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Ashburton Global Dollar International Equity Fund Ashburton (Jersey) Limited Ashburton Global Dollar International Equity Fund News Regional Portfolio Structure(Semi-Annual Comparison) Sectorial Portfolio Structure(Semi-Annual Comparison) Price   Ranking Sector: Global-Equity-General Size: (USD) 11 320 000   Sector Rank: 38 out of 38 (lump sum over 3 years to 31 Jan 2012)   Overall Rank: 103 out of 161 (lump sum over 3 years to 31 Jan 2012)   R20000 invested on 31 Jan 2009 was worth R19 927 at 31 Jan 2012 ((0.12)% annual compound return)   R5000 per month since 31 Jan 2009 was worth R196 101 at 31 Jan 2012 (5.50% annual return compounded monthly)   Please note that offshore fund performance figures are calculated from NAV prices (ie, equivalent to sell-to-sell) and therefore not directly comparable to domestic fund performance figures on this site.   Management Ian Leveringhton, CFA   Focus and Objective The investment objective is to maximise capital growth in base currency terms by investing primarily in a portfolio of international equities. Investment will be made primarily in companies of substance, financial strength, and demonstrably superior management skills, with some exposure also to smaller capitalised stocks. Only in exceptional times would such investments represent less than 80% of the portfolio.   Technical Overview Benchmark: MSCI World Administration fee: Nil Is this fund a roll-up fund? No Allows debit orders? No Management fee (p.a.): 1.75% Base currency: USD Min lump sum: ú10 000 Broker comm payable? Yes Minimum lump sum: $10 000 Can divs be reinvested? Yes Performance fee? No Domicile: Jersey Pricing system: Forward Exit fee? No Risk rating: High Formation date: 06 Apr 2000   Top holdings on 30 Sep 2011 Share (Sector) Value (USD) % of fund AGGREKOPLC (Goods & Services) 294 320 2.60% AMEX (Financial Services) 286 396 2.53% TULLOWOIL (Energy) 283 000 2.50% PRUDENTIALFIN (Financial Services) 275 076 2.43% CERNERCOMP (Technology) 275 076 2.43% STERICYCLE (Equities) 268 284 2.37% MEADJOHNSONNU (Food & Beverage) 262 624 2.32% CHINAMOBILE (Telecom) 262 624 2.32% HSBC (Financial Services) 254 700 2.25% ECOLABINC (Cyclical Goods & Services) 252 436 2.23% TOTALS 2 714 536 23.98%

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