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Performance: Harry Kat`s FundCreator update says performance in line with expectations
Friday, April 04, 2008

Despite a really bad quarter for equity (S&P 500 -10%), emerging markets (Hang Seng -17%), and many other markets, including hedge funds (HFRX -3%), FundCreator based funds have performed very much in line with expectations.

The Aquila Statistical Value Market Neutral Fund, the first FundCreator-based fund, generated +2.08% in Jan, +0.18% in Feb and -1.82% in March. In all, this means +0.41% YTD.

New Wave Asset Management's Aliter Fund, which has gone live on Feb 19 and which will be publicly launched later this month, made +1.08% in Feb and 0% in March, making for a YTD performance of +1.08%.

One might be tempted to compare the above performance with that of the small number of hedge funds that have done quite well over the last couple of months. This compares apples with oranges, however. Hedge funds generate returns by taking directional bets. Sometimes they win, sometimes they lose. The above FundCreator-based funds are primarily about smart risk management. The goal is not to take bets, but to maintain a constant, low correlation, risk profile while harvesting an attractive risk premium over time. A completely different approach, and therefore very different performance.

Obviously, we are very proud that, especially in these volatile times, things are working out this well. The proof is always in the pudding, they say, and this pudding is proving a lot of people (incl. all those so-called hedge fund replicators) wrong!......................

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