THE HEDGE FUND JOURNAL

Download Issue	Credit Market Outlook Issue 39, July/August 2008 We expect risk premiums to come under renewed pressure in the short to medium term, driven by the combined impact of rising inflation and continued rating downgrades, leading to further capital concerns for financials and consequent asset disposals.

Download Issue	Commodity ETFs Issue 39, July/August 2008 Exchange traded funds (ETFs) have been one of the fastest growing products in both the US and European markets over the past three to five years with almost US$1 trillion of AUM. ETFs are characterised by having high levels of underlying liquidity, ease of trading and settlement whilst offering exposure to a wide range of asset classes. Whilst daily trading volumes and assets under management have been dominated by equity-related products, such as the S&P 500 in the US and EURO STOXX 50 and country ETFs in Europe, there has been explosive growth in other asset classes covered by ETFs.

Download Issue	Outlook Issue 38, June 2008 After a tough first quarter, most hedge fund strategies staged a recovery from April onwards. Managers were helped by the perception of abating uncertainty on financial markets and price re-convergence after market dislocations.

Download Issue	Have We Become Sufficiently Distressed? Issue 38, June 2008 Since the summer of 2007, we have witnessed some extraordinary financial events with global ramifications.

Download Issue	Global Macro Hedge Funds Issue 37, May 2008 In 1992, George Soros famously shorted the pound in one of the best known and most highly publicised trades using a global macro approach to trading currencies at the time of the European Rate Mechanism debacle. In 1997, global macro traders were again able to capitalise on market volatility by shorting many of the Asian currencies in the lead up to and aftermath of the Asian Monetary Crisis and subsequent de-valuing of currencies such as the Thai Baht and Indonesian Rupiah.

Download Issue	The Hedge Fund Bermuda Triangle Issue 37, May 2008 Each financial crisis is accompanied by a wave of corporate failures, to which hedge funds are obviously not immune. Although the public tends to accept the collapse of small to larger companies as a natural phenomenon, it generally views hedge fund blow-ups in a different light.

Download Issue	A Look Forward Issue 37, May 2008 he first quarter proved challenging for many hedge fund strategies and for many individual managers; in addition, the dispersion of returns between managers remained quite high. While returns varied across the different sub-strategies, a broad universe of funds finished the quarter down 2.78%, as measured by the HFRX index. Our current forward-looking outlook for the returns of a diversified pool of hedge funds is 8-10%. This is modestly lower than the levels we were looking for at the start of the year.

Download Issue	Outlook: Distressed Issue 37, May 2008 Although equity markets and other economic factors are currently in flux and the expectations for equity markets remains uncertain, the current economic environment holds many opportunities for hedge fund manage.

Download Issue	A Rough Start to the Year for Long/Short Funds Issue 36, April 2008 n this article, we explore what factors have been driving the recent poor performance in long/short funds. We focus on two subgroups of these funds—long bias (directional funds) and no bias (non-directional funds).

Download Issue	RMF Investment Letter Issue 36, April 2008 A difficult start to the year for all asset classes continued into February. Global equity markets were negative with the MSCI World LC Index down -1.9%. However, performance was mixed with Asia ex Japan up most, while the US was the worst region as US stocks fell for the fourth straight month. Europe and Japan were flat to negative.

Download Issue	Après moi le déluge? Issue 36, April 2008 Over a 36 hour period starting at six o’clock on the morning of Friday 14th March I was invited twice to appear on television, and asked to write no less than five articles for different publications. As readers will be well aware, this had nothing to do with me having suddenly developed a winning nature and film star good looks (I had these already, of course) but with the fate of Bear Stearns following rapidly upon the sudden demise of Carlyle Capital Corporation.

Download Issue	Kenya Issue 34, February 2008 Kenya’s recent political crisis dealt an immediate blow to the country’s reputation for peace and stability, but the extent of the damage to east Africa’s leading economy has yet to emerge.

Download Issue	The Nord Pool Funds Issue 34, February 2008 What makes the Scandinavian traded electricity market and its players relevant to outside investors is that in the last year or more a group of hedge funds has sprung up that allow access to this talent pool and trading opportunity set.

Download Issue	A New Code of Conduct For Hedge Funds Issue 34, February 2008 The Hedge Fund Working Group [HFWG] has recently released the findings of its consultation with the hedge fund industry, encapsulated in a set of voluntary standards.

Download Issue	OTC Derivatives Issue 33, December 2007 / January 2008 The OTC derivatives market has seen exponential growth over the past two years, with notional amounts outstanding surpassing the $500 trillion mark during Q2 of this year to reach $516 trillion by June 2007, an increase of 25% over six months and almost 85% since June 2005.

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We expect risk premiums to come under renewed pressure in the short to medium term, driven by the combined impact of rising inflation and continued rating downgrades, leading to further capital concerns for financials and consequent asset disposals.

After a tough first quarter, most hedge fund strategies staged a recovery from April onwards. Managers were helped by the perception of abating uncertainty on financial markets and price re-convergence after market dislocations.

Since the summer of 2007, we have witnessed some extraordinary financial events with global ramifications.

Each financial crisis is accompanied by a wave of corporate failures, to which hedge funds are obviously not immune. Although the public tends to accept the collapse of small to larger companies as a natural phenomenon, it generally views hedge fund blow-ups in a different light.

Although equity markets and other economic factors are currently in flux and the expectations for equity markets remains uncertain, the current economic environment holds many opportunities for hedge fund manage.

n this article, we explore what factors have been driving the recent poor performance in long/short funds. We focus on two subgroups of these funds—long bias (directional funds) and no bias (non-directional funds).

Kenya’s recent political crisis dealt an immediate blow to the country’s reputation for peace and stability, but the extent of the damage to east Africa’s leading economy has yet to emerge.

What makes the Scandinavian traded electricity market and its players relevant to outside investors is that in the last year or more a group of hedge funds has sprung up that allow access to this talent pool and trading opportunity set.

The Hedge Fund Working Group [HFWG] has recently released the findings of its consultation with the hedge fund industry, encapsulated in a set of voluntary standards.

The OTC derivatives market has seen exponential growth over the past two years, with notional amounts outstanding surpassing the $500 trillion mark during Q2 of this year to reach $516 trillion by June 2007, an increase of 25% over six months and almost 85% since June 2005.