A PR I L -

J UN E 2 0 1 5

HEDGE FUNDUNIVERSEUPDATE: Q2 2015

2NDQUARTER

Top Trends

Decline in liquidity of aggregate HFU andunderperformance

Crowding

Sector rotation trends

Highlighted positions/ top net adds

Underperformance Skewed toIlliquid Buckets

Crowding

Funds Reduce Overweight Exposure toHealthcare and Energy

Continued Underweight InfoTech/

Overweight Consumer Discretionary

Funds Pile into Time Warner Cable

Top Net New Adds in Q2 2015

For Questions, Please Contact:

Faryan Amir-GhassemiVice President, Novus

FAmir-Ghassemi@novus.com