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FOR IMMEDIATE RELEASE

Most Hedge Fund Strategies Lose Money in March
Barclay/GHS Hedge Fund Index Down 0.70 Percent

Fairfield, Iowa, April 11, 2005 -- The Barclay Group released today the Barclay Index Flash Estimates for March 2005. Barclay is a leading provider of hedge fund and managed futures data.

Barclay’s figures show 13 of 18 hedge fund strategies lost money in March. Emerging Markets, which jumped 4.73 percent in February, dropped 2.76 percent. Convertible Arbitrage was down 1.59 percent. Overall, the Barclay/GHS Hedge Fund Index lost 0.70 percent.

“In an environment filled with uncertainty regarding inflation, energy prices, and trade imbalances, the March returns for major stock indexes such as the S&P 500 and the Russell 2000 were down 2.15 percent and 5.60 percent respectively. Hedge funds, by comparison, certainly fared better,” says Sol Waksman, president of The Barclay Group. “Year to date, hedge funds have gained 1.31 percent while U.S. stock market indexes across the board are in negative territory.”

Managed futures also slipped in March, with 4 of 7 strategies losing money. The Barclay CTA Index was down 0.30 percent, while the Barclay BTOP 50 Index, representing the performance of the largest CTAs, gained 0.30 percent.

During the first three months of 2005, the Barclay/GHS Hedge Fund Index gained 1.37 percent. In managed futures, the Barclay CTA Index was down 3.25 percent for the quarter, and the Barclay BTOP 50 Index fell 1.89 percent.

For more details, contact Sol Waksman at 641-472-3456; sol@barclaygrp.com; or visit www.barclaygrp.com.

The Barclay Group, established in 1985, serves institutional and high net worth clients in the field of hedge fund and managed futures performance measurement and portfolio management. Barclay’s indices are utilized worldwide as performance benchmarks for the hedge fund and managed futures industries.

View or download seven years of Barclay/GHS Hedge Fund Index data, or 18 years of Barclay BTOP 50 Index data.