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March 2010 archive

March 2010

After the struggles of 2008, equity markets witnessed a remarkable turnaround last year, once again demonstrating that cyclicality is not dead. Although correlations across regions and asset classes were again high in 2009, this time they were on the positive side as the Dow Jones Average rose by 22.7%, the Barclay’s Aggregate Bond Index was up by 5.9% and the MSCI World Equity Index increased 31%.

I am pleased to be able to report to you that in 2009 the Polygon Global Growth Composite (see attached disclosure statement which forms an integral part of this presentation) was up 27.58% net of all fees, despite the fact that average equity holdings were generally in the 70% range with the remainder devoted to a mix of non correlated investments including cash, bonds and alternatives. For illustrative purposes a customized benchmark consisting of 70% S&P 500 and 30% bonds would have had a return of 20.30% for the year.

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