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ONE MULTI-STRATEGY FUND LIMITED – Class B
November 2003 Monthly Comments
For the month, the U.S. equity markets were positive with the S&P 500 rallying 5.08% and the Nasdaq up
2.20%. The equity volatility index (VIX) has fallen to levels not seen since 1996 while actual volatility has
also collapsed trading at 11%. In the bond market, the 10-year Treasury note continues to trade in a narrow
range bounded by 4.18% on the low side and 4.40% on the upside.
Hedge funds returns were moderate during the month. ONE Multi-Strategy had a solid month regardless of
the market conditions, its performance led by distressed debt and multi-strategies investments.
stStrategy Allocation for December 1 2003
Cash Derivative and Convertible arbitrage 4% Capital Structure14%
27%
Debt L/S
3%
Ma cro Equity L/S
Deep value and 9% 24%
Distressed
19%
Class B – USD – ISIN code: KYG6751G1394 Class B – Euro – ISIN code: KYG6751G1212
Monthly Net Returns (%) - USD Class B Monthly Net Returns (%) - EURO Class B
2000 2001 2002 2003 2000 2001 2002 2003
Jan 1.55 1.72 0.78 0.68 Jan1.381.720.880.64
Feb 4.74 2.80 0.08 0.31 Feb45728003003
Mar 1.48 1.17 0.41 (0.17)Mar 1.64 1.17 0.26 (0.26)
Apr 2.48 0.80 0.50 0.96 Apr2.310.280.511.01
May 0.86 0.92 0.56 1.29 May0690940215
Jun 1.20 0.42 (0.45) 0.18 Jun 1.3 0.06 (0.55) 0.20
Jul 0.35 0.05 (0.32) (0.56)Jul 0.52 (0.03) (0.50) (0.63)
Aug 1.33 0.68 0.73 (1.96)Aug 1.49 0.87 0.61 (1.97)
Sep 2.23 (0.62) (2.80) 1.07 Sep 2.06 (1.01) (2.23) 1.29
Oct 0.71 0.55 (0.25) 0.86 Oct 0.54 0.60 (0.18) 0.78
Nov1.580.470.930.51 Nov1.410.540.850.51
Dec 1.88 0.84 0.22 0.61 Dec1793303
YTD 22.92 10.33 (0.12) 3.62 YT 20.50 9.08 1.22 3.59
December NAV : $160.63 December NAV : €162.13
Terms and Structure
Investment Manager: One Capital Management LimitedMinimum Investment: $/€ 100,000
Administrator: BDO Simpson Xavier Fund Subscriptions: Monthly
Administration Services
Redemptions: Monthly
Custodian: Bank of Bermuda limited
Management fee: 2% annually
Auditor: Price WaterHouse Coopers Cayman Islands.
Performance fee: 10% per annum Counsel: Truman Bodden & Company
www.onemsf.com
E-mail: info@onemsf.comONE MULTI-STRATEGY FUND LIMITED – Class A
Convertible Arbitrage
The convertible market was remarkably quiet in November. New issue volume exceeds the $3.5 billion that came in October.
Amerada Hess, General Cable, CoMag, Calpine, Valiant Pharmaceutical (formerly ICM), and American Express (this one was for
about $2 billion) brought and/or announced deals at attractive levels.
Market Neutral
Market volatility continues to be very low. There is little change from last month---low volatility means fewer opportunities at the
moment for the lead strategy. Short index and individual equity straddles are being developed in the portfolio to build earnings.
High Yield Arbitrage (2 Funds)
The High yield market continues to be slow and overbought. The new issue calendar was slow during the month. The manager of
one of the funds continues to be the most defensive he has ever been. Indeed he appeared to be even more cautious as he
increased the Yield-to-Call book percentage of the portfolio.
The other high yield bond arbitrage fund in the portfolio deployed 90% long and 20% short during the month. The fund’s longs
earned apace the market indices; the shorts outperformed, however, with healthcare and garment manufacturing sectors
contributing the most. The fund is conservatively deployed currently as the manager believes high yield securities to be pricey.
The manager is focusing on middle market companies showing an ability to outperform during an economic recovery for new long
investments. The manager’s most serious task at hand is to manage interest rate exposure as interest rates begin to rise as the
economic recovery gathers steam.
Commodity Trading + Fund of Funds
In November, the fund returned an estimated 0.79%, net, and 7.03%, net, YTD.
Market conditions were generally favorable to the fund’s trading strategies and initiatives. Both the equity and bond markets
ended the month at the same levels that they started the month. The fall in the USD vs. other currencies, the increases in energy
and gold prices, and the declines in cotton and soybean futures must be noted.
Long/Short Equities--GARP
The fund returned an estimated 1.58%, net to investors, in November, resulting in a YTD estimated return of 20.15%. The
manager expects the fund to enjoy a strong 4Q03 buoyed in part by a rising market and in part by the value investments made.
The corporate services and gaming sectors have been outsize profit contributors during the quarter. Shorts in the retail drug and
consumer services sectors have assisted on the short side. Auto parts and pharmaceuticals sectors are targeted sectors for the fund.
Over all, the manager is cautious at this time, using no leverage in the portfolio.
Fund of Funds—Leveraged
In November, the fund returned an estimated 1.44%; YTD the fund achieved an estimated 20.75%. Fourteen component funds
were added and four component funds were removed during the month. November’s leading and lagging strategies are being
sought from the manager and its administrator, but have not yet been received. Long/short equity, distressed security, and macro
stsectors are expected to be the leading contributors to performance. On November 1 , 2003 a new fund administrator took over the
account.
Options Arbitrage
The manager was invested in the strategy the first week of the month. He started to exit from the program on November 7th and
remained in T- Bill for the month.

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