June SwoonAfter a strong start to the year, many hedge funds got roughed up in May and June. Of the 20 largest hedge funds shown here, half lost money. Many emerging-markets funds took a hit.

Returns AssetsBest June YTD* 1-Year* 3-Year** (mil) Type

Mad River 19.47% 9.95% 45.77% N/A $71.0 Global Macro

Roy G. Niederhoffer TrendHedge 12.6 17.0 16.2 N/A 47.8 Global Macro

Tarpon 8.0 30.8 46.7 291.7% 31.4 Emerging Markets

Prospect 7.7 24.8 55.0 183.5 62.9 Equity Long/Short

Bear Stearns Emerg Mkts Macro 7.6 –1.4 18.7 N/A 1,496.0 Emerging Markets

Key Colony 6.5 31.7 41.8 195.0 154.0 Event Driv Multi Strat

Accipiter Life Sciences 5.6 17.5 23.1 141.0 74.0 Sector

Beacon Rock Capital 5.2 8.9 18.0 46.9 50.5 Option Arbitrage

Pactual Symmetry 4.8 7.9 13.7 33.2 106.0 Emerging Markets

AlphaGen Absolus (Euro Class B) 4.5 0.0 –0.4 N/A 56.3 Equity Market Neutral

Worst

AccessTurkey –10.0 –19.8 21.6 251.1 37.3 Emerging Markets

Emerging Value Oppor (Series 5B2) –9.4 7.4 70.7 188.4 163.0 Emerging Markets

India Capital A Share –9.1 18.4 55.2 259.2 37.5 Emerging Markets

Adelphi European Small Cap –7.3 4.6 26.2 N/A 481.4 Equity Long Only

LG Asian Plus –7.3 –2.7 37.5 134.8 813.2 Emerging Markets

Boyer Allan India –7.1 –0.8 9.9 N/A 55.6 Equity Long/Short

Prince Street International –6.8 2.8 20.4 54.0 56.0 Emerging Markets

Libra –6.7 5.4 41.8 175.8 954.4 Equity Long/Short

Sprott Strategic Offshore Gold –6.0 34.2 71.9 N/A 46.5 Sector

Telligent Greater China Master –5.9 27.4 40.4 N/A 53.0 Emerging Markets

Biggest

Shepherd Investments Intl –0.4 9.1 20.6 42.9 6,291.7 Rel Value Multi Strat

Orbis Optimal (US) –1.6 0.0 4.8 17.6 4,077.0 Equity Market Neutral

Elliott International 2.9 9.7 18.2 49.7 3,565.0 Multi Strategy

Dexia Money + Risk Arbitrage –0.2 1.5 3.2 10.7 2,566.7 Event Driv Multi Strat

Marathon Special Opportunity 0.8 7.2 13.2 76.9 2,490.0 Distressed Securities

AlphaGen Capella (Class A) 1.3 7.7 14.8 34.1 2,478.0 Equity Long/Short

Hermitage (Lowest Bid) 0.9 11.1 20.9 76.6 2,369.0 Emerging Markets

Stark Investments –0.1 9.0 14.6 35.2 2,023.0 Multi Strategy

Kinetics 1.5 17.0 24.6 71.1 1,968.7 Equity Long/Short

Global Undervalued Securities 0.6 5.5 30.3 86.8 1,883.0 Global Macro

Clarium –0.1 2.1 18.6 124.8 1,871.0 Global Macro

Eureka Euro Limited (Euro Class A) –0.6 10.6 18.5 46.3 1,574.2 Equity Long/Short

Bear Stearns Hi Grade Str. Credit 0.3 3.8 7.9 N/A 1,548.0 Fixed Income Arbitrage

TR Property Invest Trust (Sterling) 2.6 14.6 30.0 154.5 1,524.6 Sector

Bear Stearns Emerg Mkts Macro 7.6 –1.4 18.7 N/A 1,496.0 Emerging Markets

Ore Hill International –1.6 8.7 17.4 73.1 1,442.0 Event Driv Multi Strat

Griffin Eastern European –1.1 –0.9 33.3 148.4 1,432.0 Emerging Markets

Odey Japan General (Euro) –4.3 –8.4 12.4 71.5 1,411.3 Equity Long/Short

III Fund 1.3 4.4 6.2 25.1 1,407.0 Fixed Income–MBS

Adelphi Europe (Euro Class) –2.3 10.3 27.8 65.6 1,359.2 Equity Long/Short

Includes funds with assets of at least $30 million. Ranked by June returns. *As of 6/30 **CumulativeSources: AIRT LLC; CISDM Hedge Fund/CTA Database