Hedge fund index: "Whoops ..."

The FT reported (Dec. 22) that the Credit Suisse/Tremont hedge fund index had to re-report returns for its market neutral category, turning what had been a small gain YTD to a 40% loss.

Whoops.

A link to the story isn't available, but check out CS/Tremont's rather oblique press release on the topic. They don't mention Madoff, nor the remarkable turn-around, just the feeder funds (Kingate Global/Fairfield Sentry) that have now been valued at zero.

FT in a later update also said Morningstar had marked down Madoff-related assets, but not readjusted its indexes.