CF Eclectica Absolute Macro Fund

MONTHLY FACTSHEET

29 JANUARY 2010

In a volatile and ultimately difficult month for PERFORMANCE (%)—‘A’ £ shares

global equity markets, the Fund returned a profit of 1 month 3 months since launch
1.2%. 1.2 n/a 1.2

As the market got off to a strong start we took the 104

opportunity to reduce our equity exposure, 102

particularly in the agricultural and mining sectors.
100
With these areas up around 7% in the opening
98
week of January the Fund was able to lock in
31 Dec 09 15 Jan 10 29 Jan 10
profits enabling the equity book to contribute
almost 1% for the month.
NAV $¢ £p €¢
Clearly the portfolio was conservatively positioned A shares 145.57 90.25 24
for the month. Long equity holdings constituted C shares 145.55 90.89 104.23
just 25% of NAV and this was dominated by AUM £4.4m
defensive, high yielding sectors such as tobacco,
TOP 10 HOLDINGS (%)
pharmaceuticals, utilities and telecoms. The Fund
also allocated 30bps to Eurostoxx 50 put options Long EUR / short LVL Currency 19.8

providing a 3% delta’d short position, which Australian 10-year gov’t bond Fixed income 7.4

yielded 20bps profit for the month. German 30-year gov’t bond Fixed income 7.1
MetroPCS Wireless 9.25% 2014 Fixed income 2.9
In fixed income the Fund’s 15% weighting in Long USD / short GBP Currency 2.8
government bonds, split equally between Imperial Tobacco Equity 2.6
Australian 10yr and German 30yr, contributed British American Tobacco Equity 2.6
38bps. This was marginally offset by a 9bp loss on Altria Group Equity 2.6
the Fund’s 5% of NAV holdings in corporate debt. Lorillard Equity 2.5

In commodities the Fund has a 2% exposure to Philip Morris International Equity 2.4

corn, which cost the Fund 28bps.

ASSET ALLOCATION (%)
The Fund also made 10bps from its currency
positions with profits in a 2% of NAV long US currencies
Dollar/short Hungarian Forint position and a 1% fixed income
long Sterling short/New Zealand Dollar position. net equity
During the month the Fund added a 20% position cash
long Euro/short Latvian Lat, which is currently a commodities
pegged exchange rate.

Going into February the Fund has increased its

GROSS INVESTED POSITION
government bond exposure with an additional
75.5%
7.5% points in the German 30yr Bund. The Fund
has also added to the currency holdings with a 3% FUND FACTS
long US Dollar/short South African Rand position. Launched 31 December 2009
Fund manager Hugh Hendry/Espen Baardsen
The current portfolio is 25% of NAV long equity,
IMA sector absolute return
1.5% short equity (via Eurostoxx put options),
Target return annualised 10% on a
24% government bonds, 4.5% corporate bonds,
rolling 3-year basis
1.8% commodities and 29% currency.
Portfolio data as at 29 January 2010. Source: Eclectica Asset Management.

This document is being issued by Eclectica Asset Management LLP (“EAM”), which is authorised and regulated by the Financial Services Authority. The information contained in this document relates to the promotion
of shares in one or more collective investment schemes managed by EAM (the “Funds”). The promotion of the Funds and the distribution of this document in the United Kingdom are restricted by law. This document is
being issued by EAM to and/or is directed at persons of a kind to whom the Funds may lawfully be promoted. No recipient of this document may distribute it to any other person. No representation, warranty or
undertaking, express or implied, is given as to the accuracy or completeness of, and no liability is accepted for, the information or opinions contained in this document by any of EAM, any of the funds managed by
EAM or their respective directors. This does not exclude or restrict any duty or liability that EAM has to its customers under the UK regulatory system. This document does not constitute or form part of any offer to
issue or sell, or any solicitation of any offer to subscribe or purchase, any securities mentioned herein nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract
therefore. Recipients of this document who intend to apply for securities are reminded that any such application may be made solely on the basis of the information and opinions contained in the relevant prospectus
which may be different from the information and opinions contained in this document. The value of all investments and the income derived therefrom can decrease as well as increase. This may be partly due to
exchange rate fluctuations in investments that have an exposure to currencies other than the base currency of the relevant fund. Past performance is not a guide to future performance. All charts are sourced from
Eclectica Asset Management LLP. Registration no. OC312442; registered office 6 Salem Road, London W2 4BU © 2010 Eclectica Asset Management LLP
CF Eclectica Absolute Macro Fund
MONTHLY FACTSHEET

29 JANUARY 2010

KEY POINTS MANAGER DETAILS

 Absolute return: independent of benchmarks Investment manager Eclectica Asset Management LLP
 Multiple-asset class selection: dynamic asset ACD Capita Financial Managers Ltd
allocation Administrator Capita Financial Administrators Ltd
 Uncorrelated returns: long established track
record of uncorrelated and positive returns FUND DETAILS
 Competitive fee structure: no performance fee Share classes £/€/$
 UCITS III: affords greater flexibility within Structure UCITS III sub fund of CF Eclectica Funds
investment mandate along with daily dealing Dividends Accumulated
Isa/Pep eligible Yes
FUND AIM
FUND IDENTIFIERS
The Fund seeks to achieve positive returns through
strategically allocating capital across multiple asset ISIN SEDOL Bloomberg

classes on a global basis. A share (£) GB00B2PJSV25 B2PJSV2 CFEGASA LN

A share (€) GB00B2PJWD21 B2PJWD2 CFEGAEA LN
FUND STRATEGY A share ($) GB00B39WZQ85 B39WZQ8 CFEGADA LN
The Fund makes full use of the UCITS III directive C share (£) GB00B3B1N814 B3B1N81 CFEGCSA LN
to maximise its ability to generate superior risk C share (€) GB00B3B1NB48 B3B1NB4 CFEGCEA LN
adjusted absolute performance. It dynamically C share ($) GB00B39WZY69 B39WZY6 CFEGCDA LN
allocates across multi-asset classes to preserve
capital and generate absolute returns in all market FEES, COSTS AND REDEMPTION STRUCTURE
and economic conditions. The manager pays Initial charges up to 5% (class A); up to 1% (class C)
particular attention to protecting assets. Anti-dilution levy up to 0.75% on subs/reds over 5% of NAV
Annual charges 1.75% (class A); 1.25% (class C)
The Fund can invest in the following asset classes: Performance fee none
 global equities Minimum investment £5,000 (class A); £2m (class C)
 commodities (ETCs) (equivalent for € and $)
 global fixed income Dealing daily at 12pm
 currencies Dealing line 0845 608 0941
 credit
SERVICE PROVIDERS
Depository Bank of New York
FUND MANAGER: HUGH HENDRY
Auditors Ernst & Young
Hugh graduated from Strathclyde
Accounts date Financial year-end 31 December
University in 1990 and, after eight
years with Baillie Gifford and one SALES AND MARKETING
year at Credit Suisse Asset Patrick Cooper, Harry Dickinson, Edward Higgin, Caspar Hill
Management, he joined Odey Asset T. +44 (0)20 7043 0500 E. team@harrringtoncooper.com
Management in 1999. As a partner at
Odey, Hugh was responsible for $1bn
of long-only European equity mandates and
Joe Rouncefield T. +44 (0)20 7792 6420 E. joe@eclectica-am.com
launched the Eclectica Fund in 2002. In 2005, www.eclectica-am.com
along with four other colleagues, he established
Eclectica Asset Management.

This document is being issued by Eclectica Asset Management LLP (“EAM”), which is authorised and regulated by the Financial Services Authority. The information contained in this document relates to the promotion
of shares in one or more collective investment schemes managed by EAM (the “Funds”). The promotion of the Funds and the distribution of this document in the United Kingdom are restricted by law. This document is
being issued by EAM to and/or is directed at persons of a kind to whom the Funds may lawfully be promoted. No recipient of this document may distribute it to any other person. No representation, warranty or
undertaking, express or implied, is given as to the accuracy or completeness of, and no liability is accepted for, the information or opinions contained in this document by any of EAM, any of the funds managed by
EAM or their respective directors. This does not exclude or restrict any duty or liability that EAM has to its customers under the UK regulatory system. This document does not constitute or form part of any offer to
issue or sell, or any solicitation of any offer to subscribe or purchase, any securities mentioned herein nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract
therefore. Recipients of this document who intend to apply for securities are reminded that any such application may be made solely on the basis of the information and opinions contained in the relevant prospectus
which may be different from the information and opinions contained in this document. The value of all investments and the income derived therefrom can decrease as well as increase. This may be partly due to
exchange rate fluctuations in investments that have an exposure to currencies other than the base currency of the relevant fund. Past performance is not a guide to future performance. All charts are sourced from
Eclectica Asset Management LLP. Registration no. OC312442; registered office 6 Salem Road, London W2 4BU © 2010 Eclectica Asset Manazhment LLP