2005 03 - ONE Class A - Euro dollar - Monthly comment - BB

ONE MULTI-STRATEGY FUND LIMITED – Class AMarch 2005 Monthly CommentsWithin a very difficult environment, ONE Multi Strategy Fund managed to stay positive. Both the Dollar share class and the Euro share class were positive by 0.09% & 0.07% respectively. Month end, the S&P 500 returned a negative (1.77%) and equity volatility measured by the VIX index has bounced back from 10 year lows to 14.02%. The 10-year note yield closed the month at 4.50%, a 14 bps hike from last month. In contrast to February, March was a down month for the hedge fund word returning a negative (0.84%) as measured by the S&P hedge fund index. The component funds/strategies making the largest contributions to ONE’s performance were options arbitrage and multi-strategies. Strategy Allocation for March 2005ConvertibleCash Fixed arbitrage1.54% Inc o me2.39%CTA Arbitrage11.85% 2.33%L/S Equity16.78%Options Arbitrage17.87%Distressed/HighYi e ldFund of Funds / Multi- 24.33%Strategy22.90%Class A – Euro – ISIN code: KY6751G1139Class A – USD - ISIN code: KYG6751G1055Monthly Net Returns (%) - EURO Class A Monthly Net Returns (%) - USD Class A2000 2001 2002 2003 2004 20052000 2001 2002 2003 2004 2005Jan 1.51 1.72 0.94 0.79 0.56 (0.27)Jan1.681.850.660.790.40(0.3)Feb 4.88 2.80 0.44 0.45 0.19 1.15Feb5042990190430912Mar 1.61 1.17 0.64 (0.08) 0.53 0.07Mar 1.77 1.28 0.30 (0.21) 0.33 0.09Apr 2.49 0.43 0.63 1.15 (1.09) Apr2.650.880.601.13(1.26)May 0.78 1.02 0.57 1.38 (0.79) ...