Our net performance for Q4 was 4.9% vs. indices (in order of relevancy for comparison) of: 1.9% HFRI Equity Index, 3.2% Russell 2000 and 6.5% S&P 500. For the year ended 2015, our net performance was 4.0% vs (0.8)% HFRI Equity Index, (4.4)% Russell 2000 and 1.4% S&P 500. Our portfolio averaged approximately 20% net long relative to the market. Our returns have been uncorrelated with other equity hedge funds (-8% correlation) and the S&P 500 (-11% correlation). In contrast the HFRI Equity Index has been 86% correlated with the S&P 500 over the last 2 years. The drivers of...