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MSCI Index Returns 14.7% in 2003

Date: Friday, January 16, 2004

NEW YORK (HedgeWorld.com) By Paul Barr, Senior Reporter:—Hedge funds returned 14.7% in 2003 following strong returns of 1.8% in December, according to preliminary results for the MSCI Hedge Fund Composite Index. Just about all MSCI hedge fund categories, called process groups, performed well in 2003 with arbitrage, merger arbitrage and statistical arbitrage funds being the exception. Those funds, collectively called relative value funds by MSCI, returned 6.7% in 2003 and were up just 0.3% in December.