Ratio European Fund: Ratio Asset Management.

Shortlist: Best long short equity hedge fund; Best equity market neutral hedge fund

Targeting an annual return of at least 10% with low volatility and low correlation to the DJ Euro Stoxx Small Cap Index, the Ratio European Fund was launched in 2006. It is a quasi market neutral fund investing in European small and mid-cap companies (under €5 billion/$7.1 billion). Stocks are selected using a fundamental value driven approach.

In four out of the last five years, the managers have delivered the target return of at least 10%. In 2008 the fund was down 19.96% partly due to large