Performance vs. Indices

January 1999 to July 2010

	Manager's Record ($) (%)	HFRI Fund of Funds Index (%)	FT World Index (Local) (%)	Citigroup World Govt. Bond Index (Local) (%)
Annualised Rate of return	5.10	5.52	2.19	4.23
Standard Deviation	3.17	6.01	15.46	2.89
Sharpe Ratio	0.03	0.09	(0.18)	(0.27)
Biggest Monthly Loss	(5.04)	(6.89)	(16.53)	(1.81)
Maximum peak to trough drawdown	(9.09)	(20.52)	(49.92)	(2.67)
Profitable Months	74	66	57	69
Correlation with the FT World Index	0.49	0.66		(0.30)

                  Source: Absolute Fund Managers/HFRI/Citigroup/Bloomberg

• Absolute Fund Managers
• The Absolute Fund Investment Objectives
  Investment Strategy
  Risk Management
  Performance
  Performance v. Indices
  Standard & Poor's reports
  Monthly Reports
  Prospectus
  Application Form
  Fees
• Absolute Focus Fund
• Contact Us

Authorised and Regulated by the Financial Services Authority