May Jun Jul Aug Sept Oct Nov Dec Annual 2000 0.70% -2.45% 4.44% 0.24% 2.84% 2001   0.48% 2.34% 4.44% -1.78% 0.95% 2.76% -1.98% 1.35% -1.00 0.63 -0.22 0.29 8.37 2002   0.83 0.29 0.93 -0.14 -0.97 2.39 -2.82 0.43     CSFB/ Tremont Event       Manager Driven S&CP500   Annualized 6.06% 0.74% -22.33% Manager Return         Standard 6.58 4.60 17.20 CSFB/Tremont Deviation       Event Driven Drawdown -2.S2 ^.63 -3S.39 S&P 500 Sharpe Ratio 0.33 -0.67 -1.60   Return-to- 2.15 0.11 -0.58   Drawdown         Beta to S&P -0.20 0.14     500         Annualized -2.94 0.63     Alpha         2000 2001 Annualized 2002 Return 2.84% 8.37% 0.43% 6.06% -0.91 7.84 -5.09 0.74 -12.68 -11.88 -19.92 -22.33 Cumulative Return " JU "5 0.9- 0.8- 0.7- 0.6- -00 Nov-00 Manager S&P 500 ... ... ... Tremont ED Feb-01 May-01 Aug-01 Dec-01 Mar-02 Jun-02 Date 0ct-02 FIGURE 27.3 Sample Analysis of Track Record Source: Tremont Advisers, Inc. The goal is to evaluate the nature of returns, risks taken, and to what extent returns are repeatable. Various measures of risk and return to unit of risk are evaluated. Figure 27.3 includes monthly returns, helpful in assessing consistency of returns, and in evaluating performance in months when exogenous events or market displacements may have occurred. In addition, two measures of risk appear, standard deviation and largest drawdown. Largest drawdown measures the largest percentage loss the manager experienced, regardless of time. In this example, the fund