EFTA01114030.pdf

B A M BERKELEY ASSET MANAGEMENT Oppida Investments Limited October 2012 performance analysis and position overview AFT EFTA01114030 Table of Contents 1 PERFORMANCE TABLE 2 PERFORMANCE VERSUS CREDIT & EQUITIES LTM 3 PERFORMANCE VERSUS CREDIT & EQUITIES LAST 24 MONTHS 4 MONTHLY RETURNS CHART 5 OPPIDA VS PAN EUROPEAN BOND EUR HIGH YIELD FUNDS LTM 6 OPPIDA VS PAN EUROPEAN BOND EUR HIGH YIELD FUNDS LAST 3 YEARS 7 HIGH YIELD CREDIT EURO BOND FUND PERFORMANCE LTM TOP 20 FUNDS 8 HIGH YIELD CREDIT EURO BOND FUND RISK LTM TOP 20 FUNDS A EFTA01114031  Performance Table (Net of fees and expenses but gross of Irish corporation taxes paid by Oppida) Monthly performance based on weighted average capital drawn, including 15% performance allocation above the hurdle rate. Month Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 • Return - - - - -1.07% 0.23% 2.71% 1.91% 1.47% 2.74% 0.75% °/o Cummulative - - - - -1.07% -0.85% 1.84% 3.78% 5.31% 8.20% 9.01% YTD return - - - - - -1.07% -0.85% 1.84% 3.78% 5.31% 8.20% 9.01% Month Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 • Return 1.11% 0.06% 2.38% 1.57% -0.97% -0.48% 1.71% 0.96% 1.35% 1.23% 0.92% 1.34% °/o Cummulative 10.22% 10.29% 12.91% 14.69% 13.58% 13.03% 14.9r/o 16.07% 17.64% 19.09% 20.18% 21.79% YTD return 1.11% 1.17% 3.58% 5.21% 4.19% 3.69% 5.47% 6.48% 7.92% 9.24% 10.25% 1172% Month Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 • Return 1.63% 1.65% 0.41% 1.11% 0.58% -0.56% 0.13% -3.43% -0.89% 1.97% -1.42% 0.85% • Cummulative 23.77% 25.81% 26.33% 27.72% 28.47% 27.75% 27.92% 23.54% 22.44% 24.85% 23.07% 24.13% YTD return 1.63% 3.30% 3.72% 4.87% 5.48% 4.90% 5.03% 1.43% 0.53% 2.51% 1.05% 1.91% Month Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 0/0 Return 3.37% 2.74% 1.81% 0.59% 0.30% 0.86% 2.15% 2.53% 2.09% 1.94% 0/0 Cummulative 28.31% 31.82% 34.21% 35.01% 35.41% 36.58% 39.52% 43.05% 46.04% 48.87% YTD return 3.37% 6.20% &13% 8.77% 9.09% 10.03% 12.40% 15.24% 17.65% 19.93% Stand deviation 4.60% Sharpe ratio * 2.25 *Risk free rate 2.00% A M EFTA01114032  PERFORMANCE VERSUS CREDIT & EQUITIES LTM 25% •-• - Oppida Investments Limited CREDIT SUISSE INSTITUTIONAL WESTERN EUROPEAN LEVERAGED LOAN INDEX 20% BOA Merrill Lynch Euro High Yield TR index • , Stoxx Europe 600 Index (Bloomberg SXXP Index) .••• 15% •• •• •• 10% e .. ... 5% de .... ..... -5% -10% ^_, s s % % % % % 41 % 'V ....' 4^, ,s, s% 0,v N. IN. 'V% N1 :' ..e:" g 4.1%.' e.Nt 11 c1 & e t O- 4' 14 /' P C# l* It 4, 0 OPPIDA B A M EFTA01114033 PERFORMANCE VERSUS CREDIT & EQUITIES LAST 24 MONTHS 30% •••• •••• Oppida Investments Limited BOA Merrill Lynch Euro High Yield TR index 25% CREDIT SUISSE INSTITUTIONAL WESTERN EUROPEAN LEVERAGEDLOAN INDEX / / I 20% StoocEurope-6004ndex (illoomberg-SXXP Index) / / / 15% / .... 00 ... ••• ""' I 10% I / .". •♦ , 0- 00 %. ... 40 I %. .., ••• 0% 5% I t iV -10% -15% -20% CS szb 'ti 't'S' kr h./ kr 'ti IS ' ti. hP l, PSI % Nt NI % 'ti's % % 'tit' % hr N' ti' 1 #1 % 'V NI l'Y eV NI kt % IN/ N% % S. % kV % % try % 0 + Oa C° 'I . .1 (< e 4 4% et 4,• >,t •,-, v•44, ‘,19 oc, ' +i ge5' SIP k ilcs 4,4 4 4%• It- S 4 tS i 49 Or" OPPIDA B A M EFTA01114034 MONTHLY RETURNS CHART ■ Oppida Investments Limite ■ CREDIT SUISSE INSTITUTIONAL WESTERN EUROPEAN LEVERAGED LOAN INDEX ■ BOA Merrill Lynch Euro High Yield TR index OPPIDA EFTA01114035  25 Oppida vs Pan European — Bond EUR High Yield funds LTM • • • • • BofA Merrill Lynch 20 Euro High Yield TR • Oppida • • • • • • • * • • • • • • • • • •• • •• • • • • • *Sector Average • • • • • • • • • • • • • • 5 • 0 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 Standard deviation of monthly returns % LTM Source: Citywire.co.uk OPPI IY\ Pan European - Bond EUR High Yield B A EFTA01114036  50 Oppida vs Pan European — Bond EUR High Yield funds Last 3 years Pioneer Funds EuroHigh Yield E • No Ens EUR • • Oppida 40 • ElofA Merrill Lynch • * Euro High Yield TR • • • • • • • • • • • . • y en 30 Sector Aver • • • le • . -I ♦ C •♦ = • ... w • 020 •♦ • I— BFC Masterfund High Yield • 10 - ILLovi_Volatikty lEUR) 0 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 Standard deviation of monthly returns % Last 3 years Source: Citywire.co.uk OPPID A Pan European — Bond EUR High Yield 13 A M EFTA01114037 HIGH YIELD CREDIT EURO BOND FUND PERFORMANCE LTM TO 31 OCTOBER 2012 Total Return Risk (Stand deviation) FUND LTM 1M 3M LTM 3M Oppida Investments 19.2 1.94 6.7 1.31 0.31 BofA Merrill Lynch Euro High Yield TR 19.1 2.1 7.1 3.00 0.20 Bond EUR High Yield Sector Average 14.0 1.7 5.2 2.50 0.40 Rank FUND LTM 1M 3M LTM 3M 1 UBS (Lux) Bond Fund - Euro High Yield I-B-acc 21.6 2.6 8.2 3.37 0.31 2 AllianceBernstein-Euro High Yield Pf S EUR 21.5 2.1 8.2 3.25 0.54 3 Schelcher Prince Haut Rendement I 21.2 3.1 11.0 3.95 0.35 4 Aberdeen Global II - Euro High Yield Bond 12 Acc 21.2 2.3 6.4 2.37 1.15 5 BNP Paribas 11Bond Euro High Yield IH NOK Cap 20.8 1.6 5.5 3.35 1.67 6 BPI High Income Bond 1 19.7 2.0 5.1 2.30 0.32 7 Alandsbanken Euro High Yield B 18.9 2.6 6.9 3.33 0.33 8 HSBC GIF Euro High Yield Bond IC EUR 18.4 2.0 5.8 3.60 0.15 9 Aberdeen Global - Select Euro High Yld Bd 12 Acc 18.2 1.9 7.6 3.69 0.84 10 Babson Capital European High Yield Bond S EURAcc 18.0 2.0 6.5 2.82 0.45 11 Dexia Bonds Euro High Yield I Cap 17.3 1.9 5.6 2.29 0.08 12 Threadneedle European High Yld Bd Inst Gr Acc EUR 17.1 1.7 5.6 2.70 0.23 13 Natixis Euro High Income Fund IA 16.6 2.3 6.1 2.87 0.26 14 Nordea Multi Label SICAV European High Yield Bond 16.6 2.3 7.5 3.23 0.15 15 Templeton Euro High Yield I (acc) EUR 16.5 2.0 6.0 2.68 0.08 16 PRIMA Fix High Yield Y 16.5 1.9 6.1 3.57 0.17 17 Allianz Euro High Yield I 16.4 1.6 4.6 2.79 0.15 18 Raiffeisen-Europa-High Yield RA 16.3 1.9 5.6 2.49 0.44 19 L Euro High Yield 16.1 1.8 5.9 3.13 0.31 20 Zantke Euro High Yield AMI 1(a) 16.0 2.3 5.0 2.30 0.60 Source: Citywire.co.uk Pan European - Bond EUR High Yield Top 20 out of 67 funds EFTA01114038  HIGH YIELD CREDIT EURO BOND FUND RISK LTM TO 30 SEPTEMBER 2012 Risk (Stand deviation) Total Return FUND LTM 3M LTM 1M 3M Oppida investments 1.31 0.31 19.23 1.94 6.70 BofA Merrill Lynch Euro High Yield TR 3.00 0.20 19.1 2.10 7.10 Bond EUR High Yield Sector Average 2.50 0.40 14 1.70 5.20 Rank FUND LTM 3M LTM 1M 3M 1 European Credit ECM High Yield I Acc EUR 0.63 0.16 6.00 0.90 3.10 2 BFC Masterfund High Yield Low Volatility (EUR) 0.66 0.12 5.00 0.30 1.00 3 Petercam L Bonds EUR High Yield Short Term B 0.85 0.54 9.00 1.40 2.60 4 Hugau High Yield Recovery 1.13 0.56 8.90 1.30 3.00 5 Pioneer Funds Euro Strategic Bond I No Dis EUR 1.16 0.52 10.90 1.40 2.60 6 BNPP B Fund II Basket of High Yield Bonds 8 Dis 1.40 0.28 10.00 1.20 2.80 7 Saastopankki Yrityslaina B 1.63 0.19 10.30 0.80 2.80 8 Ecofi High Yield 1.64 1.02 14.10 1.40 4.70 9 Invesco Extra Income Bond T 1.66 0.13 13.20 1.10 3.80 10 NORD/LB AM High Yield 1.68 0.20 10.60 0.70 2.60 11 MMA Multigestion Haut Rendement 1.74 0.44 9.90 0.60 0.90 12 Regard Haut Rendement 1.86 0.35 14.10 1.50 4.00 13 Degroof Bonds EMU Quants A Cap 1.92 0.20 10.10 0.80 2.80 14 Finlandia High Yield Plus 1.93 0.51 12.40 1.40 4.40 15 Tikehau Credit Plus A 1.97 0.19 10.90 1.00 3.10 16 KEPLER High Yield Corporate Rentenfonds A 1.98 0.30 13.10 1.50 4.90 17 Sabadell BS Euro High Yield, Fl 2.04 0.39 11.80 1.70 4.50 18 BNPP B Fund II Basket of High Yield Bonds7D 2.06 0.09 6.00 0.90 3.10 19 ESPA BOND CORPORATE BB (T) 2.09 0.65 12.70 1.50 3.90 20 Pharus SICAV - Bond Opportunities B 2.14 0.17 8.40 1.20 3.90 Source: Citywire.co.uk I OPPIDA Pan European - Bond EUR High Yield Top 20 out of 67 funds A NI EFTA01114039 Important Notice & Disclaimers This document is being issued for information purposes only. This document does not constitute an offer to issue to buy or invest in the Fund(s). You should appreciate that the value of shares in the Fund(s), and any income from them, may go down as well as up and that investors may not receive back, on redemption of his shares, the amount invested. Past performance is not necessarily indicative of future performance. Where an investment involves a foreign currency, it may be subject to fluctuations in value due to movements in exchange rates. These changes to exchange rates may also cause the value of an underlying investment to go down as well as up. The shares are not dealt in on a recognized exchange or designated investment exchange for the purpose of the Financial Services and Markets Act 2000 of the United Kingdom (the "Act"), nor is there a market maker in the shares. It may therefore be difficult for the investor to dispose of his shares otherwise than by way of redemption or to obtain reliable information about the extent of the risks to which he is exposed. This document should not be considered as legal, tax or any other advice. Opinions expressed whether in general or in both on the performance of individual funds and in a wider economic context represent the views of the contributor at the time of preparation. This document and the information contained therein constitute a financial promotion for the purposes of the Act and the rules of the FSA. This document is issued both inside and outside the UK only to and/or directed at persons who are professional clients or eligible counterparties for the purposes of the FSA's Conduct of Business Sourcebook. You will only be able to invest after receiving a final prospectus and subscription document. Any decision to invest should be based on the final prospectus document and you should take independent legal advice if necessary. A number of assumptions have utilised in the above presentation. For full details of the assumptions used please contact Berkeley Asset Management LLP. This document is exempt from the scheme promotion restriction (in section 238 of the Act) on the communication of invitations or inducements to participate in Unregulated Collective Investment Schemes on the grounds that it is being issued to and/or directed at only the types of persons referred to above. This document has been provided to you solely for your information and may not be copied, reproduced, further distributed to any other person or published, in whole or in part for any purpose. Any other person receiving this document should not rely upon its content. OPPIDA A EFTA01114040