CSFB/Tremont Hedge Fund Index is Up 0.4% In October; Managed Futures Index is Top Performer -- Up 3.4%.Business Editors NEW YORK--(BUSINESS WIRE)--November 15, 2001 The CSFB/Tremont Hedge Fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" Index is up 0.4% for October 2001, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Robert S. Sloan, Chief Executive Officer of Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Tremont Index LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . "Absolute return strategies continue to provide risk diversification during this remarkably volatile time in the markets," said Mr. Sloan. "The CSFB/Tremont Hedge Fund Index remains alone in the plus column year-to-date -- up 2.6% -- as other global indices are down double-digits despite improvements during October." "Managed futures Managed Futures In the context of hedge funds, a style of management that focuses on short-term trading in the futures market. programs outperformed all other strategies for the second month in a row, finishing the month up 3.4%," added Robert I Robert I, duke of Normandy Robert I (Robert the Magnificent), d. 1035, duke of Normandy (1027–35); father of William the Conqueror. He is often identified with the legendary Robert the Devil. . Schulman, President of Tremont Advisers. "The diversification and trend-following nature of this strategy thrives on sustained volatility and provides insurance against downside risk Downside Risk An estimation of a security's potential to suffer a decline in price if the market conditions turn bad. Notes: You can think of this as an estimate of the amount that you could lose on a stock or other investment. ." Performance for the CSFB/Tremont Hedge Fund Index and the nine style-based sector indices are calculated monthly. October 2001, September 2001 and year-to-date returns for all categories are listed below and at www.hedgeindex.com Category Oct 2001 Sept 2001 YTD CSFB/Tremont Hedge Fund Index 0.4% -0.8% 2.6% Convertible Arbitrage 1.1% 0.7% 13.4% Dedicated Short Bias -5.0% 2.9% 5.2% Emerging Markets 2.2% -4.4% -2.9% Equity Market Neutral 0.7% 0.0% 8.5% Event Driven 1.4% -1.5% 9.4% Fixed Income Arbitrage 1.5% 0.2% 8.1% Global Macro 1.2% 1.2% 16.0% Long/Short Equity -0.8% -1.6% -5.9% Managed Futures 3.4% 3.6% 9.2% Dow Jones Industrial Index 2.6% -11.1% -15.9% MSCI EAFE US$ Index 2.5% -10.3% -25.7% MSCI $ World Index 1.9% -8.9% -22.8% S&P 500 1.8% -8.2% -19.7% NASDAQ Composite 12.8% -17.0% -31.6% The CSFB/Tremont Hedge Fund Index returned 137.05% for the 94-month period since inception (January 1, 1994 through October 30, 2001). For additional current and historical data including more comparisons with other widely followed global indices, visit the web site at www.hedgeindex.com The CSFB/Tremont Hedge Fund Index is comprised of 372 funds as of October 1, 2001, down from 375 funds. The Index is reselected quarterly, and 8 funds were added in October, while 11 were dropped. New funds in the Index include American Masters `AG Absolute Return Series' Ltd, Antares European Fund Ltd (Euro), Bricoleur Offshore Ltd, Clinton Riverside Convertible Fund Ltd (Class B), Dancing Bear Partners LP, EGM- EECO EECO Electronic Engineering Company of California EECO Energy and Environment Conference of Ontario Fund International, LibertyView Global Volatility Fund Ltd and Quadriga quad·ri·ga n. pl. quad·ri·gae A two-wheeled chariot drawn by four horses abreast. [Latin quadr  ga, sing. Bet. AG.Funds that were dropped include the following: Carl Marks Strategic Investments LP, Concordia Capital Ltd (Class B), The Convergence Portfolio Company LP, Cygnus Offshore Fund Ltd, Integral Hedging LP, Millennium-T Global Markets-Plus Ltd, Thoroughbred Limited Partnership I, Tontine An organization of individuals who enter into an agreement to pool sums of money or something of value other than money, permitting the last survivor of the group to take everything. Financial Partners LP, Tontine Partners LP, Waterville Associates Ltd and Wolverine wolverine or glutton, largest member of the weasel family, Gulo gulo, found in the northern parts of North America and Eurasia, usually in high mountains near the timberline or in tundra. LP. Of the funds that were dropped, The Convergence Portfolio Company LP, Millennium-T Global Markets-Plus Ltd and Thoroughbred Limited Partnership I liquidated, and all others will no longer report performance. The Index is constructed using a database of more than 2,600 hedge funds. It includes both U.S. and offshore funds, but does not include funds of funds. Funds are not excluded until they liquidate or fail to meet the financial reporting requirements, in order to minimize survivorship bias Survivorship Bias Specifically in the context of mutual funds, the tendency for poor performers to drop out while strong performers continue to exist. This results in an overestimation of past returns. . In order to qualify for inclusion in the universe, a fund must have US $10 million under management and an audited financial statement. The Index is calculated on a monthly basis and adjusted for capitalization and return. The CSFB/Tremont Hedge Fund Index, the only asset-weighted hedge fund benchmark, was designed to establish a standard for tracking and comparing hedge fund performance against other major asset classes, like the S&P 500, on a global basis. Its web site provides interactive tools that allow users to manipulate the information and customize their research. Credit Suisse First Boston Tremont Index LLC is the joint venture company of Credit Suisse First Boston Index Co., Inc., a subsidiary of Credit Suisse First Boston Inc., and Tremont Advisers, Inc. The company's management team includes from CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank , Paul Calello, Managing Director, Robert S. Sloan, Managing Director, and Roland Lorenzo, Director, and from Tremont Advisers, Robert I. Schulman, President and Co-CEO. Credit Suisse First Boston Tremont Index LLC is headquartered at 11 Madison Avenue, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10010-3629. Credit Suisse First Boston (CSFB) is a leading global investment banking firm serving institutional, corporate, government and individual clients. CSFB's businesses include securities underwriting, sales and trading, investment and merchant banking, financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , investment research, venture capital, correspondent brokerage services and online brokerage services. It operates in over 76 locations across more than 37 countries and 6 continents, and has some 28,000 staff worldwide. The Firm is a business unit of the Zurich based Credit Suisse Group, a leading global financial services company. Tremont Advisers, Inc. is an independent wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Oppenheimer Acquisitions Corp., the parent company of OppenheimerFunds, Inc., one of the nation's most respected asset managers. Tremont is a diversified holding company which, through its subsidiaries, is engaged in three core businesses: advisory services, information & research, and investment products for the global alternative investment industry. Tremont holds leadership positions in each of its specialty areas and advises on approximately $8.5 billion in alternative investment assets. Through its London-based information and market intelligence unit, TASS TASS - Template ASSembly language. Intermediate language produced by the Manchester SISAL compiler. Research, the firm provides data on the performance of more than 2,800 alternative investment managers and funds. Tremont manages in excess of $1 billion in proprietary funds and has more than $100 million in insurance policies related to alternative investments. Tremont's wholly owned subsidiaries, Tremont Partners, Inc., and Tremont Securities, Inc. are registered as investment advisers under the Investment Advisers Act of 1940 and as a registered broker/dealer under the Securities Exchange Act of 1934, respectively. Tremont is headquartered in Rye, New York and has offices in Toronto, Bermuda and London. Certain statements in this Press Release constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. The Companies assume no obligation to update these forward looking statements to reflect actual results, changes in assumption or changes in other factors affecting such forward looking statements. |
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