Optimal Japan Absolute Long Fund

Profile: Invests in the Japanese equity market with the objective of maximising investor returns. This includes hedging the portfolio. USD denominated and being unhedged is exposed to fluctuations in the Japanese Yen.  The following information is at 30 June 2010.

Facts
Denomination	US$
Fund size	US$ 187.1m
Fund commenced	1 September 2004
Country of Domicile	Cayman Islands
Minimum investment	US$ 200,000
Minimum additional investments	US$ 50,000
Dealing Frequency	Monthly
Current share price	US$ 10.13

Fees
Management Fee	1 % per annum
Performance Fee	20% above HWM*
Entry Fee	Nil
Exit Fee	Nil
Brokerage Paid	Nil

Fund Performance**	Fund (%)
1 month	-3.15
3 months	-9.47
6 months	-3.06
1 year	-4.43
2 years (compound pa)	-9.87
3 years (compound pa)	-13.59
5 years (compound pa)	-0.22
Since inception (compound pa)	0.22

* the fee is levered on the investment’s positive excess returns above
the return on the Topix index (in USD terms).

**Performance is measured using the currency denomination of the fund. The

  above returns are prior to Performance Fees.  Individual investors returns

  will differ by an Peformance Fee payable which is calculated with reference

  to the hurdle rate applicable at the time of investment.  

Disclaimer:
Past performance is not a reliable indicator of future performance.

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