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SMART VALUE FUND


www.tw-am.com Asset Management Inc.

MEANING OF ´TWELVE´

12 Signs of the zodiac

12 – is the most holistic number in occidental cultures. •

Most calendar systems have twelve months in a year.

The Western zodiac has twelve signs, as does the Chinese zodiac.

The Chinese use a 12 years cycle for time-reckoning called Earthly Branches.

There are twenty-four hours in a day in all, with twelve hours for a half a day.

The number 12 is very important in many religions, mainly Judaism and Christianity, but some uses are to be found in pagan times.

12 Apostles of Jesus

12 Ancient Greek olmpic gods

TWELVE´s understanding of financial markets and the ability to seize opportunities represents the meaning of its name. 12 Knights of King Arthur´s round table

MEANING

TWELVE Smart Value Fund

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Updated 21.11.2008 www.tw-am.com Asset Management Inc.

01 TWELVE TEAM

04 TWELVE SYSTEM TESTS

02 TWELVE STORY

05 TWELVE Smart Value Fund

03 TWELVE SYSTEM

06 TWELVE Contact

This presentation supersedes any presentation or information which may have been previously issued to anyone in relation to TWELVE Smart Value Fund . The contents of this presentation, including the terms of the fund, are preliminary and subject to change without notice. This is not an offer of interests or a solicitation of an offer to sell securities or an interest in TWELVE Smart Value Fund . or in any investment vehicle. This presentation is only intended for preliminary information purposes, is for the addressee only, is the property of TWELVE GmbH (“TWELVE”) in any media, and may not be disclosed to any third party in part or in whole without the written consent of TWELVE. Neither TWELVE nor the Advisor, nor any of the parties mentioned herein including their subsidiaries, affiliates, shareholders, directors or employees, nor any persons or professional firms directly or indirectly involved in any aspect of TWELVE Smart Value Fund, guarantee the accuracy or completeness of this presentation; neither are they making any representation or providing any guarantee whatsoever as to the future economic performance of TWELVE Smart Value Fund. or as to whether TAM Smart Value Fund. will at any time in the future produce any return or other benefits to any potential participant or investor. Anyone contemplating a participation or investment in TWELVE Smart Value Fund. or a similar vehicle should refer to the private placement memorandum (which shall supersede and cancel this presentation), and should understand that participating in TWELVE Smart Value Fund. constitutes a risky investment in an emerging market, and are invited to conduct their own due diligence. The name of “TWELVE Smart Value Fund” is the property of TWELVE and is subject to change without notice. This document shall be superseded by the PPM when available.

OVERVIEW

TWELVE Smart Value Fund

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TWELVE is led by an experienced team of investment professionals.

Andreas Edtbauer

Markus Schuller

MBA in Finance | Kepler Universität (A)

Professional

Senior Analyst Monaco Capital Partners Ltd.

Master (Business Admin) at Kepler University (A) & University of Pittsburgh)

Equity/ Options Trader VKB Bank Private Banking | Analyst OÖ Landesbank AG

MBA | International University of Monaco TRIGON OE-Werkstatt

Trader & Market Maker Licenses

Academia

Equity Trader OÖ Landesbank AG

Professional

Certified Portfolio Manager (CPM)

Senior Private Banker OÖ Landesbank AG

CPM

Academia

Professional Academia

CPM, MBA

Senior Private Banker Meinl Bank

Dietmar Mayrhofer

Mag., MBA, MScFE, FRSA

Private and Institutional Banking | Team Leader (Meinl Bank) Private and Institutional Banking | Team Leader (Credit Suisse) Head of Private Banking (OÖ Landesbank AG) Equity Trader (OÖ Landesbank AG) Supervisory Board (Kepler KAG) Certified Portfolio Manager (CPM)

MScFE | International University of Monaco

01 TWELVE TEAM

TWELVE Smart Value Fund

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www.tw-am.com

TWELVE is different.

02 TWELVE is different

TWELVE Smart Value Fund

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www.tw-am.com

Smart Value Investing

Relativity

Transparency

Smart, pragmatic product development contains the focus on lifting the premium substance of an asset class and providing easy to use investment vehicles for our investors.

Permanent search for improvement.

Our developed strategies are our most important property.

The TWELVE System as an example.

AI & Retail Structures, transparency and fees are aligned to serve institutional & privaten investors with premium alternative investments.

Co-operation with renowned International University of Monaco. No dogmatic persistence on strategies or analysis methods, but ´Best-Of-Breed´ principle.

We claim to provide highest possible transparency to our investors, enabling them to closely monitor their investments. No Black Box Thinking.

Quality

Ethics

We expect highest quality from ourselves.

TWELVE guarantees a simple and fair fee structure of its products.

The same from our service partners. Consequently we only work with top tier partners. Reputation Generates Business.

02 TWELVE is different.

We are aligned to the AIMA code of conduct and take a leading position in corporate governance for hedge funds.

TWELVE Smart Value Fund

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TWELVE System.

03 TWELVE System

TWELVE Smart Value Fund

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“The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.”

“Wide diversification is only required when investors do not understand what they are doing.”

How does Warren Buffett correlate with the TWELVE System?

03 TWELVE System

“Price is what you pay. Value is what you get.”

“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”

TWELVE Smart Value Fund

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www.tw-am.com Asset Management Inc.

The TWELVE System counts on well proven Buffett principles and adds latest financial engineering methods to a comprehensive, semi-automized investment strategy. The result is an innovation of how to invest in quality companies worldwide - with permanent downside protection.

03 TWELVE System

TWELVE Smart Value Fund

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www.tw-am.com Asset Management Inc.

The TWELVE System synchonizes 4 phases. Phase I | Fundamental Filter

Phase II |Momentum Allocation

Worldwide universe of more than 12.000

Allocation of all filtered stocks in

listed stocks is screened fully automated

accordance with several cycle theories.

on a daily base. The system is aligned to

Using industry momentum as additional

filter “operationally healthy“ companies.

portfolio driver.

Unleveraged No Short Selling Automatic De-Investment

Automatic Automatic

Phase III | Hedges an Alpha bias of the TWELVE System. strategies

are

Permanent Hedging

Phase IV|Sentiment Trading

Equity and currency hedges arrange for Derivative

SYNC

exclusively

movements.

Single

SemiAutomatic

portfolio

positions

have individual volatility ranges. Trailing stop limits protect

adjusted to hedge the portfolio.

< 75 % Equity Quota

System responds to short term market

excessive market correlation.

03 TWELVE SYSTEM

< 25 % Derivative Quota

portfolio against Automatic

Matlab programmed

TWELVE Smart Value Fund

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R&D

Phase I | Outlined How ´operationally healthy´ is a company? 11 Fundamental Perspectives 2 Market Perspectives No Analyst Recommendations No Estimated Numbers

Daily Screening of 12.000 Companies

03 TWELVE SYSTEM

Flexibility

Top Database (Reuters & Rimes)

TWELVE Smart Value Fund

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www.tw-am.com Asset Management Inc.

SYSTEM TESTS | Does it work? Precisely tested

(Gross Performance) 36,21%

40,00%

35,14%

35,00% The TWELVE System ran through several acid tests.

30,00%

22,96%

25,00%

15,00%

19,33%

18,90%

20,00%

16,56% 10,11

10,02%

2001 – 2003:

Backtest

2004 – 2005:

Papertest

Sept06 – Dec07:

Managed Account Test (MAT)

in parallel to a Papertest

10,00% 2008 – YTD:

5,00%

Papertest | fund data since September 15th

0,00%

2001

2002

Backtest

2003

2004

2005

Papertest

Sept. 2006 2006

2007

2008 (YTD)

Academically audited

MAT & Papertest Papertest +SVF

04 TWELVE SYSTEM TESTS

TWELVE Smart Value Fund

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www.tw-am.com Asset Management Inc.

Performance 2008

SVF Start

25,00%

SVF comparison with • Dow Jones Industrials (DJI) • S&P500 • DAX • Nikkei 225 (N225) • MSCI World

15,00%

5,00%

-5,00%

-15,00%

Data before September 15th, 2008 does not refer to the TWELVE Smart Value Fund, but describe the testperformance of the TWELVE System (Gross performance).

-25,00%

-35,00%

-45,00%

The test-performance does not guarantee any future performance of the TWELVE Smart Value Fund.

-55,00%

04 TWELVE SYSTEM

TWELVE %

S&P500 %

DAX %

DJI %

MSCI World %

N225 %

TWELVE Smart Value Fund

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www.tw-am.com Asset Management Inc.

TOP 5 Industries (current) No

Distribution Daily Returns 2008 YTD 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0%

Häufigkeit

Industry

%

No

Comunications Equipment

29,12

1

USA

58,54

2

Healthcare/ Pharma

14,58

2

Argentina

10,22

3

Chemicals

14,43

3

Hong Kong

7,89

4

Construction

11,55

4

Israel

6,11

5

Media

7,98

5

Chile

4,13

Company

TOP 5 Holdings (current)

%

No

Company

WMS Industries

Low Volatility

4

Ansys

+10,63

4

Quidel Corp

No ´Fat Tails´

5

Embotelladora And

+4,15

5

Corning Inc

3,00%

3

Ideal Normal Distribution

04 TWELVE SYSTEM

und größer

+11,39

2,75%

Cal-Maine

2,50%

3

2,25%

Partner Communications

2,00%

2

1,75%

+ 21,05

1,50%

Telecom Argentina

1,25%

2

1,00%

Telecom Argentina SA

0,75%

1

0,50%

+28,71

0,25%

Myriad Genetics

0,00%

1 -0,25%

-0,50%

-0,75%

-1,00%

-1,25%

-1,50%

-1,75%

-2,00%

-2,25%

No

-2,50%

%

1

TOP 5 Performer (current)

-2,75%

Currency

SVF Statistik

Performance Statistics 2008

TOP Countries (current)

Calculations of the TWELVE GmbH per 09.11.2008

TWELVE Smart Value Fund

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www.tw-am.com Asset Management Inc.

HEDGING LOGIC Functionality of the TWELVE System â&#x20AC;&#x201C; Hedging Mechanism (Phase III & IV). An idealized description. Slightly Correcting Equity Markets

System Bias NET LONG

System Response SLIGHTLY ABSORBING MARKET LOSS

Strongly correcting Equity Markets

System Bias NEUTRAL

System Response NEUTRALIZING MARKET LOSS

Eroding Equity Markets

System Bias NET SHORT

System Response OVERCOMPENSATING MARKET LOSS

04 TWELVE SYSTEM

Portfolio stocks use their individualized volatility ranges and lose +/- market Hedges slightly absord equity losses.

Portfolio stocks start to hit stop-loss limits. Allocation ratio Equities-Derivatives change to the benefit of the hedging mechanism.

Many portfolio stocks are stopped out. Hedges stronger than equity losses = portfolio gains.

TWELVE Smart Value Fund

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www.tw-am.com Asset Management Inc.

Related News Articles

HOW GOOD IS ´HEALTHY´? Analysis of the current earnings season (Q3/2008), Phase I of the TWELVE System only marks 17 companies as „High Quality“ (out of 12.000) Since early September only 1 company was newly filtered. Empirically, the total number pends between 20 and 40 companies. How did the 17 management teams master the macro-economic difficulties in Q3/2008? :

TWELVE Stocks Filtered Q3 Numbers published Revenue increased Net Income increased Outlook confirmed

No. 17 13 11 12 9

in % 85% 92% 69%

Mission accomplished. Even in Q3/2008 the Phase I filtered companies delivered outstanding operational results.

04 TWELVE SYSTEM

TWELVE Smart Value Fund

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www.tw-am.com

TWELVE Smart Value Fund.

05 TWELVE SVF

TWELVE Smart Value Fund

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www.tw-am.com Asset Management Inc.

TWELVE Smart Value Fund

Specifications

TWELVE Smart Value Fund

Specifications

Fund Currency

EUR

Performance Fee Cap

High Water Mark

Fund Domicile/ Structure

Germany / UCITS III

Performance Fee

20 %

Fund Category

Absolute Return Fund

TAM Commitment

1 % of final closing

Fund Strategy

Long/Short Global Equity

Fund Target Groups

Minimum Investment

No

European HNWI, Institutional Investors, Family Offices , Endowments

NAV (Net Asset Value)

Daily

Fund Profits

Retained

Subscription | Redemption

Daily

Fund Taxation (AUT)

White Fund (since Nov 7th)

Redemption Fee

No Fund Reporting

TAM Smart Value Fund informs investors via weekly updates and monthly reports.

Fund Broker & Custodian

Hauck & Aufh채user

Fund Administrator

Universal Investment

Fund Auditor

KPMG

ISIN | WKN

DE000A0Q5R19 | A0Q5R1

Lock Up

No

Initial Fee

Max. 5%

Management Fee

2%

Performance Hurdle Rate

10 %

05 TWELVE Smart Value Fund

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www.tw-am.com Asset Management Inc.

Your advantages as investor Hedge Fund Strategy

Mutual Fund Structure

Warren Buffett Equity Approach

Smart Hedging Mechanisms

Long/Short Equity Strategy

No Short Selling & No Leverage

Retail Investor Compliant

Coherent Alternative Investment

Systemic Autopilot (TWELVE System)

Permanent AssetManager controlled

05 TWELVE SVF

TWELVE Smart Value Fund

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Active Fund Communication | in EN & DE Monthly

Weekly

Anytime

Newsletter about Smart Value Fund & TWELVE in general (per E-Mail)

Weekly update about Smart Value Fund (per E-Mail)

TWELVE Website

05 TWELVE SVF

www.tw-am.com

Anytime „Call the Manager“ Ask, respond, recommend!

TWELVE Smart Value Fund

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www.tw-am.com Asset Management Inc.

TWELVE GmbH Dametzstr. 38/3 A - 4020 Linz

FEEL INVITED TO CONTACT US.

Location: Structure: RegNr.:

Andreas Edtbauer, CPM, MBA

Dietmar Mayrhofer, CPM

Managing Director

Managing Director

phone +43 (0) 732 890103 - 30 mobil +43 (0) 664 1033327 email aedtbauer@tw-am.com web www.tw-am.com

phone +43 (0) 732 890103 - 20 mobil +43 (0) 664 1033171 email dmayrhofer@tw-am.com web www.tw-am.com

06 TWELVE CONTACT

TWELVE Smart Value Fund

Linz GmbH 313166p

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TWELVE SVF Presentation Nov08  

TWELVE Smart Value Fund

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