Performance

From 1 December 2008 we divided the trading portfolio into three distinct sub-portfolios and have reported performance as such.

The sub-portfolios are Australian Stocks, UK Stocks, and Global Markets, which comprises commodities, currencies, bonds, and US indices. We now report overall portfolio results for each of the three trading accounts, each in their home currency, AUD, GBP, and USD.

The information in these tables are rolling, i.e. the trades for the month are added to these tables on a continuous basis. These tables contain trades that were opened after 1 Dec 2008.

Performance Summary

Australian Equities

UK Equities







Global Markets







Notes:

Current Account Balance – includes all closed trades from 1 Dec 2008 to the current month end

Overall Return – Total P/L to date, as a percentage of our starting balance

Win % - Percentage of trades where we book a profit

Scratched Trades – Trades where we were stopped out at break even

Max % Drawdown – This is the maximum amount, in percentage terms, in which our account decreases from our maximum equity line. Graphically, it is the maximum distance between our Maximum Equity (Pink) Line and our Current Account Balance (Blue) Line in the chart below.

Hedge Fund Benchmark Index Characteristics:

HRFX Macro - Macro strategies attempt to identify extreme price valuations in stock markets, interest rates, foreign exchange rates and physical commodities, and make leveraged bets on the anticipated price movements in these markets. To identify extreme price valuations, trading managers generally employ a top-down global approach that concentrates on forecasting how global macroeconomic and political events affect the valuations of financial instruments.

HRFX Market Directional - The HFRX Market Directional Index is designed to be representative of the overall composition of the hedge fund universe. Similar to HFRX Global, the strategies are asset weighted based on the distribution of assets in the hedge fund industry. However, as a component of the quantitative optimization and fund selection process, HFRXMD seeks to select constituents which add value by participating in the direction of various financial markets; these characteristically have higher expected volatility than Absolute Return constituents. constituents.


Performance Prior to 1 December 2008

Prior to 1 December 2008 performance returns for Australian and UK Equities and Global Markets were combined and not seperated out by currency.

Original Accout Balance 7 September 2007        $50,000
Closing Account Balance 1 December 2008        $50,205.39
Return                                                        + 0.004%

Please note the above figures are unaudited.