As was the case in much of 2007, rising energy commodity prices has been a boon to funds focusing on specific emerging market countries or regions. The HFN Emerging Markets Average was +3.23% in April and –2.68% YTD, but funds focusing on countries with strong fuel or energy production have performed better. The HFN Middle/East North Africa Average is the best performing EM benchmark in 2008. In April the HFN MENA Average was +6.54% and is +1.36% YTD. Funds focusing in Brazil are the only other EM group to produce positive performance in 2008. The HFN Brazil Average was +4.31% in April and +0.36% YTD. Funds investing in India and China rebounded from major drawdowns in Q1, but remain in negative territory YTD. The HFN India and China Averages were +7.63% and +6.32% in April, respectively, but are -18.96% and -8.16%, respectively YTD.

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