Performance

The development of net asset value of DQS Absolute Return Fund.

Prior to the fund’s start-up, the fund manager has developed a favourable track record form January 2002 until April 2006, an audit of this track record is available upon request at the fund managers office. This 'pre-fund' track record has been adjusted for management and performance fees, and for operating costs (estimated at 1.5% of the NAV).

Pre-Fund

	jan	feb	mar	apr	may	jun	jul	aug	sep	oct	nov	dec	year
2002	-9.81	-0.45	2.82	9.32	8.31	17.42	-3.48	5.67	8.68	-7.43	6.37	4.83	46.82
2003	10.19	4.70	-1.55	16.64	29.30	-8.46	-4.60	-2.74	10.78	1.42	6.06	8.32	87.77
2004	-0.35	6.28	-2.44	-2.87	3.86	-2.30	-1.76	2.69	4.74	5.88	11.54	1.05	28.41
2005	-4.62	-1.98	-4.06	-8.60	2.76	0.11	1.54	14.65	0.03	-10.06	2.90	-0.42	-9.48
2006	9.82	-4.34	3.34	2.99									11.82

Since inception

	jan	feb	mar	apr	may	jun	jul	aug	sep	oct	nov	dec	year
2006								0.29	-1.52	0.05	1.10	2.94	2.85
2007	-2.85	-2.74	0.24	7.77	2.95	2.13	-1.09	-5.87	10.10	3.76	0.99	1.54	17.08
2008	3.97	13.00	-4.07	-1.70	2.32	2.67	-9.82	-3.38	-3.91	8.90	7.09	5.84	20.27
2009	-4.73	2.23	-8.96	2.03	7.08	-4.47	-4.76	1.86	-1.02	-11.21	6.82	-9.19	-23.47
2010	-1.40	1.01	-0.82	-1.73	1.12	-1.03	-2.62	7.30	2.91	1.43	0.19	9.47	16.22
2011	-3.93	3.48	4.08	8.11	-4.35	-1.51	2.17	1.66	-1.57	-11.58	1.95	9.18	6.02
2012	-0.8*												-0.8*

Performance analysis

	Fund	Pre-Fund	combined
return since inception	36.57%
annualised return	5.92%	34.28%	17.69%
annualised volatility	18.03	25.94	22.11
sharpe ratio (2%)	0.22	1.24	0.71
maximum drawdown	-27.61%	-18.01%	-27.61%
correlation to S&P500	-0.13	0.07	-0.03