LIPPER HEDGE FUND PERFORMANCE SNAPSHOT August 2010

• Hedge funds ended August in marginally negative territory, as stocks lost ground and commodities slid on weak economic data - suggesting a slower pace of economic growth
  
• Hedge funds produced an overall return of minus 0.20% for August, according to the Lipper Hedge Fund Composite Index. August’s loss brought year-to-date performance to minus 1.40%.
  
• Managed Futures (+1.29%) was the best performing strategy for the month, while Options Arbitrage (+0.78%) was the runner-up. Managed Futures (+1.29%) was the only strategy finishing the month of August in positive territory; managers were able to capitalize on long positions in fixed income (due to yield curves continuing to flatten on both sides of the Atlantic) and short exposures to commodities
  
• At the bottom of the performance league table Dedicated Short-Bias (-1.90%) was the worst performing strategy at the end of the month.