Portfolio as at end of March
Asset	Bloomberg Ticker
Safestyle PLC	SFE LN	11.9%
Exova PLC	EXO LN	11.2%
Avesco Group PLC	AVS LN	11.8%
Emeco Group Holdings	EHL ASX	6.1%
AIG	AIG US	6.3%
Commerzbank	CBK FP	5.0%
Hargreaves Services	HSP LN	2.1%
Alternative Asset Opportunities	TLI LN	2.9%
Plaza Centers	PLAZ LN	2.1%
Dolphin Capital	DCI LN	1.6%
GBP Cash		38.9%
Quarterly Return	Quarterly Benchmark Return
-2.354%	7.65%
Return Since Inception	Benchmark Return since Inception
10.16%	46.5%
Annualised Return since Inception	Annualised Benchmark Return since Inception
4.39%	18.50%
Quarterly Leveraged Return	Annualised Leveraged Return
1.13%
Leverage
35.4%%