Portfolio as at end of June
Asset	Bloomberg Ticker
Avesco Group PLC	AVS LN	16%
Exova PLC	EXO LN	13%
Safestyle PLC	SFE LN	12%
Markel	MKL	10%
Tessenderlo	TESB	5%
AIG	AIG US	6%
Emeco Group Holdings	EHL ASX	4%
Commerzbank	CBK FP	4%
Alternative Asset Opportunities	TLI LN	2%
Goodwin	GDWN LN	2%
Plaza Centers	PLAZ LN	2%
Hargreaves Services	HSP LN	2%
Dolphin Capital	DCI LN	1%
GBP Cash		21%
Quarterly Return	Quarterly Benchmark Return
11.32%	-6.02%
Return Since Inception	Benchmark Return since Inception
21.10%	37.76%
Annualised Return since Inception	Annualised Benchmark Return since Inception
7.96%	13.64%
Quarterly Leveraged Return	Annualised Leveraged Return
7.50%	15.56%
Leverage
33%