Powerpoint Presentation - May 09

Global Asset Allocation Limited

Jeremy SmeetonManaging Director

Global Asset Allocation LimitedGAA Investment Funds Limited




25 May 2009





Quant funds



Quant fundsGAA USD Global ‘Q’ Fund


GAA GroupGAA GroupGlobal Asset Allocation Ltd, GAA Investment Funds Ltd, Global Asset Allocation Ltd, GAA Investment Funds Ltd, GAA Direct Ltd, GAA Marketing Ltd, GAA SingaporeGAA Direct Ltd, GAA Marketing Ltd, GAA Singapore

International International Fund ManagementFund Management, , TrustTrust and and AdvisoryAdvisory Group Group



International Fund Management, Trust and Advisory GroupInternational Fund Management, Trust and Advisory Group

Regulated in Regulated in BermudaBermuda by BMA (GAAL & GAAIFL) by BMA (GAAL & GAAIFL)




Regulated in Bermuda by BMA (GAAL & GAAIFL)Regulated in Bermuda by BMA (GAAL & GAAIFL)

Regulated in Regulated in MalaysiaMalaysia by LOFSA (GAAD) by LOFSA (GAAD)





Regulated in Malaysia by LOFSA (GAAD)Regulated in Malaysia by LOFSA (GAAD)

Regulated in Regulated in SingaporeSingapore by MAS (GAAS) by MAS (GAAS)





Regulated in Malaysia by LOFSA (GAAD)Regulated in Malaysia by LOFSA (GAAD)

Regulated in Singapore by MAS (GAAS)Regulated in Singapore by MAS (GAAS)

Has raised in excess ofHas raised in excess of USD 200,000,000.00 USD 200,000,000.00 worldwideworldwide


Current Investor ProfileCurrent Investor Profile

78% 78% of funds raised from of funds raised from 2424 insurance companies, banks insurance companies, banks and trust companiesand trust companies

22%22% of funds raised from private investors of funds raised from private investors

Institutional investment in Institutional investment in GAAGAA is based solely on is based solely on GAAGAAfulfilling fulfilling high standardshigh standards of of due diligencedue diligence


Current Investor ProfileCurrent Investor Profile

Platform Providers & Direct PlacementsRoyal SkandiaBercom Nominees LtdGeneraliDirect InvestorFriends Provident InternationalScottish Life InternationalHansard International LimitedClose Wealth Management GroupHansard Europe LimitedScottish WidowsZurich International Life LimitedFortis Nominees (Guernsey) LtdSkandia Life Ireland LtdFirst Rand Nominees LtdScottish Equitable InternationalScottish Provident InternationalIrish LifeGuardian TrustVictory LifeHornbuckle Mitchell Trustees LtdCanada LifeCollins Stewart (CI) LtdODL Securities LtdFairbairn Nominees (Jersey) LimitedAxaHarrier Holdings LtdHSBC Securities ServicesPan EuropeanMAA International

As of 1 May 2009, 27 separate ‘platform providers’ had approved the purchase of GAA FundsAs of 1 May 2009, 27 separate ‘platform providers’ had approved the purchase of GAA Funds


Where’s Bermuda?Where’s Bermuda?


Where’s Bermuda?Where’s Bermuda?

Situated 774 miles of east coast of United States

Stable political and economic environment since 1612

Self governing Dependent Territory of UK



quantquant [ [kwontkwont]]nounnoun ( (informalinformal))

XXMary Quant?Mary Quant?


quantquant [ [kwontkwont]]nounnoun ( (informalinformal))

a highly paid computer specialist with a degree in a highly paid computer specialist with a degree in a quantitative science, employed by a financial a quantitative science, employed by a financial house, to predict the future price movements of house, to predict the future price movements of

securities, commodities, currencies, etc.securities, commodities, currencies, etc.

[ETYMOLOGY: 20th Century: from quantitative][ETYMOLOGY: 20th Century: from quantitative]



quant fund managementquant fund management

Quant managers use complex mathematical computer models Quant managers use complex mathematical computer models developed by scientists & academics to identify and filter developed by scientists & academics to identify and filter

specific sets of stock characteristics.specific sets of stock characteristics.





Whole markets can be analysed daily for buy and sell signals, Whole markets can be analysed daily for buy and sell signals, allowing portfolios to consider large volumes of information.allowing portfolios to consider large volumes of information.





Whole markets can be analysed daily for buy and sell signals, Whole markets can be analysed daily for buy and sell signals, allowing portfolios to consider large volumes of informationallowing portfolios to consider large volumes of information..

Emotion and personal biases that can hinder effective portfolio Emotion and personal biases that can hinder effective portfolio

management are eliminated, while allowing insights into management are eliminated, while allowing insights into market inefficiencies to be applied rapidly across a vast market inefficiencies to be applied rapidly across a vast

number of securities. number of securities.



moore’s lawmoore’s law/morz law/ prov./morz law/ prov.

The observation that the logic density of The observation that the logic density of silicon integrated silicon integrated circuitscircuits has closely followed the curve (bits per square has closely followed the curve (bits per square

inch) = 2^(t - 1962) where t is time in years; inch) = 2^(t - 1962) where t is time in years;



The observation that the logic density of silicon integrated The observation that the logic density of silicon integrated circuits has closely followed the curve (bits per square circuits has closely followed the curve (bits per square


that is, the amount of that is, the amount of information storableinformation storable on a given on a given amount of silicon has roughly amount of silicon has roughly doubled every yeardoubled every year since the since the

technology was invented. technology was invented.



The observation that the logic density of silicon integrated The observation that the logic density of silicon integrated circuits has closely followed the curve (bits per square circuits has closely followed the curve (bits per square


that is, the amount of information storable on a given that is, the amount of information storable on a given amount of silicon has roughly doubled every year since the amount of silicon has roughly doubled every year since the

technology was invented.technology was invented.

Gordon Moore, co-founder of Intel, first predicted the above Gordon Moore, co-founder of Intel, first predicted the above more than 40 years ago…more than 40 years ago…





INVESTMENT ISSUESINVESTMENT ISSUES



• How much global data should a global equity manager How much global data should a global equity manager ANALYSE before selecting a stock for purchase?ANALYSE before selecting a stock for purchase?



• How often should a Portfolio be REBALANCED?How often should a Portfolio be REBALANCED?





• Don’t investors deserve HANDS ON discretionary Don’t investors deserve HANDS ON discretionary management?management?






• Don’t investors deserve some PROTECTION against Don’t investors deserve some PROTECTION against falling markets?falling markets?







• Can all of the above issues be SOLVED in a Can all of the above issues be SOLVED in a structured, repeatable manner?structured, repeatable manner?









The SolutionThe Solution

The The GAAGAA ‘quant’ model analyses ‘quant’ model analyses ALLALL relevant data relevant data available on the complete universe of stocksavailable on the complete universe of stocks





The GAA ‘quant’ model analyses ALL relevant data The GAA ‘quant’ model analyses ALL relevant data available on the complete universe of stocksavailable on the complete universe of stocks

Complete dataComplete data on more than on more than 38,00038,000 stocks listed on stocks listed on 5252 global stock exchanges is extracted and analysed global stock exchanges is extracted and analysed from from multiplemultiple institutional data feeds institutional data feeds







GAA utilises a GAA utilises a forward lookingforward looking stock selection stock selection methodology which looks forward methodology which looks forward 30 30 days onlydays only





GAA utilises a forward looking stock selection GAA utilises a forward looking stock selection methodology which looks forward 30 days onlymethodology which looks forward 30 days only

The portfolio is The portfolio is COMPLETELYCOMPLETELY rebalanced every rebalanced every 3030daysdays





GAA utilises a forward looking stock selection GAA utilises a forward looking stock selection methodology which looks forward 30 days onlymethodology which looks forward 30 days only

The portfolio is COMPLETELY rebalanced every 30 The portfolio is COMPLETELY rebalanced every 30 daysdays

There is There is NO NO correlation between the portfolio held one correlation between the portfolio held one month and that of the nextmonth and that of the next








Size of underlying portfolio Size of underlying portfolio large enoughlarge enough to consider 52 to consider 52 markets – smaller portfolios cannotmarkets – smaller portfolios cannot





Size of underlying portfolio large enough to consider 52 Size of underlying portfolio large enough to consider 52 markets – smaller portfolios cannotmarkets – smaller portfolios cannot

Real timeReal time data feeds provide up to the minute data feeds provide up to the minute information across information across 5252 markets markets





Size of underlying portfolio large enough to consider 52 Size of underlying portfolio large enough to consider 52 markets – smaller portfolios cannotmarkets – smaller portfolios cannot

Real time data feeds provide up to the minute Real time data feeds provide up to the minute information across 52 marketsinformation across 52 markets

Data is analysed Data is analysed everyevery day of day of everyevery week of week of everyeverymonthmonth





GAAGAA has established the ability to execute trades in has established the ability to execute trades in 5252countries - many institutions have difficulty in acquiring countries - many institutions have difficulty in acquiring or disposing foreign stocks on certain countersor disposing foreign stocks on certain counters








The Fund buys an The Fund buys an ‘insurance policy’‘insurance policy’ each month which each month which helps protect the Fund in the event that markets fall helps protect the Fund in the event that markets fall that monththat month



Data input


Data input

The Fund’s underlying ‘quant’ model analyses ALL

relevant data available on the complete universe of

stocks.


Data input



stocks.

This requires significant computing power as well as

complete data on more than 38,000 stocks listed on

52 global stock exchanges at any given time.


Data input



stocks.

This requires significant computing power as well as

complete data on more than 38,000 stocks listed on

52 global stock exchanges at any given time.

Thanks to Moore’s Law, computing power today is

fast enough to allow us to run the models required

for real time quant data management.


Data input

The costs inherent in such a programme are

significant:


Data input


significant:

• Quant model development costs


Data input


significant:


• Quant model maintenance and operational costs


Data input


significant:


• Quant model maintenance and operational costs

• the cost of real time global analytical data


Data input

Liquidity


Data input

Liquidity

Only mid to large cap stocks are selected for the

portfolio each month.


Data input

Liquidity

Only mid to large cap stocks are selected for the

portfolio each month.

Typically more than 90% of stocks selected by the

model each month are capitalised at more than US$100

million each, whilst more than 50% are capitalised at

more than US$1 billion.


Data input

Liquidity

Dynamic stock selection process


Data input

Liquidity


By far the most important element of the programme is

the proprietary ‘quant’ stock selection process.


Data input

Liquidity


By far the most important element of the programme is

the proprietary ‘quant’ stock selection process.

The process was developed over period of seven years

by GAA’s appointed ‘quant’ team headed by a former

university lecturer with a Masters degree (honours) in

Computer Engineering, as well as separate degrees in

both Banking and Finance.


Data input

Liquidity


No stock will be considered unless at least 4

independent stock reports are available for

consideration.


Data input

Liquidity


No stock will be considered unless at least 4

independent stock reports are available for

consideration.

Consequently more than 3,800,000 individual analyst

opinions (38,000 x 4 feeds x 25 variables per stock)

could be considered and incorporated into the stock

selection model each month.


Data input

Liquidity


Monthly reweighting


Data input

Liquidity


Monthly reweighting

The stock selection process is run continuously resulting

in the portfolio being completely rebalanced every 30

days.


Data input

Liquidity


Monthly reweighting



days. There is NO correlation between the portfolio held

one month and that of the next.


Data input

Liquidity


Monthly reweighting



days. There is NO correlation between the portfolio held

one month and that of the next. NO stocks are ever

automatically held across to the next month unless they

are reselected based on their own fundamental merits.


Data input

Liquidity


Monthly reweighting

On average 70% of stocks held are replaced each month.


GAA USD Global ‘Q’ Fund:GAA USD Global ‘Q’ Fund: Asset Allocation @ May 2009 Asset Allocation @ May 2009

UNITED STATES TURKEY UNITED KINGDOM GERMANYSOUTH KOREA FRANCE SWITZERLAND BELGIUM THAILANDNORWAYBRAZILHONG KONG ITALYSPAINRUSSIAN FEDERATIONAUSTRALIASINGAPOREPORTUGALJAPAN CANADAHUNGARYMALAYSIAMEXICOSWEDENNETHERLANDS SOUTH AFRICA


Data input

Liquidity


Monthly reweighting

Maximum weighting


Data input

Liquidity


Monthly reweighting

Maximum weighting

No single stock will account for more than 5% of

portfolio NAV; no single country will make up more

than 30% of portfolio NAV (other than the US and/or

Japan which could make up to 50% of portfolio NAV)


Data input

Liquidity


Monthly reweighting

Maximum weighting

Diversification


Data input

Liquidity


Monthly reweighting

Maximum weighting

Diversification

Typically 150 - 200 stocks are purchased each month.


Dynamic stock selection process in more detail

Momentum factorsMomentum factors

The model takes into account both historic and future

forecasts with regards to stock momentum…



Momentum factorsMomentum factors

The model takes into account both historic and future

forecasts with regards to stock momentum…

Analyst Revision: FY1 & FY2 (a minimum of four research reports must be available)

Change in Consensus Earnings: 1 & 3 months of both FY1 & FY2

Price Change: last month



Valuation factorsValuation factors

The model takes into account both current and future

forecasts with regards to stock valuation…



Valuation factorsValuation factors

The model takes into account both current and future

forecasts with regards to stock valuation…

Earnings Growth: FY1 & FY2

Forward Price Earnings Ratio: FY1 & FY2

Price to Book Value: FY1

Dividend Yield: FY1

Price to Cash Earnings: FY1

Price to Sales Ratio: FY1 & FY2

EBITDA Growth: FY1 & FY2



Complete table with all factors in the total universeComplete table with all factors in the total universe



Factor weighting allocation processFactor weighting allocation process

The key to the success of the strategy is the method used

for assigning weightings to the different factors.




The key to the success of the strategy is the method used

for assigning weightings to the different factors.

Extensive back testing of factors and cross factor combinations

Screening for market movement in the factors for different time intervals

Optimisation of timing




The result of this dynamic process is a monthly listing

of those stocks most likely to perform over the next

30 days from a universe of more than 38,000

worldwide…






As can be seen from this actual snap shot, 9 of the

top 10 stocks selected were listed in different

countries whilst 18 of the top 32 were traded on

different stock markets…





The ‘Quant’ model in action – an actual exampleThe ‘Quant’ model in action – an actual example

HK listed Orient OS International was identified as

being a “strong buy”. The model re-selected this stock

every month for the following 7 months and thus it

was retained within the portfolio.

It provided a net gain of 316% over this period…



The Quant model in action – an actual exampleThe Quant model in action – an actual example


Dynamic hedging facility in more detail

Protecting the Portfolio against adverse market conditionsProtecting the Portfolio against adverse market conditions




The stocks chosen for purchase each month are rigorously

filtered, and yet the stock portfolio itself will always be

‘long’ only.




The stocks chosen for purchase each month are rigorously

filtered, and yet the stock portfolio itself will always be

‘long’ only.

Although proven time and again to be able to secure gains

in both bull and bear markets, any ‘long’ only portfolio is

subject to sudden and unexpected drawdowns in the

market economy…




To that end, the GAA Global ‘Q’ Fund employs a dynamic

hedging facility.




Each month, the model buys ‘put’ options on the

underlying component stock indices which make up the

MSCI World Index in order to protect the portfolio in the

event those markets fall…




Consequently the ‘long only’ portfolio always enjoys an

element of protection against the components of the MSCI

from falling…




Consequently the ‘long only’ portfolio always enjoys an

element of protection against the components of the MSCI

from falling…

Every month the Fund protects 50% of the value of the

long only portfolio. If markets are deemed to be unstable

or listless, this is increased to 100% of the value, resulting

in zero net exposure to global stock market movements…


The Result?The Result?


Returns which have consistently beaten all Returns which have consistently beaten all major global stock markets…major global stock markets…


(15.0%)

(10.0%)

(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Feb-93 Feb-94 Feb-95 Feb-96 Feb-97 Feb-98 Feb-99 Feb-00 Feb-01 Feb-02 Feb-03 Feb-04

NB Uncompounded figures used in this back tested graph are proforma and net of all management fees

98 winning months out of 132 98 winning months out of 132 (during pre launch testing from 1993 to 2004)(during pre launch testing from 1993 to 2004)



……and significant out performance of the MSCIand significant out performance of the MSCI

0.0%

50.0%

100.0%

150.0%

200.0%

250.0%

300.0%

350.0%


Q Fund Net Gain MSCI Net Gain


The statistics speak for themselves…The statistics speak for themselves…

-13.74%Largest monthly drawdown5.84%Standard Deviation (monthly)

-21.34%Maximum drawdown2.80%Av Monthly Return (compounded)

3.29Sortino ratio @ 4.34% rfr394.14%Total Return (non compounded)

1.56Sharpe ratio @ 4.34% rfr39.32%Annualised ROR (11 yrs)

34No. of negative months72.10%2003 Net Return

98No. of positive months4.58%Jan 04 Net Return

(15.0%)

(10.0%)

(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%


0.0%

50.0%

100.0%

150.0%

200.0%

250.0%

300.0%

350.0%


Q Fund Net Gain MSCI Net Gain



NB Figures used in this graph are based on actual NAV and are net of all management fees

Real time performance since launch has been impressive…Real time performance since launch has been impressive…

708090

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GAA USD Global 'Q' Fund Price MSCI World (Base:100)



Real time performance since launch has been impressive…Real time performance since launch has been impressive…

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Real time performance since launch has been impressive…Real time performance since launch has been impressive…1 May 2004 – 1 May 2009: 1 May 2004 – 1 May 2009: +110.37% gain +110.37% gain net of charges in 60 months of tradingnet of charges in 60 months of trading

708090

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Real time performance since launch has been impressive…Real time performance since launch has been impressive…1 May 2004 – 1 May 2009: 1 May 2004 – 1 May 2009: +110.37% gain +110.37% gain net of charges in 60 months of tradingnet of charges in 60 months of trading

(versus (versus -14.27% loss-14.27% loss made by MSCI World Index over same period!) made by MSCI World Index over same period!)

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MSCI ‘Q’YEAR

How has ‘Q’ Fund compared with the MSCI World Index?How has ‘Q’ Fund compared with the MSCI World Index?


+7.56%

MSCI

2005

‘Q’YEAR



+17.95%

+7.56%

MSCI

2006

2005

‘Q’YEAR



+7.09%2007

+17.95%

+7.56%

MSCI

2006

2005

‘Q’YEAR



+7.09%2007

-42.08%

+17.95%

+7.56%

MSCI

2008

2006

2005

‘Q’YEAR



+7.09%2007

-42.08%

+17.95%

+7.56%

MSCI

2008

2006

+20.78%2005

‘Q’YEAR



+7.09%2007

-42.08%

+17.95%

+7.56%

MSCI

2008

+17.72%2006

+20.78%2005

‘Q’YEAR



+33.22%+7.09%2007

-42.08%

+17.95%

+7.56%

MSCI

2008

+17.72%2006

+20.78%2005

‘Q’YEAR



+33.22%+7.09%2007

-42.08%

+17.95%

+7.56%

MSCI

-1.90%2008

+17.72%2006

+20.78%2005

‘Q’YEAR



Total returns comparedTotal returns compared

1 May ’04 – 1 May ‘091 May ’04 – 1 May ‘09

‘Q’MSCI



1 May ’04 – 1 May ‘091 May ’04 – 1 May ‘09

-14.27%

‘Q’MSCI



1 May ’04 – 1 May ‘091 May ’04 – 1 May ‘09

+110.37%-14.27%

‘Q’MSCI



Real time performance since launch has been impressive…Real time performance since launch has been impressive…Average Average winningwinning month: month: +4.95%+4.95%; ; Average Average losinglosing month: month: -2.82%-2.82%

Winning vs losing months

-12.00%-10.00%-8.00%-6.00%-4.00%-2.00%0.00%2.00%4.00%6.00%8.00%

10.00%12.00%14.00%16.00%18.00%20.00%

May

-04

Jul-0

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ep-0

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May

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Mar

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Mar

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May

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Monthly performance




60%60% (36/60) (36/60) winning monthswinning months vsvs 40%40% (24/60) (24/60) losing monthslosing months


-12.00%-10.00%-8.00%-6.00%-4.00%-2.00%0.00%2.00%4.00%6.00%8.00%

10.00%12.00%14.00%16.00%18.00%20.00%

May

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Jul-0

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Monthly performance




60%60% (36/60) (36/60) winning monthswinning months vsvs 40%40% (24/60) (24/60) losing monthslosing months


-12.00%-10.00%-8.00%-6.00%-4.00%-2.00%0.00%2.00%4.00%6.00%8.00%

10.00%12.00%14.00%16.00%18.00%20.00%

May

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Monthly performance


41 out of 49 x 12 month rolling returns have been positive41 out of 49 x 12 month rolling returns have been positive

0

1

2

3

4

5

6

7

8

9-2

4.99

%-2

0%

-19.

99-1

5%

-14.

99-1

0%

-9.9

9-5%

-4.9

9 -

0%

0-4.

99%

5-9.

99%

10-1

4.99

%

15-1

9.99

%

20-2

4.99

%

25-2

9.99

%

30-3

4.99

%

35-3

9.99

%

40-4

4.99

%

45-4

9.99

%

50-5

4.99

%

55-5

9.99

%

60-6

4.99

%

Percentage return per 12 month period

No

of 1

2 m

onth

per

iods

.



0

1

2

3

4

5

6

7

8

9-2

4.99

%-2

0%

-19.

99-1

5%

-14.

99-1

0%

-9.9

9-5%

-4.9

9 -

0%

0-4.

99%

5-9.

99%

10-1

4.99

%

15-1

9.99

%

20-2

4.99

%

25-2

9.99

%

30-3

4.99

%

35-3

9.99

%

40-4

4.99

%

45-4

9.99

%

50-5

4.99

%

55-5

9.99

%

60-6

4.99

%


No

of 1

2 m

onth

per

iods

.



BEST BEST 12 month rolling return since launch: 12 month rolling return since launch: +60.24% vs +22.28% +60.24% vs +22.28% MSCIMSCI

WORSTWORST 12 month rolling return since launch: 12 month rolling return since launch: -18.09% vs -44.57% -18.09% vs -44.57% MSCIMSCI

0

1

2

3

4

5

6

7

8

9-2

4.99

%-2

0%

-19.

99-1

5%

-14.

99-1

0%

-9.9

9-5%

-4.9

9 -

0%

0-4.

99%

5-9.

99%

10-1

4.99

%

15-1

9.99

%

20-2

4.99

%

25-2

9.99

%

30-3

4.99

%

35-3

9.99

%

40-4

4.99

%

45-4

9.99

%

50-5

4.99

%

55-5

9.99

%

60-6

4.99

%


No

of 1

2 m

onth

per

iods

.


Corporate StrengthCorporate Strength

Fund : GAA USD Global ‘Q’ Fund

Issued by : GAA Investment Funds Limited, Bermuda

Fund Manager : Global Asset Allocation Limited, Bermuda

Custodian : Bermuda Commercial Bank, Bermuda

Administrator : ICMOB, Bermuda

Auditor : Deloitte & Touche, Bermuda

Legal Council : Conyers Dill & Pearman, Bermuda

Authority : Bermuda Monetary Authority


Key Features of GAA USD Global ‘Q’ FundKey Features of GAA USD Global ‘Q’ Fund

• Excellent performance: +110.37% May 2004 – May 2009

• +16.04% pa annualised return since launch

• -18.09% to +60.24% 12 month rolling returns since launch

• SIGNIFICANT outperformance of MSCI World Index since launch: +110.37% vs -14.27%

• Retail access to ‘quant’ fund either directly or via institutions

• Zero cost of purchase: redemption fees zero after 5 yrs





THANK YOU!




THANK YOU!


• This presentation does not constitute investment advice specific to any one individual investor and This presentation does not constitute investment advice specific to any one individual investor and

is not an offer to purchase the GAA USD Global ‘Q’ Fund (“the Fund”), which may only be bought is not an offer to purchase the GAA USD Global ‘Q’ Fund (“the Fund”), which may only be bought under the terms of the prospectus. The Fund is a Class Fund of GAA Investment Funds Limited (“the under the terms of the prospectus. The Fund is a Class Fund of GAA Investment Funds Limited (“the Company’), a Bermuda based mutual fund company. The Company is an unregulated collective Company’), a Bermuda based mutual fund company. The Company is an unregulated collective investment scheme under the UK Financial Services Act 1986, and therefore does not carry the investment scheme under the UK Financial Services Act 1986, and therefore does not carry the protection provided by the UK regulatory system.protection provided by the UK regulatory system.

• This document is being issued by Global Asset Allocation Limited for information purposes only. This document is being issued by Global Asset Allocation Limited for information purposes only. Changes in foreign exchange rates may have an adverse effect on the price or value of the Changes in foreign exchange rates may have an adverse effect on the price or value of the investment. No representation is being made by the Fund or its directors as to the accuracy or investment. No representation is being made by the Fund or its directors as to the accuracy or completeness of the information contained in this document. Past performance is not necessarily a completeness of the information contained in this document. Past performance is not necessarily a guide to the future. The value of the shares in this Fund may fall as well as rise. guide to the future. The value of the shares in this Fund may fall as well as rise.

• Returns are paid gross and tax may be due according to the residence or domicile of the investor. Returns are paid gross and tax may be due according to the residence or domicile of the investor. Tax concessions are not guaranteed and may change at any time; their value will depend on Tax concessions are not guaranteed and may change at any time; their value will depend on individual circumstances. It is the investor’s responsibility to ensure that the making or holding of an individual circumstances. It is the investor’s responsibility to ensure that the making or holding of an investment complies with any restrictions or other provisions of any relevant trust deed or any other investment complies with any restrictions or other provisions of any relevant trust deed or any other regulations affecting the investor.regulations affecting the investor.

Economy & Finance

Powerpoint Presentation - May 09