Quarterly Fact Sheet and Letter Number 2 (Q3 2017)

The Somerston Multi Asset Fund (US0 class) returned 0.6% over the quarter. Over the same period the MSCI World Equity Index (local currency) appreciated 3.9% and the Barclays Developed Sovereign Total Return Bond Index was 0.2% higher. Through the quarter, the Fund had average equity and bond allocations of 64% and 43% respectively.