.88%)

0.31%

9.04%

6.56%

15.74%

16.75%

1.79%

10.64%

5.50%

(4.87%)
May 15 - Jan 16

31 Jul 16

(0.32%)

(13.50%)

16.84%

11.49%

33.26%

17.87%

-20.07%

13.64%

10.81%

(20.07%)
Dec 10 - Dec 11

22 Jul 16

1.25%

(4.13%)

1.28%

-2.22%

8.97%

13.27%

-1.94%

2.80%

5.02%

(8.65%)
Apr 15 - Jun 16

31 May 16

9.90%

(17.27%)

-1.47%

12.27%

8.69%

(0.19%)

17.74%

(34.83%)
May 15 - Apr 16

31 Jul 16

3.04%

(1.93%)

3.34%

8.23%

23.82%

11.78%

-18.03%

14.12%

12.60%

(30.15%)
Sep 87 - Oct 87

02 Aug 16

0.27%

(1.66%)

12.05%

8.44%

21.61%

7.45%

9.74%

12.67%

8.74%

(23.24%)
Oct 07 - Oct 08

02 Aug 16

0.51%

4.35%

6.38%

6.3%

13.37%

6.83%

27.16%

13.93%

9.19%

(7.61%)
Jan 15 - Apr 15

31 Jul 16

(3.33%)

(3.83%)

16.01%

8.51%

16.46%

15.46%

-14.85%

11.74%

11.22%

(30.04%)
May 08 - Nov 08

02 Aug 16

0.07%

(7.28%)

1.62%

5.11%

12.16%

-0.14%

-7.06%

0.58%

4.05%

(8.21%)
Jul 15 - Jul 16

29 Jul 16

(1.93%)

(13.90%)

12.48%

3.75%

26.37%

23.69%

-6%

14.88%

14.08%

(15.49%)
Apr 11 - Sep 11

31 Jul 16

0.50%

(7.17%)

10.19%

0.9%

23.02%

11.08%

-18.74%

15.74%

24.94%

(52.74%)
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

26

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Equity-Diversified/Global
PASSPORT LONG SHORT
STRATEGY FUND
John Burbank

30 Jun 10

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

HY

PLATINUM FUND LTD


Kerr Neilson

31 May 94

RWC ASIA ABSOLUTE ALPHA


FUND -BGarret Mallal

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

$1'000M
Jul 16

142.34

$401M
Jul 16

218.35

$359M
Jun 16

84.28

$19M
May 16

144.84

$530M
Feb 16

697.64

$390M
Feb 16

1,339.97

$100M
Feb 16

499.42

$98M
Apr 16

132.45

31 Dec 04

MARATHON VERTEX JAPAN FUND 31 May 03


LTD CLASS B
William Arah

SFP VALUE REALIZATION FUND


Greg McEntyre

31 Oct 03

SR GLOBAL FUND H - JAPAN (Real 30 Sep 03


Perf)
Hugh Sloane, Alex Kydd

UMJ KOTOSHIRO FUND


Masahiro Koshiba

31 Oct 08

YTD

2015

Ytd Avg. 2016


(3.66%)
(0.40%)
(2.46%)
10.12%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

-6.24%

19.89%

12.13%

-7.19%

5.97%

7.97%

Max
Drawdown1

(10.06%)
Apr 11 - Dec 11

31 Jul 16

0.40%

(12.40%)

17.81%

9.94%

45.5%

-5.67%

-19.91%

9.92%

26.46%

(43.24%)
Jun 08 - Nov 08

22 Jul 16

4.29%

(1.24%)

-3.08%

-2.67%

21.76%

17.44%

-13.51%

10.10%

12.23%

(30.48%)
Oct 07 - Feb 09

03 Aug 16

0.62%

2.61%

11.02%

0.29%

12.92%

6.59%

0.45%

5.85%

6.59%

(6.47%)
Feb 14 - Apr 14

31 Jul 16

2.85%

0.10%

4.95%

8.36%

36.28%

1.03%

-24.27%

11.88%

20.74%

(50.10%)
Apr 08 - Aug 12

31 Jul 16

3.40%

(3.55%)

0.92%

2.7%

18.09%

-0.88%

-17.2%

16.60%

17.28%

(37.25%)
Oct 07 - Feb 09

31 Jul 16

3.98%

(5.52%)

4.18%

4.63%

20.89%

8.13%

-20.97%

11.31%

17.30%

(56.02%)
Oct 07 - Feb 09

30 Jun 16 (1.18%)

(1.79%)

-1.98%

5.27%

16.09%

9.35%

-1.64%

5.16%

8.56%

(11.78%)
Feb 15 - Feb 16

Equity-Diversified/Japan
AKAMATSU FUND
Philip Kay

31 Jul 16

MTD

$52M
Jun 16

188.40

$448M
May 16

2,599.44

$309M
Apr 16

390.64

$110M
Feb 16

153.47

$299M
Jul 16

207.33

Ytd Avg. 2016


(11.21%)
30 Jun 16 (5.85%)
(8.50%)
2.45%

5.88%

21.71%

-3.45%

-0.85%

5.66%

7.56%

(12.18%)
Mar 12 - Oct 12

22 Jul 16

4.50%

(11.89%)

15.58%

2.91%

23.38%

4.89%

0.59%

7.53%

8.85%

(15.95%)
Nov 15 - Jun 16

29 Jul 16

7.04%

(15.94%)

18.6%

10.82%

82.11%

44.54%

7.42%

11.28%

20.08%

(55.47%)
Jan 06 - Oct 10

31 Jul 16

3.20%

(16.58%)

0.97%

0.41%

62.51%

31.05%

-8.33%

3.65%

20.11%

(35.57%)
Mar 08 - Jul 10

30 Jun 16 (2.68%)

(3.14%)

5.72%

15.2%

32.05%

17.83%

12.2%

9.97%

8.13%

(9.48%)
Jul 09 - Sep 10

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

$64M
Jun 16

1,722.15

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

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

Q
Q

2015

Ytd Avg. 2016


20.48%
3.36%
20.48%
-11.33%

$6'925M
Mar 16

262.31

$585M
Jun 16

232.44

$76M
Jun 16

60.32

$970M
Oct 15

135.03

Ytd Avg. 2016


1.43%
30 Jun 16 (2.03%)
(1.38%)
7.74%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

-34.59%

4.08%

11.42%

-14.62%

15.21%

37.70%

Max
Drawdown1

(81.79%)

4.01%

16.77%

3.87%

-0.47%

8.87%

5.82%

(10.72%)
May 07 - Mar 08

31 Jul 16

0.93%

1.60%

8.35%

6.93%

6.42%

4.27%

2.48%

7.78%

5.47%

(11.70%)
Jun 08 - Oct 08

30 Jun 16 (3.69%)

9.69%

-4.12%

-15.75%

63.79%

1.12%

-1.15%

10.15%

14.88%

(35.27%)
May 98 - Oct 98

03 Aug 16 (0.47%)

(4.20%)

7.19%

5.4%

10.7%

2.91%

4.22%

5.27%

4.26%

(5.26%)
Dec 15 - Jun 16

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

YTD

Mar 98 - Sep 98

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

31 Jul 16

MTD

$1'300M
Dec 15

1,018.42

$137M
Jun 16

4,629.69

$400M
Jun 16

201.53

$2'135M
Jun 16

10,767.64

$88M
Jun 16

267.60

$279M
Apr 16

762.29

$349M
Apr 16

392.92

29 Jul 16

Ytd Avg. 2016


(2.47%)
1.30%
(2.39%)
-7.15%

-6.92%

20.33%

3.85%

-6%

10.38%

18.71%

(44.44%)
May 08 - Dec 08

02 Aug 16 (0.42%)

2.08%

-0.78%

2.76%

16.27%

6.17%

0.81%

9.62%

7.09%

(9.98%)
May 08 - Feb 09

31 Jul 16

0.11%

(4.69%)

2.63%

4.75%

11.59%

3.48%

-2.86%

5.76%

4.19%

(5.23%)
Apr 11 - Dec 11

31 Jul 16

4.50%

1.37%

-1.62%

5.04%

22.23%

9.24%

-6.89%

14.10%

15.47%

(39.02%)
May 08 - Feb 09

30 Jun 16

0.42%

6.92%

4.37%

3.42%

50.32%

15.2%

-8.95%

12.40%

13.15%

(20.35%)
Jun 15 - Jan 16

31 Jul 16

1.27%

(4.21%)

-1.12%

4.92%

8.88%

4.49%

-0.66%

10.92%

7.84%

(19.53%)
Apr 98 - Sep 98

31 Jul 16

(1.50%)

6.79%

-29.96%

-1.31%

22.28%

-14.08%

0.7%

8.60%

13.86%

(37.41%)
Aug 14 - Feb 16

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

Asset
Size

Last NAV
or Index

Equity-Diversified/USA
FJ CAPITAL FINANCIAL
OPPORTUNITY FUND LTD
Martin Friedman

31 Dec 07

GLENVIEW CAPITAL PARTNERS


(CAYMAN), LTD.
Lawrence M. Robbins

31 Dec 00

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

$190M
Jun 16

271.03

$3'155M
Jun 16

550.16

Date

YTD

2015

Ytd Avg. 2016


(2.47%)
30 Jun 16 (2.17%)
(0.96%)
19.64%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

9.76%

25.15%

25.9%

14.77%

12.44%

13.41%

Max
Drawdown1

(27.44%)
May 08 - Feb 09

31 Jul 16

3.88%

(7.42%)

-18.12%

14.44%

42.9%

24.24%

-10.95%

11.56%

16.51%

(49.17%)
May 07 - Dec 08

$2'923M 142,964.72 31 Jul 16


Jan 16
$70M
Apr 16

133.71

$786M
Jun 16

4,175.43

$1'723M
Jun 16

193.44

$432M
Jun 16

MTD

31 Jul 16

4.90%

5.07%

-20.38%

7.51%

18.76%

7.66%

1.86%

14.34%

10.93%

(27.17%)
May 08 - Oct 08

0.94%

(7.17%)

18.12%

-4.9%

26.05%

1.73%

7.37%

10.52%

(12.58%)
Feb 14 - Apr 14

31 Jul 16

0.54%

(1.56%)

-4.91%

6.8%

17.07%

10.5%

-3.54%

8.42%

5.96%

(12.61%)
May 08 - Nov 08

31 Jul 16

0.87%

(3.06%)

-6.53%

11.31%

28.31%

16.41%

-4.37%

9.09%

8.35%

(15.01%)
May 15 - Feb 16

11,074.10 30 Jun 16 (7.00%)

(9.61%)

-8.43%

21.72%

77.47%

31.53%

-17.77%

25.10%

24.99%

(60.15%)
Oct 07 - Feb 09

$161M
May 16

10.34

$376M
Apr 16

148.76

$1'400M
Feb 16

1,305.16

$2'575M
May 16

294.84

$470M
Jun 16

135.01

$126M
Jun 16

313.21

03 Aug 16 (0.10%)

3.19%

-4.21%

4.61%

1.39%

6.61%

(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

30 Jun 16 (5.33%)

(7.15%)

-10.05%

-1.89%

30.17%

27.99%

-1.46%

11.05%

14.59%

(40.57%)
May 07 - Feb 09

31 Jul 16

3.06%

16.80%

16.53%

13.84%

16.78%

8.29%

34.12%

10.32%

10.50%

(35.73%)
May 07 - Apr 09

02 Aug 16

0.02%

(3.94%)

5.37%

5.45%

14.28%

16.32%

-2.24%

4.49%

6.08%

(9.19%)
Apr 10 - Dec 11

31 Jul 16

2.10%

2.12%

12.97%

5.68%

10.38%

5.62%

8.91%

11.11%

10.26%

(14.88%)
Dec 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

29

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Equity-Diversified/USA
SEMINOLE OFFSHORE FUND
Michael G. Messner, Paul C.
Shiverick

31 May 98

ZWEIG-DIMENNA INTL LIMITED CLASS A


Joseph DiMenna

31 May 87

$682M
Jun 16
$1'091M
Jun 16

741.13

31 Jul 16

MTD

YTD

2015

Ytd Avg. 2016


(2.47%)
1.00%
(1.48%)
-7.29%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

11.04%

23.18%

5.08%

-0.7%

11.65%

12.00%

Max
Drawdown1

(15.62%)
May 02 - Mar 03

88,057.89 30 Jun 16 (2.89%)

(19.58%)

1.79%

4.64%

21.25%

-1.18%

-2.37%

12.92%

14.90%

(50.23%)
Feb 00 - Dec 02

Equity-Energy
Ytd Avg. 2016

48.21%

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

31 Oct 00

$115M
May 16

33.58

31 Jul 16

Ytd Avg. 2016


48.21%
0.57%
48.21%
-44.05%

-27.2%

29.76%

-6.43%

-1.27%

7.99%

25.62%

(70.37%)
Jun 14 - Feb 16

Equity-Financial
Ytd Avg. 2016

(13.91%)

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

391M
Jun 16

233.93

$96M
Jul 16

142.68

$739M
Jun 16

241.68

$3'683M
Jun 16

169.96

Ytd Avg. 2016


(13.91%)
30 Jun 16 (2.85%)
(0.79%)
10.15%

-11.47%

15.74%

4.84%

12.67%

6.71%

6.17%

(11.68%)
Nov 13 - Dec 14

02 Aug 16 (0.64%)

(6.20%)

10.31%

6.52%

5.76%

-0.75%

3.21%

4.69%

5.71%

(8.01%)
Nov 11 - Aug 12

30 Jun 16 (14.70%)

(20.77%)

14.57%

-6.79%

30.5%

24.94%

1.14%

5.76%

17.01%

(67.54%)
Dec 07 - Nov 08

30 Jun 16 (9.80%)

(27.88%)

8.16%

-1.68%

20.27%

20.41%

-12.53%

14.81%

16.99%

(63.22%)
Apr 98 - Mar 99

Equity-Healthcare
Ytd Avg. 2016

(10.84%)

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

$408M
Jun 16

318.01

$42M
Jun 16

170.11

31 Jul 16

Ytd Avg. 2016


(10.84%)
4.90%
(4.35%)
-7.25%

7.67%

26.54%

6.56%

3.99%

7.70%

8.89%

(20.58%)
Mar 15 - Mar 16

30 Jun 16 (5.71%)

(16.15%)

5.39%

20.54%

59.69%

16.40%

23.27%

(28.85%)
Jul 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

30

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Equity-Healthcare/Global
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

$167M
Jun 16

12.31

$506M
Oct 15

131.43

22 Jul 16

MTD

YTD

2015

Ytd Avg. 2016


(10.84%)
0.81%
(18.06%)
-2.68%

2014

2013

2012

21.95%

27.17%

-0.45%

2011

Ann.
Return

Ann.
Volatility

5.74%

15.85%

Max
Drawdown1

(29.84%)
Jul 15 - Jun 16

02 Aug 16 (0.22%)

(4.81%)

-7.93%

7.41%

26.97%

5.51%

2.72%

4.29%

9.76%

(21.03%)
Mar 15 - Mar 16

Equity-Mid-Small Cap
Ytd Avg. 2016

(0.36%)

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

426M
Jun 16

129.54

466M
Apr 16

287.21

$332M
Mar 16

29 Jul 16

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

16.80%

16.26%

(13.83%)

1.38%

(9.76%)

-1.67%

4.76%

11.79%

11.93%

2.39%

8.45%

7.46%

(21.47%)
Oct 07 - Feb 09

440.93

Ytd Avg. 2016


(4.51%)
30 Jun 16 (5.53%)
(4.51%)
-4.72%

-2.54%

13.46%

12.7%

1.02%

11.03%

8.60%

(16.23%)
Jun 14 - Jun 16

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

3.41%

May 16 - Jun 16

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

Ytd Avg. 2016


(10.99%)
30 Jun 16 (13.83%) (12.22%)
42.71%

$190M
Jul 16

210.81

$127M
May 16

164.40

$107M
Jun 16

2,244.02

$688M
Jun 16

2,434.77

$60M
Jun 16

2,480.48

$57M
Jun 16

310.09

31 Jul 16

Ytd Avg. 2016


3.88%
7.70%
14.29%
7.27%

2%

27.15%

9.93%

-13.51%

10.10%

10.41%

(22.12%)
Feb 11 - Sep 11

30 Jun 16 (0.60%)

1.25%

-13.46%

8.83%

26.65%

14.64%

-1.07%

16.82%

22.71%

(49.05%)
May 07 - Feb 09

31 Jul 16

1.83%

5.95%

-9.77%

3.63%

15.93%

9.43%

-4.99%

8.00%

7.45%

(13.18%)
Jun 15 - Jan 16

31 Jul 16

9.65%

4.13%

-17.34%

22.21%

79.39%

34.84%

-34%

17.94%

35.97%

(70.54%)
Feb 00 - Sep 02

31 Jul 16

3.60%

(0.29%)

-12.61%

12.36%

34.84%

24.02%

-9.02%

14.25%

15.26%

(50.33%)
Jun 07 - Apr 09

31 Jul 16

4.80%

(2.08%)

-6.76%

-3.87%

38.52%

17.18%

20.24%

10.66%

16.54%

(49.97%)
Jun 07 - Feb 09

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

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(5.06%)
1.73%
(5.86%)
49.6%

20.3%

43.88%

27.75%

5.82%

19.28%

16.95%

Max
Drawdown1

Equity-Pharma-Biotech
Ytd Avg. 2016

(5.06%)

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

$1'268M
Apr 16

1,675.13

$42M
Feb 16

2,469.80

$3'408M
Feb 16

251.34

22 Jul 16

(24.43%)
Dec 07 - Nov 08

31 Jul 16

6.26%

1.41%

-5.08%

25.55%

20.95%

13.88%

-8.27%

6.17%

11.73%

(32.70%)
Oct 07 - Feb 09

30 Jun 16 (1.59%)

(10.74%)

5.56%

7.78%

18.57%

10.31%

1.89%

9.02%

8.79%

(15.79%)
Aug 08 - Dec 08

Equity-Technology
Ytd Avg. 2016

(0.46%)

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

1'280M
Jul 16

Ytd Avg. 2016


(1.35%)
17,414.04 02 Aug 16 (0.40%)
(1.35%)
3.76%

$530M
Jun 16

3.84%

-0.19%

3.99%

5.80%

4.33%

(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

8.21%

475.68

Ytd Avg. 2016


0.42%
30 Jun 16 (1.54%)
0.42%
8.35%

30%

11.22%

0.65%

-0.21%

9.54%

11.67%

(19.91%)
May 08 - Nov 08

Equity-Utility
Ytd Avg. 2016

1.16%

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

30 Apr 06

$245M
Jul 16

1,884.33

Ytd Avg. 2016


1.93%
30 Jun 16 (0.70%)
1.93%
-0.98%

28 Feb 13

$605M
Jul 16

2.98%

10.88%

-2.7%

6.42%

7.20%

(10.69%)
Nov 09 - Aug 11

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

4.09%

131.62

31 Jul 16

Ytd Avg. 2016


0.38%
2.09%
0.38%
17.63%

-2.84%

14.71%

8.36%

7.51%

(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


(2.75%)
10.40%
(2.75%)
-9.31%

5.33%

26.16%

28.67%

-4.16%

7.70%

15.05%

Max
Drawdown1

Equity-Diversified
Ytd Avg. 2016

(2.75%)

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

30 Sep 10

$1'784M
Aug 15

154.22

31 Jul 16

(26.08%)
May 15 - Feb 16

Merger-Arbitrage
Ytd Avg. 2016

3.45%

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

$148M
Jun 16

227.95

31 Jul 16

Ytd Avg. 2016


3.45%
0.09%
3.45%
1.83%

1.72%

13.34%

7.34%

6.85%

8.97%

7.72%

(10.97%)
Oct 07 - Oct 08

Multi-Strategy
Ytd Avg. 2016

0.85%

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

$184M
Jun 16

2,159.76

$379M
Oct 15

106.74

$135M
Jun 16

143.92

Ytd Avg. 2016


(4.77%)
30 Jun 16 (2.40%)
(5.56%)
27.54%

ANDALUSIAN CORPORATE
OPPORTUNITIES FUND LP
Michael Reeber, Harrison M.
Wreschner

31 Jul 09

32.14%

9.47%

-0.26%

13.69%

10.01%

(15.90%)
Oct 11 - Jul 12

02 Aug 16

0.65%

(5.65%)

4.96%

-6.7%

14.37%

10.74%

-8.79%

1.23%

6.54%

(10.96%)
Apr 11 - Nov 11

30 Jun 16 (3.20%)

(3.09%)

17.54%

0.25%

17.1%

7.62%

9.32%

8.46%

(6.30%)
Dec 15 - Jan 16

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

22.57%

$443M
Jun 16

1,714.74

$127M
Apr 16

192.35

22 Jul 16

Ytd Avg. 2016


1.73%
1.05%
5.13%
-6.41%

2.63%

16.86%

13.67%

-2.62%

9.04%

5.38%

(24.78%)
Jun 07 - Dec 08

31 Mar 16

4.25%

(8.75%)

-22.85%

5.37%

41.15%

30.08%

1.49%

10.30%

11.86%

(36.95%)
Aug 14 - Feb 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
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

Q
Q

M
Y

Q/Y

PSAM WORLDARB MASTER FUND 31 Aug 98


LTD
P. Schoenfeld Asset Management LP

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

1'590M
Jul 16

144.42

$7'738M
Apr 16

517.18

$91M
Apr 16

199.07

$1'656M
Apr 16

646.73

$955M
Jun 16

252.72

$140M
May 16

309.17

$219M
Jun 16

144.18

$174M
Jun 16

235.00

$113M
Jun 16

125.84

$2'058M
Jun 16

4,629.06

$3'967M
Apr 16

3,596.87

$900M
Jul 16

352.01

$3'946M
Jul 16

1,243.22

$2'640M
Jun 16

235.69

31 Jul 16

MTD

YTD

2015

Ytd Avg. 2016


1.73%
1.41%
6.98%
10.77%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

4.23%

11.56%

8.49%

-5.04%

7.09%

5.80%

Max
Drawdown1

(22.71%)
May 07 - Nov 08

22 Jul 16

0.64%

3.61%

1.68%

5.15%

10.24%

8.49%

1.59%

8.25%

3.66%

(11.22%)
Oct 07 - Nov 08

30 Jun 16

0.05%

(1.87%)

-8.8%

1.92%

11.65%

20.78%

-1.62%

8.98%

9.16%

(17.93%)
Jun 14 - Feb 16

31 Jul 16

6.70%

25.56%

-20.57%

-2.28%

18.9%

26.22%

2.09%

14.16%

16.84%

(43.83%)
May 07 - Dec 08

30 Jun 16

1.87%

(2.66%)

-14.14%

5.67%

15.74%

3.8%

-1.09%

7.44%

9.64%

(27.67%)
Jul 07 - Dec 08

31 Jul 16

5.88%

(2.49%)

12.44%

8.97%

26.85%

21.93%

12.4%

16.04%

13.69%

(20.31%)
Dec 08 - Feb 09

30 Jun 16 (2.23%)

1.71%

8.99%

1.31%

9.44%

11.94%

4.8%

6.99%

5.39%

(8.21%)
Mar 12 - Jun 12

29 Jul 16

3.10%

5.87%

4.31%

9.77%

18.26%

4.76%

-0.82%

8.62%

7.29%

(16.75%)
Aug 08 - Feb 09

30 Jun 16 (0.10%)

6.56%

16.55%

-3.49%

6.34%

8.94%

7.11%

(8.29%)
Sep 14 - Oct 14

31 Jul 16

0.30%

2.90%

-2.95%

-8%

48.63%

11.07%

-15.44%

11.14%

12.63%

(20.92%)
Mar 10 - Sep 11

31 Jul 16

2.40%

(15.48%)

-16.66%

37.24%

9.3%

12.39%

-2.03%

11.68%

14.81%

(39.81%)
Jul 15 - Mar 16

30 Jun 16 (0.23%)

4.50%

-7.2%

3.51%

18.08%

10.66%

1.94%

7.31%

6.60%

(29.14%)
May 07 - Nov 08

22 Jul 16

0.36%

0.43%

0.35%

10.04%

31.78%

9.11%

-1.73%

18.89%

13.46%

(21.93%)
Feb 08 - Apr 09

31 Jul 16

1.08%

4.30%

4.38%

10.52%

40.06%

0.9%

3.98%

8.43%

13.14%

(30.56%)
May 07 - Feb 09

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
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

$138M
Apr 16

3,820.41

$2'200M
Jun 16

160.15

$507M
May 16

572.65

31 Mar 16

MTD

YTD

2015

Ytd Avg. 2016


1.73%
1.98%
(12.67%) -19.85%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

15.65%

22.84%

52.21%

-8.38%

18.65%

29.64%

Max
Drawdown1

(34.32%)
Aug 14 - Feb 16

31 Jul 16

(0.42%)

4.70%

-1.31%

7.65%

15.74%

6.77%

-0.07%

7.13%

7.29%

(13.79%)
Jun 14 - Sep 15

31 Jul 16

1.65%

4.59%

-2.78%

6.16%

18.09%

11.38%

1.2%

12.70%

9.30%

(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

18.54%

22.84%

-4.46%

2011

Ann.
Return

Ann.
Volatility

9.04%

10.55%

Max
Drawdown1

Fixed Income
Ytd Avg. 2016

3.76%

Fixed Income/Global
AXONIC SYSTEMATIC ARBITRAGE 31 Mar 12
OVERSEAS FUND LTD
Arnaud De Bevy

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

$76M
May 16

145.54

$2'100m
Jun 16

211.37

$1'700M
Jun 16

6,985.22

$9'268M
Jun 16

268.59

$181M
Jun 16

4,223.29

$787M
May 16

129.84

$83M
Jun 16

194.98

$1'333M
Aug 16

157.70

$890M
Jul 16

1,882.80

$292M
Aug 16

199.31

31 Jul 16

Ytd Avg. 2016


3.76%
2.20%
14.45%
-8.59%

(10.45%)
May 15 - Jan 16

30 Jun 16 (2.56%)

(3.87%)

2.77%

3.78%

6.04%

14.73%

19.93%

7.97%

5.13%

(10.54%)
Jun 08 - Dec 08

22 Jul 16

2.50%

0.54%

-0.14%

5.23%

10.83%

34.27%

-13.5%

10.17%

9.22%

(20.93%)
Jan 08 - Feb 09

31 Jul 16

0.51%

3.58%

7.53%

8.15%

7.56%

0.43%

6.21%

9.54%

4.22%

(7.41%)
Feb 08 - Mar 08

29 Jul 16

0.73%

3.28%

1.65%

2.87%

13.44%

11.83%

9.03%

6.44%

10.53%

(54.77%)
Jan 08 - Nov 08

22 Jul 16

0.30%

7.55%

15.05%

4.93%

12.94%

2.41%

(0.15%)
Mar 15 - Apr 15

29 Jul 16

0.46%

2.16%

-2.61%

-4.09%

3.38%

4.47%

2.27%

8.09%

5.42%

(8.75%)
Oct 13 - Jun 15

31 Jul 16

0.99%

7.35%

13.55%

2.27%

7.96%

11.71%

4.89%

10.24%

5.69%

(7.68%)
Mar 12 - May 12

31 Jul 16

(0.71%)

(0.85%)

1.88%

-3.34%

2.51%

6.02%

8.37%

6.21%

3.92%

(6.61%)
May 13 - Aug 14

31 Jul 16

0.06%

3.38%

5.67%

-0.27%

3.36%

1.91%

6.58%

5.48%

8.30%

(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


(2.20%)
0.27%
(2.20%)
2.06%

4.48%

4.95%

4.21%

-3.61%

3.80%

4.51%

Max
Drawdown1

Arbitrage
Ytd Avg. 2016

(2.20%)

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

Q/M

$79M
Jun 16

219.60

15 Jul 16

(25.30%)
Jul 07 - Dec 08

Event Driven
Ytd Avg. 2016

(1.89%)

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

2,145.81

$30M
Jun 16

116.58

$56M
Jun 16

134.18

29 Jul 16

Ytd Avg. 2016


(1.89%)
0.84%
(5.72%)
-5.31%

-0.44%

8.61%

5.91%

-12.46%

5.37%

6.45%

(23.23%)
Jun 08 - Dec 08

15 Jul 16

0.07%

(2.58%)

-0.53%

2.75%

9.19%

8.74%

-7.47%

3.63%

5.18%

(9.16%)
Feb 11 - Dec 11

15 Jul 16

0.46%

2.62%

-3.33%

4.75%

13.97%

20.63%

-3.5%

3.18%

9.37%

(35.45%)
Jun 08 - Mar 09

Macro
Ytd Avg. 2016

0.59%

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

31 Dec 96

$288M
Jun 16

5,347.51

22 Jul 16

Ytd Avg. 2016


0.59%
1.08%
0.59%
1.11%

1.97%

11.1%

1.49%

-0.36%

8.95%

8.29%

(9.96%)
Jul 98 - Oct 98

Multi-Strategy
Ytd Avg. 2016

(2.50%)

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

31 Oct 02

$118M
Apr 16

181.72

Ytd Avg. 2016


(2.50%)
30 Jun 16 (0.09%)
(2.29%)
2.62%

1.42%

10.45%

2.61%

-1.97%

4.46%

4.11%

(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

$212M
Jun 16

726.57

$419M
Jun 16

345.48

$2'046M
Jun 16

338.18

$2'046M
Jun 16

159.31

92M
Jun 16

91.17

29 Jul 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(2.50%)
0.65%
(1.63%)
-2.38%

0.19%

10.49%

6.67%

-3.44%

7.74%

7.73%

Max
Drawdown1

(19.64%)
Jan 94 - Jan 95

29 Jul 16

0.99%

0.54%

0.46%

4.08%

-0.45%

2.83%

-4.11%

6.65%

5.71%

(7.34%)
Apr 13 - Oct 13

15 Jul 16

0.52%

(1.53%)

3.51%

4.77%

8.51%

5.4%

-3.37%

6.24%

6.07%

(18.30%)
Jun 08 - Dec 08

15 Jul 16

0.95%

(4.34%)

5.03%

7.61%

15.12%

8.72%

-8.76%

4.09%

10.80%

(37.09%)
Jun 08 - Dec 08

27 Jul 16

0.55%

(5.72%)

-1.97%

-1.57%

7.25%

1.38%

-7.51%

(1.35%)

3.89%

(10.99%)
May 15 - Jun 16

Trading
Ytd Avg. 2016

8.10%

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

$54M
Jun 16

168.77

15 Jul 16

Ytd Avg. 2016


8.10%
1.45%
8.10%
3.29%

16.59%

-8.75%

-5.39%

-1.62%

5.01%

9.66%

(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%

15.47%

43.31%

Max
Drawdown1

Equity-Diversified
Ytd Avg. 2016

32.33%

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

31 Aug 96

$792M
Jun 16

170.31

28 Jul 16

Ytd Avg. 2016


32.33%
5.16%
32.33%
-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

19.64%

18.80%

Max
Drawdown1

Commodity
Ytd Avg. 2016

2.79%

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

$1'200M
Jun 16

1,488.58

$234M
Jun 16

599.52

$133M
Jun 16

168.10

31 Jul 16

Ytd Avg. 2016


2.79%
(5.90%)
4.09%
4.05%

(14.92%)
Jul 13 - Sep 14

31 Jul 16

0.00%

9.00%

-3.23%

59.33%

15.77%

-7.6%

-30.07%

15.85%

21.53%

(36.93%)
Dec 10 - Oct 11

30 Jun 16 (1.13%)

(4.72%)

-3.43%

4.06%

8.79%

4.98%

1.85%

6.36%

7.07%

(13.39%)
May 15 - Mar 16

Commodity-Systematic
Ytd Avg. 2016

12.40%

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

$102M
Jun 16

216.86

$77M
Jun 16

186.88

$225M
Jun 16

239.17

30 Jun 16

Ytd Avg. 2016


12.40%
3.60%
7.03%
3.88%

4.54%

13.28%

7.6%

2.87%

9.53%

8.76%

(12.55%)
Jun 13 - Jul 14

30 Jun 16 11.30%

23.60%

13.76%

32.91%

34.97%

22.26%

(13.02%)
Mar 15 - Jun 15

01 Aug 16

1.22%

6.58%

25.5%

28.09%

-7.65%

-15.24%

-5.62%

7.93%

12.36%

(30.96%)
Apr 11 - Nov 13

Currency
Ytd Avg. 2016

(0.16%)

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

$3'320M
May 16

167.27

$90M
Jun 16

170.24

31 Jul 16

Ytd Avg. 2016


(2.64%)
(1.08%)
0.80%
-10.25%

18.75%

5.19%

0.96%

20.11%

6.64%

11.09%

(13.69%)
Jul 08 - Sep 08

29 Jul 16

(0.93%)

(6.09%)

4.16%

8.72%

1.06%

0.86%

6.36%

5.20%

7.95%

(7.47%)
Aug 15 - Jul 16

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

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

$612M
Jul 16

965.45

$81M
May 16

112.62

$145M
Jun 16

199.40

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


1.50%
02 Aug 16 (0.60%)
(5.78%)
-3.6%

8.27%

3.49%

17.64%

-4.62%

4.74%

10.33%

Max
Drawdown1

(13.52%)
Apr 10 - Aug 10

15 Jul 16

(0.24%)

6.41%

5.83%

9.01%

5.70%

(1.35%)
Aug 15 - Sep 15

29 Jul 16

(1.47%)

3.88%

7.91%

16.61%

-0.3%

7.42%

10.46%

8.46%

8.13%

(10.76%)
May 13 - Sep 13

Diversified
Ytd Avg. 2016

(1.38%)

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

$544M
Jun 16

2,014.57

$2'520M
Jun 16

248.09

$3'540M
Apr 16

150.07

$209M
Jun 16

153.03

$60M
Jun 16

156.26

29 Jul 16

31 Mar 06

GAVEA FUND LTD . CLASS A S/1


Fraga Arminio and Gabriel Srour

31 Jul 03

GREEN FUND LLC - CLASS I


Luis Stuhlberger

31 Jan 01

Q
M

5.69%

12.15%

7.06%

3.11%

7.65%

4.94%

(5.92%)
Jan 14 - Jun 14

30 Jun 16 (0.20%)

(2.09%)

5.19%

3.55%

11.55%

4.41%

8.86%

8.04%

3.73%

(3.07%)
Jan 16 - Jun 16

31 Jul 16

1.12%

1.81%

1.76%

-1.21%

17.08%

21.23%

3.3%

7.77%

5.92%

(6.81%)
May 15 - Feb 16

30 Jun 16

0.50%

2.78%

-0.94%

9.95%

13.06%

20.91%

9.91%

4.62%

(4.45%)
May 15 - Feb 16

30 Jun 16 (1.87%)

(9.66%)

-5.14%

-3.1%

34.5%

7.26%

22.95%

5.62%

14.17%

(18.23%)
Jun 13 - Mar 16

Diversified/Emerging
FINISTERRE GLOBAL
OPPORTUNITY FUND
Darren Walker

Ytd Avg. 2016


(1.39%)
0.37%
0.22%
2.68%

$1'304M
Jun 16

233.45

$507M
Jun 16

240.27

$540M
Jul 16

770.45

30 Jun 16

Ytd Avg. 2016


3.66%
0.01%
2.77%
6.37%

11.35%

5.36%

7.75%

-5.97%

8.62%

6.99%

(18.02%)
Jun 08 - Oct 08

31 Jul 16

(0.12%)

(3.21%)

11.51%

-5.31%

2.71%

8.19%

-0.35%

6.97%

6.97%

(12.50%)
Jul 08 - Oct 08

29 Jul 16

0.86%

4.93%

4.69%

-3.49%

9.9%

13.55%

-5.7%

13.23%

13.25%

(33.00%)
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

41

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Diversified/Emerging
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
M

$1'229M
Jun 16

2,507.68

$447M
Jun 16

5,362.93

$829M
Jun 16

508.62

30 Jun 16

30 Apr 12

AVIVA INVESTOR
MULTI-STRATEGY TARGET
RETURN FUND EUR
Peter Fitzgerarld, Ian Pizer, Dan
James,

31 Jul 14

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
D

COMMONWEALTH OPPORTUNITY 30 Nov 08


CAYMAN FUND LTD
Adam Fisher

ECLECTICA FUND CLASS A EURO 30 Sep 02


(THE)
Hugh Hendry

ELEMENT CAPITAL FUND


Jeffrey Talpins

31 Mar 05

EPISODE INC. CLASS A


David Fishwick / Tony Finding

31 Jul 05

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


3.66%
5.47%
8.25%
7.94%

17.5%

6.73%

1.1%

8.26%

13.49%

12.59%

Max
Drawdown1

(14.76%)

30 Jun 16

8.04%

10.74%

-9.25%

12.47%

19.65%

0.69%

-2.68%

11.37%

10.96%

(17.68%)

15 Jul 16

0.76%

(1.50%)

-2.3%

6.64%

1%

14.01%

-11.83%

11.09%

10.98%

(31.78%)
May 08 - Feb 09

117.56

2'648M
May 16

106.88

$15'672M
Jun 16

299.30

$446M
Jun 16

2,778.20

$6'053M
Apr 16

922.65

$501M
May 16

223.24

$52M
Jun 16

255.61

$995M
Jun 16

2015

Aug 14 - Dec 15

$1'390M
Jul 16

$8'602M
Jun 16

YTD

May 13 - Jun 13

Diversified/Global
ATREAUS OVERSEAS FUND LTD
Atreaus Capital LP

MTD

31 Jul 16

Ytd Avg. 2016


(2.21%)
(0.57%)
(5.06%)
12.09%

9.07%

1%

0.27%

3.87%

7.63%

(6.08%)
Nov 15 - Jul 16

02 Aug 16 (0.13%)

(1.74%)

4.07%

4.08%

3.15%

3.87%

(2.88%)
Nov 15 - Mar 16

30 Jun 16

0.94%

(1.15%)

-1.96%

-0.79%

2.68%

3.93%

12.15%

8.62%

6.73%

(8.80%)
Apr 13 - May 16

30 Jun 16 (1.07%)

(1.37%)

5.3%

-4.66%

9.65%

28.12%

3.44%

14.77%

7.70%

(12.56%)
Jun 14 - Jan 15

02 Aug 16

0.66%

0.14%

3.53%

-1.38%

18.16%

1.96%

0.7%

12.06%

7.53%

(7.37%)
Jun 07 - Aug 07

29 Jul 16

(0.50%)

1.14%

1.04%

6.19%

5.39%

15.64%

10.75%

11.04%

8.77%

(10.38%)
Jan 09 - Feb 09

29 Jul 16

(0.20%)

(7.33%)

6.45%

9.48%

-0.01%

-1.72%

12.11%

7.02%

19.78%

(31.94%)
Feb 08 - Sep 08

89,987.25 30 Jun 16

1.54%

8.81%

22.72%

2.91%

19.44%

2.73%

5.54%

21.55%

9.89%

(7.83%)
Oct 07 - Apr 08

152.45

22 Jul 16

2.63%

0.45%

2.51%

7.77%

6.14%

-4.69%

0.98%

3.91%

10.56%

(32.77%)
Oct 07 - Feb 09

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
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

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

M
M
Q

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

$384M
Jun 16

220.66

$60M
Jun 16

7,894.80

$548M
Jun 16

205.42

$1'643M
Jul 16

452.26

$2'051M
Jul 16

237.94

$2'037M
Jun 16

271.50

$97M
Jun 16

137.24

6'320M
Jul 16

154.90

$460M
May 16

164.92

$137M
Aug 15

1,275.29

$614M
Jun 16

98.30

$2'270M
Jun 16

298.77

$699M
Jun 16

2,550.64

26 Jul 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(2.21%)
(1.39%)
(4.75%)
1.72%

4.72%

-0.11%

14.71%

-6.73%

6.54%

7.21%

Max
Drawdown1

(12.25%)
Mar 11 - Sep 11

26 Jul 16

(1.24%)

(4.78%)

0.54%

5.1%

-2.83%

0.29%

-0.95%

15.62%

12.88%

(13.45%)
Dec 87 - Apr 88

30 Jun 16

0.76%

2.31%

12.42%

6.19%

23.95%

48.41%

-13.11%

13.75%

15.71%

(20.66%)
Apr 11 - Sep 11

02 Aug 16 (0.59%)

0.11%

1.32%

10.41%

10.5%

9.29%

4.54%

11.51%

9.58%

(13.31%)
May 07 - May 08

02 Aug 16 (0.43%)

(0.59%)

-0.27%

6.53%

7.57%

7.8%

6.66%

9.80%

10.10%

(30.81%)
May 07 - Jun 08

02 Aug 16 (0.21%)

(0.46%)

-0.35%

3.18%

3.63%

3.83%

3.56%

5.45%

5.06%

(14.81%)
May 07 - Jun 08

31 Jul 16

(0.73%)

(4.25%)

3.43%

8.27%

-8.34%

23.45%

-8.95%

5.17%

11.71%

(18.17%)
Aug 12 - Feb 14

03 Aug 16 (0.26%)

1.75%

10.43%

13.75%

16.29%

2.71%

-5.09%

5.76%

7.32%

(21.35%)
Oct 07 - Feb 09

02 Aug 16

0.19%

(5.68%)

-1.32%

2.53%

9.34%

5.37%

0.08%

4.13%

9.13%

(34.17%)
Jan 08 - Dec 08

30 Jun 16

2.23%

(0.14%)

11.89%

-1.12%

1.21%

-2.53%

4.79%

2.32%

8.69%

(31.90%)
Jan 07 - Oct 08

30 Jun 16 (0.36%)

(3.08%)

0.82%

-3.62%

4.36%

(0.59%)

7.02%

(11.22%)
Mar 15 - Mar 16

30 Jun 16 (0.20%)

(1.94%)

0.66%

-2.17%

7.11%

6.89%

11.43%

7.61%

5.32%

(7.51%)
Mar 15 - Mar 16

31 Jul 16

(1.58%)

(7.05%)

1.44%

13.66%

23.84%

-0.76%

-35.04%

6.74%

17.38%

(36.99%)
Dec 10 - May 12

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
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

PHARO MACRO FUND, LTD


Pharo Team

30 Apr 05

M
Q

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

$4'000M
Feb 16

59,434.66

$7'500M
Feb 16

14,363.15

$111M
Jul 16

149.50

$4'351M
Jun 16

3,341.24

$1'397M
Jun 16

2,532.33

$309M
Jun 16

194.92

$10M
Jun 16

113.41

$403M
Jun 16

116.28

$689M
Jul 16

480.82

658M
May 16

9.94

$190M
Apr 16

6,551.84

21 Jul 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(2.21%)
1.54%
0.97%
3.43%

1.74%

17.02%

8.82%

-2.21%

16.62%

11.36%

Max
Drawdown1

(18.45%)
Jan 94 - Feb 95

21 Jul 16

0.35%

(3.92%)

3.12%

5.54%

13.49%

9.01%

-2.57%

12.29%

8.08%

(14.47%)
Jan 94 - Feb 94

30 Jun 16 (2.26%)

0.81%

8.15%

-7.94%

7.16%

-6.72%

3.17%

4.81%

13.13%

(25.48%)
Sep 08 - Oct 08

30 Jun 16

3.37%

4.56%

3.57%

8.23%

18.51%

12.53%

-7.83%

11.40%

8.41%

(9.64%)
Jun 08 - Nov 08

30 Jun 16 (0.79%)

(1.24%)

4.54%

5.86%

-0.44%

12.01%

1.82%

6.73%

8.00%

(25.88%)
May 08 - Nov 08

15 Jul 16

0.05%

(1.47%)

17.03%

8.37%

4.65%

6.19%

-10.43%

8.29%

11.08%

(17.36%)
Jun 08 - Nov 08

31 Jul 16

(0.23%)

(12.06%)

-9.67%

5.19%

9.3%

5.55%

17.65%

2.35%

10.24%

(22.69%)
Feb 15 - Jul 16

30 Jun 16

2.11%

3.90%

-5.47%

17.22%

1%

5.64%

5.94%

(7.18%)
Jan 15 - Dec 15

31 Jul 16

(3.70%)

(14.01%)

5.41%

1.72%

18.27%

-3.89%

5.34%

9.82%

14.96%

(36.03%)
Dec 04 - May 07

29 Jul 16

(0.19%)

(8.64%)

8.32%

-1.12%

(0.84%)

5.75%

(8.64%)
Dec 15 - Jul 16

31 Jul 16

1.55%

(5.86%)

-0.58%

-8.57%

7.65%

4.27%

-14.09%

7.17%

13.87%

(27.05%)
Jan 94 - Jan 95

$7'000M 131,204.81 29 Jul 16


Jun 16

(0.26%)

$7'000M 126,565.05 29 Jul 16


Jun 16

(0.41%)

$1'330M
Jun 16

(1.42%)

1,138.19

29 Jul 16

(2.22%)

1.42%

3.47%

14.29%

6.27%

4.92%

6.57%

(5.63%)
Mar 15 - May 16

(2.97%)

0.45%

2.65%

13.99%

5.41%

2.17%

17.66%

18.08%

(17.07%)
Apr 92 - Jul 92

(2.91%)

0.56%

0.15%

13.2%

2.82%

3.22%

6.83%

(9.27%)
Jun 13 - Jun 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

Ytd Avg. 2016


(1.33%)
0.96%
(1.33%)
5.83%

6.89%

-6.81%

5.77%

4.71%

3.02%

9.00%

Max
Drawdown1

Fixed Income
Ytd Avg. 2016

(1.33%)

Fixed Income/Global
MARKHAM RAE I SUB FUND
Christopher Brandt

30 Sep 11

$214M
Jun 16

11.52

30 Jun 16

(19.31%)
May 13 - Jul 14

Systematic
Ytd Avg. 2016

12.58%

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

IPM SYSTEMATIC CURRENCY


FUND
Bjrn Osterberg

31 Mar 05

IPM SYSTEMATIC MACRO FUND


Bjrn Osterberg

30 Jun 06

QUANTEDGE GLOBAL FUND


Quantedge Capital Pte Ltd

30 Sep 06

M
M

$299M
Jul 16

175.65

$78M
Apr 16

165.87

$79M
Apr 16

453.91

$109M
May 16

175.60

$466M
May 16

240.93

$1'311M
Jul 16

1,029.04

31 Jul 16

Ytd Avg. 2016


12.58%
(1.66%)
1.55%
-9.39%

11.34%

-10.32%

8.57%

4.2%

5.89%

13.64%

(22.33%)
May 12 - Apr 14

30 Jun 16

3.35%

3.92%

-4.99%

11.69%

5.5%

9.42%

6.81%

6.32%

6.10%

(9.63%)
Jun 09 - Aug 09

30 Jun 16 (3.06%)

2.92%

31.61%

12.47%

-9.29%

38.83%

52.2%

25.82%

22.76%

(17.34%)
Jan 11 - Mar 11

31 Jul 16

(0.73%)

15.89%

2.59%

7.45%

4.98%

-1.39%

-6.26%

5.96%

9.30%

(13.92%)
Mar 06 - Aug 06

31 Jul 16

(2.87%)

7.19%

4.39%

14.65%

1.16%

9.6%

-8.05%

9.19%

10.66%

(12.22%)
Oct 10 - Sep 11

31 Jul 16

2.57%

44.04%

-18.26%

29.36%

9.16%

39.46%

32.9%

26.73%

30.15%

(44.65%)
Feb 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

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%

15.77%

24.10%

Max
Drawdown1

Currency
Ytd Avg. 2016

0.19%

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

3,309.36

$33M
Jun 16

127.92

$156M
May 16

333.94

$92M
May 16

216.32

Ytd Avg. 2016


0.19%
30 Jun 16 (8.53%)
0.99%
13.49%

(26.75%)
Jul 11 - Aug 14

28 Jul 16

1.52%

(15.50%)

13.03%

58.05%

-11.24%

1.13%

-20.46%

11.71%

23.83%

(31.58%)
Apr 11 - Jun 12

15 Jul 16

(0.39%)

10.90%

0.87%

18.72%

-30.11%

-30.43%

12.54%

10.23%

28.62%

(62.89%)
Jul 08 - Oct 08

15 Jul 16

(0.28%)

4.38%

-1.06%

7.42%

-17.32%

-17.33%

5.7%

6.21%

11.37%

(33.53%)
Jan 12 - Sep 14

Systematic
Ytd Avg. 2016

4.58%

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

1.57

$4'500M
Mar 16

1.31

$4'600M
Mar 16

1.45

$45M
Jun 16

114.92

$801M
Jun 16

422.44

$370M
Apr 16

192.90

$4'400M
Jun 16

327.28

29 Jul 16

Ytd Avg. 2016


4.58%
0.87%
6.29%
3.17%

20.31%

16.92%

23.53%

10.53%

14.48%

12.15%

(13.16%)
Jun 08 - Oct 08

29 Jul 16

0.83%

1.39%

1.51%

22.83%

-1.51%

-0.06%

-2.76%

12.16%

12.20%

(12.29%)
Oct 01 - Feb 02

29 Jul 16

1.11%

0.17%

-2.68%

33.79%

-3.05%

-2.22%

-5.9%

12.72%

16.50%

(19.53%)
Oct 01 - Apr 02

31 Jul 16

1.59%

(7.91%)

7.87%

15.69%

6.89%

23.63%

(25.08%)
Feb 16 - May 16

02 Aug 16 (0.82%)

(2.38%)

7.88%

32.04%

-4.44%

-10.66%

4.51%

8.49%

15.92%

(22.19%)
Feb 12 - Mar 14

31 Jul 16

1.20%

5.53%

-1.43%

10.81%

2.09%

-3.33%

1.83%

6.61%

11.25%

(15.21%)
Apr 11 - Apr 14

31 Jul 16

2.96%

3.06%

3.44%

12.68%

-11.5%

0.02%

0.32%

10.08%

14.16%

(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

Last NAV
or Index

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

FLORIN COURT CAPITAL


Doug Greenig

31 Jul 15

FORT GLOBAL CONTRARIAN


Yves Balcer, Sanjiv Kumar

30 Sep 02

M
D

$50M
Jun 16

2,196.91

$18M
Jun 16

4,555.80

$17M
Jun 16

3,934.98

$2'700M
Jul 16

2,055.12

$175M
Apr 16

2,654.99

$498M
Jun 16

6,539.93

$2'278M
May 16

132.88

$130M
Jun 16

96.31

$314M
Jun 16

1,336.13

$303M
Jun 16

188.87

$76M
Oct 15

144.89

$370M
Jul 16

Date

MTD

YTD

2015

Ytd Avg. 2016


4.58%
03 Aug 16 (1.45%)
9.19%
-4.54%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

14.33%

13.23%

-3.99%

-8.75%

9.17%

11.57%

Max
Drawdown1

(14.56%)
Feb 08 - Apr 12

02 Aug 16 (0.65%)

0.36%

-2.99%

19.92%

12.57%

4.45%

-2.92%

8.54%

13.23%

(21.17%)
Jun 07 - Jan 10

02 Aug 16 (0.73%)

4.33%

1.29%

14.37%

11.33%

1.85%

1.83%

6.89%

11.39%

(22.92%)
Jun 07 - Aug 07

31 Jul 16

3.02%

9.83%

-8.24%

39.32%

-27.65%

15.32%

12.84%

8.11%

17.99%

(34.86%)
Apr 13 - Apr 14

02 Aug 16 (0.70%)

26.99%

2.28%

4.21%

-6.62%

-33.44%

-6.08%

5.82%

20.23%

(56.11%)
Jul 09 - Mar 13

31 Jul 16

0.15%

13.84%

-1.74%

8.67%

2.2%

15.53%

-1.93%

10.72%

15.39%

(16.71%)
Oct 98 - Jun 99

29 Jul 16

1.05%

0.42%

-0.06%

14.41%

6.63%

-3.96%

4.85%

4.78%

8.24%

(8.26%)
Mar 15 - May 16

01 Aug 16 (0.17%)

(2.06%)

-3.27%

21.93%

6.14%

4.09%

5.56%

10.37%

(17.98%)
Mar 15 - Apr 16

29 Jul 16

1.18%

6.03%

8.36%

15.4%

-10.32%

-13.88%

21.95%

10.89%

15.55%

(34.56%)
Jun 94 - Oct 95

30 Jun 16 12.34%

11.52%

9.66%

35.08%

33.42%

-18.27%

4.85%

12.25%

25.30%

(27.38%)
Aug 11 - Oct 12

02 Aug 16 (0.91%)

5.16%

9.14%

24.18%

33.48%

-20.2%

-4.56%

7.82%

18.68%

(27.86%)
Aug 11 - Oct 12

758,716.52 31 Jul 16

(3.89%)

(3.92%)

-9.55%

-1.04%

-15.88%

8.1%

8.82%

10.21%

22.91%

(38.48%)
Apr 13 - May 16

$696M
Aug 16

101.98

$1'475M
Jul 16

4,460.59

31 Jul 16

2.55%

3.17%

-1.16%

1.96%

8.36%

(6.22%)
Feb 16 - May 16

29 Jul 16

1.15%

5.76%

-1.34%

12.36%

1.62%

2.83%

28.7%

11.41%

11.36%

(17.42%)
Mar 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

47

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Systematic/Global
FORT GLOBAL DIVERSIFIED
Yves Balcer, Sanjiv Kumar

30 Sep 93

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

W
M

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

KEYNES MULTI ASSET VALUE


FUND LTD (KMAV) - USD Series 2
Wadhwani Asset Management LLP,
Dr. Sushil Wadhwani

31 May 15

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

$421M
Jul 16

28,532.00

$833M
Jun 16

379.54

$2'832M
Jul 16

426.61

$2'835M
Jun 16

280.33

$6'173M
Jun 16

242.07

$1'950M
Jun 16

162.79

$1'026M
Aug 16

650.66

$311M
Jun 16

114.66

$780M
Jun 16

99.60

$2'309M
Jun 16

6,165.20

$387M
Jun 16

219.75

$849M
Feb 16

29 Jul 16

MTD

YTD

2015

Ytd Avg. 2016


4.58%
1.53%
14.21%
-3.2%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

19.02%

-4.68%

7.12%

39.93%

15.80%

18.66%

Max
Drawdown1

(26.56%)
May 99 - Sep 00

02 Aug 16 (0.81%)

(1.23%)

0.27%

15.91%

13.72%

-0.07%

-9.85%

8.11%

11.84%

(17.90%)
Apr 11 - Nov 12

02 Aug 16 (0.95%)

(2.17%)

0.34%

17.71%

10.04%

-4.91%

-13.12%

6.97%

12.06%

(20.70%)
Apr 11 - Nov 12

02 Aug 16 (1.41%)

(2.49%)

1%

27.43%

15.25%

-7.15%

-18.64%

10.21%

18.76%

(29.84%)
Feb 04 - Apr 05

02 Aug 16 (0.96%)

(1.53%)

5.13%

22.4%

8.44%

4.21%

-0.1%

9.39%

10.58%

(10.35%)
May 15 - May 16

31 Jul 16

1.45%

4.19%

14.91%

32.59%

2.55%

18.18%

15.14%

(11.34%)
Feb 16 - May 16

31 Jul 16

1.70%

(1.58%)

15.06%

61.95%

-10.66%

-17.47%

-2.74%

13.13%

18.61%

(34.79%)
Feb 11 - Sep 13

31 Jul 16

2.16%

(0.28%)

2.28%

15.91%

-3.01%

7.19%

-4.95%

7.55%

11.99%

(12.45%)
Apr 06 - Sep 06

29 Jul 16

(0.15%)

0.91%

-1.3%

(0.34%)

4.41%

(3.18%)
Apr 16 - May 16

02 Aug 16 (1.46%)

11.74%

-8.73%

27.03%

11.1%

-6.71%

-2.25%

11.83%

14.40%

(16.88%)
Mar 15 - Dec 15

02 Aug 16 (2.20%)

17.52%

-13.76%

42.18%

16.7%

-10.82%

-4.08%

10.00%

22.68%

(24.98%)
Mar 15 - Dec 15

25,975.33 02 Aug 16 (0.17%)

14.47%

5.57%

17.65%

-6.02%

-5.5%

-6.39%

15.10%

17.86%

(25.65%)
May 89 - Oct 89

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

Date

Systematic/Global
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

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

$2'860M
Jul 16

184.61

$792M
Jun 16

271.76

$65M
Jul 16

316.21

$331M
Aug 16

101.44

$2'224M
Apr 16

20,064.32

$149M
Jun 16

2,697.23

$298M
Jun 16

5,752.83

$888M
Apr 16

2,945.71

$143M
Jul 16

258.99

$520M
Jun 16

1,748.05

$12'500M
Jul 16

1,033.03

31 Jul 16

MTD

YTD

2015

Ytd Avg. 2016


4.58%
3.31%
4.92%
2.65%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

17.14%

22.88%

11.04%

1.5%

10.44%

12.32%

Max
Drawdown1

(14.12%)
Mar 15 - May 16

03 Aug 16 (3.00%)

(5.19%)

4.22%

14.86%

9.31%

-22.39%

-16.7%

4.89%

18.83%

(52.73%)
Nov 08 - Oct 12

29 Jul 16

0.76%

(2.66%)

0.9%

57.24%

-5.95%

-20.11%

-7.77%

7.73%

19.06%

(37.70%)
Dec 08 - Sep 13

31 Jul 16

(1.05%)

(9.37%)

3.18%

12.26%

1.84%

-0.15%

-4.97%

0.28%

11.88%

(13.97%)
Mar 15 - May 16

29 Jul 16

2.20%

8.76%

3.21%

7%

7.57%

3.53%

4.55%

12.43%

4.94%

(7.75%)
Jun 07 - Aug 07

31 Jul 16

0.42%

(0.40%)

-6.78%

22.7%

7.76%

-6.33%

-21.27%

15.70%

21.74%

(36.53%)
May 03 - Jan 05

29 Jul 16

5.33%

25.91%

-8.81%

36.15%

-0.01%

4.89%

-20.93%

14.02%

27.73%

(34.25%)
Feb 09 - Jan 10

31 Jul 16

4.99%

13.64%

15.02%

25.56%

14.07%

4.23%

2.33%

16.67%

8.74%

(9.85%)
Apr 11 - Sep 11

29 Jul 16

2.32%

16.99%

-1.91%

34.01%

-5.73%

-8.12%

-14.44%

8.13%

14.33%

(33.18%)
Feb 11 - Sep 13

03 Aug 16 (1.07%)

(1.80%)

0.74%

17.26%

14.56%

-8.31%

3.83%

5.24%

11.00%

(14.61%)
Jun 08 - Jul 09

03 Aug 16 (0.94%)

0.10%

0.93%

13.87%

9.4%

-3.56%

6.29%

13.18%

16.26%

(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%

14.94%

12.07%

Max
Drawdown1

Discretionary
Ytd Avg. 2016

(2.07%)

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

$279M
Jun 16

452.45

Ytd Avg. 2016


(15.21%)
30 Jun 16 (2.10%) (15.21%)
26.27%

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

31 Jul 09

261M
Mar 15

166.82

02 Aug 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

WHITE SQUARE PURE ALPHA


FUND
White Square Capital, Florian
Kronawitter and Dennis Krings-Ernst

31 Aug 14

$814M
Jun 16

323.49

$1'172M
Jul 16

196.29

$3'309M
Apr 16

138.15

$113M
Jun 16

150.90

31 Jul 16

30 Apr 02

EQUILIBRIA JAPAN FUND LTD 2X


(USD)
James Pulsford, Sara Gardiner-Hill

30 Apr 09

02 Aug 16

31 Mar 08

6.4%

-6.15%

1.53%

4.44%

(8.93%)

Ytd Avg. 2016


4.42%
2.72%
(0.67%)
-3.82%

1.57%

8.26%

9.2%

-4.11%

7.14%

5.51%

(10.73%)

0.07%

4.95%

19%

13.34%

18.78%

15.02%

3.18%

8.00%

6.28%

(15.98%)

02 Aug 16

0.10%

(0.53%)

7.97%

6.39%

7.58%

6.07%

3.46%

3.83%

4.25%

(11.63%)
Jun 08 - Oct 08

29 Jul 16

(0.70%)

13.93%

24.5%

6.39%

24.00%

8.67%

(3.30%)
Mar 15 - Apr 15

$185M
Jun 16

242.45

$330M
Jun 16

153.17

843M
Apr 16

10.72%

Jun 08 - Nov 08

29 Jul 16

Ytd Avg. 2016


(6.16%)
1.49%
(3.97%)
1.95%

4.6%

9.16%

-3.55%

-0.13%

6.41%

4.61%

(7.20%)
Jul 11 - Dec 12

29 Jul 16

2.93%

(8.35%)

3.19%

9.46%

19.7%

-6.6%

-0.5%

6.06%

8.78%

(14.55%)
Jun 15 - Jun 16

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


(8.68%)
0.23%
(8.68%)
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

1.23

03 Aug 16

Ytd Avg. 2016


(1.11%)
0.20%
(0.64%)
1.69%

0.6%

2.8%

3.47%

2.29%

2.44%

1.40%

(1.82%)
Feb 14 - May 14

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

Discretionary/UK
SCHRODER CAZENOVE UK
ABSOLUTE TARGET FUND - P2
GBP
Steven Cordell

30 Jun 08

262M
Aug 15

124.60

Date

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(1.11%)
03 Aug 16 (0.24%)
(1.58%)
5.24%

-3.98%

10.09%

4.08%

11.24%

2.75%

4.82%

Max
Drawdown1

(9.96%)
Sep 09 - Dec 10

Diversified
Ytd Avg. 2016

12.36%

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

28 Feb 12

$2'573M
May 16

154.69

31 Jul 16

Ytd Avg. 2016


12.36%
1.13%
12.36%
16.23%

11.39%

7.07%

-0.67%

10.36%

11.29%

(8.40%)
Mar 13 - Sep 13

Equity Diversified
Ytd Avg. 2016

(4.41%)

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

$659M
Jun 16

112.99

$1'300M
Jun 16

1,763.79

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

3.78%

7.13%

2.92%

9.6%

2.08%

5.96%

(16.76%)
Jul 15 - Jun 16

22 Jul 16

1.60%

(5.80%)

-8.11%

10.4%

9.04%

4.41%

9.11%

6.99%

6.40%

(15.74%)
May 15 - Jun 16

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

Ytd Avg. 2016


(9.14%)
30 Jun 16 (2.38%) (12.49%)
-1.91%

612M
Sep 15

129.67

348M
May 16

286.05

$819M
Jun 16

109.98

Ytd Avg. 2016


(4.90%)
03 Aug 16 (0.67%)
(3.64%)

5.2%

4.9%

16.13%

-0.35%

-4.05%

4.00%

5.43%

(13.12%)
Mar 11 - May 12

29 Jul 16

1.89%

(8.16%)

18.3%

3.54%

15.83%

16.66%

2.91%

9.43%

8.82%

(25.03%)
Jun 08 - Apr 09

29 Jul 16

(0.05%)

(5.40%)

6.91%

-6.26%

7.23%

6.19%

1.87%

1.89%

5.01%

(10.37%)
Feb 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

51

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Equity Diversified/Europe
MACQUARIE EUROPEAN ALPHA
FUND - CLASS A
Nick Bird, Andrew Alexander

31 Jul 12

$665M
Jun 16

132.45

Date

2015

2014

2013

2012

Ytd Avg. 2016


(4.90%)
30 Jun 16 (0.67%)
(2.39%)
5.04%

9.62%

12.78%

5.11%

TWO SIGMA ABSOLUTE RETURN


CAYMAN FUND LTD
Two Sigma Advisers, LP

31 Oct 11

YTD

2011

Ann.
Return

Ann.
Volatility

7.60%

4.63%

Max
Drawdown1

(4.57%)
Jan 16 - Apr 16

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

MTD

$76M
Jun 16

156.72

$1'066M
Apr 16

1,475.78

30 Jun 16

Ytd Avg. 2016


1.30%
3.37%
3.10%
43.43%

-12.55%

17.04%

3.55%

12.73%

20.52%

(20.68%)
Feb 14 - Dec 14

31 Jul 16

0.21%

(0.49%)

14.99%

10.09%

11.25%

4.03%

1.23%

8.53%

5.39%

(4.45%)
May 16 - Jun 16

Multi-Strategy
Ytd Avg. 2016

1.19%

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

31 Dec 95

$969M
Jun 16

39.89

22 Jul 16

$2'222M
May 16

4.12%

5.63%

3.57%

-0.23%

6.96%

5.58%

(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


0.81%
0.48%
0.81%
1.77%

230.72

30 Jun 16

Ytd Avg. 2016


1.57%
0.26%
1.57%
-1.91%

-2.08%

7.9%

11.37%

4.31%

8.64%

4.90%

(6.11%)
Feb 14 - Nov 15

Statistical Arbitrage
Ytd Avg. 2016

(2.03%)

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

$854M
Jun 16

242.67

$803M
May 16

286.02

31 Jul 16

Ytd Avg. 2016


(2.03%)
0.15%
(1.13%)
3.11%

9.83%

4.91%

5.67%

7.88%

9.86%

7.16%

(10.48%)
Jul 07 - Aug 07

31 Jul 16

1.36%

(2.93%)

11.41%

12.14%

13.28%

3.64%

15.2%

9.63%

4.40%

(11.91%)
Jun 08 - Sep 08

Systematic
Ytd Avg. 2016

(5.70%)

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

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

28 Feb 02

$431M
Apr 16

1,573.62

31 Jul 02

BLUEMATRIX FUND CLASS -AUSD


Systematica Investments Limited

31 Oct 07

DACHARAN EQUITY FUND


Dacharan

31 Dec 13

M/Q

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(2.91%)
02 Aug 16 (0.08%)
(2.91%)
5.08%

6.55%

20.08%

3.49%

-3.11%

8.73%

8.16%

Max
Drawdown1

(14.33%)
Jul 07 - Jan 08

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

Date

$1'047M
Jun 16

1,997.33

$774M
Feb 16

164.32

$53M
Apr 16

1,264.00

Ytd Avg. 2016


(6.62%)
30 Jun 16 (2.83%) (11.07%)
6.35%

-0.67%

8.02%

9.41%

24.92%

5.09%

7.52%

(25.15%)
Jun 08 - Sep 09

31 Jul 16

1.38%

(6.84%)

7.9%

10.4%

12.57%

-2.49%

-1.42%

5.84%

7.16%

(9.96%)
Apr 11 - Sep 11

30 Jun 16 (2.87%)

(1.96%)

9.66%

19.88%

10.69%

10.42%

(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%

12.83%

10.33%

Max
Drawdown1

Merger-Arbitrage
Ytd Avg. 2016

3.22%

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

$88M
May 16

186.68

$470M
Jul 16

1,271.14

$32M
Apr 16

38.33

Ytd Avg. 2016


3.33%
30 Jun 16 (1.20%)
3.12%
22.74%

31 Jul 16

31 Aug 89

$138M
Apr 15

0.99%

4.50%

11.78%

5.91%

5.56%

5.34%

8.94%

15.55%

5.90%

(5.77%)
Oct 07 - Dec 07

30 Jun 16 (0.94%)

2.37%

8.52%

-8.29%

-5.17%

2.36%

4.6%

6.72%

9.40%

(34.07%)
Oct 07 - Feb 09

Merger-Arbitrage/USA
GABELLI ASSOCIATES LIMITED
Mario Gabelli

(11.84%)
May 12 - Oct 12

650.77

31 Jul 16

Ytd Avg. 2016


2.87%
0.32%
2.87%
3.14%

2.09%

3.12%

2.55%

3.03%

7.20%

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

2011

Ann.
Return

Ann.
Volatility

(1.88%)

4.67%

Max
Drawdown1

Credit
Ytd Avg. 2016

(1.24%)

Credit/Europe
CAIRN STRATA CREDIT FUND
Cairn Capital Limited

31 Dec 14

CHENAVARI MULTI STRATEGY


CREDIT FUND - MS2
Chenavari Investment Managers

31 Jan 12

NUMEN CREDIT OPPORTUNITIES


FUND
Filippo Lanza

31 Oct 08

M
M

60M
Jun 16

97.20

$513M
Mar 16

136.10

190M
Jul 16

447.29

Ytd Avg. 2016


(2.00%)
30 Jun 16 (1.69%)
(3.50%)
0.72%

31 May 04

$1'323M
Jun 16

(7.21%)
May 15 - Feb 16

30 Jun 16 (0.16%)

(4.34%)

2.48%

7.89%

20.57%

6.72%

7.23%

4.21%

(6.71%)
May 15 - Feb 16

31 Jul 16

(0.70%)

1.85%

1.79%

1.59%

12.47%

25.15%

-9.8%

21.31%

16.26%

(16.68%)
Oct 10 - Jan 12

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

3,312.75

30 Jun 16

Ytd Avg. 2016


1.04%
0.27%
1.04%
-8.4%

6.16%

19.99%

20.52%

-4.57%

10.41%

9.84%

(30.14%)
Oct 07 - Nov 08

Diversified
Ytd Avg. 2016

0.10%

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

$42M
Jun 16

1,512.08

$1'758M
Jun 16

387.08

22 Jul 16

30 Jun 99

$950M
Jun 16

31 Jul 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%

27.12%

24.87%

(30.13%)

0.57%

2.48%

29.51%

34.88%

-1.68%

4.81%

40.75%

16.89%

9.79%

(10.16%)
May 13 - Mar 14

2,189.66

15 Jul 16

Ytd Avg. 2016


6.00%
1.38%
6.00%
7.08%

-3.57%

3.4%

20.68%

-9.29%

19.84%

11.51%

(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


5.38%
1.39%
8.27%
10.23%

$4'600M
Mar 16

1.06

4'519M
Jun 16

173.16

$7'600M
Apr 16

149.20

29 Jul 16

Ytd Avg. 2016


(0.29%)
0.90%
1.02%
6.79%

16.5%

2.64%

2.6%

-5.83%

5.99%

8.95%

(10.63%)
Dec 08 - Jan 10

29 Jul 16

0.11%

(1.60%)

6.13%

2.89%

8.58%

5.6%

0.12%

6.67%

4.10%

(3.99%)
Apr 11 - Sep 11

22 Jul 16

0.09%

(3.92%)

5.93%

13.73%

20.85%

12.61%

-5.28%

7.69%

7.80%

(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

CFM ISDIVERSIFIED FUND LP


Capital Fund Management

31 Dec 14

CQS DIRECTIONAL OPP. FEEDER


FUND. Ltd A NI USD
Michael Hintze

31 Jul 05

W
Q

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

DWC CROSS COMMS


Karim Nasr, Fred Kooij

29 Feb 12

GLG MARKET NEUTRAL FUND CLASS Z USD Unres


Steve Roth

31 Dec 97

M
M

$2'800M
Jun 16

3,889.91

$75M
Jun 16

339.47

$1'042M
Jun 16

1,492.22

$379M
Jul 16

119.37

515M
Apr 16

21.90

$1'973M
Jun 16

128.96

$1'474M
Jun 16

1,485.09

$856M
Apr 16

102.86

$2'963M
May 16

4,995.24

$1'366M
Apr 16

1,740.00

$2'943M
Jun 16

434.21

$100M
Jun 16

126.37

$565M
Jun 16

888.77

22 Jul 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(0.29%)
0.04%
(3.13%)
2.45%

7.2%

12.94%

4.84%

4.76%

11.41%

7.96%

Max
Drawdown1

(12.51%)
Jun 04 - Aug 04

31 Jul 16

1.15%

0.78%

-0.89%

4.91%

6.18%

10.23%

-2.13%

6.11%

4.07%

(18.64%)
Aug 08 - Dec 08

30 Jun 16 (3.93%)

(6.08%)

1.67%

2.07%

7.04%

7.86%

2.43%

3.65%

5.39%

(13.96%)
Jun 08 - Dec 08

30 Jun 16 (5.83%)

(14.86%)

12.3%

-5.21%

7.19%

3.74%

22.94%

2.39%

9.39%

(18.07%)
Jan 16 - Jun 16

26 Jul 16

0.41%

6.01%

15.65%

6.85%

13.6%

9.45%

-2.58%

8.38%

6.66%

(20.69%)
May 07 - Sep 08

30 Jun 16

1.50%

1.35%

-2.39%

1.13%

0.91%

4.61%

5.2%

3.10%

4.59%

(6.29%)
Feb 08 - Sep 08

31 Jul 16

3.50%

(0.06%)

2.6%

1.86%

15.02%

3.57%

1.02%

5.60%

7.65%

(12.91%)
Mar 15 - May 16

30 Jun 16 (1.24%)

(2.98%)

6.02%

1.90%

6.38%

(4.35%)
Jan 16 - Jun 16

31 Jul 16

4.81%

13.15%

-7.97%

3.12%

15.97%

35.87%

-10.42%

15.73%

14.14%

(24.58%)
Apr 11 - Sep 11

31 Jul 16

2.80%

5.15%

-2.63%

1.18%

5.99%

11.4%

-3.45%

6.05%

6.49%

(14.78%)
Jun 08 - Dec 08

31 Jul 16

1.03%

1.20%

0.64%

4.45%

7.74%

10.94%

-2.67%

8.33%

5.26%

(19.30%)
Aug 08 - Dec 08

30 Jun 16 (1.91%)

0.21%

4.28%

2.5%

10.76%

6.51%

5.54%

4.33%

(3.41%)
May 14 - Oct 14

29 Jul 16

2.29%

3.10%

-0.23%

-7.43%

10.3%

18.4%

0.78%

12.47%

14.02%

(54.03%)
Nov 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
HALCYON PARTNERS OFFSHORE 31 May 04
FUND LTD
Jason Dillow

HIGHBRIDGE CAPITAL
31 Aug 92
CORPORATION CLASS -A-Series N
(Composite)
Mark Vanacore

Q/Y

HUTCHIN HILL DIVERSIFIED


ALPHA MASTER FUND LTD 15%
Incentive Allocation
Neil Chriss

30 Jun 08

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 -B131 May 02


SHARES
Aaron Yeary, Colin Teichholtz, James
Clark

Q/Y

$260M
Oct 15

204.78

$1'639M
May 16

99,426.10

$3'604M
Aug 16

1,873.61

$299M
Jul 16

171.40

$310M
Jun 16

123.85

$1'063M
Jul 16

366.91

$1'244M
Jun 16

262.01

$218M
Jun 16

101.89

$78M
Jun 16

106.25

$33'270M
Jun 16

3,234.92

$3'105M
Jun 16

312.05

$3'054M
Aug 16

3,569.82

29 Jul 16

MTD

YTD

2015

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

Ytd Avg. 2016


(0.29%)
1.34%
21.72%
-5.73%

-2.88%

7.4%

11.24%

-5.91%

6.07%

6.87%

Max
Drawdown1

(15.01%)
Oct 07 - Dec 08

31 Jul 16

2.10%

2.67%

2.92%

6.16%

6.5%

9.79%

-5.11%

10.07%

6.78%

(30.04%)
Jun 08 - Nov 08

31 Jul 16

0.59%

1.18%

-5.2%

9.69%

19.38%

11.06%

-4.92%

8.07%

5.88%

(8.52%)
Mar 15 - Feb 16

31 Jul 16

2.91%

(23.32%)

-3.93%

2.01%

47.8%

15.5%

-27.33%

5.99%

15.85%

(38.10%)
May 15 - Jun 16

15 Jul 16

3.68%

(20.63%)

-0.74%

-3.04%

43.03%

11.8%

-25.65%

2.29%

17.54%

(40.20%)
Feb 08 - Jan 09

30 Jun 16

0.88%

3.25%

2.82%

12.43%

16%

4.11%

-7.86%

10.44%

8.96%

(24.60%)
Feb 08 - Dec 08

22 Jul 16

0.40%

3.87%

14.72%

2.22%

10.04%

8.09%

38.69%

16.03%

8.98%

(9.53%)
Apr 10 - May 10

22 Jul 16

0.54%

(5.17%)

1.98%

-0.97%

4.73%

1%

0.31%

3.58%

(8.50%)
Apr 15 - Jun 16

29 Jul 16

1.21%

(3.65%)

5.91%

-0.92%

5.08%

4.98%

-3.59%

4.08%

6.95%

(30.54%)
Oct 07 - Dec 08

30 Jun 16 (0.23%)

(1.17%)

12.54%

12.09%

13.27%

6.32%

8.39%

13.99%

4.40%

(7.24%)
May 98 - Aug 98

30 Jun 16

0.41%

2.27%

10.78%

5.06%

16.02%

8.43%

-2.83%

8.79%

4.74%

(6.83%)
Jul 11 - Dec 11

31 Jul 16

2.02%

(1.27%)

-2.75%

4.57%

9.58%

21.75%

5.7%

9.39%

9.91%

(29.16%)
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

57

Inception Liquidity
Date

Asset
Size

Last NAV
or Index

Date

Diversified/Global
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

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

$708M
Apr 16

8,318.61

$1'563M
May 16

2,612.52

$250M
Jun 16

2,714.04

$356M
Aug 16

315.51

$1'542M
Feb 16

328.66

$533M
Jun 16

191.39

30 Apr 16

31 Oct 04

$214M
Jun 16

YTD

2015

Ytd Avg. 2016


(0.29%)
4.98%
7.79%
8.76%

2014

2013

2012

2011

Ann.
Return

Ann.
Volatility

10.76%

7.12%

11.58%

21.03%

17.21%

5.51%

Max
Drawdown1

(4.44%)
Aug 08 - Oct 08

30 Jun 16 (0.54%)

(3.11%)

17.74%

-2.3%

1.39%

14.69%

6.55%

7.87%

9.30%

(40.35%)
Feb 08 - Dec 08

29 Jul 16

0.99%

0.81%

13.54%

14.58%

1.82%

-2.89%

15.63%

8.20%

6.00%

(10.52%)
Feb 12 - Sep 13

31 Jul 16

1.74%

3.74%

14.25%

10.56%

24.79%

13.62%

1.18%

14.61%

6.87%

(7.89%)
May 11 - Sep 11

30 Jun 16 (2.06%)

(4.85%)

10.28%

0.79%

16.99%

19.52%

1.75%

17.82%

9.48%

(7.80%)
Apr 10 - Jun 10

31 Jul 16

2.36%

6.51%

-0.86%

-0.01%

14.64%

1.75%

-0.15%

6.82%

6.24%

(17.75%)
Jun 08 - Dec 08

Diversified/Japan
LIM JAPAN FUND
George Long

MTD

203.60

22 Jul 16

Ytd Avg. 2016


(2.88%)
0.12%
(2.88%)
-0.37%

5.85%

11.39%

5.62%

2.73%

6.25%

5.53%

(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%

8.99%

6.14%

Max
Drawdown1

Arbitrage
Ytd Avg. 2016

1.66%

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

$614M
Jun 16

2,449.09

265M
May 16

236.75

$959M
Jun 16

137.62

22 Jul 16

Ytd Avg. 2016


1.66%
0.69%
4.11%

(9.57%)
Sep 08 - Feb 09

29 Jul 16

0.54%

2.49%

4.75%

-4.16%

0.53%

24.85%

6.52%

9.70%

9.07%

(15.42%)
Mar 10 - Jun 10

30 Jun 16 (0.44%)

(1.63%)

7.73%

1.39%

-6.17%

13.41%

20.36%

6.70%

6.95%

(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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recommendation, offer or solicitation to purchase or sell any product, security, commodity, currency or other instrument. This document does not consider
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with investing in hedge funds or any investment. Prior to making an investment decision, you should consult with your own legal, financial, tax, accounting
and other professionals regarding the appropriateness of investing in any product, security, commodity, currency or other instrument. No person is
authorized to use this document for any purpose other than the purpose stated above.
The information contained in this document is derived from a variety of sources we believe to be reliable; however, we cannot guarantee its accuracy or
completeness, nor shall we be liable for any incidental or consequential losses or damages including, but not limited to, errors (including errors of
transmission), inaccuracies, omissions, changes in market factors or conditions, or any other circumstances beyond our control. The information, analysis
and opinions contained herein constitute our present judgment, which is subject to change at any time without notice. The information contained herein is
confidential and intended solely for the use of the client or prospective client to whom it has been delivered. It is not to be produced or distributed to any
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Where this document is distributed by HSBC Securities USA Inc. please note that alternative investments are generally intended
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Increase risk of loss due to leveraging;
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