1007705_1007716 BLACK P2BW14403B-0-P01100-1------XA h aktshroso 08gv a otepesrso 09 onPusnsPusnCei potnte udhsgie hnmnl13 nulyoe h attreyas h worst-performing The years. three past the over annually 123% phenomenal a gained has fund Opportunities Credit Paulson Paulson’s John 2009. of pleasures the to way gave of 2008 member of horrors market’s The Funds 100 Top P22 GrahamCapitalMgmt 39.32. 32. 38. 37. 36. 35. 34. 31. TitanGlobalReturn 33.26. 50. 30. 48. 49. ,8 EmergingMarketMulti-Asset 1,582 Discovery GlobalOpportunityMaster 29.78. 28. 47. 46. 27. 26.42.MKP Opportunity 4. 7 7. 6. 5. 9. 8. 11. 10. QFSGlobalMacro Program 40.52. 45. 44. 43. 42. 41. BalestraCapitalPartners 2. 1. ’08Name 2009 RANKING 3. 25. 24. 14. 14. 12. 15. 13. 23. 17. 17. 16. 15. 22.46.Quantum Endowment 21. 20.24.Passport II 19. 18. 58. Elliott Associates Odey European (GBP) 28. 69. Libra 16. 13. 19. 12 (USD) 37. 1. 11 Real Return Asian(USD) RealReturn nr Viking GlobalEquities Viking nr nr GLC BlueCrest Capital(USD) Diversified nr nr Nisswa AlphaGen Volantis (USD) nr ,1 Managed Futures 5,119 QIM Quantitative Global Program nr nr Lynx nr Futuris CloughCapital PartnersI nr 5 Equity Long/ 350 Harvest SmallCapPartnersStrategy nr OEIMac(USD) nr Providence MBSOffshore nr SPMStructured Servicing nr nr SCP Ocean nr Zweig-DiMenna nr Pharo Macro PaulsonCredit Opportunities nr nr Medallion GSGamma Investments nr nr SPM Opportunity ,1 ConvertibleArbitrage 1,413 Waterstone MarketNeutralMaster nr nr BlueTrend (USD) ,7 EetDie/itesdScrte 2.3 53 PerellaWeinberg PartnersCapital /NewYork 35.33 23.53 EventDriven/DistressedSecurities PEAK6 Performance323 nr 1,478 Perella Weinberg PartnersXerion nr AltisGlobalFutures Portfolio 6. 4. Paulson International 1. Paulson Advantage Pivot Global Value 8. R.G.Niederhoffer Diversified 9. QualityCapitalMgmt 5. Barron’s . Touradji GlobalResources Element Capital SCP Sakonnet ,0 GlobalMacro 1,100 Global Trading Strategies(Cayman) Friedberg GlobalMacro Harbinger CapitalPartners 0 RelativeValue Multi-Strategy 300 Platinum PartnersValue o 0 a eundruhyfv ie htteaeaehdefn a ie.Crece UD B n uo ee oseii urnycasso fund. a of classes currency specific to refer Euro) and GBP (USD, Currencies risen. has fund hedge average the what times five roughly returned has 100 Top

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a 400 Credit $4,000 ,0 Managed Futures 3,107 210 GlobalMacro 22,100 ses Assets ,3 ManagedFutures Multi-Strategy 1,338 Equity Long/Short 6,475 7,629 GlobalMacro 2,940 MergerArbitrage 1,200 ,0 /Commodities 1,900 ,1 Macro/RelativeValue 1,214 ,4 Mortgage-BackedSecurities EventArbitrage 1,049 4,750 ,1 EquityLong/Short 2,111 ,0 Equity Long/Short EquityLong Bias 5,300 EmergingMarket/Global Macro 1,861 2,100 ,5 GlobalMacro 1,050 ,0 QuantitativeTrading 9,000 ,0 EventDriven/Distressed 6,100 ,0 EquityLong/Short EquityLong/Short 1,300 1,288 Fund .. Multi-Strategy N.A. FundStrategy (mil) 4 AsianEquityLong/Short 347 2 Multi-Strategy 320 Multi-Strategy 579 3 Arbitrage 330 0 Equity Long/Short 409 7 Mortgage-BackedSecurities 475 2 Equity Long/Short Equity Long/Short 629 350 4 GlobalMacro 642 5 EquityLong/Short Mortgage-BackedSecurities 355 333 0 Multi-Strategy 700 6 GlobalMacro 560 6 GlobalMacro 462 0 ManagedFutures/Diversifed ManagedFutures 403 673 4 GlobalMacro FixedIncomeMulti-Strategy 641 434 3 Mortgage-BackedSecurities 532 5 ManagedFutures 855 c qiyMliSrtg/oaiiyrirg 2.2 66 PEAK6Advisors/Chicago 26.66 23.02 EquityMulti-Strategy/VolatilityArbitrage BARRON'S nulRtr Rtr CompanyName/Location Return Annual Return opud 09 2009 Compound 2.2 3.2 Paulson/NewYork 35.02% 122.92% 85 -.8 AltisPartners (Jersey) /Channel Islands,UK ElliottMgmt/ NewYork -8.48 GLC/London 30.70 BlueCrestCapital Mgmt/London 18.55 18.71 12.72 44.31 PineRiverCapital Mgmt/Minnetonka,MN 18.99 Paulson/New York 19.00 91.01 6.20 19.38 20.23 92 3.7 Veritas AssetMgmt/London 39.27 19.25 90 -.9 Titan CapitalGroup/NewYork -4.19 19.09 68 4.8 GartmoreInvestment Mgmt/London 47.48 16.83 88 1.9 Viking GlobalInvestors/Greenwich,CT 18.89 18.83 69 46 Touradji Capital Mgmt/NewYork 4.60 16.90 68 1.7 QuantitativeInvestment /Charlottesville, VA 11.07 16.87 02 6.8 DiscoveryCapitalMgmt/SouthNorwalk,CT 64.98 20.23 02 3.1 ProprietaryCapital/Denver 36.21 20.27 73 1.9 Brummer&Partners /Stockholm 16.39 17.33 07 1.6 HarvestCapitalStrategies/SanFrancisco MKPCapitalMgmt/NewYork 14.56 12.76 20.76 20.99 50 7.2 ElementCapital/NewYork 78.82 45.02 17 1.6 OdeyAssetMgmt/London 18.56 41.78 69 4.0 ShumwayCapital/Greenwich,CT Paulson/NewYork 41.80 36.90 13.60 41.31 36 58 PivotCapitalMgmt/Monaco 5.82 33.63 83 08 QFSAssetMgmt /Greenwich,CT 0.89 18.34 76 2.0 ShumwayCapital /Greenwich, CT Zweig-DiMenna Associates/New York 20.30 R.G.Niederhoffer CapitalMgmt /NewYork -3.30 QualityCapitalMgmt/Weybridge,17.60 UK 17.72 -16.40 -11.95 18.03 18.16 73 4.5 CloughCapital Partners/Boston 44.25 17.38 10 -.7 GlobalTrading Strategies/Sydney, Aus. -3.77 21.07 56 42 BalestraCapital/NewYork 4.22 65.63 28 3.0 RenaissanceTech /EastSetauket,NY 38.00 62.80 42 8.7 ProvidenceInvestmentMgmt/Providence,RI 85.67 44.29 98 146 StructuredPortfolioMgmt/Stamford,CT 134.60 39.80 15 1.0 BrevanHowardAssetMgmt/London 19.10 21.52 OdeyAssetMgmt/London 32.72 33.02 60 1.2 FriedbergMercantile/Toronto 12.02 26.00 84 49 GrahamCapital Mgmt/Rowayton, CT 4.91 18.49 78 4.2 PharoMgmt/ NewYork 48.62 17.85 16 4.7 Waterstone CapitalMgmt/Plymouth,MN SorosMgmt/NewYork 49.27 29.02 21.60 22.39 92 5.6 StructuredPortfolio/Stamford,CT HarbingerCapitalPartners/NewYork 50.26 46.65 29.27 30.48 45 2.6 PlatinumMgmt/NewYork 20.86 24.57 46 4.6 GSGammaAdvisors/NewYork 41.76 24.63 32 1.8 PassportCapital/SanFrancisco LibraAdvisors/NewYork 19.38 44.27 23.21 23.26 41 43 BlueCrestCapital/London 4.37 24.10 3-Year May 24, 2010 Assets $32,000 Total Firm 16,229 16,700 32,000 12,358 32,000 15,000 27,000 26,800 10,100 16,700 1,338 1,950 1,460 4,175 6,079 2,500 5,185 2,652 7,660 1,077 3,175 1,214 2,834 8,000 1,335 8,000 3,059 3,000 1,100 1,225 2,725 4,205 1,361 5,830 2,500 1,421 2,725 2,100 1,442 5,500 536 400 575 560 877 689 400 562 532 (mil) c May 24, 2010

©2010 CFA Institute. CFA® and GIPS® are registered trademarks of CFA Institute. WEALTH,ITISNOW. YOUR MANAGING ABOUT QUESTIONS EVERATIMETOASK WERE THERE IF oepoeteptnilo elhmngmn today, management wealth of potential the explore To AtCFAInstitute,webelievethatarelationshipbetween ie s h ih usin.Truhti ioosprocess rigorous this Through questions. right the ask sides epebcm etrifre,dsilndivsmn strategies investment disciplined informed, better become people r on n xettosaemr ieyt emet. be to likely more are expectations and born, are n h usin o hudb sig laevstu at us visit please asking, be should you questions the and both when works adviser charterholder CFA a and client a cfainstitute.org/adviser BARRON'S ANALYTICS RIGOR TENACITY ETHICS

P11

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EE,EU,MW,NL,SW,WE P2BW14403B-0-P01100-1------XA 1007704_1007717 BLACK P2BW14403A-0-P01000-1------XA P23 469 923 476 526 550 805 656 637 939 914 485 494 837 650 440 684 N.A. N.A. 5,553 1,088 1,400 2,928 5,000 4,000 1,375 2,314 2,000 6,900 5,830 5,145 4,423 7,660 7,645 4,000 1,060 7,000 1,240 4,937 2,351 7,660 1,100 3,175 19,296 $6,900 13,300 11,400 771.50 16,700 17,705 12,500 Total Firm Total Assets (mil) Sources: BarclayHedge; Morningstar / CISDM, Lipper

2.24% 23.74% 3-Year 15.05 15.05 41.21 1.05 14.98 14.83 Pershing Square Capital / New York -2.49 35.52 Estlander & Partners / Helsinki, Fin. Mgmt. / Milwaukee Crabel Capital / London Finisterre Capital 15.02 26.21 14.83 132.68 Asset Mgmt / Boston Weiss / Hoboken, NJ Barnegat Mgmt 15.08 59.98 Atlanta GMT Capital / 14.66 35.46 Mgmt / Minneapolis. MN Black River Asset 15.32 20.23 Sigma Investments / New York Two 13.11 19.75 King Street Capital Mgmt / New York 14.44 10.33 Capital / Hamilton, Bermuda Tewksbury 15.49 -8.21 Amplitude Capital / Zug, Switzerland 13.17 -4.50 Co / Chicago Eckhardt Trading 13.10 17.14 Mauritius Investment / Black River, Vantage 13.26 -2.04 Millburn Ridgefield / Greenwich. CT 13.01 12.93 54.64 19.30 Montpelier Investment / London Convexity Capital / Boston 12.82 18.86 Prologue Capital / London 17.83% 7.70% Capital / New York Blue Ridge 12.62 12.55 8.90 12.36 29.50 32.14 / Isle of Man, UK Oceanic Tufton 11.94 Perry Corp. / New York Thames River Capital / London -2.69 Investment / Greenwich, CT Tudor 14.33 -5.55 Co / Canadian, TX Abraham Trading 14.13 21.75 Owl Creek Asset Mgmt / New York 16.16 15.45 Graham Capital Mgmt / Rowayton, CT 13.18 12.25 Capula Investment Mgmt / London 16.74 35.31 York Hudson Bay Capital Mgmt / New 11.55 8.64 Balyasny Asset Mgmt / Chicago 12.21 11.98 -10.85 37.60 / Rotterdam, Netherlands Transtrend BlueMountain Capital Mgmt / New York 16.73 38.03 Brummer & Partners / Stockholm 16.48 16.15 / New York Peconic Partners 16.37 16.26 4.34 80.54 / Greenwich, CT FrontPoint Partners Whitebox Advisors / Minneapolis 14.03 33.00 Castle Creek Arbitrage / Chicago 14.11 11.48 Mgmt / Boca Raton, Fla. Banyan Equity 16.55 17.86 Carlson Capital / Dallas 13.87 9.67 Systems / Princeton, NJ Eagle Trading 16.69 19.93 / Belvedere, CA Belvedere Advisors 13.78 13.76 -8.52 21.14 Brummer & Partners / Stockholm Mgmt / London BlueCrest Capital 13.76 13.59 8.70 13.45 10.66 13.38 10.10 D.E. Shaw / New York 5.95 TT Int’l / London Mgmt / New York Argnonaut Capital Aker Asset Mgmt / Oslo 13.33 13.27 35.67 17.06 Capital Mgmt / New York York MKP Capital Mgmt / New York Compound Compound 2009 Annual Return Return Company Name / Location BARRON'S

NA Managed Futures NA Multi-Strategy 374 Managed Futures 749 Equity 476 Fixed-Income Arbitrage 536 Managed Futures 501 Equity Long/Short 591 Emerging Markets 514 Global Macro/Emerging Markets 12.90 62.63 Covepoint Capital Advisors / New York 894 Global Fixed Income 472 Managed Futures 550 780 Credit/ Event Driven 15.50 Managed Futures 44.05 CT Scottwood Capital Mgmt / Greenwich. 445 Managed Futures 387 707 Global Macro Multi-Strategy 712 Global Macro 474 Equity Long/Short 650 382 Convertible-Bond Arbitrage Global Macro 440 Managed Futures 796 Multi-Strategy Relative Value 780 Multi-Strategy 684 384 Global Macro Equity Long/Short N.A. Fixed-Income (mil) Strategy Fund $449 Multi-Strategy Fund Fund 3,558 Equity Long/Short 1,145 Fixed-Income Arbitrage 3,400 Equity Long/Short 6,900 Equity Long/Short 1,480 4,500 Equity Long/Short Multi-Strategy 3,884 Event Driven 3,863 Global Relative Value 1,100 1,060 Managed Futures Multi-Strategy 1,330 Fixed-Income 2,491 Multi-Strategy Credit 1,928 Managed Futures 3,400 1,249 Distressed Credit Structured Credit Assets 13,000 Distressed Securities 385 Global Macro c=Data is as of Jan. 2010. All fund assets as of 12/31/09. Prop Matrix-10V Prop

Millburn Multi-Market Program 643 Managed Futures BARCLAYHEDGE FUND INDEX BARCLAYHEDGE Tewksbury Investment Tewksbury Belvedere Futures Futures Belvedere Oculus

7.

nr Estlander & Partners- Trend nr Plus Program Two Crabel nr 302 Global Opportunities Finisterre Managed Futures 418 Markets Emerging nr Barnegat nr Offshore Partners Bay Resource 1,433 Long/Short Equity River nr Black nr Sigma Compass US Two nr Global Investment Vantage nr Montpelier nr Convexity Capital Mgmt nr Covepoint Emerging Markets nr Ridge Capital Blue Hedge nr Oceanic nr Perry Partners International nr Nevsky nr Scottwood Hudson Bay nr Hudson Tensor nr Tudor Nektar nr Nektar nr Multi-Strategy Macro Quantitative FrontPoint nr Whitebox nr Graham Capital Mgmt BlueMountain Credit Credit nr BlueMountain Grenadier nr Peconic Lynx nr Lynx nr Value Black Diamond Relative AllBlue (USD) nr AllBlue nr Long Short (USD) Mid-Cap Europe TT nr 405 AAM (USD) Equity Long/Short 21. 23. Amplitude Dynamic Trading Trading 50. Eckhardt Atlas Global 45. Atlas 70. Partnership Macro Argonaut

65. 67. 68. Brookdale 66. 60. Brookdale 68.

64. 86. Int’l Pershing Square 63. 70.

71. 41. 71. 62.

88. 68. Capital King Street 89. 90. 91. 92. 93. 75. Prologue

RANKING 2009 ’08 Name 51. 94. 95. 96. Trading 72. 38. Abraham

60. 61. 73. 64. Overseas Owl Creek 87. 87.

86. 55. Global Relative Value Capula 52. 27. 97. Diversified (EUR) B.V. Transtrend, 99. 1,304 100. Managed Futures

53. 57. 57. 58. 59.

Banyan Capital 74. 36. Banyan 54. 98.

56. 75. 93. Trading Arbitrage Castle Creek 76. 40. Eagle 77.

55. 78.

79. 80. 81. 82. 85. 39.

83. 96. Credit Opportunities Credit York 84. 88. MKP May24,2010 excluded weighted funds that lever their underlying strategies. =Paulson Funds which were ranked last year were weighted versions of the funds that are listed in this year’s table. We have table. We nr=not rated. N.A.=Not available. a=The fund was not ranked last year because it started in July 2006 and did not have a 3-year performance record. b=Paulson Funds which were ranked last year were weighted versions of the funds that are listed in this year’s EVERKA V ARK M May24,2010 — This 5,203-pound, 203.9-inch long sedan is one of the This hybrid can be powered by electricity alone, mak- Yet for all its endearing qualities, it would be laugh- sticker of $108,800—ancomparable astounding conventional $34,350heavy more LS, vehicle, than equipped, with a all-wheel like drive. thisfew hybrids very with a V8speed and automatic the only transmission. one It featuringseconds. can an With eight- reach a 60 combinedline mph 438 engine in horsepower and 5.5 electric fromcity motor, its it and gaso- is 22 rated mpg atof on the 20 the conventional mpg model. highway, in I compared the foundbe with the largely the mileage on estimates 16/23 track to whileern driving California’s open majestic stretches ofchokepoints Pacific South- of Coast Newport Highway Beach and and the Laguna Beach. ing not so much a roarably as a quiet, blissful hum. Inside, providingthumping it’s remark- of a nearby sereneMake no trucks’ experience mistake, this bass-heavy despitelap vehicle’s audio lucky of the occupants opulence, systems. sitdistinguished replete in wood trim. the with My 91-year-old sublimeso father-in-law was white relaxed riding leather shotgunThis and elegant that vehicle he glides along, didn’tway regardless want imperfection of it to what encounters. road- get Assteering with out. most is Lexuses, responsive, the butpansive hardly touch sporty screen or controlsgation the tight. audio, An systems, climate ex- as andvideo navi- well when as backing up. providing intuitive rear-view able to recommendfits this car alone. on Ifyears its pitiful gas of fuel-cost costdifference bene- driving $4 between 15,000 awheel-drive the miles gallon, models. hybrid annually itwilling But to would to and for part take withshade the offset conventional stacks of 200 luxury-car of the green, all- green aficionado it to be could at fill least the a bill. pale ALMER P AY J — a super-efficient, ifium-ion costly, lith- battery. (A flock of The S400, which has a seven- such vehicles, from various man- ufacturers, will soon be on the the first mass-produced car with road.) The lithium battery fits in So, how much green do you get speed automatic transmission, is the space that houses the normal battery in nonhybrid S-class cars. ample 150 miles per hour. BARRON'S for the$87,950, which S400’s easily can sticker jump past price of seconds, and can achieve a more-than- duce 295 horsepower. The car hits 60 mph in 7.2 sacrificing a whit of luxury. Lexus LS 600h L EVEN Aits SMALLER price. CARBON Inbrid FOOTPRINT the sedan HAS case from of Lexus, the that latest means luxury a hy- starting the vehicle. Together, the two powerplants pro- tric motor kicks in only to aid the V6 in propelling Not great, certainly, but not bad, for anyone who this car never runs on electricity alone. Rather, the elec- powertrain—mild in the sense that unlike, say, the Prius, $100,000 if youorder check off sheet? a Amostly few fair, options on packages but countryTurnpike, on not roads, I the dazzling butthough got amount. also officially just Driving on the26 over EPA the highway. rates The 29 New the officialthe Jersey miles S400 rating 382-hp at is V8 to 26% 19 S550, the above which city the has and gallon, 14/21 awants of sticker al- to price chip of $91,600. away at global warming, all the while not $20,850 Lexus rival. less than its The Mercedes, above, is priced Are these luxury hybrids worth it? Sure, but not for their fuel savings. writers tested both vehicles—the Benz But, unlike most luxury sedans, which tend to Going Green, Staying Comfy

P10 SPENDING MONEY TOloved SAVE by MONEY retailers, ISfolks—or, ad actually, A for writers CONCEPT a and veryfound BE- shopaholics. select the few For of such perfectLexus them—we vehicles: LS have 600h the L.use Mercedes Both less are S400 fuel gasoline-electric and hybrids thanand that thus their the save conventional-engine dollars at counterparts theto pump. But the neither is wallet—for trulythree kind the or four price Toyota ofcruisers Priuses. worth Is either, it? buying Or you is onecise doing can of in so green purchase simply these grandstanding, an eco- a exer- helping boast to that you’re save thetion planet, at one little aBarron’s axle time? rota- Toon come the East up Coast and with the Lexus an inMercedes answer, California. S400 ASIDE FROM THEand DISCREET a NAMEPLATE digital image ON of the THEcenter electric-recharging system REAR of in the theweighs dashboard almost display,long—four 5,000 this big pounds sedan,Escalade—looks inches and like which just iscar about longer maker’s 206.5 top-of-the-line any S of Class inches models.the the It lavish than boasts German comfort and safetyof features the emblematic a class. Anddrivability and it crisp, Cadillac if readily not mind-blowing, deliverstion accelera- that the S-class comfort, owners expect. feature fuel-guzzling V8 orhas V12 engines, the a S400 V6. It is paired with a “mild” hybrid

htscuts fMree-ezadToyota and Mercedes-Benz of courtesy Photos

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