PM Capital Absolute Performance Fund

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General Information

Fund Name	PM Capital Absolute Performance Fund
Manager	PM Capital Limited
APIR Code	PMC0100AU
Sector/Asset Class	Miscellaneous
Morningstar Rating	Not Rated
Morningstar Recommendation	Login now to view this recommendation.
Standard & Poor's Rating
Legal Structure	Investment Fund
Fund Inception	1st Oct 1998
Fund Size	$265.21 million (as at 31st Aug 2010)
Entry Price	$1.0763 (as at 7th Sep 2010)
Exit Price	$1.0709 (as at 7th Sep 2010)

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Fund Performance (as at 31st Aug 2010)

NOTE : returns for periods greater than 1 year are annualised

	1 Month %	3 Month %	6 Month %	1 Year % p.a.	2 Year % p.a.	3 Year % p.a.	5 Year % p.a.	7 Year % p.a.
Total Return	-6.82	-10.15	-2	-4.22	-7.94	-15.51	-6.26	-1.92
Growth Return	-6.82	-11.00	-2.92	-5.12	-11.28	-18.43	-10.72	-6.31
Income Return	0.00	0.85	0.92	0.90	3.34	2.92	4.46	4.39
Morningstar Index (Morningstar Peer Group Retail Investment Trust Miscellaneous Index)
Total Return	0.19	-0.14	1.68	5.20	-0.40	-2.68	3.43	5.91
Market Index (Australian 90 Day Bank Accepted Bill)
Total Return	0.41	1.23	2.32	4.31	4.32	5.44	5.76	5.72

Asset Allocation (as at 31st Jul 2010)

Domestic Shares	13.5%
International Shares	86.5%
Cash	0%
Listed Property	0%
Direct Property	0%
Domestic Fixed Interest	0%
International Fixed Interest	0%
Mortgage	0%
Other	0%

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Objectives and Strategy

Fund Objective

To provide positive investment returns over a 3 to 5 year investment horizon by investing in a concentrated portfolio of undervalued global equities. The goal of the Fund is not to replicate the standard industry benchmarks such as the MSCI. It is likely that the Fund will have varied outcomes to that of a traditional index benchmarked fund. Tax and currency exposures are considered important in daily management.

Fund Strategy

Typically the fund will hold between 35 & 45 globally listed equities. The Fund will not purchase any individual position greater than 10% of the portfolio at cost. Leverage may be used up to a maximum of 20% of the net asset value of the Fund. Leverage is used on an opportunistic basis. The primary use of derivatives and short selling is used to reduce implied market risk in situations where the Manager believes certain stocks are overvalued. If the Fund cannot find attractive equity investments it will let the cash levels build up.

Offer Information

Management Expense Ratio (MER)	1.09% (as at 30th Sep 2005)
Standard Entry Fee	0%
Entry Fee via InvestSMART	0%
Standard Exit Fee	0%
Exit Fee via InvestSMART	0%
Minimum Initial Investment	$20,000
Minimum Additional Investments	$10,000
Minimum Redemption Amount	$0
Savings Plan Comments	Not applicable
Redemption Comments	(usually within 5 working days, maximum 30 working days). Paid by cheque or to bank, building society, or credit union account. Minimum balance not to fall below 20000.

Top 10 Holdings (as at 31st Mar 2010)

Holding	Type	% of Portfolio
Cash & Cash Equivalents	Cash	37.06
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Managed Fund data is supplied by Morningstar Research and Standard & Poor's Information Services and is subject to the following disclaimer. Managed fund unit prices are indicative only.

IMPORTANT : This information has been prepared without taking into account your objectives, financial situation or needs and you should consider if the information is appropriate for you before making an investment decision. Neither InvestSMART Financial Services Pty Ltd nor any of its Related Companies make any recommendations as to the merits of any investment opportunity referred to in its emails or its related websites. Product disclosure statements for financial products offered through InvestSMART can be downloaded from www.investsmart.com.au or obtained by contacting 1300 880 160. You should consider the product disclosure statement before making a decision about the product. All indications of performance returns are historical and can not be relied upon as an indicator for future performance.