Elevation Capital Value Fund performance summary for the month ended December 31, 2016.

2016 Hedge Fund Letters

For comparative purposes we have detailed two informational benchmarks we consider relevant to underlying (and prospective) investors in the Value Fund. These are NZ CPI + 5% per annum which we believe highlights to investors whether we are preserving and growing their real purchasing power overtime and the iShares MSCI All Country World Index (ACWI) Exchange Traded Fund (ETF) in NZD terms. We realise investors have a choice of investment managers and increasingly exchange traded funds (ETF’s), and as such we publish these comparatives for your assessment purposes. It is important to consider that our portfolio does not track or follow any index (refer the Funds Active Share statistics on page 2), and we consistently operate with conservative cash levels. We would also highlight that these two informational benchmarks are not provided for performance fee calculations as there are no performance fees charged or payable within/by the Fund.

Elevation Capital Value Fund

Elevation Capital Value Fund

Elevation Capital Value Fund

Elevation Capital Value Fund

Elevation Capital Value Fund

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