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ENERGY PORTFOLIO Risk Free Rate Adjusted

The assignment is based on a case study that discusses evaluation of hedge fund returns. George (Yiorgos) Allayannis: “The Dynamis Fund: An Energy Hedge Fund,” UVA-F-1337, Darden Business Publishing.

A. Comment on the composition of the Energy Portfolio. Is the portfolio well diversified? What macroeconomic variables will have a large impact on the performance of companies included in the Energy Portfolio?
B. In what aspects are hedge funds fundamentally different from mutual funds?
Why did Scott & Stringfellow start the Dynamis Fund in addition to its Energy Portfolio?
C. What does it mean for a strategy to be market neutral? Is the Dynamis fund market neutral?
D. What is the fee structure of a typical hedge fund? Why, in your opinion, do funds use high water marks?
E. Compute the following two Sharpe ratios: the Energy portfolio for the period February 1993-March 1998 and the Dynamis Fund for the period 02-Jul-97-19-Mar-1998. Express the Dynamis Fund average return and standard deviation in monthly units before calculating the Sharpe ratio. Comment on the difference in the Sharpe ratios of the two investments. Is it driven by the average return or risk?

ENERGY PORTFOLIO Risk Free Rate Adjusted Data Index Date SPOILC Wells Drillers Crude Oil 2/28/1993 10.95% -0.05% -3.13% 3.46% 4.49% 16.84% 10.82% 0.98% 3/31/1993 8.97% 1.56% 2.75% 3.43% 1.32% 9.09% 9.09% -0.34% 4/30/1993 9.08% -2.77% -3.08% 0.57% 7.73% 1.71% -3.75% 0.44% 5/31/1993 7.17% 2.05% 4.05% 0.85% 2.46% 11.41% -1.96% -2.48% 6/30/1993 -1.52% -0.21% 0.21% -1.14% -2.94% -1.96% -3.86% -5.84% 7/31/1993 -2.67% -0.81% 1.05% 0.59% 1.57% -6.44% -3.93% -5.15% 8/31/1993 9.32% 3.15% 3.82% 2.77% 3.04% 7.17% 10.11% 2.29% 9/30/1993 -4.72% -1.27% 2.48% 1.15% -5.45% -4.81% -0.19% 2.73% 10/31/1993 -3.57% 1.71% 2.23% -0.53% -5.59% -6.26% -7.60% -9.95% 11/30/1993 -14.23% -1.54% -3.63% -5.96% -8.72% -10.12% -11.96% -8.81% 12/31/1993 3.05% 0.76% 3.01% 0.70% 2.50% 3.89% -5.00% -8.17% 1/31/1994 4.83% 3.00% 2.82% 4.67% 0.40% -7.22% 9.03% 7.20% 2/28/1994 -6.99% -3.27% -0.64% -3.88% -3.27% -6.24% -7.95% -4.67% 3/31/1994 -4.96% -4.87% -5.74% -4.40% -6.79% -2.93% -4.42% 2.14% 4/30/1994 9.01% 0.85% 0.29% 4.38% 3.86% 1.65% 4.80% 14.27% 5/31/1994 -3.02% 0.90% -1.64% -0.59% 2.52% 3.85% -4.11% 8.34% 6/30/1994 0.19% -3.02% -3.95% -3.56% 3.46% 5.99% -2.56% 5.79% 7/31/1994 -1.60% 2.79% 1.21% 4.95% 0.52% -0.94% -2.61% 4.80% 8/31/1994 0.08% 3.39% 5.07% -1.10% -5.87% -8.15% -4.22% -13.40% 9/30/1994 2.79% -3.07% -0.85% -3.39% -2.39% 1.95% -2.78% 4.61% 10/31/1994 1.97% 1.68% -0.83% 7.69% 7.90% 7.94% 8.72% -1.20% 11/30/1994 -11.71% -4.38% -4.65% -5.31% -8.67% -12.06% -15.70% -0.66% 12/31/1994 -0.36% 0.77% 2.04% -1.28% -5.33% -8.52% -3.34% -1.61% 1/31/1995 -3.82% 1.96% -1.87% 1.26% 3.32% -3.49% -2.70% 3.55% 2/28/1995 7.55% 3.14% 3.47% 2.11% 6.81% 4.41% 9.54% 0.54% 3/31/1995 6.00% 2.27% 1.17% 4.74% 2.75% 3.72% 9.33% 3.68% 4/30/1995 1.91% 2.34% 1.61% 2.09% 4.81% 7.21% -2.07% 6.31% 5/31/1995 5.43% 3.17% 1.07% 2.50% 1.85% 4.02% 5.07% -7.31% 6/30/1995 -1.66% 1.68% 4.50% -3.86% -5.61% 2.71% -9.28% -7.89% 7/31/1995 1.64% 2.73% 5.23% 2.49% 6.83% -6.97% 3.98% 0.92% 8/31/1995 6.69% -0.47% 1.43% -4.74% -1.23% 4.90% 1.52% 1.59% 9/30/1995 2.50% 3.58% 1.23% 1.88% -1.28% -5.09% -4.34% -1.68% 10/31/1995 -8.66% -0.93% -4.98% 0.52% -6.25% -10.18% -8.31% 0.57% 11/30/1995 10.84% 3.67% 3.73% 3.27% 4.58% 8.56% 7.48% 3.06% 12/31/1995 14.82% 1.33% 1.98% 5.51% 10.12% 19.65% 1.76% 7.54% 1/31/1996 1.54% 2.85% -0.59% -0.87% 2.84% 7.74% -3.82% -9.26% 2/29/1996 2.41% 0.30% 2.63% -0.52% 3.71% 2.51% -3.30% 10.15% 3/31/1996 11.65% 0.39% 1.39% 3.95% 7.72% 9.03% 4.20% 9.88% 4/30/1996 14.36% 0.94% 4.89% 1.62% 7.08% 12.48% 4.86% -1.26% 5/31/1996 2.03% 1.88% 3.49% 0.38% -4.64% 0.34% 1.20% -6.79% 6/30/1996 5.47% -0.19% -4.63% 0.35% 0.19% -1.45% 7.77% 5.87% 7/31/1996 -6.70% -5.00% -9.25% -3.99% -7.07% -3.76% -1.99% -2.39% 8/31/1996 8.78% 1.47% 5.24% 0.44% 5.05% 8.99% 2.07% 8.96% 9/30/1996 9.07% 5.00% 3.33% 5.90% 0.08% 16.14% 5.31% 9.57% 10/31/1996 6.58% 2.13% -2.16% 4.64% 13.27% 21.25% 5.71% -4.22% 11/30/1996 4.44% 6.93% 3.57% 3.71% 3.48% 2.57% 6.27% 1.71% 12/31/1996 -0.08% -2.57% 1.98% 0.30% -3.84% -4.16% -1.11% 9.14% 1/31/1997 7.33% 5.67% 1.43% 4.12% 10.90% 3.60% -1.94% -6.83% 2/28/1997 -14.63% 0.20% -2.93% -3.98% -9.57% -18.59% -14.11% -15.94% 3/31/1997 1.86% -4.68% -5.28% 4.50% 4.51% 11.74% 2.72% 0.54% 4/30/1997 -2.29% 5.36% -0.35% 0.55% 0.53% -12.08% 0.48% -0.98% 5/31/1997 11.93% 5.35% 10.50% 5.60% 9.21% 23.19% 8.38% 3.32% 6/30/1997 1.18% 3.98% 3.73% 3.48% 4.58% 13.57% -9.53% -5.17% 7/31/1997 11.60% 7.36% 4.12% 5.10% 17.30% 16.24% 3.84% 1.72% 8/31/1997 11.25% -6.17% 1.73% -4.56% -0.22% -4.31% 5.45% -2.63% 9/30/1997 7.88% 4.86% 6.72% 5.98% 8.35% 16.34% 1.56% 8.01% 10/31/1997 -1.73% -3.89% -4.97% -4.30% 4.37% 5.43% -2.44% -0.47% 11/30/1997 -15.29% 4.07% -1.16% -1.48% -7.56% -10.38% -7.11% -9.16% 12/31/1997 -0.27% 1.14% 1.22% -1.33% -0.15% -10.91% -3.21% -7.89% 1/31/1998 -15.07% 0.49% -2.12% -5.15% -11.36% -18.41% -5.93% -2.44% 2/28/1998 6.37% 6.51% 6.85% 6.12% 6.07% 8.60% 3.56% -9.94% 3/31/1998 10.66% 3.85% 2.78% 4.55% 5.33% 9.18% 4.78% 1.29% Energy Portfolio S&P 500 Russell 2000 Producer s
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DYNAMIS ENERGY HEDGE FUND Risk Free Rate Adjusted Data Index Date S&P 500 OSX SPOILW SPOILD SPOILP 2-Jul-97 1.15% 1.44% 0.13% 2.96% 3.19% 3.87% 1.98% 1.09% 3-Jul-97 -0.06% 1.41% 0.35% -1.11% -1.17% 0.02% 0.30% -3.83% 7-Jul-97 2.78% -0.53% 0.00% 0.47% -0.23% 1.62% -0.36% -0.20% 8-Jul-97 0.04% 0.70% 0.49% -0.54% -0.01% -0.10% 0.12% 1.08% 9-Jul-97 -0.40% -1.24% -0.24% -1.62% -0.02% -2.61% -2.46% -1.37% 10-Jul-97 1.53% 0.67% 0.42% 2.63% 2.28% 3.54% 0.95% -1.23% 11-Jul-97 1.68% 0.30% 0.76% 2.94% 1.77% 4.07% 0.57% 0.57% 14-Jul-97 -1.09% 0.17% 0.38% -1.04% -0.11% -1.48% -1.91% -1.76% 15-Jul-97 0.42% 0.78% 0.61% 3.02% 2.48% 1.85% -0.16% 3.58% 16-Jul-97 1.17% 1.15% 0.92% 2.43% 1.55% 2.28% 1.74% -0.10% 17-Jul-97 1.53% -0.55% -0.53% 1.22% 2.38% 1.84% 1.96% 1.73% 18-Jul-97 -0.93% -1.77% -0.56% -1.49% -1.98% -1.72% -0.81% -3.60% 21-Jul-97 -1.27% -0.28% -0.62% -1.04% -1.82% -2.33% -1.25% -0.47% 22-Jul-97 1.18% 2.28% 0.65% 1.54% 3.09% 1.84% 2.81% -0.52% 23-Jul-97 -0.64% 0.26% 0.34% -1.85% -3.04% -1.45% -0.44% 1.42% 24-Jul-97 -0.01% 0.38% 0.11% -0.93% -0.49% -2.34% 0.28% 0.93% 25-Jul-97 1.18% -0.18% 0.07% 0.57% 0.74% 0.54% -0.60% 0.82% 28-Jul-97 0.45% -0.27% 0.01% -0.37% -0.77% -0.03% -0.10% 0.61% 29-Jul-97 1.44% 0.60% 0.27% 2.83% 1.66% 1.65% 0.16% 0.20% 30-Jul-97 2.26% 1.04% 0.85% 2.85% 1.28% 1.49% 0.95% 2.27% 31-Jul-97 -0.04% 0.19% 0.23% -0.06% 1.39% 0.72% -0.11% -0.79% 1-Aug-97 0.50% -0.77% -0.09% 0.41% -0.29% 0.35% 0.21% 0.70% 4-Aug-97 0.42% 0.31% 0.32% -0.41% -0.64% -2.61% 0.26% 2.32% 5-Aug-97 1.87% 0.20% 0.63% 2.18% 2.28% 2.46% 3.52% 0.29% 6-Aug-97 0.95% 0.81% 0.56% 1.11% 0.91% 1.91% -0.42% -1.68% 7-Aug-97 -0.23% -0.97% -0.17% -0.83% -0.93% -1.07% 0.21% -1.81% 8-Aug-97 -2.31% -1.88% -1.43% -3.32% -2.92% -3.52% -2.56% -2.74% 11-Aug-97 -0.55% 0.35% -0.40% -0.89% -0.66% -0.65% 1.51% 0.77% 12-Aug-97 0.09% -1.14% -0.32% -0.10% -1.58% -1.51% -0.03% 1.52% 13-Aug-97 -0.36% -0.51% 0.03% -0.10% 0.18% -0.58% -0.59% 1.00% 14-Aug-97 -1.74% 0.28% 0.03% -2.37% -2.16% -2.28% -0.85% -0.54% 15-Aug-97 -1.04% -2.61% -0.82% -1.61% -2.89% -3.79% -1.22% -0.05% 18-Aug-97 -0.34% 1.28% 0.02% 0.22% 1.53% 0.26% 0.09% -0.80% 19-Aug-97 2.02% 1.46% 1.22% 3.08% 3.00% 3.16% 1.25% 1.05% 20-Aug-97 1.50% 1.42% 1.26% 1.57% 2.53% 2.07% 2.26% -0.30% 21-Aug-97 -0.18% -1.54% -0.51% -0.39% -1.89% -0.98% -2.16% -3.04% 22-Aug-97 0.06% -0.18% -0.33% -0.86% -0.87% -0.74% 0.13% 0.36% 25-Aug-97 0.84% -0.39% 0.55% 0.89% 0.29% 1.96% 0.59% -2.10% 26-Aug-97 2.25% -0.80% 0.03% 2.40% 2.11% 2.86% -0.43% 0.89% 27-Aug-97 2.57% 0.05% 0.58% 3.51% 2.62% 0.02% 1.90% 2.33% 28-Aug-97 1.30% -1.12% 0.16% 2.26% 1.33% -0.68% 0.97% -0.76% 29-Aug-97 0.17% -0.48% 0.42% -1.92% -1.82% -0.64% 0.86% 0.15% 2-Sep-97 1.09% 3.11% 1.07% 1.00% 2.09% 0.12% 2.98% 0.20% 3-Sep-97 0.54% 0.01% 0.15% -0.14% -0.39% 0.01% 0.82% -0.20% 4-Sep-97 -0.64% 0.30% 0.19% -0.42% 0.13% 2.50% -1.00% -1.07% 5-Sep-97 0.74% -0.22% 0.76% 0.46% -0.14% 1.28% -1.19% 1.19% 8-Sep-97 -0.07% 0.21% 0.66% -0.15% -1.07% -1.19% -0.33% -0.92% 9-Sep-97 2.38% 0.24% 0.38% 0.75% 0.40% 2.30% 1.10% -0.15% 10-Sep-97 -2.34% -1.58% -0.21% 1.38% 1.24% -0.72% -0.53% 0.00% 11-Sep-97 1.74% -0.72% -0.24% -0.61% -1.52% -0.09% -2.58% 0.57% 12-Sep-97 3.69% 1.22% 0.93% 4.12% 4.12% 5.05% -0.14% -1.08% 15-Sep-97 1.79% -0.47% 0.00% 2.51% 1.44% 2.43% -0.77% -0.26% 16-Sep-97 -0.62% 2.79% 1.12% -0.12% 0.63% 0.48% 1.26% 1.76% 17-Sep-97 0.97% -0.30% 0.20% 0.82% 0.52% 0.64% -0.60% -0.97% 18-Sep-97 -0.70% 0.44% 0.06% -0.22% -0.13% 0.05% 0.68% -0.21% 19-Sep-97 -0.57% 0.32% 0.13% -0.09% 0.50% 0.04% -0.99% -0.15% 22-Sep-97 0.64% 0.50% 0.39% 0.07% 0.54% 1.03% 0.65% 1.29% 23-Sep-97 -0.61% -0.39% 0.08% -1.51% -1.31% -2.01% -0.83% 0.97% 24-Sep-97 -1.13% -0.80% -0.21% -1.96% -2.09% -2.00% 1.69% 0.15% 25-Sep-97 0.91% -0.71% -0.17% 1.38% 0.57% 2.55% 0.64% 2.17% 26-Sep-97 2.73% 0.76% 0.20% -0.08% 0.73% 0.40% 0.44% 3.06% 29-Sep-97 -2.13% 0.84% 0.52% 2.46% 2.19% 3.41% 0.35% 1.87% 30-Sep-97 3.63% -0.65% 0.54% -0.44% -0.18% -0.80% 0.07% -0.38% 1-Oct-97 -0.54% 0.84% 0.17% 1.03% 1.43% 1.25% -0.22% -0.61% 2-Oct-97 0.57% 0.51% 0.48% -0.03% 0.37% 0.44% 0.31% 3.42% 3-Oct-97 1.41% 0.46% 0.55% 1.97% 0.44% 4.73% 1.11% 4.55% 6-Oct-97 2.78% 0.77% 0.46% 2.67% 0.38% 2.45% 1.74% -3.65% 7-Oct-97 0.94% 1.05% 0.43% 2.01% 2.36% 1.22% 1.07% 0.14% 8-Oct-97 0.50% -0.96% -0.05% -1.05% -1.27% -1.52% -1.44% 1.00% 9-Oct-97 2.99% -0.35% 0.17% 4.28% 2.75% 3.59% -0.64% -0.27% 10-Oct-97 1.31% -0.39% 0.08% 0.57% 0.92% 3.90% 0.28% -0.09% 13-Oct-97 -1.64% 0.10% 0.02% -2.90% -2.16% -4.90% -0.39% -3.53% 14-Oct-97 -2.08% 0.21% -0.29% -2.00% -1.77% -2.91% -1.26% -2.91% 15-Oct-97 -1.07% -0.49% -0.28% -0.22% -0.41% 1.39% -0.74% -0.63% 16-Oct-97 -1.55% -1.10% -1.22% -1.77% -1.82% -3.36% -0.26% 1.94% 17-Oct-97 -2.52% -1.18% -1.74% -1.46% 0.84% -1.98% -1.74% -1.81% 20-Oct-97 2.60% 1.19% 1.00% 4.70% 4.72% 6.06% 2.77% 0.53% 21-Oct-97 2.23% 1.73% 1.10% 2.54% 2.28% 2.42% 1.40% -0.14% 22-Oct-97 -1.30% -0.41% -0.17% -0.80% -1.57% -1.81% 0.88% 2.76% 23-Oct-97 -2.42% -1.86% -1.96% 0.36% 1.19% -0.62% -3.05% -1.88% 24-Oct-97 0.29% -0.97% -0.43% -0.44% -1.19% -1.52% 0.81% -0.24% 27-Oct-97 -8.73% -6.89% -6.14% -9.88% -10.42% -9.06% -5.46% 1.35% 28-Oct-97 2.30% 5.10% 2.18% 4.55% 6.48% 1.60% 2.46% -2.90% 29-Oct-97 0.70% -0.31% 1.27% 0.29% 0.19% 3.81% -0.38% 1.22% 30-Oct-97 -0.49% -1.70% -1.45% 1.02% 1.33% -0.50% -0.93% 2.46% 31-Oct-97 0.76% 1.19% 1.05% 0.83% 0.27% 1.91% 1.60% -0.66% 3-Nov-97 2.17% 2.64% 1.76% 2.90% 3.42% 3.05% 1.95% -0.57% 4-Nov-97 2.11% 0.17% 0.28% 3.50% 2.02% 3.57% -0.31% -1.24% 5-Nov-97 1.29% 0.19% 0.53% 0.98% 1.48% 2.24% -1.08% -1.88% 6-Nov-97 -0.66% -0.52% -0.45% -1.47% -1.70% -0.25% -0.82% 0.39% 7-Nov-97 -2.66% -1.14% -1.74% -2.38% -2.65% -3.63% -1.99% 1.86% 10-Nov-97 0.35% -0.71% 0.02% -0.06% -1.02% 0.74% -0.50% -1.78% 11-Nov-97 -1.91% 0.27% -0.47% -2.33% -0.64% -2.67% 1.15% 0.54% 12-Nov-97 -2.69% -1.95% -2.32% -2.60% -1.94% -3.16% 0.59% -0.10% 13-Nov-97 -3.18% 1.16% -0.03% -3.23% -1.82% -3.71% -0.74% 1.02% 14-Nov-97 0.25% 1.26% 1.17% 1.33% 1.42% 2.13% -0.37% 1.45% 17-Nov-97 0.87% 1.90% 1.67% 0.90% 1.97% 2.66% 2.00% -3.52% 18-Nov-97 -4.00% -0.86% -0.83% -5.49% -5.25% -6.44% -1.51% -1.09% 19-Nov-97 -4.08% 0.66% -0.35% -4.14% -2.44% -2.20% -0.24% -1.20% 20-Nov-97 2.01% 1.50% 1.14% 3.07% 2.39% 2.78% 0.63% -3.23% 21-Nov-97 -1.23% 0.41% -0.17% -0.35% 0.61% -0.78% -0.92% 1.30% 24-Nov-97 -4.21% -1.72% -1.68% -4.91% -4.08% -4.27% -1.90% 0.10% 25-Nov-97 -0.97% 0.42% -0.23% 0.92% 0.33% 0.77% -3.01% -0.51% 26-Nov-97 0.39% 0.07% 0.27% 0.52% 0.31% -1.00% -0.53% -0.93% 28-Nov-97 -0.22% 0.38% 0.39% -0.29% 0.26% 0.08% 0.43% 0.00% 1-Dec-97 -2.81% 2.01% 0.97% -4.66% -4.50% -3.92% -2.91% -2.56% 2-Dec-97 6.70% -0.34% -0.41% 4.25% 3.32% 1.90% 1.26% 0.54% 3-Dec-97 5.60% 0.50% 0.29% 5.55% 2.74% 2.42% 0.31% 0.21% 4-Dec-97 -1.96% -0.40% 0.23% -1.96% -0.29% -3.09% -1.31% -1.06% 5-Dec-97 3.99% 1.08% 0.70% 5.61% 4.31% 5.62% 2.99% 0.59% 8-Dec-97 2.10% -0.16% 0.89% 1.91% 1.75% 1.72% -0.27% 0.69% 9-Dec-97 -2.12% -0.69% -0.90% -2.25% -1.53% -1.74% -1.76% -0.90% 10-Dec-97 -2.35% -0.63% -1.24% -2.09% -1.57% -2.65% -0.79% -2.84% 11-Dec-97 -4.56% -1.55% -1.89% -3.91% -3.82% -4.45% -1.62% 0.06% 12-Dec-97 -2.65% -0.18% -0.51% -3.93% -2.02% -2.94% -0.46% 0.33% 15-Dec-97 -4.69% 1.03% -0.46% -4.76% -2.32% -5.53% -0.85% -0.22% 16-Dec-97 2.59% 0.46% 1.07% 3.29% 1.30% 5.85% 0.33% 0.00% 17-Dec-97 2.98% -0.28% 0.24% 1.43% -0.66% -0.37% 1.02% 0.11% 18-Dec-97 -2.38% -1.08% -1.45% -2.74% -1.02% -2.99% -1.27% 1.81% 19-Dec-97 -0.96% -0.91% -0.10% -2.41% -2.18% -3.57% -1.13% -0.70% 22-Dec-97 -1.39% 0.71% 0.66% -3.01% -1.17% -5.74% -0.15% -1.14% 23-Dec-97 -3.22% -1.55% -0.22% -4.06% -1.83% -2.47% -2.05% 0.06% 24-Dec-97 3.15% -0.70% -0.25% 3.87% 1.32% 1.65% 0.98% 0.33% 26-Dec-97 0.66% 0.38% 0.09% 0.49% -0.30% 1.30% -0.68% -0.27% 29-Dec-97 3.30% 1.78% 1.21% 4.22% 2.79% 3.47% 3.06% -3.19% 30-Dec-97 0.88% 1.81% 1.70% 1.70% 3.59% 2.24% -0.24% -0.11% 31-Dec-97 5.39% -0.06% 0.67% 4.09% 2.58% 3.10% 2.55% 0.23% 2-Jan-98 -1.63% 0.45% -0.13% -1.61% -0.70% -1.01% -1.22% -1.19% 5-Jan-98 -5.00% 0.19% 0.10% -5.83% -4.31% -7.95% -2.63% -3.10% 6-Jan-98 -6.37% -1.09% -0.93% -5.32% -3.42% -3.87% -4.18% 0.12% 7-Jan-98 3.39% -0.29% -0.78% 3.29% 1.95% 2.36% 1.37% -0.53% 8-Jan-98 -5.32% -0.85% -0.97% -5.45% -4.26% -4.85% -1.93% 0.89% 9-Jan-98 -9.45% -2.99% -3.02% -6.76% -5.38% -9.77% -3.28% -2.00% 12-Jan-98 -3.15% 1.22% -0.52% -1.51% -0.40% -1.03% -0.66% -0.96% 13-Jan-98 5.71% 1.35% 1.82% 4.12% 3.16% 7.13% 3.34% -0.24% 14-Jan-98 4.22% 0.59% 0.81% 3.84% 2.29% 3.78% 0.91% 0.12% 15-Jan-98 -1.08% -0.77% -0.06% -1.30% 0.09% -2.35% 0.81% -0.67% 16-Jan-98 4.99% 1.11% 1.05% 5.57% 3.95% 5.34% 4.48% 1.04% 20-Jan-98 6.35% 1.76% 1.17% 5.44% 3.45% 5.28% 1.32% -0.55% 21-Jan-98 -0.01% -0.82% -0.35% -0.51% 0.78% -1.19% -0.69% -1.46% 22-Jan-98 -9.01% -0.82% -0.88% -9.76% -10.72% -8.49% -4.37% -2.10% 23-Jan-98 -0.95% -0.59% -0.35% -2.40% -1.61% -2.40% -0.59% -1.58% 26-Jan-98 2.60% -0.09% -0.91% 2.50% 2.69% 1.18% 1.06% 7.89% 27-Jan-98 -1.09% 1.24% 0.34% -1.29% -0.76% -1.77% -0.43% 0.95% 28-Jan-98 1.46% 0.85% 1.42% 2.98% 3.41% 1.72% 1.40% 1.94% 29-Jan-98 4.83% 0.80% 0.77% 3.98% 2.79% 4.63% 1.84% 2.95% 30-Jan-98 -3.46% -0.55% -0.47% -4.40% -3.42% -4.50% -1.96% -3.42% 2-Feb-98 -0.74% 2.12% 1.00% -0.67% -0.32% -2.03% -0.09% -0.93% 3-Feb-98 1.82% 0.45% 0.76% 0.71% 0.53% 3.07% 1.43% -3.23% 4-Feb-98 6.01% 0.07% 0.90% 6.23% 4.64% 7.47% 0.83% -0.79% 5-Feb-98 1.81% -0.35% 0.48% 1.26% 0.99% 1.99% 1.15% 1.28% 6-Feb-98 -0.25% 0.87% 0.31% -1.19% -0.87% -3.18% 1.31% 0.72% 9-Feb-98 -0.91% -0.19% 0.38% -2.15% -1.84% -1.22% -0.16% -0.42% 10-Feb-98 0.57% 0.80% 0.85% 1.06% 1.26% 2.32% 1.23% -1.20% 11-Feb-98 -1.60% 0.08% 0.16% -1.54% -0.52% -0.70% -2.01% -1.70% 12-Feb-98 -2.76% 0.39% 0.07% -2.10% -1.21% -0.78% -0.36% -1.18% 13-Feb-98 2.36% -0.41% 0.40% 2.57% 1.80% 2.32% -0.19% 0.38% 17-Feb-98 -3.96% 0.24% -0.26% -4.65% -3.46% -5.25% -0.35% -2.25% 18-Feb-98 2.97% 0.89% 0.31% 3.88% 2.08% 4.81% 1.37% 3.77% 19-Feb-98 -1.33% -0.39% -0.12% -1.00% -0.55% -1.14% -1.59% -0.55% 20-Feb-98 0.44% 0.56% -0.07% 0.02% -0.57% -0.14% 0.34% -0.06% 23-Feb-98 -3.04% 0.36% 0.49% -3.84% -2.99% -3.28% -2.21% -6.01% 24-Feb-98 -0.64% -0.75% -0.46% -0.61% -1.19% -1.64% -0.57% -0.20% 25-Feb-98 1.69% 1.18% 0.90% 2.19% 3.39% 3.47% 0.57% 0.73% 26-Feb-98 6.86% 0.53% 0.65% 6.65% 5.55% 4.61% 2.78% 0.98% 27-Feb-98 -1.37% 0.04% 0.04% -0.44% -0.16% -1.35% 0.32% 0.58% 2-Mar-98 2.64% -0.18% -0.08% 3.81% 2.87% 5.17% 0.09% -0.45% 3-Mar-98 4.43% 0.39% 0.17% 4.04% 2.55% 3.22% 2.48% -0.45% 4-Mar-98 -1.02% -0.47% -0.08% -1.55% -2.48% -2.45% -1.15% 0.46% 5-Mar-98 1.70% -1.19% -1.17% -0.09% -0.68% 0.42% -1.46% 0.13% 6-Mar-98 -0.87% 1.97% 1.49% -2.24% -2.30% -2.15% -0.54% -2.72% 9-Mar-98 -5.09% -0.34% -0.58% -4.09% -3.85% -3.28% -2.06% -3.86% 10-Mar-98 -0.19% 1.11% 0.74% 0.57% 1.74% -2.07% 0.98% -0.42% 11-Mar-98 -1.05% 0.38% 0.52% -1.18% -1.14% -1.30% 0.21% -0.56% 12-Mar-98 0.68% 0.11% 0.12% 0.33% -0.67% 0.55% -0.43% 0.07% 13-Mar-98 -0.18% -0.15% 0.19% -0.51% -0.22% 0.20% -0.20% -0.98% 16-Mar-98 -2.45% 0.98% 0.62% -3.12% -2.32% -3.00% -0.07% -5.50% 17-Mar-98 -3.98% 0.09% -0.16% -2.35% -2.86% -2.22% -1.51% -0.37% 18-Mar-98 3.64% 0.45% 0.21% 6.17% 4.84% 6.31% 3.16% 8.39% 19-Mar-98 1.70% 0.37% 0.43% 1.48% 1.42% -0.35% 2.13% -0.55% Dynamis Fund Russel 2000 Crude Oil
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