Q2 Results

Portfolio as at end of June
Asset	Bloomberg Ticker
Leucadia	LUK	13%
Rolls Royce	RR/	12%
Novo Nordisk	NOVO-B	11%
COTY	COTY	10%
AIG	AIG US	9%
FLYBE	FLYB	8%
PETS AT HOME	PETS	8%
FIAT	FCAU	7%
Next PLC	NXT LN	6%
IG Group	IGG	5%
Card Factory	CARD	4%
Seritage	SRG	3%
Emergent	EMGC	2%
GBP Cash		2%
Plaza Centers	PLAZ LN	1%
Dolphin Capital	DCI LN	0%
Quarterly Return	Quarterly Benchmark Return
2.20%	-0.03%
Return Since Inception	Benchmark Return since Inception
31.08%	92.70%
Annualised Return since Inception	Annualised Benchmark Return since Inception
6.20%	15.69%
Quarterly Leveraged Return	Annualised Leveraged Return
-2.25%	12.06%
Leverage
44%