1. MAXXIM HIGH CONVICTION US FUND * Sharpe ratio
Risk Level medium As at 12-Sep-10 3.4
MAXXIM
FUND OBJECTIVE CONTACT
Outperform US equity markets by at least 20% in any year , Office: 41 Palmerston Road Lysterfield VIC AUSTRALIA
while maintaining a risk profile of less than the market . The www.maxxim.com Tel: +613 9752 7078
fund * is high conviction and does not track the benchmark
INVESTMENT PROCESS
Kappa Forte is a quant manager that blends behavioural finance and traditional valuation techniques to select stocks. It has a proprietary
valuation approach based on normalised free cash flow and a behavioural finance model that encompasses momentum.
RISK AND REWARD
MAXXIM BENCHMARK
Annualised Since
YTD 2009 2008 2007 Annualised Risk YTD 2009 2008 2007 Since Inception
Risk Inception
St Deviation 19.4% 58.2% 23.5% 19.1% 32.6% St Deviation 18.7% 22.3% 21.0% 9.7% 29.3%
Downside Vol (d) 0.0% 31.9% 10.6% 0.0% 15.0% Downside Vol (d) 9.7% 18.2% 19.2% 4.7% 13.7%
Upside Vol 17.6% 44.1% 19.2% 13.7% 27.2% Upside Vol 8.8% 9.3% 7.2% 4.7% 26.4%
Vol skewness 1.4 1.8 1.8 Vol skewness 0.9 0.5 0.4 1.0 1.9
Alpha 110.1% 239.3% 73.3% 87.1% 118.4%
Tracking Error 11.3% 51.6% 24.0% 14.8% 27.5%
Info Ratio 9.8 4.6 3.1 5.9 4.3 Info Ratio 0.0 0.0 0.0 0.0 0.0
alpha/TE
Maxxim Ratio n/a 7.5 6.9 n/a 7.9
alpha/down vol
Capital Return r 104.8% 262.7% 34.8% 90.7% 115.7% Capital Return r -4.1% 23.5% -38.5% 3.5% -2.7%
Target Return (t) 10.0% 10.0% 10.0% 10.0% 10.0% Target Return (t) 10.0% 10.0% 10.0% 10.0% 10.0%
Sortino Ratio n/a 7.9 2.3 n/a 7.0 Sortino Ratio -1.4 0.7 -2.5 -1.4 -0.9
(r-t)/d return/down vol
Risk free rate 5yr 1.5% 2.0% 2.5% 3.5% 4.5% Risk free rate 5yr 1.5% 2.0% 2.5% 3.5% 4.5%
Sharpe Ratio 5.3 4.5 1.4 4.6 3.4 Sharpe Ratio -0.3 1.0 -2.0 0.0 -0.2
(r-rfr)/stdev (r-rfr)/stdev
3 yr max draw -19.5% -19.5% -7.2% -10.6% -19.5% 3 yr max draw -44.6% -44.6% -44.6% -5.6% -44.6%
rolling 3 yr ret 115% 110% 74% 106% 116% rolling 3 yr ret -9.7% -8% -10% 7% -2.7%
Calmar Ratio 5.9 5.7 10.2 10.0 5.9 Calmar Ratio -0.2 -0.2 -0.2 1.2 -0.1
3yr ret/MD 3yr ret/MD
monthly performance DISCLAIMER
Maxxim Pty Ltd (ACN 116 807 731) is owned by Australian and foreign investors. The company was incorporated in Australia in 2004 and received the Investment
Managers (wholesale) licence from ASIC on April 11, 2008 (AFSL 321832). Because of licence restrictions there is and has been no retail fund of this type available to
Australian investors. The performance reported refers to the gross return to the manager of discretionary wholesale mandates granted under this and other licenses in
various countries. Further, past performance is neither an indication nor a guarantee of future returns. The value of units and income from them can go up or down;
investors may receive less than what they have originally invested. Additionally, fees charged on funds and currency exchange rates may have additional adverse effects.
Investors should consider their individual and financial situation prior to entering into a specific product/fund and should seek advice from investment and legal
professionals. Detailed and specific information related to the product is provided in the terms and conditions applicable to the fund which should be read and understood
prior to entering into it. The performance data has either been audited or is public domain and is based on the investment management companies of Maxxim Pty Ltd
(AFSL 289966 ) Sigrun Pty Ltd (ACN 109989175) Global capital (Maltese License PIF/46B and Kappa Forte Pty Ltd (Mauritian FSC IX09000012 ).