Argonaut Capital Management

Argonaut Aggressive Global Partnership fund, which uses a global macro strategy, gained 12.3% while the Standard & Poor's 500 fell 37% and the Credit Suisse/Tremont Global Macro Index slid 4.6%. That was hardly an outlying performance. The New York-based fund has never had a down year since it was started in the summer of 2000. Through 2008, its three-year average annualized return was 11.7%. During the same span, the S&P was down more than 8% a year, and the global macro index was up 8.3%. Since inception, the fund has soared 18.4% annually, versus a broad market decline of 3.8% and a 12.7% gain by the average global macro fund.