2017 Performance Summary

Performance summaries for the main investment strategies, all numbers after fees. Note past performance is not a guide to future performance.

Global Multi-Asset

TM Cerno Select and its sister fund Cerno Unconstrained are global strategies investing across multiple asset classes with an unconstrained approach to asset allocation.

The return target is UK CPI +3% by investing in an approved range of investment vehicles, including direct securities, passive funds and specialist active managers.

Fund/Strategy 2017 3 Year Inception** Annualised since inception**
TM Cerno Select +8.0% +18.9% +62.2% 4.9%
CPI +3%* +5.7% +14.1% +71.5% 5.5%

*Dec-17 CPI calculated using 3.0% YoY forecast**Strategy inception October 2007: EF Global prior to September 2013, TM Cerno Select thereafter

Global Equity

The Global Leaders Equity Strategy invests in global companies with sustainable competitive advantages delivering above average returns. Its target is to deliver performance above that of the MSCI World Total Return (GBP) Index on a 3-year rolling basis.

The fund will hold 25-30 securities, equally weighted, selected according to a distinct investment thesis that accents industry structure, the sustenance of return on capital and secular growth.

Fund/Strategy 2017 3 Year Inception** Annualised since inception**
Global Leaders Equity Strategy +23.4% +58.3% +73.4% 18.4%
MSCI World TR GBP +11.8% +50.4% +54.8% 14.8%

**Strategy inception October 2014.

Regional Specialty – Pacific & Emerging

Predominantly investing in technology, services, automation and distribution and other asset light business models within Asia Pacific and the wider Emerging Markets.

Fund/Strategy 2017 3 Year Inception** Annualised since inception**
Pacific & Emerging Strategy +20.7% +35.8% +98.6% +8.8%
MSCI AC Asia Pacific Index GBP +20.3% +56.1% +122.1% +10.3%

**Strategy inception November 2009: EF Pacific & Emerging prior to January 2017, TM Cerno Pacific & Emerging thereafter

About the Author:

James is a co-founder of Cerno Capital and lead manages a number of the firm’s collective and private portfolios. After qualifying as a chartered accountant in London (Coopers & Lybrand, 1989) he relocated to Asia. Between 1991 and 2004 he worked as an equity analyst, head of research, and latterly as an equity strategist at WI Carr, Paribas, HSBC and UBS, based variously in Hong Kong, Singapore and Jakarta. James graduated from the University of St Andrews, Scotland with an MA in Philosophy & Logic in 1986. James is a Member of the Chartered Institute for Securities & Investment.