Quarterly Fact Sheet and Letter Number 4 (Q1 2018)

The Somerston Multi Asset Fund (US0 class) returned -0.1% over the first quarter. Year to date the MSCI World Equity Index (local currency) declined -2.2% and a composite of UK, German and US Government bonds declined -1.0%. Through the quarter, the fund had average equity and bond allocations of 80% and 19% respectively. The fund starts the 2nd Quarter of 2018 with a 47.2% net equity exposure, 30.6% net bond exposure and 19.8% in Gold.