Performance to date on USE ( 22 months )

BATU - 370, BOBU - 344, DFCU - 530, NVL - 530, SBU - 160, UCL - 70


BOBU 15% annualised
NVL -57%
DFCU -17%

Consolidated position is -16 % annualised.

Current Strategy
Buying: NVL
Watching: DFCU BOBU
Selling: all others


Best consolidated position has been 7% worst has been -16%

Performance to date on USE ( 21 months)

BATU - 370, BOBU - 380, DFCU - 500, NVL - 770, SBU - 160, UCL - 70


BOBU 21% annualised
NVL -45%
DFCU -21%

Consolidated position is -13 % annualised.

Current Strategy
Buying: NVL
Watching: DFCU UCL BOBU
Selling: all others


Best this year has been 7% worst has been -14%

Performance to date on USE ( 19 months)

BATU - 370, BOBU - 380, DFCU - 500, NVL - 910, SBU - 150, UCL - 80


BOBU 23% annualised
NVL -44%
DFCU -22%

Consolidated position is -12 % annualised.

Current Strategy
Buying: NVL
Watching: DFCU BOBU
Selling: all others