CogentHedge Dynamic Averages

Investment Strategy YTD 2015 Return YTD 2014 Return July Gain June Gain Std Dev of Returns July %Pos July %Neg July Count Sub-Strategies  
All Funds   5.597%   2.726%   2.670%   -1.387%   25.427%   57.303%   42.697%   89   Analytics
Single-manager x futures   3.837%   1.912%   0.504%   -1.226%   3.895%   48.649%   51.351%   37   Analytics
Single-manager funds   7.569%   3.213%   4.598%   -1.457%   28.478%   60.870%   39.130%   69   Analytics
Arbitrage strategies   2.670%   4.365%   -0.472%   -0.441%   1.385%   25.000%   75.000%   4   Sub-strategies Analytics
Event-driven strategies   -2.740%   0.236%   -2.560%   -0.890%   6.271%   0.000%   100.000%   3   Sub-strategies Analytics
Fixed income strategies   1.447%   3.864%   -0.335%   -0.299%   1.283%   25.000%   75.000%   4   Sub-strategies Analytics
Long/short strategies   1.686%   1.978%   -1.007%   -0.780%   3.315%   36.364%   63.636%   11   Sub-strategies Analytics
Global macro strategies   1.691%   3.657%   2.750%   -2.520%     100.000%   0.000%   1   Sub-strategies Analytics
Multi-fund strategies   -1.036%   1.831%   -3.981%   -0.959%   9.923%   45.000%   55.000%   20   Sub-strategies Analytics
Sector strategies   5.272%   -4.757%   0.557%   -2.074%   4.144%   33.333%   66.667%   3   Sub-strategies Analytics
Trading strategies   9.918%   8.356%   8.079%   -2.212%   36.191%   80.952%   19.048%   42   Sub-strategies Analytics
Regional strategies   0.981%   1.074%   -4.500%   -1.984%     0.000%   100.000%   1   Sub-strategies Analytics

NOTE: Cogent Dynamic Averages are calculated as the aggregate unweighted performance histories of all component alternative investments currently registered in the CogentHedge database based on each entity's identified primary investment strategy. The charts, tables, performance and other information ("Information") shown are provided to you for your informational purposes only and are not intended to be and do not constitute investment or tax advice nor an opinion or recommendation regarding the appropriateness of any investment. The Information is not intended to be and should not be relied or acted upon without consulting with and obtaining specific advice from your financial or tax advisor. The Information is based on data provided by the advisors to the Funds. CogentHedge (as defined in the Terms of Use) has not independently verified this data and does not represent it as accurate, timely or complete, nor does CogentHedge make any express or implied warranties regarding the Information. CogentHedge shall not be liable for any losses, costs, expenses or damages relating to the adequacy, accuracy, completeness, timeliness or validity of the Information or relating to any investment decision made based upon the Information. Performance is net of fees, unless otherwise indicated. Past performance is no guarantee of future returns, particularly with respect to short-term performance. No representation is made that any investor in a Fund will or is likely to achieve results comparable to those shown or will make any profit at all or will be able to avoid incurring substantial losses. Net asset value and return on an actual investment will fluctuate, and an investor may have a gain or loss upon disposition of his or her investment. The Information does not constitute an offer to sell, or a solicitation of an offer to buy, an interest in any Fund. No such offer or solicitation may be made prior to the delivery of a Fund's confidential offering materials.