Cayuga Fund update
The Cayuga MBA Fund, the Johnson School's student-managed equity hedge fund, faced significant headwinds in the third quarter of 2008, posting a quarterly return of negative 6.11 percent. While this return was better than that of the HFRX Equity Hedge Index, which dropped 12.54 percent, it trailed the HFRX Equity Market Neutral Index, which was down 2.17 percent. As of Sept. 30, 2008, the fund had fared much better on a year-to-date basis, returning 1.74 percent, versus a negative return of 13.6 percent for the HFRX Equity Hedge Index and positive 0.10 percent for the HFRX Market Neutral Index. The total value of the Cayuga Fund as of Sept. 30, 2008 exceeded $14.6 million.
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