Segment revenues were $13 million in the third quarter of 2011, up 8% from $12 million in the third quarter of 2010. The year-over-year increase in segment revenue was driven by the $1 million increase in management fees as previously mentioned.
Liquid Hedge Funds
Assets under management for the Liquid Hedge Funds was $6.2 billion as of September 30, 2011, compared to $6.3 billion as of June 30, 2011 and $5.9 billion as of September 30, 2010. In the third quarter of 2011, we received total redemption notices of approximately $600 million in our Liquid Hedge Funds, excluding the Fortress Partners Funds, compared to approximately $300 million in the third quarter of 2010.
The following table shows gross and net returns by fund: 1
|Gross Returns||Three Months Ended September 30, 2011||Nine Months Ended September 30, 2011||Estimated Ten Months Ended October 31, 2011|
|Fortress Macro Fund Ltd||-3.4%||-5.9%||-7.8%|
|Drawbridge Global Macro Fund Ltd||-3.5%||-6.4%||-8.4%|
|Fortress Commodities Fund L.P.||5.5%||2.6%||-5.0%|
|Fortress Asia Macro Fund Ltd 2||-3.8%||-0.4%||-0.4%|
|Fortress Partners Fund LP||-2.7%||1.0%||N/A|
|Fortress Partners Offshore Fund L.P.||-4.3%||-0.9%||N/A|
|Fortress Macro Fund Ltd||-3.9%||-7.3%||-9.4%|
|Drawbridge Global Macro Fund Ltd||-4.0%||-8.3%||-10.3%|
|Fortress Commodities Fund L.P.||4.7%||0.9%||-6.6%|
|Fortress Asia Macro Fund Ltd 2||-3.6%||-1.3%||-1.4%|
|Fortress Partners Fund LP||-2.9%||0.2%||N/A|
|Fortress Partners Offshore Fund L.P.||-4.5%||-1.6%||N/A|
|1 The performance data contained herein reflects returns for a "new issue eligible," single investor class as of the close of business on the last day of the relevant period. Gross returns reflect performance data prior to management fees borne by the Fund and incentive allocations, while net returns reflect performance data after taking into account management fees borne by the Fund and incentive allocations.|
|2 The Fortress Asia Macro Funds were launched on March 1, 2011. Accordingly, the above nine-month returns actually represent the seven-month period beginning on March 1, 2011 through September 30, 2011, and the estimated ten-month returns represent the eight-month period beginning on March 1, 2011 through October 31, 2011. The investor class represented in the above returns is closed to new investors. Certain fees payable by investors in such class differ from the fees payable by the investors in the class that remains open, and the returns for different classes will vary.|
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