Table: Hedge Funds Stumble In The First Half

CATEGORY                 1995 PERFORMANCE
                               THROUGH JUNE 30*
      FINANCIAL EQUITIES            25.5%
      GROWTH                        16.6
      CONVERTIBLE ARBITRAGE         13.1
      DISTRESSED SECURITIES         13.1
      VALUE                         11.6
      OPPORTUNISTIC                 11.5
      RISK ARBITRAGE                10.5
      EVENT-DRIVEN                  10.4
      LEVERAGED BONDS                8.7
      MARKET-NEUTRAL                 6.9
      MULTIPLE ARBITRAGE             5.1
      INTERNATIONAL                  4.1%
      MACRO                          1.4
      PACIFIC RIM                   -4.6
      EMERGING MARKETS              -9.5
      LATIN AMERICA                -10.7
      SHORT-SELLING ONLY           -18.2
      HEDGE FUND INDEX               8.3%
      S&P 500                       20.2%
      
      *Unweighted index of 200 representative hedge funds; includes distributions to 
      investors. Figures do not include deductions of incentive and management fees
      
      DATA: WPG-HENNESSEE HEDGE FUND ADVISORY GROUP
      

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