Hedge fund category     FIRST HALF      JULY    AUGUST
      FINANCIAL EQUITIES       25.5%           5.9%    8.5%
      MACRO                    1.4             3.8     6.3
      VALUE                    11.6            1.7     3.0
      PACIFIC RIM             -4.6             3.2     2.5
      INTERNATIONAL            4.1             3.1     2.5
      LATIN AMERICAN          -10.7            1.7     2.4
      GROWTH                   16.6            7.7     2.2
      LEVERAGED BONDS          8.7             5.8     2.1
      DISTRESSED SECURITIES    13.1            3.1     2.1
      MULTIPLE ARBITRAGE       5.1             2.0     2.0
      EVENT-DRIVEN             10.4            0.1     1.6
      OPPORTUNISTIC            11.5            4.2     1.5
      RISK ARBITRAGE           10.5            1.4     1.3
      CONVERTIBLE ARBITRAGE    13.1            2.0     1.1
      MARKET-NEUTRAL           6.9             1.6     0.3
      EMERGING MARKETS        -9.5             3.4    -0.2
      SHORT SELLING ONLY      -18.2           -11.0   -0.8
      HEDGE FUND INDEX         8.3             3.2     2.5
      S&P 500                  20.2            3.3     0.3
      
      Hedge fund numbers are an unweighted index of 200 representative hedge funds; 
      distributions to investors are included. Figures do not include deductions of 
      incentive fees--usually 20% of profits--and management fees.
      DATA: HENNESSEE HEDGE FUND ADVISORY GROUP AT WEISS, PECK & GREER
      
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