TOTAL RETURN FOR THE CALENDAR YEAR (AFTER FEES & FUND TAXES) WAS *
This was achieved with no more than 4.3% of the portfolio invested in any one company and with an average cash balance of approximately 21% (i.e. $21 out of every $100 remained in cash). * Net of fees, expenses and taxes (accrued in the Fund).
REALISED INVESTMENTS FOR THE 2018 CALENDAR YEAR:
POSITIONS SOLD IN 2018
+33% AVERAGE RETURN ON PROFITABLE REALISED POSITIONS IN LOCAL CURRENCY TERMS
OF ALL POSITIONS SOLD WERE PROFITABLE IN LOCAL CURRENCY TERMS