Institutional Investor's Alpha Magazine - July/August 2008 - (Page 49)

Alpha’s Asia Hedge Fund 25 Rank 2008 2007 Firm/Fund name(s) 1 1 Sparx Group Co. (Tokyo, Japan) Long-Short Strategy Value Creation Investment Strategy Strategic Investment Strategy Cosmo Investment Mgmt Co. (Seoul, South Korea) Korean Index-Relative Strategy Korean Active Strategy Korea Long Short Strategy Korea Strategic Investment Strategy PMA Capital Mgmt (Central Hong Kong) Asian Equity Asia Europe Credit Strategy Asia Macro Strategy 2 2 Value Partners (Central Hong Kong) Classic Fund China Hedge Fund High-Dividend Stocks Fund China Convergence Fund2 Chinese Mainland Focus Fund 3 8 Artradis Fund Mgmt (Singapore) AB2 Fund Barracuda Fund Russian Opportunities Fund Naga Market Neutral Fund Short Bias Fund 4 3 Arisaig Partners (Singapore) Asia Fund Greater China Fund India Fund Asean Fund Korea Fund 5 — Tower Investment Mgmt Co. (Tokyo, Japan) K1 Fund 6 7 Tree Line Investment Mgmt (Central Hong Kong) Asia Fund 7 14 Aisling Analytics (Singapore) Merchant Commodity Fund 8 — Ortus Capital Mgmt (Hong Kong) 9 5 Ward Ferry Mgmt (Central Hong Kong) Asia Fund Asian Smaller Cos. Fund Asian Reconnaissance Fund Japan Fund Japan Select Smaller Cos. Fund 10 13 Asia Debt Mgmt Hong Kong (ADM Capital) (Central Hong Kong) Galleus Fund Maculus Fund III Maculus Fund V Maculus Fund II Gladius Fund Only the ﬁve biggest funds managed by each ﬁrm are shown in the table. Assets are as of March 31 of the respective years; returns are for the 12 months ended December 31, 2007, and ﬁrst-quarter 2008, unless otherwise indicated. * Alpha estimate. 1 Converted from yen at March 31, 2008, exchange rate. 2 Formerly China ABH Shares Fund. 3 Some Artradis Fund Management funds invest in Firm/Fund capital ($ millions) $8,133 1,320 1 750 1 529 1 2,9511 1,5171 7481 412 1 143 1 2,5811 1,4281 9961 1561 5,900 952 346 333 301 154 4,680 3 2,589 1,920 134 44 8 4,262* 1,847* 954* 612* 530* 292* 3,000* 562 2,226* 2,209 2,209 2,000* 1,982 1,115 432 197 185 17 1,900 5 910 538 418 338 156 Return net of fees (%) 2007 Q1 2008 Style Long-short equity Concentrated corporate governance Long-only equity Index relative value Activist Long-short equity Concentrated long-only Long-short equity Credit Macro 41.1 % 56.7 44.2 56.6 56.0 56.96 35.26 81.79 14.25 2.57 –17.4 % –14.0 –16.4 –19.9 –21.6 18.39 11.97 13.31 –0.30 1.96 Equity market-neutral, absolute-return long-bias equity Long-short equity Equity market-neutral, long-bias equity Equity market-neutral, long-bias equity Equity market-neutral, long-bias equity Multistrategy arbitrage, market-neutral Multistrategy arbitrage, market-neutral Long-short equity Equity market-neutral Short-only equity 32.1* –12.5* 31.8* 1.9* Activist value creation 62.3* –28.7* Activist value creation 16.4* –13.9* Activist value creation 17.4* –15.5* Activist value creation Long-short equity 60.35 –20.52 Long-short equity 36.88 6.51 Commodity discretionary multistrategy Commodity trading advisor 28.13 –8.38 Long-short equity 48.67 –20.35 Long-short equity 54.44 –25.32 Long-only equity 1.56 –13.96 Long-short equity –1.72 4 Long-short equity Distressed securities Distressed securities Distressed securities Distressed securities Distressed securities to avoid double-counting. 4 Since February 29, 2008, inception. 5 Some Asia Debt Management Hong Kong funds underlying funds and are not included in ﬁrm capital invest in underlying funds and are not included in ﬁrm capital to avoid double-counting. JULY/AUGUST 2008 • INSTITUTIONAL INVESTOR’S ALPHA • 49

Table of Contents Feed for the Digital Edition of Institutional Investor's Alpha Magazine - July/August 2008

Institutional Investor's Alpha Magazine - July/August 2008 Contents Letter from the Editor Longs & Shorts Pension Corner: Mr. Big Goes Small The Good Guys: Adopt This School! Interview: Man's Great Hope Cover Story: The Gentleman Activist Strategies: The New Bankers Profile: Staying Alive Research Center: The Best of the East The Asian Sensations Alpha Bytes: Into the Light Unhedged: Commentary: Speculating on Washington

Institutional Investor's Alpha Magazine - July/August 2008

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