CSFB/Tremont Hedge Fund Index is Up 1.2% in December; Emerging Markets Index is Top Performer -- Up 4.8%; Index Up 4.4% for the Year 2001.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 15, 2002 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 1.2% for December 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 . The Index is up 4.4% for the year 2001. "During December, driven by opportunistic strategies such as global macro The term global macro is used to classify the strategy of certain hedge funds—those that take large leveraged positions in financial derivatives, on the basis of forecasts about interest rate trends, movements in the general flow of funds, political changes, government and emerging markets, investors benefited from a 1.2% return. More importantly, hedge funds delivered the desired diversification through a moderate correlation of 0.45 versus the S&P 500 and a volatility of around 9% in 2001," said Mr. Sloan. The CSFB/Tremont Hedge Fund Index finished the year 2001 up 4.4%, surpassing all global indices by a healthy margin while providing the power of diversification." "For the second consecutive month, emerging markets funds outperformed other sectors with returns of 4.8%," 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. "But the story of the year is the Global Macro Index, up 18.4%. This broadly diversified sector redeemed itself during the year 2001." Performance for the CSFB/Tremont Hedge Fund Index and the nine style-based sector indices are calculated monthly. December 2001, November 2001 and year-end returns for all categories are listed below and at www.hedgeindex.com
Category Dec 2001 Nov 2001 Y 2001
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CSFB/Tremont Hedge Fund 1.2% 0.5% 4.4%
Index
Convertible Arbitrage 0.3% 0.7% 14.6%
Dedicated Short Bias -3.0% -5.4% -3.6%
Emerging Markets 4.8% 4.0% 5.8%
Equity Market Neutral -0.1% 0.8% 9.3%
Event Driven 1.1% 0.8% 11.5%
Fixed Income Arbitrage 0.2% -0.3% 8.0%
Global Macro 2.5% -0.4% 18.4%
Long/Short Equity 1.2% 1.1% -3.7%
Managed Futures 2.1% -8.6% 1.9%
Dow Jones Industrial Index 1.7% 8.6% -7.1%
MSCI EAFE US $ Index 0.6% 3.6% -22.6%
MSCI $ World Index 0.6% 5.8% -17.8%
S&P 500 0.8% 7.5% -13.0%
NASDAQ Composite 1.0% 14.2% -21.1%
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The CSFB/Tremont Hedge Fund Index has returned 141.17% for the 96-month period since inception (January 1, 1994 through December 31, 2001). For additional current and historical data including more comparisons with other widely followed global indices, visit the CSFB/Tremont Hedge Fund Index web site at www.hedgeindex.com The CSFB/Tremont Hedge Fund Index is comprised of 369 funds as of December 1, 2001, down from 370 funds as of November 1, 2001. Fulcrum fulcrum: see lever. Fund LP (B) is no longer reporting 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, Managing 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 Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. , 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 bank serving institutional, corporate, government and individual clients. CSFB's businesses include securities underwriting, sales and trading, investment banking, private equity, 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 asset management. CSFB operates in over 89 locations across more than 37 countries on 6 continents. The Firm is a business unit of the Zurich-based Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Group, a leading global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company. Tremont Advisers, Inc. is a 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 $9 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 2,600 alternative investment managers and funds. Tremont manages in excess of $1 billion in proprietary funds and has more than $200 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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