Alpha Gen Eta Cas Fund Class A USD - July 2008

Net performance has been 29.8% since inception in December 2005 with performance this year varying at 5% in February, -1.9% in March, 0.2% in April and 1.2% year to date. The fund operates a defensive strategy with gross and net positions further reduced in view of risks and uncertainties in the marketplace and to secure some relative gains. The fund views stocks with a relatively high exposure to emerging markets as an attractive place to be as they possess genuine potential to raise earni