Table 1.

Descriptive measures for returns of the six mutual investment funds.

Investment Fund	Minimum	Mean	Maximum	Standard deviation
ADAM Strategy	−6.26%	0.05%	1.63%	0.0045%
Alaska Black	−29.62%	0.16%	9.80%	0.0240%
APEX Long Biased	−8.60%	0.07%	3.72%	0.0085%
Brasil Capital	−7.55%	0.07%	3.42%	0.0094%
Gavea Macro	−2.22%	0.04%	2.36%	0.0033%
SPX Nimitz	−1.92%	0.05%	1.42%	0.0030%