July 2009

After a difficult 2008 I am pleased to be able to report that the Polygon's performance rebounded nicely in 2009, with our equity oriented portfolios having gained approximately 10%, net of all fees through June 30. This compares favorably with the Dow (down 2.6%), the S&P 500 (up 3.2%) and the MSCI World Index (up 4.8%).

To extend the comparison, over the 6 years ending in December 2008 (i.e. since the founding of Polygon) our returns have averaged almost 12% per year, while the S&P 500 gained an average of only 4.5%, and the world equity index gained an average of 5.6%. Importantly, we were able to achieve this out performance with lower volatility than equity markets by having substantial amounts of the portfolios invested in fixed income securities and alternatives throughout the period.