While the list has a bit of reporting bias (Word Cup Advisors), we see large dispersion for January. Some of the best performing managers from last year (Martin Fund Management) saw some sizeable losses in January this year. We expect to see some latecomers report January numbers and the list is not yet final.

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Manager	MTD
World Cup Advisor – Michael Cook Nexus	50%
World Cup Advisor – Petra Ilona Zacek Eclipse	42%
World Cup Advisor – Wayne Wan Dowave	30%
e360 Power – e360 Power Strategy	20%
QQFundcom – Alpha Beta Program	19%
World Cup Advisor – Larry Williams China Gold	16%
t24 Capital – TCM Global Index Fund	16%
World Cup Advisor – John Ehlers MESA ES	14%
INSCH Capital Management SA – Kintore	13%
Astute Capital Group – Pulse Program	11%
Aventis Asset Management – Diversified Commodity Strategy	-9%
Emil Van Essen – Spread Trading Program Limited	-9%
Caerus Group – Oil Futures Trading Program	-9%
M&R Capital – Livestock Trading Program	-9%
Emil Van Essen – Spread Trading Program	-9%
Evergreen Commodity Advisors – Discretionary Energy Strategy	-10%
Kinkopf Capital Management – S&P Select Program	-11%
Dreiss Research Corp – Global Diversified Program	-11%
AIS Capital Management – MAAP 3-6X	-12%
Martin Fund Management – Martin Fund	-30%