Performance vs. Indices

January 1999 to December 2011

	Manager's Record ($) (%)	HFRI Fund of Funds Index (%)	FT World Index (Local) (%)	Citigroup World Govt. Bond Index (Local) (%)
Annualised Rate of return	4.66	4.91	2.38	4.15
Standard Deviation	3.08	5.92	15.31	2.95
Sharpe Ratio	0.54	0.32	(0.04)	0.39
Biggest Monthly Loss	(5.04)	(6.89)	(16.53)	(1.81)
Maximum peak to trough drawdown	(9.09)	(20.52)	(49.92)	(2.67)
Profitable Months	73	65	56	66
Correlation with the FT World Index	0.49	0.67		(0.32)

                  Source: Absolute Fund Managers/HFRI/Citigroup/Bloomberg

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