HFR Indices FAQ - How does HFR determine the constituents of the HFRI or HFRX Diversity Indices?

Definition of minority-owned business as criteria for inclusion in HFR's Diversity Universe

A hedge fund management company is deemed to be a minority-owned business if: Greater than 50% of the management company is owned by one or more minorities, or in the case of a publicly owned business, greater than 50% of all issued stock is owned by one or more minorities; and whose management and daily business operations are controlled by one or more such individuals.

A 'minority' is defined for our purposes as a U.S. citizen who is: (A) a woman; or (B) a person whose origin is from one of the following minority groups:

1. African-American: a U.S. citizen whose origin is from any of the racial groups of Sub-Sahara Africa;
2. Hispanic-American: a U.S. citizen whose origin is from any of the Spanish-speaking countries of Latin America, Mexico, Central America, South America, the Caribbean and Brazil (Afro-Brazilian and Brazilian Indians only);
3. American Indian: a U.S. citizen whose origin is from Eskimo, Aleut, or Native Hawaiian, or Native Americans. Native Americans must be documented members of a North American tribe, band or organized group of native people indigenous to the continental United States;
4. Asian-American, Pacific Islanders, Asian Indian-Americans: a U.S. citizen whose origin is from Bangladesh, Cambodia, China, Guam, India, Indonesia, Japan, Korea, Laos, Malaysia, Pakistan, the Philippines, Samoa, Thailand, Sri Lanka, Taiwan, the U.S. Trust Territories of the Pacific or the Northern Marianas and Vietnam.