Peer Analysis - Perfect Ideal Format

7/29/2019 Peer Analysis - Perfect Ideal Format

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Fund AUM

(m) Inception Date Fund Description

Chilton Global Natural Resources Strategy 4,100.0 Aug-05

The Chilton Global Natural Resources Strategy is a long/short

strategy focused on capital appreciation through investing in

a diversified portfolio of global natural resource securities

and commodities.

Cambrian Capital Resources 953.8 Jan-04

The Cambrian Capital Resources Fund is net long biased

utilizing long/short equities, fixed income, exchange traded

funds, derivatives, commodity futures and commodityfutures options, and private equity and other illiquid

investments.

Ospraie Equity Fund 185.0 Jul-09

The Opsraie Equity Fund invests in global equities that derive

the majority of their revenues from commodities, including

directional positions, energy, metals, agriculture,

transportation, industrials and materials.

Geosphere Fund 594.0 Jul-07

The Geosphere Fund is a conservatively positioned hedge

fund that invests in equities and commodities in markets

globally.

Wellington Management Placer Creek 212.0 Apr-04

The Wellington Management Placer Creek Fund focuses on a

two-to-three year outlook, with stock selection grounded in

fundamental research. While always maintaining a net long

bias, the portfolio manager utilizes leverage and short

positions to adjust market exposure. The portfolio may also

utilize commodity futures.

RAB Global Mining and Resources Fund 82.0 Nov-07

The RAB Global Mining and Resources Fund's objective is togenerate capital appreciation through long-biased exposure

to mining and commodity related equities with an emphasis

Peer Analysis


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Peer Performance


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Peer Correlations

*Correlations with the S&P Global Natural Resources is calculated using data from Aug-05 (Chilton inception)

Correlation MatrixChilton

Global

Natural

ResourcesStrategy

Cambrian

CapitalResources

Pinnacle

Natural

ResourcesFund

OspraieEquity Fund

GeosphereFund

Wellington

ManagementPlacer Creek

RAB Global

Mining and

ResourcesFund

Martin

Currie

Absolute

Return

Global

ResourcesFund

Belltower

AdvisorsMaster Fund

Opus

CommoditiesFund

Van Eck

Global Hard

Assets Fund(GHAIX)

S&P Natural

ResourcesIndex*

Chilton Global Natural Resources Strategy 1.00 0.92 0.45 0.52 0.75 0.90 0.80 0.65 0.40 0.72 0.92 0.90

Cambrian Capital Resources 0.92 1.00 0.28 0.51 0.74 0.95 0.82 0.60 0.25 0.67 0.93 0.92

Ospraie Equity Fund 0.45 0.28 1.00 0.30 0.20 0.29 0.44 0.45 0.52 0.71 0.70 0.35

Geosphere Fund 0.52 0.51 0.30 1.00 0.48 0.68 0.20 0.55 0.48 0.31 0.70 0.75

Wellington Management Placer Creek 0.75 0.74 0.20 0.48 1.00 0.67 0.57 0.47 0.41 0.53 0.94 0.66

RAB Global Mining and Resources Fund 0.90 0.95 0.29 0.68 0.67 1.00 0.86 0.60 0.26 0.69 0.81 0.93

Martin Currie Absolute Return Global Resources Fund 0.80 0.82 0.44 0.20 0.57 0.86 1.00 0.48 0.25 0.73 0.60 0.76

Belltower Advisors Master Fund 0.65 0.60 0.45 0.55 0.47 0.60 0.48 1.00 0.47 0.69 0.34 0.59

Pinnacle Natural Resources Fund 0.40 0.25 0.52 0.48 0.41 0.26 0.25 0.47 1.00 0.42 0.31 0.29

Opus Commodities Fund 0.72 0.67 0.71 0.31 0.53 0.69 0.73 0.69 0.42 1.00 0.67 0.70

Van Eck Global Hard Assets F und (GHAIX) 0.92 0.93 0.70 0.70 0.94 0.81 0.60 0.34 0.31 0.67 1.00 0.94

S&P Natural Resources Index* 0.90 0.92 0.35 0.75 0.66 0.93 0.76 0.59 0.29 0.70 0.94 1.00


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Peer Statistics

Chilton Global

Natural

Resources

Strategy

Cambrian

Capital

Resources

Ospraie Equity

Fund Geosphere Fund

Wellington

Management

Placer Creek

RAB Global

Mining and

Resources Fund

Martin Currie

Absolute Return

Global

Resources Fund

Belltower

Advisors Master

Fund

Pinnacle Natural

Resources Fund

Opus Commodities

Fund

Van Eck Global

Hard Assets

Fund (GHAIX)

Since InceptionAverage Monthly Return 1.26% 1.70% 1.42% 0.52% 0.90% 0.86% 0.76% 0.96% 1.21% 0.71% 0.84%

Standard Deviation 6.48% 7.00% 1.84% 2.34% 6.35% 7.90% 2.96% 3.65% 2.98% 2.10% 8.09%

Annualised Average Return 16.3% 22.5% 18.4% 6.5% 11.4% 10.8% 9.5% 12.1% 15.5% 8.8% 10.5%

Annualised Standard Deviation 22.5% 24.3% 6.4% 8.1% 22.0% 27.4% 10.3% 12.6% 10.3% 7.3% 28.0%

Cumulative Return 99.14% 240.95% 30.26% 23.71% 76.71% 23.66% 86.86% 49.28% 176.82% 58.16% 32.94%

Annualised Cumulative Return 13.3% 18.9% 18.2% 6.1% 8.7% 6.8% 8.9% 11.3% 14.9% 8.6% 6.2%

Minimum -21.20% -26.58% -2.27% -7.65% -23.80% -19.63% -7.53% -10.10% -12.10% -6.59% -24.35%

Maximum 16.98% 20.89% 4.35% 4.71% 13.90% 15.76% 8.14% 6.50% 8.00% 4.78% 18.65%

Total Postive Periods 41 56 15 30 52 26 55 28 60 45 32

Total Negative Periods 25 29 4 13 30 13 33 17 28 22 25

Total Period 66 85 19 43 82 39 88 45 88 67 57

% of Positive Periods 62% 66% 79% 70% 63% 67% 63% 62% 68% 67% 56%

Sharpe Ratio

(RFR = 2.51% (rolling 10-year

annualised) 0.02 0.09 -0.21 -0.25 -0.03 -0.02 -0.16 -0.09 -0.09 -0.26 -0.03

1 Year Roll ng Analys sAverage Monthly Return 2.2% 2.8% 1.5% 0.6% 1.6% 1.7% 0.4% 0.7% 0.5% 0.8% 2.9%


Annualised Average Return 29.5% 38.8% 20.1% 7.6% 20.4% 22.4% 5.5% 9.3% 6.0% 9.7% 40.7%

Annualised Standard Deviation 14.6% 18.4% 6.8% 6.4% 16.2% 15.2% 9.8% 9.0% 10.4% 7.2% 24.8%

Cumulative Return 28.2% 36.8% 19.8% 7.4% 19.0% 21.1% 5.0% 8.9% 5.5% 9.5% 36.9%


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Peer Statistics

Chilton Global

Natural

Resources

Strategy

Cambrian

Capital

Resources

Ospraie Equity

Fund Geosphere Fund

Wellington

Management

Placer Creek

RAB Global

Mining and

Resources Fund

Martin Currie

Absolute Return

Global

Resources Fund

Belltower

Advisors Master

Fund

Pinnacle Natural

Resources Fund

Opus Commodities

Fund

Van Eck Global

Hard Assets

Fund (GHAIX)

3 Year Roll ng Analys sAverage Monthly Return 0.7% 0.7% N/A 0.3% -0.1% 0.7% 0.1% 0.5% 1.0% 0.7% 0.9%

Standard Deviation 7.8% 8.8% N/A 2.3% 8.0% 8.2% 3.1% 3.7% 3.8% 2.3% 9.3%

Annualised Average Return 8.1% 9.2% N/A 3.1% -0.7% 9.2% 1.1% 6.3% 12.6% 8.1% 11.2%

Annualised Standard Deviation 27.1% 30.5% N/A 8.1% 27.8% 28.5% 10.7% 12.9% 13.1% 7.9% 32.2%

Cumulative Return 13.1% 12.8% N/A 8.4% -13.1% 15.2% 1.5% 17.1% 39.3% 25.2% 17.4%

Annualised Cumulative Return 4.2% 4.1% N/A 2.7% -4.6% 4.8% 0.5% 5.4% 11.7% 7.8% 5.5%

2010Return 21.63% 33.38% 12.84% 6.85% 10.84% 22.72% 4.71% 5.75% 4.31% 8.44% 28.40%


Average Monthly Return 1.75% 2.57% 1.03% 0.57% 0.98% 1.80% 0.42% 0.51% 0.40% 0.70% 2.36%

2009Return 34.66% 61.10% 10.62% 10.33% 50.92% 76.52% 3.72% 9.14% 14.63% 16.67% 53.24%


Average Monthly Return 2.72% 4.30% 1.70% 0.83% 3.66% 5.02% 0.34% 0.78% 1.16% 1.30% 3.85%

2008Return -30.61% -48.26% N/A -6.87% -51.92% -45.49% -10.22% 4.28% 15.39% -3.93% -44.51%

Standard Deviation 10.39% 10.38% N/A 3.37% 9.81% 10.35% 4.00% 4.81% 5.72% 3.10% 11.36%

Average Monthly Return -2.47% -4.79% N/A -0.54% -5.43% -4.42% -0.82% 0.46% 1.35% -0.29% -4.15%


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Peer Spectrum

Diversified Commodities

Relative Value Directional

Vermillion Krom River Armajaro Clive Merchant Galena

ETFS /

Index Funds

Long-only

Funds

Long-biased

Hedge Funds

No-bias

Hedge Funds

Funds of

Funds

Pinnacle

Natural

Resources

NewFinance

Opus

Commodities

Low-net

Hedge Funds

S&P North

American

Natural

Resources

Sector Index

SPDR S&P

Global

Natural

Resources

Van Eck

GHAIX

RBC

JP Morgan

Resource

CI Canadian

Resource

Cambrian

RAB

Wellington

Placer

Creek

Martin

Currie

Ospraie

Equity

Geosphere

Tudor

Pickering

Touradji

Vollero

Beach


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Investing in commodities

expected annualized reward/risk 2011-2014

Real Assets

Structured credit-equity

Equity DirectionalCommodity directional

Commodity Neutral

Equity Neutral

15%-20%

11%-13%

8%-10%

5%-8% 14%-25%

Enhanced Commodity Indices

MLPs

Equity HedgedEquity long only funds

This is a qualitative looking forward yield return and volatility expectation. Not driven by any quantitative driven formula of historical prices and current pricing, and the pricing of volatility in current

market options

Documents

Peer Analysis - Perfect Ideal Format