9 Feb 2011 - Performance Report: Mathews Velocity Fund

By: Australian Fund Monitors

Report Date	08 February 2011
Manager	Mathews Capital Partners
Fund Name	Mathews Velocity Fund
Strategy	Equity Long/Short
Latest Return Date	January 2011
Latest Return	0.73%
Latest 6 Months	40.35%
Latest 12 Months	47.64%
Latest 24 Months	136.63%
Annualised Since Inception	45.69%
Inception Date	01 July 2006
FUM (millions)	AU$80
Fund Overview	The Fund is a general long/short equity fund principally investing in listed securities in Australia and internationally. The Fund may also invest in unlisted securities which are expected to list within six months of purchase. The Fund is not a market neutral fund and accordingly may switch between net long positions and net short positions. The Fund has the provision for short sales and the use of derivatives as determined by the Manager. The Manager does not target a specific investment style. The Manager's investment strategy is based on attempting to pick emerging trends in the equity and commodity markets.
Manager Comments	Mathews Capital's Velocity Fund returned 0.73% in January as their positions in the coal sector continued to drive performance to take 12 month returns to +47.64%. However, it was a reasonably volatile month for the market and the Fund finished January well off its intra-month peak. In terms of the Fund’s performance top contributors were: Bathurst Resources (coal) +25%; Carabella Resources (coal) +28%; NRW Holdings (mining services) 12%; Macarthur Coal short (coal) -9%; Coal & Allied (coal) 7%. On the negative side positions in several gold stocks in particular had a healthy correction following the 6% fall in the gold price over January.
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Fund Monitors Pty Ltd

9 Feb 2011 - Performance Report: Mathews Velocity Fund