TPG-Axon Partners Up 10 Percent For The Year

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July performance.

Core Fund (without Special Investments):
MTD: 4.76%
QTD: 4.76%
YTD: 10.02%

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Dear TPG-Axon Investors

April performance. April MTD: 5.35% QTD: 5.35& YTD: 15.46%