*Hedge Funds are broadly measured by the HFRI (Hedge Fund Research) Fund Weighted Composite Index. Equities are measured by the S&P 500 Total Return Index. The HFRI Fund Weighted Composite Index does not capture the history of all hedge funds that existed during the reporting period because the hedge funds that report to this Index do so on a voluntary basis. Therefore, the information displayed may exclude certain negatively performing hedge funds.  Further, the reporting period captured by the Index began before Voyager’s inception. Equity indexes are unmanaged, broadly based and may differ significantly from the portfolio composition of a hedge fund.  Hedge funds may use leverage and other speculative investment practices that increase their risk of investment losses.