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BARCLAY INSIDER REPORT -   December 2006

The Barclay Group sends this monthly report to keep industry insiders up-to-date on news and activity in hedge fund and managed futures investments.

IN THIS MONTH'S REPORT:

1. October Commodity Trading Advisor and Hedge Fund Performance

2. Fund Advisor "Top 10" Rankings:
     -- 5 CTA categories, including Multi-Advisor Funds
     -- 31 Hedge Fund categories, including Fund of Funds

3. Guest Article: Merger Arbitrage Once Again A Top Performer After Years of Neglect

COMMODITY TRADING ADVISOR AND HEDGE FUND PERFORMANCE

Commodity Trading Advisor performance for October as measured by the Barclay CTA Index averaged +0.74%. November's estimate based on the performance of the Barclay BTOP50 Index is +2.00%.

Hedge funds had a positive month in October reflected by gains in seventeen of our eighteen indexes. The average return for the 2692 hedge funds (ex. FoFs) that have so far reported a October return is +1.79. The estimates for November, along with the number of funds reporting for each of our 18 sectors can be found at the link below. These indices are being continually updated as current returns for the underlying hedge funds are recorded into our system. As of this writing, 16 of 18 hedge fund sectors are showing positive returns for November.

Hedge Fund Indices Managed Futures Indices

FUND ADVISOR "TOP 10" RANKINGS

Fund advisor rankings for October 2006 (including 31 hedge fund rankings):

Friedberg Commodity Management, Inc. - Diversified (>$10 million), Michael J. Frischmeyer, CTA (<$10 million), Rhicon Currency Management UK Ltd. 4XiM CMP (Currency), Futuresone Diversified Fund, Ltd. (Multi-Advisor Funds), and Raithel Investments, Inc. Target Volatility (Option Strategies) were CTA category leaders.

Schroder Alternative Fund Diversified Class IE - USD led all hedge fund categories and Schroder Alternative Fund Diversified Class IE - USD was the Fund-of-Funds (more than $250 mil.) category leader. Complete "Top 10" listings, covering all CTA and hedge fund categories include...
See Performance Ranks

GUEST ARTICLE #1

Jason B. Dahl of Arnhold and S. Bleichroeder Advisers, LLC; Charles Marais of Shorewater Advisors, LLC; Seth Washburne of Washburne Capital Management; and Howard Wiesenfeld of Ibex Management LLC contribute Merger Arbitrage Once Again A Top Performer After Years of Neglect. The panel discusses the present and future of merger arbitrage as a strategy.