Top Performing Corporate Action Hedge Funds

Top Performing Corporate Action Hedge Funds for the quarter ending Dec 2007:

Corporate action funds

Venus Special Situations Fund

Libra Fund

Libra Fund

Owl Creek II

Owl Creek Overseas

Doric Focus Fund

Halcyon Offshore Asset-Backed Value

Marwyn Neptune Fund

Argo Global Special Situation Fund

Galbraith Global Strategies Offshore

RenGen Shares

Trophy Hunter Investments

PilotRock Investment Partners

SYSTEIA EVENT DRIVEN Program

North Pole Capital Investments

North Pole Capital USD

Canyon Value Realization Fund

Bay Harbour Partners

Canyon Value Realization Cayman A

Black Diamond Arbitrage

MQ Special Events Fd. Direct

KDC Merger Arbitrage Fund

Mariner Partners

Post Total Return Fund

Halcyon Offshore Fund

Some Hedge Funds Gaining in Bear Market

Hedge funds, even supposedly market neutral funds are struggling as a group. But not all hedge funds are posting negative returns. Take Bernard Drury and his Drury Capital who's fund is up 60% since January 1. Bernard is a bit of a rarity on Wall Street: a hedge fund manager who is making money instead of losing it. Faced with massive redemptions amid falling returns, many hedge funds have been forced to sell positions including stocks, bonds and other derivatives.

Some of the losers: Kenneth C. Griffinof The Citadel Investment Group and Lee Ainslie of Maverick Capital.

Some of the winners: Conquest Capital Group, R. G. Niederhoffer Capital Management, MKP Capital Management; and the John W. Henry & Company.

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