2.  Long/Short  Equity was identified  as being the most sought after strategy in 2013.

3.  Emerging Markets Equity was the second most favoured strategy.

4. Emerging Markets and Asia-Pacific regions remained in the top two regional preferences

5.  Managers  running  between  $500M  and  $2B AUM    were    in   the   best    position    to   be considered for future allocations.

6. Crowded  trades/herd  behaviour,  additional regulatory changes and underperformance  risk as  the  three  greatest  sources  of risks  facing the hedge fund industry.

7.  Sovereign  default  risk  and  credit/counterparty risk, which were both in the top three last year, dropped significantly.

8.  Risk-adjusted and uncorrelated returns are the primary investment objectives of pension funds who responded in the survey.

9.  Pension  fund  investors  regard  further  hedge fund consolidations/liquidations to be a potentially significant development. They also expect to see additional fee compression.