The document describes the 50% α SaaS Growth Fund managed by CKM Capital Management, which focuses on investing in pre and post-IPO Software as a Service companies for capital appreciation. The fund has $122.4 million in assets as of July 2011, benchmarks its performance against the S&P 500 and S&P Software ETF Index, and the managers plan to revise the selection and allocation processes to focus on companies with stronger short and long-term prospects.

1. 50% α SaaS Growth Fund
β: 1.17
r2 : .51
CKM
Capital Management, LLC

2. Xavier SaaS Aggressive Growth Fund
• Investment focus: Software as a Service (SaaS)
companies
• Goal: capital appreciation in emerging subsector
• Location: primarily US-based companies
• Targets:
– Pre and post-IPO SaaS companies
– Legacy software companies migrating to SaaS solutions
CKM
Capital Management, LLC

3. Additional Details
• Allocation strategy: equal % distribution across
companies in 2005 or at/near IPO timing
• Fund Size: $100M initial, $250M cap
• Inception: 2005 (additional equities added in
2006/2007 @ IPO)
• Minimum investment: $100K
CKM
Capital Management, LLC

4. Performance vs. S&P 500
CKM
Capital Management, LLC

5. Performance vs. S&P 500
CKM
Capital Management, LLC

6. Performance vs. S&P IGV Software Index
CKM
Capital Management, LLC

7. Performance vs. S&P IGV Software Index
CKM
Capital Management, LLC

8. Fund Info – as of 7/20/2011
Current Assets $122.4M
Initial Assets $100M
Total Assets Date 7/20/2011
Inception Date 7/1/2005
Primary S&P 500 and S&P Software
Benchmark(s) ETF Index (IGV)
Curr USD
CKM
Capital Management, LLC

9. Future Fund Changes
• Revised Selection process:
– companies with robust short/long-term prospects (2-5/5+ years)
– Limited IPO proximity investment (“right” investments limit
underperformance)
– Small % of private placement investments with 2-4 year IPO
window
– More fundamental company analysis applied
• Revised Allocation strategy:
– Regular redistribution toward more favorable companies
– Movement from over-valued or consideration of hedging strategy
– Additional cash position for upcoming SaaS offerings
CKM
Capital Management, LLC

10. Contact Details
Management Company CKM Capital Management, LLC
Company Address
800 Victory Parkway
Company Telephone Cincinnati, OH 45207
Website 513-555-1212
Fund Managers www.ckmcapital.com
Manager(s) Start Date
Matt Crane, Lisa Knapp, Frank Molenda
Transfer Agent
7/1/2011
Dewey, Cheatem, & Howe
CKM
Capital Management, LLC