Vertex Capital Management Relative Value Fund - Managed Fund (Closed)

Fund Objective

The fund objective is to seek long-term capital appreciation, in all market environments, without exposing investors to significant levels of systematic market risk.

Fund Strategy

In order to achieve positive returns regardless of market directions, the fund will take both long and short positions in large cap Australian stocks.

Fund Performance Comparison

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Peers

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The performance of the peers is calculated as the total of the performance for each time period for all the funds in the peer group, divided by the number of funds in the peer group.

Fees Comparison

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NOTE: Fee data has been provided by Morningstar, it may not include all costs being charged on your investment such as platform and adviser fees. You should check your fund manager or adviser statements to find out the exact fees you are being charged. Peers are funds that use the same benchmark in the Morningstar database.

Fund performance

	1M	3M	6M	1Y p.a.	2Y p.a.	3Y p.a.	5Y p.a.	10Y p.a.
Total return	-0.32%	-1.86%	-0.1%	2.76%	3.57%	3.43%	8.7%	-%
Growth return	-0.32%	-1.86%	-0.1%	-1.6%	0.96%	-0.31%	6.33%	-%
Income return	0%	0%	0%	4.36%	2.61%	3.74%	2.37%	-%
Market index (RBA Bank accepted Bills 90 Days)
Total return	0.3%	0.92%	1.82%	3.76%	4.06%	4.09%	2.88%	2.13%

As at 31 May 2006. Returns for periods greater than 1 year are annualised. All figures are percentages.

Asset Allocation

Vertex Capital Management Relative Value Fund

Cash: 100%

Australian Equities: 0%

International Equities: 0%

Property & Infrastructure: 0%

Fixed Interest: 0%

Alternatives: 0%

Average Allocation of Peers

Cash: 55.63%

Australian Equities: 4.92%

International Equities: 2.98%

Property & Infrastructure: 1.98%

Fixed Interest: 15.73%

Alternatives: 18.77%

General Information

Fund Details

Type	Description
Fund Name	Vertex Capital Management Relative Value Fund (Wholesale)
Fund Status	Closed
Responsible Entity	Vertex Capital Management Limited
APIR Code	VCM0001AU
Sector/Asset Class	Hedge Funds - Australia
Morningstar Rating	Not Rated
Legal Structure	Investment Fund
Fund Inception	1 Mar 2000
Fund Size	$0.53 million (as at 31 May 2006)
Entry Price	$1.3358 (as at 31 May 2006)
Exit Price	$1.3225 (as at 31 May 2006)
Fund Status	Finalised

Offer information

Type	Description
MER	1.27% (as at 30 Jun 2004)
Minimum initial investment	$100,000

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FAQs about the Vertex Capital Management Relative Value Fund

What is the objective of the Vertex Capital Management Relative Value Fund managed fund?

The objective of the Vertex Capital Management Relative Value Fund managed fund is The fund objective is to seek long-term capital appreciation, in all market environments, without exposing investors to significant levels of systematic market risk.

What is the strategy for the Vertex Capital Management Relative Value Fund managed fund?

The strategy of the Vertex Capital Management Relative Value Fund managed fund is In order to achieve positive returns regardless of market directions, the fund will take both long and short positions in large cap Australian stocks.

What is the APIR code of the Vertex Capital Management Relative Value Fund managed fund?

The APIR code of the Vertex Capital Management Relative Value Fund managed fund is VCM0001AU.

What was Vertex Capital Management Relative Value Fund’s total return last month?

Vertex Capital Management Relative Value Fund’s total return last month was -0.32%. This was made up of a growth return of -0.32% and an income return of 0%. These returns were calculated as at 31 May 2006.

What was Vertex Capital Management Relative Value Fund’s total return for the last three months?

Vertex Capital Management Relative Value Fund’s total return for the last three months was -1.86%. This was made up of a growth return of -1.86% and an income return of 0%%. These returns were calculated as at 31 May 2006.

What is Vertex Capital Management Relative Value Fund’s one-year total return?

Vertex Capital Management Relative Value Fund’s one-year total return is 2.76%. This was made up of a growth return of -1.6% and an income return of 4.36%. These returns were calculated as at 31 May 2006.

What is Vertex Capital Management Relative Value Fund’s three-year total return?

Vertex Capital Management Relative Value Fund’s one-year total return is 3.43%. This was made up of a growth return of -0.31% and an income return of 3.74%. These returns were calculated as at 31 May 2006.

What is the asset allocation of the Vertex Capital Management Relative Value Fund managed fund?

The asset allocation of the Vertex Capital Management Relative Value Fund managed fund is :

Cash: 100%

Australian Equities: 0%

International Equities: 0%

Property & Infrastructure: 0%

Fixed Interest: 0%

Alternatives: 0%

Who is the responsible Entity of the Vertex Capital Management Relative Value Fund managed fund?

The Responsible Entity for the Vertex Capital Management Relative Value Fund managed fund is Vertex Capital Management Limited.

What sector/asset class does the Vertex Capital Management Relative Value Fund managed fund belong to?

The Vertex Capital Management Relative Value Fund managed fund belongs to the Hedge Funds - Australia sector/asset class.

What is the size of the Vertex Capital Management Relative Value Fund managed fund?

As at 31 May 2006, the size of the Vertex Capital Management Relative Value Fund managed fund was $0.53 million.

What is the inception date of the Vertex Capital Management Relative Value Fund managed fund?

The Vertex Capital Management Relative Value Fund managed fund has an inception date of 1 Mar 2000.

What is the current entry price of the Vertex Capital Management Relative Value Fund managed fund?

The current entry price of the Vertex Capital Management Relative Value Fund managed fund is $1.3358 per unit and the current exit price is $1.3225 per unit (as at 31 May 2006).

What is the current exit price of the Vertex Capital Management Relative Value Fund managed fund?

The current exit price of the Vertex Capital Management Relative Value Fund managed fund is $1.3225 per unit and the current entry price is $1.3358 per unit (as at 31 May 2006).

What is the minimum investment amount for the Vertex Capital Management Relative Value Fund managed fund?

The minimum initial investment amount for the Vertex Capital Management Relative Value Fund managed fund is $100,000.

Fund data sourced from Morningstar. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). Data and content is provided for personal use only. Whilst every care has been taken in producing these numbers, neither Morningstar nor InvestSMART can make any guarantees around the complete accuracy of these figures. Should you decide to change investments, please read all relevant disclosure documents including the Product Disclosure Statements and if required, you may consider speaking to a financial professional for further guidance. A tax event may be realised as a result of switching investments. Past performance is not a reliable indicator of future performance.

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