This is a Sharpe-style analysis using CSFB hedge fund benchmarks, large cap, small cap, the long bond, and cash. 

The top left chart is a rolling window of monthly analyses. The left-most set of stacked bars is for the 36-month period ending December 2000. The right-most is for the 36-month period ending March 2004. The height of each bar is the percentage of the portfolio invested in that strategy on that date. The dedicated short bias strategy in dark blue is apparently employed with 40% to 60% of assets. The set of stacked bars immediately to the left of the legend represents the analysis using the complete fund history. The charts directly below display the R2 for each time period. 

Style analysis finds dedicated short bias is the dominant strategy, but there are also consistent fixed income arbitrage, managed futures, and long bond components. 

The average rolling R2 is about 43%.

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