Note: The Net Asset Value of the Fund has been linked to the rebased NAV of the Reference Account, which had the same investment style. Until the launch of the Fund, the Reference Account served as the model portfolio for all the separately-managed client accounts. Its trading records were distributed to clients as proof that the Manager’s interests were fully aligned with those of the clients. The Reference Account was started at the end of 2008 and became inactive following the launch of the Fund on 1 September 2013.

Historical Returns
2008 (3 mths):	 +4.3%
2009:		+68.3%
2010:		+50.6%
2011:		-19.3%
2012:		+16.5%
2013:		+21.2%
2014:		 -2.9%
2015:		-13.6%
2016:		 +4.5%
2017:		+21.3%
2018:		-20.8%
2019: 		 -4.5%
2020:		+12.6%
2021:		-11.1%
2022:		-30.7%
6M23:		+11.4%



Last 12 Mths: 0.0%
Last 3 Years: -6.1% p.a.
Since Inception: +4.3% p.a.

Last Update: 11 Aug 2023