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Ashburton Global Sterling International Equity Fund Ashburton (Jersey) Limited Ashburton Global Sterling International Equity Fund News Regional Portfolio Structure(Semi-Annual Comparison) Sectorial Portfolio Structure(Semi-Annual Comparison) Price   Ranking Sector: Global-Equity-General Size: (GBP) 19 070 000   Sector Rank: 36 out of 38 (lump sum over 3 years to 31 Jan 2012)   Overall Rank: 97 out of 161 (lump sum over 3 years to 31 Jan 2012)   R20000 invested on 31 Jan 2009 was worth R20 354 at 31 Jan 2012 (0.59% annual compound return)   R5000 per month since 31 Jan 2009 was worth R196 263 at 31 Jan 2012 (5.55% 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 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: GBP Min lump sum: ú10 000 Broker comm payable? Yes Minimum lump sum: ú10 000 Can divs be reinvested? Yes Performance fee? No Domicile: Jersey Pricing system: Forward Exit fee? No Risk rating: High Formation date: 01 Jan 1992   Top holdings on 30 Sep 2011 Share (Sector) Value (GBP) % of fund AGGREKOPLC (Goods & Services) 532 053 2.79% TULLOWOIL (Energy) 486 285 2.55% CHINAMOBILE (Telecom) 486 285 2.55% AMEX (Financial Services) 484 378 2.54% CERNERCOMP (Technology) 465 308 2.44% STERICYCLE (Equities) 450 052 2.36% PRUDENTIALFIN (Financial Services) 448 145 2.35% MEADJOHNSONNU (Food & Beverage) 444 331 2.33% HSBC (Financial Services) 430 982 2.26% SHIREPHARM (Healthcare) 427 168 2.24% TOTALS 4 654 987 24.41%

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