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From the Opalesque Team: The Australian arm of the international hedge fund industry body, Alternative Investment Management Association (AIMA), announced Australia's top performing hedge funds and money managers at the 2009 Australian Hedge Fund Industry Awards.

Now in its fifth year, the Awards recognise achievement and excellence within the sector and coincide with Hedge Funds Rock, the industry's most popular annual charity event, which was held last night at The Ivy in Sydney.

More than 250 hedge fund professionals attended the event which raised money for children's cancer charity, Cure Our Kids. In eight years the Australian hedge fund community has donated over $2 million.

Winners were judged by an independent group of hedge fund researchers. Manager performance was measured using judging criteria devised to assess how Australian absolute return managers were able to meet their investment objectives and adapt to changing investment environments. The criteria were:

- Absolute returns versus their peers over varying time periods - Sortino ratios1, a risk adjusted measure of performance - Rates of performance drawdown and recovery

More than 150 funds were judged, with 20 finalists chosen across 8 categories. The winners are:

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