The fund was launched in the UK on 3 April 2001. The fund will invest principally in collective investment schemes whose underlying investments consist of equities and/or fixed interest securities. Subject to the fund�s investment objective as set out above, the additional asset classes in which the fund may directly or indirectly invest include transferable securities, money market instruments and deposits as permitted for Non-UCITS Retail Schemes under the Rules. The fund may invest in derivative instruments and forwards transactions for the limited purposes of hedging. The fund will invest principally in the funds of boutique fund management groups. The definition of �Boutique� is often a fund management operation where the portfolio managers have a clear and substantial financial interest in both the performance of their portfolios and the fund management group. It is intended that more traditional fund management operations will be used in certain circumstances.

Asset manager:
Lee Gardhouse (Started: Apr 3, 2001)

Advisor Company:
Hargreaves Lansdown Fund Managers Ltd

	1 year	3 years	5 years	10 years
Alpha*	-1.62	0.24	-0.60	1.97
Beta*	1.06	1.04	1.01	1.04
Mean annual return	1.30	0.94	0.28	0.97
R-squared*	85.61	84.66	84.00	80.49
Standard deviation	14.24	18.90	22.73	18.62
Sharpe ratio	1.09	0.59	0.14	0.53
* Against standard index