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A Summer Bounce

FUND/                    (PERFORMANCE % NET AFTER FEES)
MANAGER                1996  1/1/97-6/30/97  1/1/97-7/31/97

QUANTUM FUND           -1.5%      14.0%          27.1%
George Soros

JAGUAR FUND             39.9       0.7            11.7
Julian Robertson

OMEGA ADVISORS          37.1       18.0           24.1
Leon Cooperman

ARGONAUT PART.          38.7       10.4           23.2
David Gerstenhaber

Macro Average           14.6       10.3           19.1*

Hedge Fund Index        18.6       9.1            13.4*

Standard & Poor's       22.0       20.6           30.2
500 Stock-Index
*Estimated

DATA: BUSINESS WEEK, BLOOMBERG FINANCIAL MARKETS, VAN HEDGE FUND ADVISORS


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Updated Aug. 7, 1997 by bwwebmaster
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