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of non-U.S. investors varies considerably. Stark has investor representation from 22 countries. Non-U.S. investors represent about 60 percent of Citadel's investor base. For Cooperman, non-U.S. investors account for about 30 percent.

Henry, Och, Sussman, and Tepper have mostly U.S. investors.

Strategic investors are important at Galleon; 60 percent of U.S. investors fit in this category. Outside the United States, this is less so.

TRANSPARENCY AND INVESTOR RELATIONS

Most of the managers provide quarterly reports.

Monthly reports are the exceptions—only Cumberland, Sussman, and Henry provide them. For example, Wilcox says Cumberland investors are shown their top 30 long positions in dollar terms, as percentage of equity, and the respective gain/loss. Also, gross long and gross short positions as well as long call options and short call options, plus portfolio concentration by industry in both the long and short sides are shown.

Sussman actively discusses percentage capital allocated to strategies, balance sheet leverage on the overall portfolio and by strategy, number of trading positions overall and by strategy, average static returns and hedge ratios in the convertible book, and year-to-date profitability attribution by strategy.

Ainslie gives out most information that is requested—performance by sector or geography, long/short exposure by sector or geography, and a trading summary.

Cooperman provides clients with a report on a quarterly basis that lists the 25 positions generating the largest profits and largest losses. Current exposure is detailed as well as Omega's view of the market.

Singer provides investors with quarterly reports and annual audits. Och provides investors with a quarterly letter that lists the top positive contributors and negative performers. He also provides information on portfolio allocation and sizable positions. Stark provides quarterly information on leverage and geographic profit and loss.

Tepper gives investors the investments by category on a quarterly basis. He lists the percentage in stocks, emerging markets by country, and stock investment by category.

Kingdon provides quarterly data outlining performance by region