Funds Alternative Fixed Income Opportunities - Prestige Funds€¦ · These figures should not be relied upon to make any investment decision. As at: 01/2018 SOURCE: Prestige Capital

Commercial Finance Opportunities GBPAlternative Fixed Income Opportunities

Advisor Commentary & Quantitative Risk Analysis

Funds

01/2018

01/2018

01/2018

01/2018 (COF/PALTF page 2 date)

(Correlation Matrix date)12/2017

01/2018

2018/01 2017/01 :01/2018

Funds

2 Commercial Finance Opportunities GBP - Advisor Commentary & Quantitative Risk Analysis

NOTE: The Fund continues to operate with a diverse portfolio of lending based investments and with approximately 0.08 medium term correlation to benchmark equity indices such as UK 10 Year Treasury Index and 0.81% downside volatility. To provide investors with a genuine alternative inflation hedge in an increasingly uncertain and volatile world. Fund: Underlying Investor Base (Currency Share Classes) Share Class Investors # % of Fund EUR 206 47% USD 105 23% GBP 73 16% CHF 51 11% SEK 13 3%

TOTAL 448

USD 23%

EUR 47%

GBP 16%

CHF11%

SEK3%

NOTE: All figures are approximate, rounded up and subject to change without notice and should not be relied upon to make any investment decision. As at: 12/2017 SOURCE: Prestige Capital Management Limited.

Funds

Commercial Finance Opportunities GBP - Advisor Commentary & Quantitative Risk Analysis 3

Portfolio: Operating Allocations

Debt Finance Portfolio 620%








NOTE: All figures are approximate, rounded up, and do not include any cash or near cash holdings and subject to change without notice. These figures should not be relied upon to make any investment decision. As at: 01/2018 SOURCE: Prestige Capital Management Limited.

Funds


0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

Oct-

11

Jan-1

2

Ap

r-1

2

Jul-1

2

Oct-

12

Jan-1

3

Ap

r-1

3

Jul-1

3

Oct-

13

Jan-1

4

Ap

r-1

4

Jul-1

4

Oct-

14

Jan-1

5

Ap

r-1

5

Jul-1

5

Oct-

15

Jan-1

6

Ap

r-1

6

Jul-1

6

Oct-

16

Jan-1

7

Ap

r-1

7

Jul-1

7

Oct-

17

Jan-1

8

AU

M U

SD

Fund: Assets under Management – All Shares Classes USD

NOTE: All figures are approximate, rounded up and subject to change without notice and should not be relied upon to make any investment decision. As at 01/2018. SOURCE: Prestige Fund Management Limited. Fund: Cumulative Performance - Participating Class USD

98

103

108

113

118

123

10/20

13

04/20

14

10/20

14

04/20

15

10/20

15

04/20

16

10/20

16

04/20

17

10/20

17

Cumu

laitve

Perfo

rman

ce (U

SD Sh

are)

NOTE: All figures are approximate, rounded up and subject to change without notice and should not be relied upon to make any investment decision. As at: 01/2018 SOURCE: Prestige Capital Management Limited

Funds


24%

33%

84%

67%

6%

13%

0%

28%

57%

65%

22%

109%

101%

0%

75%

0%

92%

21%

100%

32%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

110%

120%

Faci

lity

1

Faci

lity

2

Faci

lity

3

Faci

lity

4

Faci

lity

5

Faci

lity

6

Faci

lity

7

Faci

lity

8,9,

10

& 11

Faci

lity

12

Faci

lity

13

Faci

lity

14

Faci

lity

15

Faci

lity

16

Faci

lity

17&

18

Faci

lity

19

Faci

lity

20

Faci

lity

21&

22

Faci

lity

23&

24

Faci

lity

25&

26

Faci

lity

28

AVE

Portfolio 1: Debt Finance - Facilities # Total - Facilities: 28 Total (External) Invoice Customers: 898 Average (External) Invoice Customers per Facility 32

% Average Usage - Invoice/Finance Facility: 32% Largest Usage - Invoice/Finance Facility: 109% Smallest Usage - Invoice/Finance Facility: 6% DAYS Average (External Customer) Debt Turn (Duration): 53 NOTE: All figures are approximate, rounded up, and do not include any cash or near cash holdings and subject to change without notice. These figures should not be relied upon to make any investment decision. As at: 01/2018 SOURCE: Prestige Capital Management Limited. Portfolio 1: Debt Finance - Facilities Usage %


Funds


Portfolio 1: Debt Finance - Commercial/Industrial Sectors % % Manufacture & distribution of special chemical products 42% Manufacture of automation processes & tooling 18% Installation of biomass boilers 7% Manufacture and installation of modular buildings 5% Decorators 3% Renting and leasing of water equipment 3% Skip hire and waste disposal 3% Property 3% Groundworks 2% Manufacture of boilers and heat pumps 2% Property Maintenance 2% Roofing, glazing and design 2% Boiler Fitters 2% Manpower (Welding) 2% Principal Contractor to Housing Assc. 2% Dry Lining 1% Media and Advertising 1% Manufacture, Supply & Installation of Prefabricated Pipework & Utility Cupboards 0% Civil Engineering 0% Temporary Staff Agency 0%

AVE 4% MAX 42% MIN 0%


Funds


Portfolio 1: Debt Finance - Commercial/Industrial Sectors %

Manufacture & distribution of special chemical products

42%

Manufacture of automation processes & tooling

18%

Installation of biomass boilers7%

Manufacture & Installation of modular buildings

5%

Decorators3%

Renting & leasing of water equipment

3%

Skip Hire & waste disposal3%

Property 3%

Groundworks2%

Manufacture of boilers & heat pumps

2%

Property maintenance 2%

Roofing, Glazing & Design2%

Manpower (Welding)2%

Boiler Fitters2%

Principal Contractor to Housing Assc.2% Dry Lining

1%

Media and Advertising1%

Manufacture, supply & installation of prefabricated

pipework and utility cupboards 0%

Civil Engineering0%

Temporary Staff Agency0%


Funds


Portfolio 2: Debt Finance - Facilities # Total - Facilities: 19 Total (External) Invoice Customers: 360 Average (External) Invoice Customers per Facility 19

% Average Usage - Invoice/Finance Facility: 37% Largest Usage - Invoice/Finance Facility: 82% Smallest Usage - Invoice/Finance Facility: -2% DAYS Average (External Customer) Debt Turn (Duration): 40 NOTE: All figures are approximate, rounded up, and do not include any cash or near cash holdings and subject to change without notice. These figures should not be relied upon to make any investment decision. As at: 01/2018 SOURCE: Prestige Capital Management Limited. Portfolio 2: Debt Finance - Facilities Usage %

74%

59%

76%

45%43%

57%

47%

78%

82%

0%

78%

0%

66%

-2%

0%

37%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Faci

lity

1

Faci

lity

2

Faci

lity

3 &

4

Faci

lity

5

Faci

lity

6

Faci

lity

7

Faci

lity

8, 9

& 1

0

Faci

lity

11

Faci

lity

12

Faci

lity

13

Faci

lity

14

Faci

lity

15

Faci

lity

16

Faci

lity

17 &

18

Faci

lity

19

AVE


Funds


Portfolio 2: Debt Finance - Commercial/Industrial Sectors % % Consulting Engineers 20% Temp Manpower 17% Property 16% Manpower 10% Higher Education Facility 8% Media Management 5% Steel Fabrication 5% Groundworks 5% Electrical Contractors 5% Refurbishments 4% Decorators 2% Education Establishment 2% Stone Masons 1% Temporary Recruitment 0% Floor and wall covering 0%

AVE 5% MAX 20% MIN 0%

NOTE: All figures are approximate, rounded up, and do not include any cash or near cash holdings and subject to change without notice. These figures should not be relied upon to make any investment decision. As at: 01/2018 SOURCE: Prestige Capital Management Limited. Portfolio 2: Debt Finance - Commercial/Industrial Sectors %

Consulting Engineers20%

Temp Manpower17%

Property16%

Manpower 10%

Higher Education Facility 8%

Media Management5%

Steel Fabrications5%

Groundworks5%

Electrical Contractors5%

Refurbishments4%

Decorators2%

Education Establishment2%

Stone Masons1%

Temporary Recruitment0%

Floor and wall covering0%


Funds


Portfolio 3: Debt Finance - Commercial/Industrial Sectors % % Consumer Products/Services 35% Marketing and Promotions 12% Technology 11% Real Estate/Construction 10% IT and Security 7% Clean Energy and Energy Services 6% Medical/Medical Supplies 5% Food and beverage 5% Financial Services 2% Entertainment 2% Transportation 2% Environmental Services 2% Oil and Gas 1% Communications 0% Mining and Exploration 0% Manufacturing 0% NOTE: All figures are approximate, rounded up, and do not include any cash or near cash holdings and subject to change without notice. These figures should not be relied upon to make any investment decision. As at: 12/2017 SOURCE: Prestige Capital Management Limited. Portfolio 3: Debt Finance – Commercial/Industrial Sectors %

Consumer Products/Services35%

Marketing and Promotions12%

Technology11%

Real Estate / Construction10%

IT and Security7%

Clean Energy and Energy Services

6%

Medical/Medical Supplies5%

Food and Beverage5%

Financial Services2%

Entertainment2%

Transportation2%

Environmental Services2%

Oil and Gas1% Communications

0%

Mining and Exploration0%

Manufacturing0%


Funds


Portfolio 4: Debt Finance - Commercial/Industrial Sectors % % Consumer Products 23% Food 23% General Construction 19% Media 12% Environmental 10% Other 5% Cash 5% Electrical 1% Staffing 1% Waterproofing 1% Fire Protection Consulting 0% Information Technology 0% Misc. Other (<USD$200,000) 0% Publishing 0% Mining Tires 0% Security 0% Scrap Metal 0% Management Services 0%


Portfolio 4: Debt Finance – Commercial/Industrial Sectors %

Consumer Products23%

Food23%

General Construction19%

Media12%

Environmental10%

Other5%

Cash5%

Electrical1%

Staffing1%

Waterproofing1%

Information Technology0%

All Others (<$200,000)0%

Publishing0%

Security 0%

Fire Protection Consulting0%

Mining Tires0%

Scrap Metal0%

Management Services0%


Funds


Portfolio 5: Debt Finance (Property) - Facilities # Total - Facilities: 59

Client Sector Type of Loan # Agricultural Wholesale Interest Only 1 Business Support Service Term & Interest Only 5 Catering Term 2 Cleaning Services Term 1 Construction Term & Interest Only 11 Consultancy Term 1 Dry Cleaning Term 1 Electrical Installation Term 1 Engineering Term & Interest Only 2 Event Catering Term 2 Event Merchandising Bridge 1 Financial Services Interest Only & Bridge 2 Food & Beverage Interest Only 2 Food Industry Interest Only 1 Furniture Manufacture Term 2 Human Health Activities Interest Only 1 Health and Medical Term 1 Household Employees Interest Only 1 Information Technology Term 1 Licensed Carriers Term 1 Management Consultancy Term & Bridge 2 Motor Vehicle Repairs Interest Only 1 Other info. Services Activities Interest Only & Bridge 2 Performing Arts Term 1 Printing Term 3 Product Sales Specialists Term 1 Real Estate Term & Interest Only 2 Retail Term & Interest Only 3 Roofing Activities Term 1 Social Work Activities Term 1 Solicitors Interest Only 1 Water Treatment Bridge 1

Funds


Portfolio 5: Debt Finance (Property) – Total Loans Outstanding

Agricultural Wholesale2%

Business Support Service5%

Catering2%

Cleaning Services2%

Construction34%

Consultancy 1%

Dry Cleaning1%Electrical Installation

4%Engineering

2%Event Catering

2%

Event merchandising4%

Financial Services3%

Food & Beverage2%

Food Industry4%

Furniture Manufacture2%

Health and Medical 1%

Household employees5%

Human Health Activities0%

IT3%

Licensed Carriers1%

Management Consultancy2%

Motor Vehicles Repairs3%

Other info serv. Activities2%

Performing Arts1%

Printing2%

Product sale specialists4%

Real Estate1%

Retail 3%

Roofing Activities1%

Social Work Activities 1%

Solicitors1%

Water Treatment1%


Portfolio 6: Debt Finance - Commercial/Industrial Sectors % % Receivables 33% Consumer 24% Real Estate 17% Small Business 14% Other 12%

NOTE: All figures are approximate, rounded up, and do not include any cash or near cash holdings and subject to change without notice. These figures should not be relied upon to make any investment decision. As at: 12/2017 SOURCE: Prestige Capital Management Limited. Portfolio 6: Debt Finance – Commercial/Industrial Sectors %

Receivables33%

Consumer24%

Real Estate 17%

Small Business14%

Other 12%


Funds


Portfolio 7: Debt Finance - Facilities # Total - Facilities: 2

Client Sector #

Cash flow 400 Professions 6

Portfolio 7: Debt Finance – Total Loans Outstanding

Facility 199%

Facility 21%


Funds


Portfolio 7: Debt Finance - Commercial/Industrial Sectors % % Construction 18% Retail Trade 13% Business Support Services 8% Accounting, Financial & Legal 8% Wholesale Trade 8% Manufacturing 7% Real Estate 6% Service Providers 6% Hospitality & Catering 4% Architecture & Engineering 4% Sports & Education 3% Media & Advertising 3% I.T. 3% Leasing & Sales 3% Health & Medical 2% Agriculture & Farming 2% Transport 1% Maintenance & Repairs 1% NOTE: All figures are approximate, rounded up, and do not include any cash or near cash holdings and subject to change without notice. These figures should not be relied upon to make any investment decision. As at: 01/2018 SOURCE: Prestige Capital Management Limited. Portfolio 7: Debt Finance – Commercial/Industrial Sectors %

Construction18%

Retail Trade 13%

Business support services8%

Accounting, Financial & Legal8%

Wholesale Trade8%

Manufacturing7%

Real Estate6%

Service Providers6%

Hospitality & Catering4%

Architecture & Engineering 4%

Sports & Education3%

Media & Advertising 3%

I.T.3%

Leasing and Sales3%

Health & Medical 2%

Agriculture & Farming 2%

Transport1%

Maintenance & Repairs1%


Funds


Portfolio 7: Debt Finance – Facility 1 Loan Maturity %

36 mnths77%

24 mnths13%

12 mnths8%

6 mnths1%

18 mnths1%

52 mnths0%

9 mnths0%

26 mnths0%

Portfolio 7: Debt Finance – Facility 2 Loan Maturity %

36 mnths83%

24 mnths17%

Funds


Portfolio 8: Debt Finance – Facilities % Retail 48% Health & Medical 23% Catering 15% Engineering & Design 6% Warehousing & Storage Facilities 5% Wholesale of motor vehicle parts 2% Accounting & Financial 1%

Portfolio 8: Debt Finance – Commercial/Industrial Sectors %

Retail48%

Health & Medical 23%

Catering15%

Engineering & Design6%

Warehousing & Storage Facilities

5%

Wholesale of motor vehicle parts2%

Accounting & Financial 1%


Funds


Portfolio 8: Debt Finance – Loan Maturity %

7-12 mths75%

0-6 mths22%

13 mths +3%


Funds


Cumulative PerformanceCFO GBP Vs. UK 10 Year Treasury Index GBP Vs. UK Bank Rate GBP: 10/2013 -

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

Monthly PerformanceCFO GBP Vs. UK 10 Year Treasury Index GBP Vs. UK Bank Rate GBP: 01/2012 -

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

CFO GBP

Net of

Fees GBP

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DECTotal

CompoundReturn

UK10 Year

TreasuryIndex

UKBankRate

2012 0.01% 1.23% -0.93% -1.78% 0.53% 0.66% 0.71% 0.85% 0.81% 0.84% 0.76% 0.83% 4.57% 1.71% 0.48%

2013 1.01% 1.07% 0.90% 0.68% 0.82% 0.77% 0.97% 0.83% 0.61% 0.92% 0.04% 0.20% 9.18% 3.59% 0.48%

2014 0.40% 0.00% 0.15% 0.10% 0.04% 0.26% 0.12% 0.53% 0.51% 0.45% 0.45% 0.30% 3.36% 1.21% 0.48%

2015 0.30% 0.35% 0.50% 0.39% 0.36% 0.35% 0.28% 0.44% 0.30% 0.35% 0.30% 0.17% 4.17% 2.02% 0.48%

2016 0.31% 0.35% 0.30% 0.49% 0.34% 0.33% 0.50% 0.35% 0.45% 0.40% 0.40% 0.32% 4.64% 0.46% 0.38%

2017 0.40% 0.41% 0.42% 0.43% 0.44% 0.44% 0.46% 0.40% 0.40% 0.40% 0.40% 0.40% 5.12% 1.17% 0.28%

2018 0.49% 0.49% 0.45% 0.04%

AVERAGE 0.42% 0.57% 0.22% 0.05% 0.42% 0.47% 0.51% 0.57% 0.51% 0.56% 0.39% 0.37% 4.50% 1.52% 0.38%

HIGHEST 1.01% 1.23% 0.90% 0.68% 0.82% 0.77% 0.97% 0.85% 0.81% 0.92% 0.76% 0.83% 9.18% 3.59% 0.48%

LOWEST 0.01% 0.00% -0.93% -1.78% 0.04% 0.26% 0.12% 0.35% 0.30% 0.35% 0.04% 0.17% 0.49% 0.45% 0.04%

ANNUALISED RETURN 5.17% 1.74% 0.43%

95

100

105

110

115

120

Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17

UK 10 Year Treasury IndexGBP

CFO GBP UK Bank RateGBP

Cumulative Growth GBPCFO GBP Vs. UK 10 Year Treasury Index GBP Vs. UK Bank Rate GBP: 10/2013 - 01/2018

CFO GBP UK 10 Year Treasury Index GBP UK Bank Rate GBP

NOTE: Results prior to 11/2013 reflect the Underlying Investment Advisors GBP. Please see the Issuing Document for terms and conditions. Past and simulated performance is not indicative of future results. Results prior to 11/2013 reflect Underlying Investment Advisor (Composite proforma) in GBP. Please see the Issuing Document for terms and conditions.

Funds


Quarterly Results %Vs. UK 10 Year Treasury Index : 01/2012 - 01/2018

Netof

FeesGBP

Q1 Q2 Q3 Q4Total

CompoundReturn

UKBankRate

UK10 Year

TreasuryIndex

MSCIWorldIndex

2012 0.31% -0.59% 2.37% 2.43% 4.57% 0.48% 1.71% 9.02%

2013 2.98% 2.27% 2.41% 1.16% 9.18% 0.48% 3.59% 14.68%

2014 0.55% 0.40% 1.16% 1.20% 3.36% 0.48% 1.21% 1.73%

2015 1.15% 1.10% 1.02% 0.82% 4.17% 0.48% 2.02% -1.80%

2016 0.96% 1.16% 1.30% 1.12% 4.64% 0.38% 0.46% 4.07%

2017 1.23% 1.31% 1.26% 1.20% 5.12% 0.28% 1.17% 15.02%

2018 0.49% 0.49% 0.04% 0.45% 3.68%

AVERAGE 1.10% 0.94% 1.59% 1.32% 4.50% 0.38% 1.52% 6.63%

BEST 2.98% 2.27% 2.41% 2.43% 9.18% 0.48% 3.59% 15.02%

WORST 0.31% -0.59% 1.02% 0.82% 0.49% 0.04% 0.45% -1.80%

NOTE: Past performance is not indicative of future results. Results prior to 11/2013 reflect Underlying Investment Advisors GBP. Please see Information Memorandum for terms and conditions.

Quarterly PerformanceCFO GBP Vs. UK 10 Year Treasury Index GBP Vs. MSCI World Index GBP Vs. UK Bank Rate GBP: 01/2012 -

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

TOTAL 35.86% 11.07% 2.65% 55.00%

3 YEAR 14.39% 3.85% 1.11% 19.03%

2 YEAR 9.80% 2.48% 0.62% 30.51%

1 YEAR 4.78% 1.50% 0.28% 14.68%

CFO

UK10 Year

TreasuryIndex

Net of feesGBP

UKBankRate

MSCI WorldIndex

Comparison TableCFO GBP Vs. UK 10 Year Treasury Index GBP Vs. MSCI World Index GBP Vs. UK Bank Rate GBP: As at

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

NOTE: Results prior to 11/2013 reflect the Underlying Investment Advisors GBP. Please see the Issuing Document for terms and conditions.

Funds


Distribution of Returns %CFO GBP: As at

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

0%

16%

80%

4%0%0%

10%

20%

30%

40%

50%

60%

70%

80%

90%0.00% 0.25% 0.50% 0.75% 1.00%

Perc

enta

ge D

istri

butio

n Ti

me

Hor

izon

Distribution of Number of Occurences of Return

Distribution of Returns %CFO : 11/2013 - 01/2018

% V % RCFO GBP 1.4% 4.5%UK 10 Year Treasury Index GBP 0.8% 1.5%MSCI World Index GBP 6.9% 6.6%UK Bank Rate GBP 0.0% 0.4%

0%

1%

2%

3%

4%

5%

6%

7%

0% 1% 2% 3% 4% 5% 6% 7% 8%

Ann

ualis

ed R

etur

n %

Annualised Volatility %

Annualised Risk Vs. Annualised Return:01/2012 - 01/2018Annualised % Returns Vs. Annualised % Risk CFO GBP Vs. UK 10 Year Treasury Index GBP Vs. MSCI World Index GBP Vs. UK Bank Rate GBP: As at

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

CFO GBP


CFO GBP

MSCI Index GBP

UK 10 Year

Treasury Index GBP

UK Bank Rate GBP

Funds


All Prestige Funds Correlation MatrixAll Prestige Funds USD Vs. MSCI World Index USD Vs. UK 10 Year Treasury Index GBP: 11/2013 -

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

MsCiWorldindexusD

0.27 0.03 0.03

uK10 Year

Treasury indexgBP

-0.21 0.35 0.04

PrestigeAlternative

FinanceusD

0.03 0.10 0.15

CommercialFinance

opportunitiesusD

0.03 0.09 0.15

CoRRelATion11/2013 - 12/2017

MsCiWorldindexusD

uK10 Year Treasury

indexgBP

PrestigeAlternative

FinanceusD

CommercialFinance

opportunitiesusD

Funds


ANNUAL RETURN - ANALYSISAnnualised Return 1.74% 5.17%Year to Date Return 0.45% 0.49%Best Year Return 3.59% 9.18%Worst Year Return 0.46% 0.49%Average Year Return 1.52% 4.50%1 Year Return 1.50% 4.78%2 Year Return 2.48% 9.80%3 Year Return 3.85% 14.39%2012 1.71% 4.57%2013 3.59% 9.18%2014 1.21% 3.36%2015 2.02% 4.17%2016 0.46% 4.64%2017 1.17% 5.12%2018 0.45% 0.49%QUARTERLY RETURN - ANALYSISBest Quarter 1.18% 3.01%Worst Quarter -0.23% -0.61%Average Quarter 0.38% 1.10%Max Drawdown -0.66% -2.69%MONTHLY RETURN - ANALYSISBest Month 0.65% 1.23%Worst Month -0.49% -1.78%Average Month 0.14% 0.42%Ave Winning Month 0.21% 0.41%Ave Losing Month -0.15% -1.36%% Winning Months 69% 100%% Losing Months 31% 0%AVERAGE MONTHLY RETURN - ANALYSIS (ANNUALLY)2012 0.14% 0.38%2013 0.30% 0.74%2014 0.10% 0.28%2015 0.17% 0.34%2016 0.04% 0.38%2017 0.10% 0.42%2018 0.45% 0.49%TOTAL - ANALYSISTotal Return 11.07% 35.86%Total Winning Months 35 51 Total Losing Months 16 - Win / Lose Ratio 2.19 - RISK - ANALYSISVolatility 0.82% 1.38%Downside Volatility 0.30% 0.75%Downside Ratio (Max DD / Vol) -0.80 -1.95Sharpe Ratio (Vol) 1.85 3.26Sortino Ratio (Downside Vol) 5.03 6.00Maximum Single "Up Draw" 0.65% 1.23%Maximum Cumulative "Draw Down" -0.66% -2.69%Alpha 0.40%Beta 0.14R-Squared 0.01Correlation (UK 10 Year Treasury Index) 0.08Correlation (S&P500 Index) 0.08

CFO GBP

UK 10 Year Treasury

IndexGBP

Historic PerformanceCFO GBP Vs. UK 10 Year Treasury Index GBP: As at

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

Funds


Annual Returns %CFO GBP Vs. UK 10 Year Treasury Index GBP: 01/2012 -

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

Average Monthly Returns (Annually) %CFO GBP Vs. UK 10 Year Treasury Index GBP: 01/2012 -

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

5%

9%

3%

4%

5%

5%

0%

2%

4%

1%

2%

0%

1%

0%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%2012 2013 2014 2015 2016 2017 2018

Annual Returns %CFO GBP Vs. UK 10 Year Treasury Index GBP:01/2012 - 01/2018

CFOGBP


0.4%

0.7%

0.3%

0.3%

0.4%

0.4%

0.5%

0.1%

0.3%

0.1%

0.2%

0.0%

0.1%

0.5%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

0.6%

0.7%

0.8%2012 2013 2014 2015 2016 2017 2018

Average Monthly Returns (Annually) %CFO GBP Vs. UK 10 Year Treasury Index GBP: 01/2012 - 01/2018

CFOGBP


CFO GBP UK 10 Year Treasury Index GBP



Funds


Top 10 Winning Months %CFO GBP Vs. UK 10 Year Treasury Index GBP: As at

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

Total Winning Months %CFO GBP Vs. UK 10 Year Treasury Index GBP: As at

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

0.0%

0.5%

1.0%

1.5%1 2 3 4 5 6 7 8 9 10

Top 10 Winning Months % CFO Vs. UK 10 Year Treasury Index GBP: 01/2012 - 01/2018

CFOGBP


0.0%

0.5%

1.0%

1.5%1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69

Total Winning Months %CFO GBP Vs. UK 10 Year Treasury Index GBP: 01/2012 - 01/2018

CFOGBP





Funds


Monthly Returns %CFO GBP Vs. UK 10 Year Treasury Index GBP: 01/2012 -

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

Monthly Performance Volatility %CFO GBP Vs. UK 10 Year Treasury Index GBP: 01/2012 -

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18

Monthly Returns % CFO GBP Vs. UK 10 Year Treasury Index GBP: 01/2012 - 01/2018

CFOGBP


-2.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%


Monthly Performance Volatility %CFO GBP Vs. UK 10 Year Treasury Index GBP: 01/2012 - 01/2018

CFOGBP





Funds


Monthly Performance Benchmark Correlation %CFO GBP Vs. UK 10 Year Treasury Index GBP: 01/2012 -

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%


Monthly Performance Benchmark Correlation %CFO GBP Vs. UK 10 Year Treasury Index GBP: 01/2012 - 01/2018

CFOGBP


Quarterly Returns %CFO GBP Vs. UK 10 Year Treasury Index GBP: As at

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

-1%

0%

1%

2%

3%

4%QRT 1 QRT 2 QRT 3 QRT 4 QRT 5 QRT 6 QRT 7 QRT 8 QRT 9 QRT 10 QRT 11 QRT 12 QRT 13 QRT 14 QRT 15 QRT 16 QRT 17 QRT 18 QRT 19 QRT 20 QRT 21 QRT 22 QRT 23 QRT 24 QRT 25

Quarterly Returns %CFO GBP Vs. UK 10 Year Treasury Index GBP: 01/2012 - 01/2018

CFOGBP





Funds


Total Winning Quarters %CFO GBP Vs. UK 10 Year Treasury Index GBP: As at

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

0%

1%

2%

3%

4%1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Total Winning Quarters %CFO GBP Vs. UK 10 Year Treasury Index GBP: 01/2012 - 01/2018

CFOGBP


ToTAl losing QuARTeRs %CFO GBP Vs. UK 10 Year Treasury Index GBP: As at

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

-0.8%

-0.6%

-0.4%

-0.2%

0.0%1 2 3 4

Total Losing Quarters %CFO GBP Vs. UK 10 Year Treasury Index GBP: 01/2012 - 01/2018

CFOGBP

UK 10 Year Treasury IndexGBP CFO GBP UK 10 Year Treasury Index GBP



Funds


Top 10 losing Months %CFO GBP Vs. UK 10 Year Treasury Index GBP: As at

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

Total losing Months %CFO GBP Vs. UK 10 Year Treasury Index GBP: As at

01/2018

01/2018

01/2018



01/2018

2018/01 2017/01 :01/2018

-2.0%

-1.5%

-1.0%

-0.5%

0.0%1 2 3 4 5 6 7 8 9 10

Top 10 Losing Months % CFO GBP Vs. UK 10 Year Treasury Index GBP : 01/2012 - 01/2018

CFOGBP


-2.0%

-1.5%

-1.0%

-0.5%

0.0%1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

Total Losing Months %CFO GBP Vs. UK 10 Year Treasury Index GBP: 01/2012 - 01/2018

CFOGBP





Funds


Investment Manager / Advisor Commentary: 01/2018 Prestige Capital Management Limited - Summary In our opinion the current climate provides an ideal opportunity for investors to gain exposure to alternative investment strategies providing some form of portfolio insurance as part of a diversified investment portfolio with lower risk and correlation to that of traditional equities. OUR WORLD IN NUMBERS Major Foreign Exchange Market Analysis: 1 Month Return: 01/2018

EUR/USD +3.47% EUR/GBP -1.55% EUR/CHF -1.12% EUR/JPY +0.32%

USD/JPY -3.10% USD/CAD -2.22% USD/AUD -3.16% USD/GBP +4.85%

SOURCE: FXSTREET Major Equity Market Analysis: 1 Month Return: 01/2018

MSCI World Index 5.22% S&P 500 Index 5.62% Nasdaq 100 Index 7.36% FT-SE 100 Index -2.01% DAX Index 2.10% Nikkei 225 Index 1.38% Hang Seng Index 9.92% Shanghai Exchange Index 5.25% MSCI Emerging Markets 8.30% VIX Index 42.23%

SOURCE: Bloomberg

Funds


MAJOR THEMES AFFECTING MARKETS KEY COMMODITIES GOLD: 01/2013 – 01/2018 + 6 Month Moving Average

1,000

1,100

1,200

1,300

1,400

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 SOURCE: FXStreet OIL WEST TEXAS INTERMEDIATE: 01/2013 – 01/2018+ 6 Month Moving Average

20

30

40

50

60

70

80

90

100

110

Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 SOURCE: U.S. Energy Information Administration COPPER: 01/2013 – 01/2018+ 6 Month Moving Average

4,500

5,000

5,500

6,000

6,500

7,000

7,500

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

SOURCE: FXStreet

Funds


IRON ORE: 01/2013 – 01/2018+ 6 Month Moving Average

30405060708090

100110120130140150160170

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 SOURCE: Worldbank UK ELECTRICITY RATE VS. NATURAL GAS VS. OIL – PENCE PER KWH GBP: 2000 – 2017

0

2

4

6

8

10

12

14

16

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Pen

ce p

er k

Wh

UK ElectricityRate

Natural Gas

Oil

SOURCE: GOV.UK

Funds


SHIPPING & MANUFACTURING Global Shipping / Freight increases … BALTIC DRY INDEX: Q1 2014 – Q4 2017

MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC AVERAGE1,362 850 1,063 782 602 800 900 478 429 660 875 960 1,297 901 1,356 1,366 918

200

400

600

800

1,000

1,200

1,400

1,600

MAR DEC SEP JUN MAR DEC SOURCE: Bloomberg

Chinese Manufacturing decreases … CHINA PURCHASING MANAGERS INDEX: Q1 2014 – Q4 2017

MAR JUN SEP DEC MAR JUN SEP DEC MAR JUNE SEP DEC MAR JUN SEP DEC AVERAGE50.3 51.0 51.1 50.1 50.1 50.2 49.8 49.7 50.2 50.0 50.4 51.4 51.8 51.7 52.4 51.6 50.6

48.0

49.0

50.0

51.0

52.0

53.0

54.0

MAR JUN SEP DEC MAR JUN SEP DEC MAR JUNE SEP DEC MAR JUN SEP DEC

SOURCE: Bloomberg / China Statistics Bureau / China Federation of Logistics and Purchasing / Markit - Financial Research Group EU Manufacturing increases … EUROPEAN UNION "MANUFACTURING INDEX": Q1 2014 – Q4 2017

MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC AVERAGE53.0 51.8 50.3 50.6 52.2 52.5 52.0 53.2 51.6 52.8 52.7 54.9 56.2 57.4 58.1 60.6 53.5

45.0

47.0

49.0

51.0

53.0

55.0

57.0

59.0

61.0

MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC SOURCE: Markit Economics

US Manufacturing increases … UNITED STATES OF AMERICA MANUFACTURING INDEX: Q1 2014 – Q4 2017

MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC AVERAGE53.7 55.3 56.6 55.5 52.3 53.1 50.0 48.0 51.8 53.2 51.5 54.7 53.3 53.2 53.1 55.1 53.15

46.0

48.0

50.0

52.0

54.0

56.0

58.0

MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC

SOURCE: U.S. Department of Labour / Bloomberg

Funds


IMPORTS UK IMPORTS: 12/2012 – 12/2017

0

10,000

20,000

30,000

40,000

50,000

60,000

Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Mill

ions

SOURCE: Office for National Statistics EU IMPORTS: 12/2012 – 12/2017

120,000

125,000

130,000

135,000

140,000

145,000

150,000

155,000

160,000

165,000


Mill

ions

SOURCE: Eurostat U.S. IMPORTS: 12/2012 – 12/2017

190,000

200,000

210,000

220,000

230,000

240,000

250,000

260,000


Mill

ions

SOURCE: United States Census Bureau

CHINA IMPORTS: 12/2012 – 12/2017

80,000,000

100,000,000

120,000,000

140,000,000

160,000,000

180,000,000

200,000,000


Thou

sand

s

SOURCE: National Bureau of Statistics of China

Funds


CONSUMER SPENDING EU Consumer Spending increases… EUROPEAN UNION "CONSUMER SPENDING": Q1 2011-Q3 2017

Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 AVERAGE1,887,661.6 1,905,855.1 1,917,368.9 1,933,252.6 1,932,964.3 1,917,469.1 1,924,974.6 1,934,288.7 1,946,003.7 1,958,624.1 1,973,421.8 1,995,141.7 2,008,738.1 2,035,149.2 2,067,386.5 2,079,258.8 2,091,520.4 2,076,348.2 2,081,152.3 2,063,927.7 2,077,971.8 2,107,480.1 2,123,970.6 2,135,035.1 2,007,290.2

1,800,000.0

1,850,000.0

1,900,000.0

1,950,000.0

2,000,000.0

2,050,000.0

2,100,000.0

2,150,000.0

2,200,000.0

Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 SOURCE: Eurostat

GROWTH UK “QUARTERLY GDP”: Q1 2010 – Q3 2017

Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 AVERAGE0.60% 0.70% 0.60% -0.40% 0.50% 0.10% 0.60% -0.10% 0.00% -0.20% 0.80% -0.30% 0.60% 0.60% 0.70% 0.40% 0.60% 0.80% 0.70% 0.70% 0.40% 0.50% 0.30% 0.70% 0.40% 0.70% 0.50% 0.50% 0.30% 0.30% 0.40% 0.42%

-0.60%

-0.40%

-0.20%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 SOURCE: OECD ITALY “QUARTERLY GDP”: Q1 2009 – Q3 2017

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 AVERAGE-3.60% -0.20% 0.40% -0.10% 1.00% 0.60% 0.40% 0.20% 0.10% 0.10% -0.10% -0.70% -1.10% -0.50% -0.40% -0.80% -0.90% -0.10% 0.10% 0.00% -0.20% -0.20% -0.10% 0.00% 0.40% 0.30% 0.20% 0.20% 0.30% 0.10% 0.20% 0.40% 0.50% 0.30% 0.40% -0.08%

-4.00%

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017

SOURCE: OECD UNITED STATES OF AMERICA “QUARTERLY GDP”: Q1 2010 – Q3 2017

Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 AVERAGE0.60% 0.60% 0.60% 0.60% 0.00% 0.80% 0.30% 1.20% 0.90% 0.40% 0.60% 0.00% 0.70% 0.30% 0.70% 0.90% -0.20% 1.10% 1.20% 0.60% 0.50% 0.60% 0.50% 0.20% 0.20% 0.40% 0.70% 0.40% 0.30% 0.60% 0.70% 0.55%

-2.50%

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 SOURCE: OECD

Funds


INFLATION 01/2009 - 12/2017 UK CHINA ITALY USA SPAIN FRANCE GERMANY JAPAN

AVE 0.23% 0.14% 0.08% 0.22% 0.07% 0.08% 0.07% -0.14%MIN -0.73% -0.50% -0.22% -0.18% -1.23% -0.44% -0.51% -0.59%MAX 0.83% 1.00% 0.29% 0.86% 0.98% 0.51% 0.81% 0.30%

AVE 0.31% 0.37% 0.16% 0.12% 0.25% 0.15% 0.11% -0.03%MIN -0.26% -0.71% -0.21% -0.10% -1.00% -0.28% -0.60% -0.60%MAX 1.04% 1.21% 0.36% 0.41% 1.06% 0.56% 0.60% 0.30%

AVE 0.35% 0.33% 0.27% 0.26% 0.20% 0.20% 0.17% -0.02%MIN -0.08% -0.20% -0.10% -0.25% -0.73% -0.44% -0.20% -0.60%MAX 1.02% 1.20% 0.58% 0.98% 1.24% 0.82% 0.60% 0.30%

AVE 0.22% 0.20% 0.19% 0.15% 0.24% 0.11% 0.17% -0.01%MIN -0.49% -0.60% -0.19% -0.47% -1.10% -0.44% -0.19% -0.50%MAX 0.58% 1.50% 0.48% 0.76% 1.40% 0.83% 0.68% 0.50%

AVE 0.17% 0.21% 0.05% 0.13% 0.02% 0.06% 0.12% 0.13%MIN -0.48% -0.90% -0.28% -0.26% -1.28% -0.51% -0.48% -0.10%MAX 0.64% 1.10% 0.37% 0.82% 0.41% 0.76% 0.57% 0.30%

AVE 0.05% 0.13% 0.00% 0.06% -0.09% 0.01% 0.02% 0.08%MIN -0.63% -0.50% -0.37% -0.57% -1.33% -0.56% -0.56% -0.39%MAX 0.55% 1.00% 0.19% 0.64% 0.89% 0.55% 0.47% 2.08%

AVE 0.02% 0.15% 0.01% 0.06% 0.01% 0.02% 0.03% 0.02%MIN -0.86% -0.50% -0.37% -0.47% -1.61% -1.00% -1.12% -0.30%MAX 0.31% 1.20% 0.37% 0.60% 0.92% 0.66% 0.95% 0.39%

AVE 0.13% 0.19% 0.04% 0.17% 0.13% 0.05% 0.14% 0.00%MIN -0.80% -0.50% -0.21% -0.16% -1.91% -0.98% -0.84% -0.30%MAX 0.49% 1.81% 0.40% 0.47% 1.14% 0.69% 0.75% 0.60%

AVE 0.20% 0.17% 0.23% 0.32% -0.31% 0.17% 0.06% -0.07%MIN -0.49% -0.29% 0.00% 0.08% -0.55% -0.24% -0.64% -0.20%MAX 0.69% 1.00% 0.40% 0.58% -0.02% 0.64% 0.65% 0.10%

AVE MONTH 0.19% 0.21% 0.12% 0.17% 0.06% 0.09% 0.10% 0.00%AVE YEAR 2.25% 2.57% 1.39% 2.01% 0.68% 1.12% 1.17% -0.05%

2009

2010

2011

2012

2017

2016

2015

2014

2013

SOURCE: Central Banks

Funds


BROAD MONEY SUPPLY UK MONEY SUPPLY M3: 01/2013 – 12/2017

2,200

2,300

2,400

2,500

2,600

2,700

2,800

2,900

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

Bill

ions

SOURCE: Federal Reserve Economic Data GERMANY MONEY SUPPLY M3: 01/2013 – 12/2017

2,2502,3002,3502,4002,4502,5002,5502,6002,6502,7002,7502,8002,8502,9002,9503,000

Jan-14 Jan-15 Jan-16 Jan-17

Bill

ions

SOURCE: Deutsche Bundesbank Eurosystem FRANCE MONEY SUPPLY M3: 01/2013 – 12/2017

1,950,000

2,000,000

2,050,000

2,100,000

2,150,000

2,200,000

2,250,000

2,300,000

2,350,000

2,400,000

2,450,000

2,500,000


Mill

ions

SOURCE: Banque de France ITALY MONEY SUPPLY M3: 01/2013 – 12/2017

1,260,0001,280,0001,300,0001,320,0001,340,0001,360,0001,380,0001,400,0001,420,0001,440,0001,460,0001,480,0001,500,0001,520,0001,540,000


Mill

ions

SOURCE: Banca d’Italia

Funds


JAPAN MONEY SUPPLY M3: 01/2013 – 12/2017

1,1201,1301,1401,1501,1601,1701,1801,1901,2001,2101,2201,2301,2401,2501,2601,2701,2801,2901,3001,3101,3201,330


Trill

ions

SOURCE: Federal Reserve Economic Data / Bank of Japan EMPLOYMENT

EUROPEAN UNION "UNEMPLOYMENT RATE": Q1 2013- Q4 2017

MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR JUNE SEP DEC MAR JUN SEP DEC AVERAGE10.9% 10.9% 10.9% 10.6% 10.3% 10.1% 10.0% 9.8% 9.7% 9.5% 9.2% 9.0% 8.8% 8.6% 8.5% 8.1% 7.9% 7.7% 7.5% 7.3% 9.3%

7.0%

7.5%

8.0%

8.5%

9.0%

9.5%

10.0%

10.5%

11.0%

MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR JUNE SEP DEC MAR JUN SEP DEC

SOURCE: Bloomberg / Eurostat, European Commission UNITED STATES OF AMERICA "UNEMPLOYMENT RATE": Q1 2014 - Q4 2017

MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC AVERAGE6.7% 6.1% 5.9% 5.6% 5.5% 5.3% 5.1% 5.0% 5.0% 4.9% 5.0% 4.7% 4.5% 4.4% 4.2% 4.1% 5.1%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC SOURCE: U.S. Department of Labour / Bloomberg

Funds


US Total Public debt levels increases… UNITED STATES "TOTAL PUBLIC DEBT LEVEL - % OF GDP": 2001 – Q3 2017

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 AVERAGE57.3 59.5 61.3 62.7 63.3 63.9 64.8 76.0 84.5 92.1 96.2 100.1 101.6 100.7 99.2 101.6 103.3 101.8 101.3 102.5 102.8 101.3 100.5 104.2 105.7 105.1 104.8 105.9 104.3 103.1 103.8 91.45

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

110.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 SOURCE: Federal Reserve Economic Data

EU Government debt levels decreases… EUROPEAN UNION “GOVERNMENT DEBT LEVEL - % OF GDP": 2001 – Q3 2017

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 AVERAGE61.0 60.5 61.9 62.3 62.8 61.6 59.0 62.2 74.6 79.9 80.9 83.6 84.5 85.3 85.4 85.5 86.2 87.2 86.9 86.9 88.1 87.7 86.1 85.3 84.4 84.2 83.3 83.6 84.1 83.4 82.5 78.42

49.0

54.0

59.0

64.0

69.0

74.0

79.0

84.0

89.0

94.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 SOURCE: Eurostat Three rounds of substantial “quantitative easing” have artificially supressed Western Government bond yields… UK GOVERNMENT GILTS INDEX (GBP): Q1 2014- Q4 2017


0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%


SOURCE: Bloomberg

Funds


GERMAN GOVERNMENT BOND INDEX: Q1 2014- Q4 2017

MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC AVERAGE1.57% 1.25% 0.95% 0.54% 0.18% 0.76% 0.59% 0.63% 0.15% -0.13% -0.12% 0.21% 0.33% 0.47% 0.46% 0.43% 0.5%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%


SOURCE: Bloomberg US GOVERNMENT BOND INDEX USD: Q1 2014- Q4 2017


0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC SOURCE: Bloomberg SWISS GOVERNMENT BOND INDEX CHF: Q1 2014- Q4 2017

MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC MAR JUN SEP DEC AVERAGE0.95% 0.66% 0.49% 0.32% -0.05% 0.13% -0.12% -0.06% -0.34% -0.58% -0.55% -0.19% -0.09% -0.02% -0.02% -0.15% 0.0%

-0.8%

-0.6%

-0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%


SOURCE: Bloomberg

Funds


Major Equity Market “Average Volume” remains low… FT-SE 100 Index Average Monthly Volume 01/2004 - 01/2018

0

500,000,000

1,000,000,000

1,500,000,000

2,000,000,000

2,500,000,000

02/2004

02/2005

02/2006

02/2007

02/2008

02/2009

02/2010

02/2011

02/2012

02/2013

02/2014

02/2015

02/2016

02/2017

02/2018

SOURCE: Bloomberg S&P 500 Index Average Monthly Volume 01/2004 – 01/2018

0

1,000,000,000

2,000,000,000

3,000,000,000

4,000,000,000

5,000,000,000

6,000,000,000

7,000,000,000

8,000,000,000

02/200

4

02/200

5

02/200

6

02/200

7

02/200

8

02/200

9

02/201

0

02/201

1

02/201

2

02/201

3

02/201

4

02/201

5

02/201

6

02/201

7

02/201

8

SOURCE: Bloomberg

Funds


US Equity Market “Volatility” remains abnormally low… Chicago Board of Options Exchange (CBOE) Volatility Index (“VIX”) As at: 01/2001- 01/2018

0

10

20

30

40

50

60

70

01/2

001

01/2

002

01/2

003

01/2

004

01/2

005

01/2

006

01/2

007

01/2

008

01/2

009

01/2

010

01/2

011

01/2

012

01/2

013

01/2

014

01/2

015

01/2

016

01/2

017

01/2

018

Monthly History since Jan 2001

SOURCE: Bloomberg The Chicago Board Options Exchange Volatility Index has fallen to the lowest daily average in five years, pushed down amid optimism that policy makers will support growth and prevent Europe’s debt crisis from derailing the global recovery. VIX Index - A short history… VIX is the ticker symbol for the Chicago Board Options Exchange (“CBOE”) Market Volatility Index, a popular measure of the implied volatility of S&P 500 index options. Often referred to as the “fear index” or the “fear gauge”, it represents one measure of the market's expectation of stock market volatility over the next 30 day period. The VIX is quoted in percentage points and translates, roughly, to the expected movement in the S&P 500 index over the next 30-day period, which is then annualized. The VIX Index was developed by Professor Robert E. Whaley in 1993 and is a registered trademark of the CBOE.

---------------------------------------------

Funds


Secured Growth Finance Opportunities (SICAV-SIF) - Commercial Finance Opportunities: GBP; USD; EUR; CHF; SEK 27

CFO

CURRENCYISINcode

SEDOLcode

CUSIPcode

MEXIDcode

BLOOMBERGcode

MORNING STARcode

VALORcode

CITICODE

USD LU0960650512 BCRYBR2 L8176P 102 0AAAUG COMFOUS LX F00000QIAU 22043791 MX4F

EUR LU0960650439 BCRYBQ1 L8176P 110 0AAAUH COMFOEU LX F00000QHSO 22043761 MX4D

GBP LU0960650603 BCRYBS3 L8176P 128 0AAAUI COMFOBP LX F00000QIAV 22043792 MX4E

CHF LU0960650785 BCRYBT4 L8176P 136 0AAAUJ COMFOCH LX F00000QICS 22043799 MX4G

SEK LU0960650868 BCRYBV6 L8176P 169 0AAAUK COMFOSK LX F00000QICR 22043801 MX4H

Funds


NOTE: This document is issued by Prestige Asset Management Limited (PAML) which is authorised and regulated in the UK by the Financial Conduct Authority (FCA), and is for information purposes only. This document does not constitute an offer to sell or a solicitation of an offer to buy shares in any Prestige Fund/s and is only intended for distribution to persons permitted to receive it by Section 238 of the Financial Services and Markets Act 2000 (FSMA). It is not intended for retail investors. If you are unsure of your classification you should seek independent professional advice. The Investment Fund/s and services offered or described within this document are marketed through PAML, a member of both the Alternative Investment Management Association (AIMA) and the Chartered Institute for Securities and Investment (CISI). This document contains information covering a Fund registered in Luxembourg, therefore not subject to UK FCA authorisation and regulation or UK investor protection and compensation schemes. Secured Growth Finance Opportunities is a Luxembourg (SICAV-SIF), also known as Commercial Finance Opportunities I- Class (CFO Fund) which is an Alternative Investment Fund under the Alternative Investment Fund Management Directive (AIFMD). CFO is managed by Prestige Capital Management Limited (PCM) which is a full scope AIFM authorised and regulated by the Malta Financial Services Authority (MFSA) and is subject to the full requirements of the AIFMD. CFO is an experienced investor fund, and potential investors should seek professional independent financial advice prior to making any decision to invest. It is also a collective investment scheme as defined by the Commission de Surveillance du Secteur Financier (CSSF) and is licensed to carry out the activities of a collective investment scheme in the form of a Professional Investor Fund targeting respective eligible investors. In the UK such funds are Unregulated Collective Investment Scheme (UCIS) / Non Mainstream Pooled Investments (NMPI), and are higher risk and not suitable for all types of investor (Retail). There may be restrictions when marketing to certain jurisdictions. It is your responsibility to be informed and to observe all applicable laws and regulations of any relevant jurisdiction and to satisfy yourself that your use of this information and any subsequent investment in the fund is permissible under the applicable laws, rules and regulations of any applicable government, governmental agency or regulatory organisation where you reside. Trading of Secured Growth Finance Opportunities (SICAV-SIF) - Commercial Finance Opportunities (Fund) began in 11/2013. Any results shown prior to this are a composite proforma based upon actual lending data provided by the Underlying Investment Advisor/s and should not be relied upon for any investment decisions. Past, future and simulated performance is no guide to future results - investments can go down as well as up and you may get back less than your original investment. Any track record/s and performance data shown is based on the actual lending results published by underlying Investment Advisor/s within the Fund, which were in existence at the time of creation but should not be relied upon when making a decision to invest. Please note that the fund described within this factsheet is not for sale in the United States of America, its territories and possessions, or available for distribution to or investment by US investors. If you are uncertain with regards to your eligibility please seek independent professional advice. Investment allocation scenarios shown are for example only and are subject to change and may vary. Further information on facts, figures and literature contained within the document is available upon request. Subscription for shares in any Prestige Fund or investment portfolio can only be made by completing the relevant application form that accompanies the Fund’s Issuing Document or Offering Memorandum / Offering Supplement. Any comparisons between different funds have been made on a Net Asset Value (NAV) basis, whereas any comparisons with an index have been made on an offer-to-offer basis which the Prestige Fund directors believe is fair and not misleading. Comparative data has been obtained from reliable sources. Any comments, views and opinions expressed in any Investment Advisors Summary within this document reflect those of the underlying Investment Advisor/s and may not be the current views, comments and opinions of PAML and/or its affiliates. All trademarks are recognised. The MSCI World Index is a registered trademark of Morgan Stanley Capital International. The S&P500 Index is a registered trademark of Standard & Poor’s Group. The UK 10 Year Treasury Index is made up of actual monthly bond yields and turned into a monthly index. The returns of the index are representative of what could be achieved if one held that bond during that particular time period. Neither PAML, the Fund Manager nor the Fund’s Administrator accept any liability from investors who rely upon any other information with regard to any Prestige Fund/s.

The Representative of the Fund/s in Switzerland is OpenFunds Investment Services AG, with its registered office at Seefeldstrasse 35, CH-8008, Zurich, T: +41 44 500 31 08, www.open-funds.ch. The Paying Agent in Switzerland is Società Bancaria Ticinese SA, Piazza Collegiata 3, CH-6500, Bellinzona, T: +41 91 821 51 21, F: +41 91 825 66 18, www.bancaria.ch. The distribution of Shares in the Fund in Switzerland must be made exclusively to Qualified Investors. The place of performance and jurisdiction for the Shares in the Fund distributed in Switzerland is at the registered office of the Representative. Publications in respect of the Shares are effected on the electronic platform www.fundinfo.com. The disclaimer on OpenFunds acting as Swiss legal representative has been drawn up in the English language. In case of any discrepancy between the English text version and any translation thereof, the English version shall prevail and be regarded as binding.

This document may be provided by Kroma Capital Partners Ltd (‘Kroma’). Kroma is regulated by the Dubai Financial Services Authority and is located at Unit 813A, Level 8, Liberty House, Dubai International Financial Centre, PO Box 111289, Dubai, UAE. The material provided by Kroma is intended only for Professional Clients (as defined by the DFSA Conduct of Business module), and must not be relied upon by another person. Unless advised otherwise, all sources of data are those of Prestige. © 2018

Funds


INSTITUTIONAL MARKETING & ADMINISTRATION SERVICES

Prestige Asset Management LimitedMarketing Office: 33 St. James’s Square, London, SW1Y 4JS, United Kingdom

Registered Office: 36 Spital Square, London, E1 6DY, United Kingdom

T: +44 (0) 203 178 4055F: +44 (0) 203 004 9690

E: [email protected] (Marketing)E: [email protected] (Administration)

www.prestigefunds.com www.prestigeassetmanagement.co.ukAuthorised and regulated by the Financial Conduct Authority (FCA)Member of the Alternative Investment Management Association (AIMA)Member of the Chartered Institute for Securities & Investment (CISI)

Asset Management

SWISS LEGAL REPRESENTATIVE / DISTRIBUTOR

OpenFunds Investment Services AG Seefeldstrasse 35, 8008, Zurich, Switzerland

Via Balestra 27, 6900, Lugano, Switzerland

T: +41 44 500 3108

E: [email protected]

www.open-funds.ch

Authorised and Regulated by the Swiss Financial Market Authority (FINMA)

INTERNATIONAL FUND DISTRIBUTION SERVICES

Prestige Asset Distribution LimitedRegistered Office: 90 Main Street, PO Box 3099, Road Town, Tortola, British Virgin Islands

T: +1 345 949 0456

E: [email protected]

www.prestigeassetdistribution.com

Asset Distribution

Last Modified: February 21, 2018 9:26 AM

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Funds Alternative Fixed Income Opportunities - Prestige Funds€¦ · These figures should not be relied upon to make any investment decision. As at: 01/2018 SOURCE: Prestige Capital