Nuveen Investments and CalPERS Take Top Spot for Hedge Fund Research Award

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Mark Anson, President of Nuveen Investments, and co-authors Ho Ho and Kurt Silberstein, both of CalPERS, won this year's Martello Award for Best Practitioner Article in The Journal of Alternative Investments. In the category of Best Academic Article, Joseph Pescatore of Jefferies Asset Management and George Martin of University of Massachusetts took home the top spot.

Martello Investment Management

The winning articles this year exemplify the Journal's continuing commitment to exceptional research that will enhance investors' understanding of investment strategies and portfolio return and risk characteristics. We congratulate the winning authors and wish them continued success.

Mark Anson, President of Nuveen Investments, and co-authors Ho Ho and Kurt Silberstein, both of CalPERS, won this year's Martello Award for Best Practitioner Article in The Journal of Alternative Investments.

The winning Practitioner Article "Building a Hedge Fund with Kurtosis and Skewness" builds on the idea that when constructing a hedge fund of funds portfolio by selecting individual hedge funds as opposed to hedge fund strategies, the simple approach is better based on similar empirical results and simpler implementation.

In the category of Best Academic Article, Joseph Pescatore and George Martin took the top spot for their article "Hedge Fund Incubation, Development, and Performance." The authors broke ground, being the first to examine the performance and relate characteristics of seeded funds as well as funds on operational platforms.

Thomas Schneeweis, Editor of The Journal of Alternative Investments, and Mike and Cheryl Phillip Professor of Finance at Isenberg School of Management, University of Massachusetts Amherst, congratulated the recipients.

"This year's winners of the Martello Award for Best Practitioner Article (Mark Anson, Ho Ho and Kurt Silberstein in "Building a Hedge Fund with Kurtosis and Skewness") and Best Academic Article (Joseph Pescatore and George Martin in "Hedge Fund Incubation, Development, and Performance") have both addressed issues of current interest to the investment industry. In the current market environment, a better understanding of both how hedge fund firms are created and how hedge fund portfolios are managed is of vital interest to all market participants. I congratulate the award winners for their excellent contributions to the industry."

David McCarthy, Managing Partner and Chief Investment Officer of Martello Investment Management L.P., congratulated the recipients,

"The winning articles this year exemplify the Journal's continuing commitment to exceptional research that will enhance investors' understanding of investment strategies and portfolio return and risk characteristics. We congratulate the winning authors and wish them continued success."

The annual Martello Award is sponsored by Martello Investment Management L.P., a specialist fund of funds and advisory firm based in Massachusetts. It honors the best research articles published in Institutional Investor, Inc.'s The Journal of Alternative Investments. Winners were chosen by the Editorial Advisory Board of The Journal of Alternative Investments.

2008 Martello Award − Best Practitioner Article

Building a Hedge Fund Portfolio with Kurtosis and Skewness
Mark Anson, Nuveen Investments, Ho Ho and Kurt Silberstein, CalPERS

2008 Martello Award − Best Academic Article

Hedge Fund Incubation, Development, and Performance
George Martin, University of Massachusetts, and Joseph F. Pescatore, Jefferies Asset Management

About The Journal of Alternative Investments
The Journal of Alternative Investments, published by Institutional Investor, Inc., provides readers with cutting-edge research and strategies on managing investments in hedge funds, private equity, distressed debt, commodities, futures, energy, timber, funds of funds, and other non-traditional instruments. It is the official publication of the Chartered Alternative Investment Analyst (CAIA) Association. http://www.iijai.com

About Martello Investment Management L.P.
Martello Investment Management provides investment advisory services concentrating on alternative investment managers that employ tactical trading strategies. These managers participate in global currency, fixed income, commodity and equity markets. The trading strategies, which span a range of distinct investment styles, tend to be shorter term relative to other alternative investment styles and are often able to respond rapidly to changes in the macro economic environment. Portfolios of these trading strategies may offer diversification benefits to traditional investment portfolios and to those comprised of other alternative investments.

Discretionary and quantitative global macro, trend, systematic non-trend, relative value, regional and resource are some of the trading strategies that encompass the range of alternative investment managers reviewed by Martello. http://www.martellofunds.com

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