Dear Opalesque Reader, Welcome to the May 2013 issue of New Managers, Opalesque's monthly monitor of new, emerging and re-emerging alternative fund managers.

This month, Peter Urbani discusses the Triple Penance Rule, which may have significant importance for people who use some combination of drawdown and Sharpe ration to stop out loss-making funds in Statistics. Then there is a brief analysis of the performance of emerging global macro hedge funds since 2010 in EManagers DB Insights. We reveal all about the emerging manager landscape up North in Canada in Focus. Our Guest Article is a second contribution from Beachhead Capital, and explores the reasons why hedge funds found it difficult to make money by shorting stocks during 2010 and 2011. Hermes BPK and Northern Lights describe their new Accelerator Fund in Seeders' Corner; And in Profiles, the managers at Varden Pacific talk about their corporate credit fund and Jeff Russo of Stone Toro describes his global event driven arbitrage fund.

Don't forget, as a subscriber, you can access past issues of New Managers in our Archive here: http://www.opalesque.com/Archive-New-Managers.html.

Please do contact me if you have any related news or views, or if you want to share a contribution.

I hope you enjoy the sixteenth issue of New Managers.

Benedicte Gravrand Editor gravrand@opalesque.com

Opalesque New Manager is edited by Benedicte Gravrand. Based near Geneva, Benedicte also writes exclusive ......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.