Ha Long Bay (Vietnam)

Prior Performance of IM

The performance in the accompanying document shows the actual performance of Worldwide Opportunity Fund ("WWOF") over the past 10 years. WWOF was managed by three different Investment Managers over its life, but the people who made the investment decisions for WWOF during that entire period of time were the same in each of those managers and are the same people who are make the decisions in the Investment Manager (Terra Partners Asset Management) for Terra Capital.

The results shown in the document are real returns and they show actual performance, but they are presented only to give current and potential investors in Terra Capital an illustrative view of the performance of a portfolio guided and managed by the same people who are managing the portfolio of TCA when applied to a similar investment mandate. HOWEVER, these results should only be used as a guide since past performance cannot and does not guarantee future performance; moreover, the returns for TCA will certainly diverge from these returns since the investment climate today is different than it was over the prior period and the investment concerns of the Investment Manager and the Board of Directors of a publically listed closed-end fund are different than those for a privately owned Hedge Fund composed only of highly qualified investors.

When reviewing the document with the performance figures, all readers are cautioned to understand that the various Benchmarks were provided for illustrative purposes only. Comparisons to benchmarks have limitations because benchmarks have volatility and other material characteristics that may differ from the portfolio. Also, performance results for benchmarks do not reflect payment of investment management/incentive fees and other fund expenses. Because of these differences, benchmarks should not be relied upon as an accurate measure of comparison.

The following information is provided in order to further explain the various benchmarks and other relative factors that were used in creating the annexed chart.

  • The MSCI Frontier Markets Index (Total Return Gross) is a free float-adjusted market capitalization index that is designed to measure equity market performance of frontier markets. As of June 2012 the MSCI Frontier Markets Index consisted of the following 25 frontier market country indices: Argentina, Bahrain, Bangladesh, Bulgaria, Croatia, Estonia, Jordan, Kenya, Kuwait, Lebanon, Lithuania, Kazakhstan, Mauritius, Nigeria, Oman, Pakistan, Qatar, Romania, Serbia, Slovenia, Sri Lanka, Tunisia, Ukraine, United Arab Emirates, and Vietnam. The MSCI Daily Total Return (DTR) Methodology reinvests dividends in the indices on the day the security is quoted ex-dividend. The MSCI Frontier Markets Index Total Return Gross approximates the maximum possible dividend reinvestment. The amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.
  • The MSCI Emerging Markets Index (Total Return Gross) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of June 2012 the MSCI Emerging Markets Index consisted of the following 20 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. The MSCI Total Return Indices measure the market performance, including both price performance and income from dividend payments. The MSCI Daily Total Return (DTR) Methodology reinvests dividends in the indices on the day the security is quoted ex-dividend. The MSCI Emerging Markets Index Total Return Gross approximates the maximum possible dividend reinvestment. The amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.
  • The Barclay Emerging Markets Index involves equity or fixed income investing in emerging markets around the world. Because many emerging markets do not allow short selling, nor offer viable futures or other derivative products with which to hedge, emerging market investing often employs a long-only strategy. Only funds that provide net returns are included in the index calculation. Please note that the calculation for the number of funds is time-stamped and that the number of funds will continue to increase until all funds categorized within the sector have reported monthly returns. The two most recent months are always provided as estimates.
  • The risk-free rate used in the calculation of the Sharpe Ratio is the U.S. 3-month Treasury Bill's total return from the inception period.
  • FTSE Frontier 50 Index is a liquid, tradable index created from an eligible universe of 23 frontier markets which were identified and screened using FTSE's established country classification methodology. This methodology assesses markets against the size requirements, basic governance and market infrastructure elements required by international institutional investors.
  • The Russell Frontier Index represents the investable frontier equity market (41 countries) and its segments comprehensively. It is constructed using float-adjusted market capitalization weights, country weight limits, and represents 98% of the cumulative, liquid market capitalization of frontier countries.
  • MSCI Classification
  • S&P Classification
  • FTSE Classification
  • Russell Classification

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