Quarterly Fact Sheet and Letter Number 3 (Q4 2017)

The Somerston Multi Asset Fund (US0 class) returned 1.2% over the quarter and 4.5% for the first nine months since inception. During the 4th Quarter the MSCI World Equity Index (local currency) appreciated 5.3% and a composite of UK, German and US Government bonds rose 0.4%. Through the quarter, the fund had average equity and bond allocations of 64% and 26% respectively. During December equity weighting increased to 87.2% and bonds reduced to 15.9%. In December, the gold allocation had increased to 19.6%.