After several years of market-topping returns, short-selling hedge funds did not generate any excess returns in 2010.

Even with index theory against the Dow Jones industrial average, the simple price-weighted index is holding its own more than a century later.

Neither economists nor the Fed funds futures are predicting the Federal Reserve Bank will raise its short-term financing rate in 2011.

Among developed European countries, stocks in countries with debt woes performed the worst in 2010, with Greek equities falling more than 40%.

All 12 sell-side equity research analysts that cover AMG currently rate the firm a buy. Federated had 11 holds, three sells and only one buy rating.

Hedge fund-of-funds have returned less than half of their direct strategy counterparts performance. They also trail all other major asset classes.

Since Oct. 7, the U.S. 10-year Treasury note has jumped more than 100 basis points, reversing most of the gains seen earlier in the year.

For the month of November, U.S. fixed-income securities fell more than 50 basis points. Bonds were impacted by higher interest rates.

With strong returns in the equity and fixed-income markets, investors have pulled more than $1 trillion from money market funds since their peak in January 2009.

For six straight quarters, emerging markets equity managers have outperformed the MSCI EM index on a gross basis. Since the start of 2007, the total outperformance has been around 140 basis points.

Convertible arb hedge funds have returned 10.8% for the first 10 months of 2010 the highest of any broad hedge fund category. The performance follows 2009's rebound return of 46.81%.

Total holdings of U.S. Treasuries by foreign entities increased 19% for the 12 months ended Sept. 30. Total Treasuries owned by non-U.S. entities now stands at $4.268 trillion, up from $3.575 trillion.

For the first 10 months of 2010, Och-Ziff's $18.6 billion OZ Master fund returned 6.7% slightly ahead of its peers. The fund's cash allocation is down to 9%, driven by increased investments in long/short equities and merger arbitrage investments in the third quarter.

The five-year Treasury note yield dropped more than 10 basis points after the Fed's announcement of additional Treasury purchases. The yield, at a little more than 1%, stands at an all-time low.

The last 10 vintage years of venture capital partnerships' have an average total value to paid in capital of one. Five of the 10 vintage years have a TVPI below one.

U.S. Treasuries now constitute 33.4% of the Barclays U.S. Aggregate Bond index, up from 25.2% in 2005.

Venture capital partnerships are on pace for their worst fundraising year since 2003. Only $9.1 billion was raised in the first three quarters of 2010.

Major asset classes were in the black for the third quarter of 2010, with U.S. equities and commodities returning more than 11%.

Although fiscal year 2009 sticks out as a poor performer, CalSTRS' 25-year compound annual return was more than 8.5%. For 20 of 25 years, the fund had positive returns.

The availability of physical corporate bonds used in LDI investments has continued to decline and is less than half of the all-time peak.

Of the 50 largest public pension plans, 27 use a Russell index as a domestic equity benchmark.

HFoF returns

Quarterly returns of the NCREIF Property Index

Performance of PPIP funds