Hedge Fund Performance Commentary for the Month of July 2013

August 2013

Introduction Hedge funds returned to their winning ways in July as global markets bounced back from a retreat in June amid positive 1 announcements by central banks. The Eurekahedge Hedge Fund Index was up 1.02% during the month and the MSCI 2 World Index was up by 4.83% in July. July witnessed rallies in global markets which overcame the speculation about the slowdown in the US Federal Reserve's bond-buying program. Although Japanese equities finished lower for the third consecutive month, positive indications on accommodative monetary policy from the US as well as the European Central Bank were supportive for most global indices. Healthy Q2 corporate earnings from the US also helped to drive the upward momentum during the month. July 2013 and June 2013 returns across regions
3.0% 2.0% 1.0% 0.0% (1.0%) (2.0%) (3.0%) (4.0%) (5.0%) North America Europe Jun-13 Source: Eurekahedge Japan Asia ex-Japan Latin America EH Hedge Fund Index Jul-13

All major hedge fund investment regions, witnessed positive returns during the month. The Eurekahedge Asia ex Japan Hedge Fund Index saw the strongest gains amongst all regional mandates up 1.93%, outperforming the MSCI Asia ex3 Japan Index which was up 1.84% in July. North American hedge funds posted gains of 1.44% during the month as the S&P500 surged 4.95% in July on the back of upbeat corporate earnings, Fed announcements as well as positive macroeconomic data.

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Based on 56.93% of funds which have reported July 2013 returns as at 15 August 2013 MSCI AC World Index All Core (USD) MSCI AC Asia Pacific Ex Japan Index All Core (USD)