PERFORMANCE

16 YEAR TRACK RECORD OF BEATING THE MARKET

THE SMALL COMPANIES FUND

Growth of $100,000 at inception (September 2003) as at 31 December 2019 (net of fees). Past performance is not an indicator of future performance

Performance is net of all fees. Inception September 2003

THE EMERGING COMPANIES FUND

Growth of $100,000 at Inception (March 2017) as at 31 December 2019 (net of fees). Past performance is not an indicator of future performance

Performance is net of all fees. Inception March 2017