HedgeFirst Index (Hedge Fund $.NAV)

HedgeFirst Index = HFI
Daily Chart


Compare: XBP (Pound Sterling), think Inverse


If still US$1147./7.27= $1.5778, then at:
$1.8000 : £ 0.877 x .8 = 70.2P
$1.7800 : £ 0.886 x .8 = 70.9P
$1.7600 : £ 0.896 x .8 = 71.7P
$1.7400 : £ 0.907 x .8 = 72.5P
$1.7000 : £ 0.928 x .8 = 74.2P
$1.6500 : £ 0.956
$1.6000 : £ 0.986
$1.5000 : £ 1.052
$1.4500 : £ 1.088

WATCH that Correlation


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Weekly Chart


HFI
Historicals, .Index. --FX--: Ind/FX /Div1 -Base /Div2 NAVin£ Price Discount
30.Jan.04 : $1173.07 1.8201: 644.51 7.274 88.61 1.100 80.55E 69.00P -14.3%
13.Jan.04 : $1172.80 1.8494: 634.15 7.274 87.18 1.100 79.25E 69.00P -12.9%
06.Jan.04 : $1160.96 1.8221: 637.15 7.273 87.60 1.100 79.64E 72.00P - 9.6%
23.Dec.03 : $1153.10 1.7659: 652.98 7.274 89.77 1.100 81.61E 71.00P -13.0%
28.Nov.03 : $1149.72 1.7200: 668.44 7.273 91.90 1.096 83.82P 75.50P -10.0%
04 Nov.03 : $1144.16 1.6780: xxxxxx xxxxx 93.74 1.100 85.22E 76.75P - 8.9%
21.Oct.03 : $1146.09 1.6767: xxxxxx xxxxx 93.97 1.100 85.43E 77.75P - 9.0%
30.Sep.03 : $1139.71 1.6590: 686.99 7.274 94.45 1.092 86.47P 79.50P - 8.1%
31.Mar.03 : $1027est 1.578e: xxxxxx xxxxx 86.26 1.000 86.26P 70.50P -18.3%
30.Sep.02 : $ 994est 1.570e: xxxxxx xxxxx 85.23 1.000 85.23P 77.50P - 9.1%
31.Mar.02 : $1000est 1.426e: xxxxxx xxxxx 93.67 1.000 93.67E 94.50P + 0.9%
30.Sep.01 : $1028est 1.471e: xxxxxx xxxxx 91.97 1.000 91.97E 93.50P + 1.7%
17.Apr.01 : $1044.90 1.4288: xxxxxx xxxxx 95.12 1.000 95.12E 98.50P + 3.6%

"For the twelve months to 31 March 2003, the HedgeFirst index rose by 2.7% in US dollar terms"

Buys/Sells:
04.Mar.03 Laxey Partners acq'd 6.16mn (11.13%)
27.Feb.03 Monks Inv.Trust sold the remainder
19.Feb.03 Monks Inv.Trust/BNY(OCS)Nominees sold 1MN.shs/ 3.55mn (6.43%) remain
12.Feb.03 Monks Inv.Trust/BNY(OCS)Nominees sold 650K.shs/ 4.55mn (8.25%) remain

It should be noted that when calculating the sterling NAV per Ordinary Share in
HedgeFirst Limited
(a) the HedgeFirst Index is a US dollar based index,
(b) the Company is fully invested in five Medium Term Notes the redemption values of which are linked to the level of the HedgeFirst Index less any spread or
administration expenses on those notes, and (c) there are ongoing expenses of
approximately 1.35% p.a. accruing daily within HedgeFirst Limited.

Investors should view the long-term return expectations for a diversified
portfolio of hedge funds, such as those that comprise the HedgeFirst Index, as a
return over cash (or the risk-free rate). The Investment Manager, DB Absolute
Return Strategies, believes a reasonable expectation for the next 12 months is
a return of 3.0% to 7.0% over the risk-free rate. In the current interest rate
environment this would equate to a 5.0% to 9.0% rate of return for dollar hedge
funds. This is lower than the historic average returns for such funds, which
have been in excess of 10% per annum. However, your Manager believes that, on a risk adjusted basis, hedge funds continue to offer significant value and
portfolio diversification characteristics.

The Company's NAV is influenced by the performance of the US dollar against
sterling. This means that if the US dollar strengthens relative to sterling,
the NAV will rise in sterling terms, but if the US dollar weakens relative to
sterling, the NAV will fall in value in sterling terms. Since the Company was
launched, the US dollar has weakened relative to sterling. Hence, this
has been to the detriment of the NAV.

The Company invests in five medium-term notes, the performance of which is linked to an index of well-diversified hedge funds. This index, the HedgeFirst Index, represents a portfolio of hedge funds carefully selected and managed by DB Absolute Return Strategies' experienced team of hedge fund professionals. DB Absolute Return Strategies has written a full report detailing the performance of the HedgeFirst Index since launch and their overall outlook for the hedge fund universe.

Richard Crowder, Chairman

Note: HedgeFirst Index is a registered trade mark owned by Morgan Grenfell & Co.
Limited. The HedgeFirst Index is US dollar based and reflects the performance of
over 20 hedge funds.

For further information contact:
J R Le Prevost
Anson Fund Managers Limited
Company Secretary Tel: Guernsey 01481 722260
Note:
Deutsche Bank owns 9.4million shares: 17.09%

Strategy:?
BUY : at 17%+ Discount
SELL: at 7% Discount... ?

Here's S&P's Hedge Fund Index


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