| 24.06.2011 Greenwich investable indices superior to benchmarks in May |
| Opalesque Industry Update - Results were mixed among strategies
for the Greenwich Investable Indices in May as markets came off their highs
for the year. The monthly redemption Composite Index shed 0.95% while the
quarterly exit Index lost 0.99%. Long-Short Credit was the best performing
index during the month, climbing 32 basis points. Market Neutral
strategies were also unaffected by market volatility as the Arbitrage and
Equity Market Neutral Indices were essentially flat. The Greenwich
Long-Short Equity Investable Index also fell by a modest 0.56% compared to
a 1.13% and 2.45% decline in the S&P 500 Total Return and MSCI World Equity
Indices, respectively. “Notwithstanding weakness in some Directional strategies, most hedge fund managers ended May near their highs for the year. We expect managers that actively manage their risk to outperform for the remainder of the year. Most Long-Short Equity funds remain cautious as markets navigate uncertainty in Europe and doubts about global growth,” said Clint Binkley, Senior Vice President. The Greenwich Investable Hedge Fund Indices are specifically designed to represent the returns of the hedge fund universe. They are comprehensive in design and cover a wide spectrum of hedge fund strategies, providing investors with innovative and efficient access to hedge fund beta. Final index results for May will be available Mid-July, once all managers have submitted final returns. The indices reference actual hedge fund vehicles as opposed to separately managed accounts or other methods used in an attempt to replicate the returns of hedge fund vehicles. The Indices are reported monthly net of a 0.083% per period index calculation fee. Past performance and index construction rules for all Greenwich Hedge Fund Indices may be viewed at www.greenwichai.com. (press release)
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