ISSUE FOURTY SIX DECEMBER 2014

THE
4TH

PILLAR

DECLARE YOUR ECONOMIC INDEPENDENCE

Company with $482

million in cash and
real estate assets,
but a market value
of just $204 million
If Warren Buffetts mentor, Benjamin Graham, were alive today,
this is the sort of stock hed have in his portfolio. Regarded as the
father of value investing, Grahams primary analytical tool was a
companys balance sheet.
He wanted to know that he could get a significant margin of
safety when he risked his capital on stocks. Specifically, he
wanted to see a real, tangible, objectively measurable value on a
companys balance sheet that was significantly above the price he
was paying for the stock.
Thats exactly the situation we have today with Nam Tai

Property (NTP on the New York Stock

Exchange).
Intrigued by the value
to price mismatch, I
went and put boots on
the ground at Nam Tais
facilities in China this
past week.

TIMS

RECOMMENDATIONS
IN TWO MINUTES:
NAM TAI PROPERTY INC. (NTP ON THE NEW
YORK STOCK EXCHANGE)
BUY AROUND CURRENT LEVELS
OF US$4.57. USE UP TO 1/12TH OF
YOUR 4TH PILLAR CAPITAL.
AUSTRALIAN DOLLAR ETF (FXA ON THE NEW
YORK STOCK EXCHANGE)
HOLD YOUR SHORT POSITION.
NEW ZEALAND OIL & GAS (NZO ON ASX)
HOLD.
INDOPHIL RESOURCES (IRN ON ASX)
HOLD / BUY UP TO A LIMIT OF
A$0.285.
ASIA PACIFIC DATA CENTRE GROUP
(AJD ON ASX)
HOLD.
YORKEY OPTICAL (STOCK 2788 ON THE
HONG KONG STOCK EXCHANGE)
HOLD.
RURAL FUNDS GROUP (RFF ON ASX)
HOLD / BUY IF YOUR SHARES WERE
FORCIBLY SOLD.

INSIDE

RCI up 9.2% already in a month;

HOLD for more gains

1. F
 XA short sale continues to move further
and further in our favor as the A$ weakens;
keep holding for more gains
2. N
 ZO shares hit by falling oil prices; but the
company remains financially strong and
a capital return of NZ$0.15 per share is
coming your way soon
3. IRN takeover one important step closer to
completion; youre up 3.6% in a month with
more to come
4. A
 JD continues to appreciate steadily with
5.5% gains so far
5. Y
 our Yorkey Optical shares showing 32% gains
6. R
 FF restructure caused some foreign
shareholders to have their shares sold
out from under them what to do if this
happened to you

THE

4TH

PILLAR

Nam Tai has a history dating back to 1975. It used

to be in the electronics manufacturing business.
Originally the company was called Nam Tai
Electronics. It began operations in Hong Kong.
In the 1980s, when China began to open up, it
shifted across the border to Shenzhen.
In 1988 the company became one of the earliest Chinese companies to seek a listing on the NASDAQ in
the United States.
The company has always had progressive and high-quality corporate governance. In 2003, it moved its
listing to the New York Stock Exchange, the pinnacle of corporate disclosure and transparency.
Nam Tai Electronics made the most of the ideal business conditions for low-cost assembly and export
of electronics in China for the past two and a half decades. Many clients used Nam Tai to contract
manufacture their own goods, which they then put their own brand names on. (Known as OEM
manufacturing.)
Over the years, Nam Tai paid out hefty dividends to shareholders, though the stock price tended to move
up and down with the broad market cycles.
With the recent deterioration in Chinas cost-competiveness, especially in the richer, coastal provinces,
such as Guangdong where it is based, and the subsequent loss of its dominant customer, Nam Tais
management made the decision earlier this year to completely exit the electronics business.
However, the company is still sitting on two very valuable assets:
1. Its $261 million net cash pile ($301 million in cash and $40 million in debt as of September 30th, 2014).
2. Its buildings and factory land at Gushu and Guangming in Shenzhen, and Wuxi where it also had a
factory in more recent times.
This land, and the land use rights that come with it, is recorded on Nam Tais books at historical cost dating
back to 1992 and 1993.
At that time, while already booming, Shenzhen was only an infant. Today its an adolescent metropolis. So,
I dont need to tell you that the historical cost method of valuing Nam Tais property on its balance
sheet is way too conservative.
After the decision to exit the electronics manufacturing business, Nam Tai decided to use these valuable

I S S U E

F O U RT Y

S I X

D E C E M B E R

2 0 1 4

THE

4TH

PILLAR

real estate assets to enter the property development business. As part of that, they commissioned several
different property valuation companies, both Chinese and international, to conduct valuation and feasibility
studies on how best to use these properties going forward.
Those reports are now in. You can read them all for yourself in full at Nam Tais website: http://www.namtai.
com/investors#investors/real_estates
The bottom line is that the properties, it can be reasonably argued, are conservatively worth at least RMB
1.364 billion, or about US$221 million at current prices, taking into account transactions for comparable
properties in the same areas, and potential future uses.
Feasibility studies by Nam Tais property consultants also came back with robust internal rate of return (IRR)
metrics, under a variety of potential development and sale, or leasing scenarios, all of which would achieve
paybacks that handsomely exceed the cost of capital needed to implement them.
Adding to the profitability, and lowering the risks for Nam Tai, is the fact that it is already sitting on a
significant part of the cash it would need to spend on developing the properties. It also has existing bank
financing facilities that it can draw upon for the balance.
Whats missing now are the necessary government and regulatory approvals for Nam Tai to move forward
full-steam ahead on the redevelopments. If things go to plan, this should happen some time in the first half
of 2015.
In the meantime, the company has been buying back its shares on the market. Every share repurchase at
such a gaping discount to net asset value obviously adds to the value of the remaining shares outstanding.
One buy-back just ended November 30th. Another one may be declared in the near future.
The company has also committed to paying a $0.02 per share quarterly dividend for 2015. This doesnt
sound like much. But its still a yield of 1.75% -- way better than you can get on US dollars in most bank
accounts nowadays.
Of course, Nam Tai is not a certainty to make you money. Theres still plenty of execution risk.
While Nam Tais management has shown itself to be competent stewards of shareholders capital in the
electronics business over a history of almost four decades, that doesnt necessarily mean theyll take to the
property development business like fish to water. But, with the right advisors and their general business
acumen I have confidence they will make a success of the companys future business plans.

I S S U E

F O U RT Y

S I X

D E C E M B E R

2 0 1 4

THE

4TH

PILLAR

NOT A NEW STORY BUT THE TIMING IS NOW RIGHT

I have been watching Nam Tai for many months waiting for an opportune moment to enter the stock. Recently
there has been a significant sell-off, which saw the stock drop by 17.8%, from $5.57 to $4.56, in the past 3
weeks.
As a result, Im very confident the value were getting by buying now greatly exceeds the price were paying.
And, there is a large enough margin of safety to make it a great risk/reward trade at the current time.
And, having been to Shenzhen to put boots on the ground at Nam Tais main property myself, I feel very
comfortable that things are going according to the companys plans.
My Chinese associate and I deliberately showed up unannounced. Im never too interested in the
managements polished spin. I like the unvarnished truth.
We spoke to rank and file employees who are securing and maintaining the site. They confirmed that all the
machinery and equipment had been sold and moved out. They were aware of the companys redevelopment
plans.
They said that there had been no other foreign investors come to see the site in the recent past. So, while by
no means an undiscovered stock, it is reasonable to assume that the story is not all that well known in the
market.
The site itself is in the western part of Shenzhen, not far from the Baoan International Airport, which is
situated on the citys northwest outskirts. A second bridge is under construction to link this part of Shenzhen
to Zhongshan, Zhuhai, Macau, across the bay to the west. It will also eventually link it up with Hong Kong, via
the Zhuhai-Macau-Hong Kong bridge which is also currently under construction.
My impression of the general area was that it has excellent transport links to the rest of the Shenzhen
metropolitan area. It sits along the main national highway from Shenzhen to Beijing via Wuhan. Busses ply this
road all day long and stop right outside the property.
The nearest existing subway stop is less than a mile away. There is another subway line under construction for
which the nearest station will be just over a quarter of a mile away.
The general area is at present very industrial in nature. What retail and office space there is, is quite basic, and
even run down. Apartments in the area cost significantly less than the average for Shenzhen. So, theres lots of
potential for future improvement to the area and good capital appreciation should follow in the longer term.
Nam Tai expects to take about 4 years to complete a mid-to-high end, combined office, retail, and residential
precinct. It seems a sensible development strategy if one takes a medium to long-term view on the area.

I S S U E

F O U RT Y

S I X

D E C E M B E R

2 0 1 4

THE

4TH

PILLAR

If it goes to plan, Nam Tai will have the first high-quality, integrated property development in the district.
And, importantly, the Shenzhen municipal government is said to be strongly behind the companys plans.
If it comes off, I would expect to go back to the area in 10 years time and find it almost unrecognizable. It
will have been gentrified substantially and become a much more up market neighborhood.
But I dont expect well have to wait nearly that long to see a return on our Nam Tai Property shares. Were
buying in at a distressed valuation that is essentially a significant discount to liquidation value.
I would expect a 20%+ pop in the stock price is realistic in the next 12 to 18 months as the pendulum
merely swings back from stupid cheap to cheap.
And thats really all that were after.

RECOMMENDATION: BUY shares in Nam Tai Property Inc. (NTP on the New York Stock Exchange)
around current levels of US$4.57. Use up to 1/12th of the capital you have available for trading my 4th Pillar
recommendations.
DISCLOSURE: Tim Staermose does not yet own or control any shares in NTP and will wait at least 2
trading days after the release of this report to place any buy orders, to allow you first bite of the cherry.

FXA SHORT SALE CONTINUES TO MOVE FURTHER AND

FURTHER IN OUR FAVOR AS THE A$ WEAKENS; KEEP
HOLDING FOR MORE GAINS
Ive been bearish on the Australian dollar for almost 2 years now. And Ive been right.
My primary concern was that the countrys exports were in for a decline, as the Chinese economy slowed.
I was also vocal in my astonishment at how expensive Australias cost-structure had become, and I was
adamant that the economy could not compete in a global market place with costs that high.
Since prices rarely adjust down, except in economies with flexible labor laws and pegged exchange rates,
such as Hong Kong, I concluded that the only logical adjustment would be for the Australian dollar to
weaken.
Thats exactly what has happened.

I S S U E

F O U RT Y

S I X

D E C E M B E R

2 0 1 4

THE

4TH

PILLAR

Now that the Australian dollar has sunk from a high of about US$1.10 in July 2011 to US$0.85, Australias
relative prices are again much more internationally competitive. And, Im looking forward to going back to
my adopted homeland for the festive season with US dollars in my pocket.
However, its a well-documented fact that currency markets nearly always overshoot both to the upside and
the downside.
So, I would not be at all surprised to see an A$/US$ exchange rate with a 7 in front of it next year.
Accordingly, I dont think there is any hurry to close out your short position in the Australian Dollar

ETF (FXA on the New York Stock Exchange).

RECOMMENDATION: HOLD your short position in FXA.

DISCLOSURE: Tim Staermose doesnt hold or control any short positions in FXA.

NZO SHARES HIT BY FALLING OIL PRICES;

BUT THE COMPANY REMAINS FINANCIALLY STRONG
AND A CAPITAL RETURN OF NZ$0.15 PER SHARE
IS COMING YOUR WAY SOON
Unless youve been hiding under a rock lately, youd be well aware of the on-going rout in the oil price, which
has fallen from over $100 per barrel to under $70 now. On Friday alone, oil had an epic one-day decline of
more than 7%.
Thats caused oil stocks to be on the nose among investors. Many have tanked.

New Zealand Oil & Gas (NZO on the New Zealand Stock Exchange; NZO on
the Australian Securities Exchange) has not escaped the bloodletting.
Including dividends, and factoring in the share price slide since my recommendation, youre now showing
just over a 3% loss.
In addition to the companys chances for exploration success, and existing cash flow from its oil and gas
production, one of the reasons I liked NZO as a low-risk, potentially high-reward investment was that it has a
very strong balance sheet with lots of cash in the bank and no debt.
Well, as it turns out, the companys management has now decided that they are holding too much cash.
And, rather than pay it out in dribs and drabs in the form of dividends, they are seeking shareholder approval
to dole out as much as NZ$60 million of it in one hit.

I S S U E

F O U RT Y

S I X

D E C E M B E R

2 0 1 4

THE

4TH

PILLAR

Specifically, subject to approval at an upcoming meeting of shareholders, prior to Christmas, they will pay
you NZ$0.75 in cash and then cancel 1 in every 5 shares in the company.
Thats effectively a 15c per share capital return. And, if the share price falls by less than 15c post-capital
return, youll be ahead.
However, its not possible at this stage to predict what is going to happen. And, with oil on thin ice, the
stock price may stay under pressure.
However, once the dust settles, I remain convinced that this is a good company to own shares in. They have
every chance of exploration success. The balance sheet will remain strong even after the capital return, and
cash will keep gushing in.

RECOMMEDNATION: HOLD your shares in NZO.

DISCLOSURE: Tim Staermose owns or controls 151,099 shares in NZO purchased for an average of A$0.719.

IRN TAKEOVER ONE IMPORTANT STEP

CLOSER TO COMPLETION; YOURE UP 3.6% IN A MONTH
WITH MORE TO COME
My newest recommendation was Indophil Resources (IRN on the Australian Stock

Exchange). The companys second biggest shareholder Alsons Consolidated of the Philippines, via an
investment company subsidiary, is offering to buy all the shares it does not already own via a Scheme of
Arrangement at A$0.30 per share.
The biggest shareholder in IRN, Glencore of Switzerland, has already said that it will accept the deal
subject to no superior offer being received.
Another major hurdle has also just been cleared, with the Australian Foreign Investment Review Board
(FIRB) giving the deal its tick of approval.
All that really remains is for shareholders to vote in favor of he deal at the Scheme meeting on December
18th. I dont expect any hitch with that, in which case youll be paid your 30c per share by mid-January, and
pocket a 7.1% gain.
And, it will only have taken 10 1/2 weeks or so, representing about 35% annualized profits. Not bad!

I S S U E

F O U RT Y

S I X

D E C E M B E R

2 0 1 4

THE

4TH

PILLAR

If you can pick up shares now at A$0.285, that is also a very good trade. The annualized profits on offer
would be even more.

RECOMMENDATION: HOLD/BUY up to a limit of A$0.285.

DISCLOSURE: Tim Staermose owns or controls 528,000 shares in IRN purchased at an average of
A$0.2803.

AJD CONTINUES TO APPRECIATE STEADILY

WITH 5.5% GAINS SO FAR
My recommendation to buy shares in data storage center landlord Asia Pacific Data Group (AJD

on the Australian Securities Exchange) is working out well so far. Youre up about 5.5% in
just over 2 months.
This is clearly a growth industry. The amount of electronic data in existence is mushrooming exponentially,
and the amount that regulators require companies to keep storing is rising commensurately.
Recently I saw a proposal for a similar data storage facility company to list on the Singapore Stock
Exchange. With interest rates and yields generally much lower in Singapore, when a directly comparable
company lists there, it will just make AJDs yield look that much more attractive.

RECOMMENDATION: HOLD your shares in AJD.

DISCLOSURE: Tim Staermose owns or controls 22,673 shares in AJD purchased for an average of A$1.083.

YOUR YORKEY OPTICAL SHARES SHOWING 32% GAINS

Yorkey Optical (2788 on the Hong Kong Stock Exchange) continues to make money
from its manufacturing business. It continues to sit on a net cash balance of more than HK$1.10 per share.
The shares are trading at HK$0.90. The latest dividend has hit our bank accounts. The company has now
paid out HK$0.13 in dividends since I recommended you buy shares back in June 2013.
Along with the share price appreciation, you are already sitting on gains of up to 32%.

I S S U E

F O U RT Y

S I X

D E C E M B E R

2 0 1 4

THE

4TH

PILLAR

I remain of the opinion that if we continue to hold our shares in Yorkey, were eventually going to be on the
receiving end of a whole lot more dividends. Most likely, one large special dividend will be forthcoming at some point.
And, with the HK$ pegged to the US$, there is no currency risk holding these shares.

RECOMMENDATION: HOLD your shares in Yorkey Optical.

DISCLOSURE: Tim Staermose owns or controls 420,000 shares in Yorkey purchased at an average of HK$0.827.

RFF RESTRUCTURE CAUSED SOME FOREIGN

SHAREHOLDERS TO HAVE THEIR SHARES SOLD OUT FROM
UNDER THEM WHAT TO DO IF THIS HAPPENED TO YOU
When Rural Funds Group (RFF on the Australian Securities Exchange) tweaked its
corporate structure slightly recently, to separate the investment management company from the vehicle that
holds its real estate assets and then stapled the two together to trade as one bundled security, it appears that
the company had to forcibly sell some overseas shareholders units.
This is because of securities laws in some jurisdictions including the United States requiring the (costprohibitive) issue of a full prospectus in such circumstances.
Its pretty stupid really, because, once the new, stapled units were listed in Australia, there was nothing to
stop a US-based shareholder immediately purchasing them on the secondary market.
At any rate, if you are an overseas resident, and your broker does not hold your RFF shares via a nominee
account that shows up on the share register as Australia or New Zealand-domiciled, you may find that RFFs
share registry auctioned off your shares and sent you a check for the proceeds.
This investment is doing well, and I have every confidence it will continue to do so in future. So, if you find
yourself having been turfed out of the stock, my advice is to immediately repurchase your position.
RFFs business of leasing vineyards, almond groves, and poultry farms to tenants who bear all the risks of
farming, is a good one, and I think it will be a company that continues to gain exposure and popularity
among investors.

RECOMMENDATION: HOLD. BUY shares in RFF if you found your position forcibly sold recently.
DISCLOSURE: Tim Staermose owns or controls 58,700 shares in RFF purchased at an average of A$0.955.

I S S U E

F O U RT Y

S I X

D E C E M B E R

2 0 1 4

THE

4TH

PILLAR

4TH PILLAR MODEL PORTFOLIO AS OF 30 NOVEMBER 2014

COMPANY
TICKER DATE
ENTRY CURRENT DIVIDENDS
%
WEIGHTING
NOTIONAL
IN USD

PURCHASED PRICE
PRICE
GAIN/LOSS

A$100,000
PORTFOLIO
DMX Corporation**
DMX
19/12/2011 $2.456
$0.967
$1.800
12.7%
New Zealand Oil & Gas
NZO
27/05/2013 $0.695
$0.600
$0.073
-3.2%
Yorkey Optical (HK$)
2788.HK 02/06/2013 $0.780
$0.900
$0.130
32.1%
Australian Dollar short sale
(US$)***
FXA
02/01/2014 $89.300 $85.220
$1.383
3.2%
Rural Funds Group
RFF
01/07/2014 $0.925
$1.050
$0.021
15.8%
Asia Pacific Data Group
AJD
26/09/2014 $1.090
$1.150
$-
5.5%
Indophil Resources
IRN
03/11/2014 $0.280
$0.290
$-
3.6%
Cash*
Total*

4.3%

2.5%
7.7%
11.5%

$2,625.06
$8,063.55
$12,013.96

$2,233.93
$6,862.08
$10,223.88

29.7%
13.9%
12.6%
12.4%
9.6%

$30,942.29
$14,479.39
$13,188.07
$12,946.43
$10,024.50

$26,331.89
$12,321.96
$11,223.05
$11,017.41
$8,530.85

100.0%

$104,283.26

$88,745.06

***Assuming 30% margin requirement on short sale of 1,000 shares

AUD/USD Exchange rate $0.851
**Entry price adjusted for A$35 capital return paid 29 Feb 2012, and A$18 capital return paid on 9 April 2012 and 100-1 share consolidation
*Including profits/losses to date

CLOSED OUT POSITIONS
COMPANY
TICKER

DATE
SOLD

LIMIT
PRICE

Treasury Wine Estates

Nido Petroleum
David Jones
New World China Land
Graincorp
Aurora Oil & Gas
Real Estate Corporation
Xceed Resources
Glory Resources
Yancoal Contingency Notes
Greencap Limited
PrimeAg
Orpheus Energy
Bravura Solutions
Australian Gas & Power
Norfolk Group
ISS Group
Aust. Infrastructure Fund
Flinders Mines
Sundance Resources
Endocoal
LinQ Resources Fund
Discovery Metals
Neptune Marine Services
Industrea
Orpheus Energy
Consolidated Media
Rocklands Richfield
ENK PLC
Spotless Group
Alesco
Talent Two
Orion Metals
Coalworks***
Nexbis
Customers Limited
Dragon Mountain Gold
Amadeus
Living & Leisure Australia
Gold One
Meridian Minerals
Lemarne Corporation
Qmastor Limited
DKN Financial
ConnectEast
IntraPower
Valad Property Group
Centrebet International
Territory Resources
iSOFT Group
White Canyon Uranium
ChemGenex
Mantra Uranium
BC Iron
Ascent Pharmahealth
Oak Hotels & Resorts
Redflex Holdings
BC Iron
Riversdale Mining

02/10/2014
02/10/2014
02/07/2014
02/07/2014
02/06/2014
27/05/2014
11/04/2014
22/02/2014
20/02/2014
02/01/2014
29/11/2013
04/11/2013
01/10/2013
26/09/2013
27/09/2013
31/07/2013
06/08/2013
14/05/2013
08/05/2013
06/05/2013
10/04/2013
15/03/2013
11/02/2013
20/12/2012
30/11/2012
28/11/2012
20/11/2012
21/09/2012
16/09/2012
16/08/2012
08/08/2012
08/08/2012
19/07/2012
15/07/2012
10/07/2012
04/07/2012
09/02/2012
02/04/2012
14/03/2012
16/12/2011
09/12/2011
03/12/2011
20/10/2011
20/10/2011
20/10/2011
09/09/2011
26/08/2011
27/07/2011
24/06/2011
22/06/2011
24/06/2011
10/06/2011
07/06/2011
02/06/2011
27/05/2011
17/05/2011
10/05/2011
27/04/2011
04/04/2011

$5.150
$0.052
$4.000
$6.510
$12.410
$4.110
$0.360
$0.130
$0.160
$2.700
$0.076
$1.230
$-
$0.270
$0.505
$0.505
$0.325
$3.060
$0.270
$0.355
$0.365
$0.675
$1.725
$0.031
$1.265
-
$3.420
$0.435
$0.265
$2.560
$1.965
$0.745
$0.145
$1.005
$0.094
$1.225
$0.508
$0.305
$0.049
$0.500
$0.130
$3.840
$0.220
$0.785
$0.525
$0.290
$1.750
$1.970
$0.440
$0.145
$0.230
$0.650
$6.680
$3.100
$0.385
$0.335
$2.600
$3.100
$15.250

TWE
NDO
DJS
0917.HK
GNC
AUT
RNC
XCD
GLY
YALN
GCG
PAG
OEG
BVA
APK
NFK
ISS
AIX
FMS
SDL
EOC
LRF
DML
NMS
IDL
OEG
CMJ
RCI
ENK
SPT
ALS
TWO
ORM
CWK
NBS
CUS
DMG
AMU
LLA
GDO
MII
LMC
QML
DKN
CEU
IPX
VPG
CIL
TTY
ISF
WCU
CXS
MRU
BCI
APH
OAK
RDF
BCI
RIV

SELLING
DIVIDENDS
PRICE
$4.240
$0.055
$3.940
$4.630
$8.860
$4.200
$0.370
$0.140
$0.170
$2.960
$0.080
$1.302
$0.062
$0.280
$0.520
$0.480
$0.330
$3.160
$0.050
$0.105
$0.300
$0.720
$0.960
$0.032
$1.270
$0.065
$3.450
$0.520
$0.296
$2.620
$2.060
$0.785
$0.160
$1.000
$0.100
$1.270
$0.540
$0.230
$0.051
$0.550
$0.140
$3.650
$0.310
$0.800
$0.550
$0.300
$1.800
$2.100
$0.500
$0.155
$0.240
$0.700
$7.020
$2.980
$0.400
$0.520
$1.840
$2.920
$16.500

$0.070
$-
$-
$0.040
$0.200
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$0.060
$-
$-
$0.040
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$0.025
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-

Total

%
GAIN/LOSS
-16.3%
5.8%
-1.5%
-28.3%
-27.0%
2.2%
2.8%
7.7%
6.3%
9.6%
5.3%
5.9%
100.0%
3.7%
3.0%
-5.0%
1.5%
3.3%
-81.5%
-70.4%
-17.8%
6.7%
-44.3%
3.2%
0.4%
100.0%
2.6%
19.5%
11.6%
3.9%
4.8%
5.4%
10.3%
-0.5%
6.4%
3.7%
6.2%
-24.6%
4.9%
10.0%
7.7%
-4.9%
40.9%
5.1%
4.8%
3.4%
2.9%
6.6%
13.6%
6.9%
4.3%
7.7%
5.1%
-3.9%
3.9%
55.2%
-29.2%
-5.8%
8.2%

WEIGHTING

PROFIT/
LOSS

12.5%
12.5%
12.5%
12.5%
12.5%
12.5%
12.5%
12.5%
12.5%
8.33%
12.5%
12.5%
na
12.5%
12.5%
12.5%
12.5%
12.5%
8.33%
12.5%
12.5%
12.5%
12.5%
12.5%
12.5%
na
12.5%
6.25%
12.5%
12.5%
12.5%
12.5%
6.25%
12.5%
12.5%
12.5%
12.5%
8.33%
8.33%
8.33%
8.33%
15.00%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
8.33%
4.17%
8.33%
8.33%
8.33%
4.17%
8.33%

$(2,038.83)
$721.15
$(187.50)
$(3,533.03)
$(3,374.29)
$273.72
$347.22
$961.54
$781.25
$802.47
$657.89
$731.71
$51.82
$462.96
$371.29
$(618.81)
$192.31
$408.50
$(6,790.12)
$(8,802.82)
$(2,226.03)
$833.33
$(5,543.48)
$403.23
$49.41
$248.28
$328.95
$1,221.26
$1,455.57
$488.28
$604.33
$671.14
$646.55
$(62.19)
$797.87
$459.18
$808.10
$(2,049.18)
$408.16
$833.33
$641.03
$(742.19)
$3,409.09
$424.63
$396.83
$287.36
$238.10
$549.92
$1,136.36
$574.71
$362.32
$641.03
$424.15
$(161.29)
$324.68
$4,601.99
$(2,435.90)
$(241.94)
$683.06

2.9%

$(7,091.56)

IN USD
$(1,735.05)
$613.70
$(159.56)
$(3,006.61)
$(2,871.52)
$232.94
$295.49
$818.269
$664.844
$682.901
$559.868
$622.683
$44.100
$393.981
$315.965
$(526.609)
$163.654
$347.631
$(5,778.395)
$(7,491.197)
$(1,894.349)
$709.167
$(4,717.500)
$343.145
$42.045
$211.284
$279.934
$1,039.296
$1,238.686
$415.527
$514.281
$571.141
$550.216
$(52.923)
$678.989
$390.765
$687.689
$(1,743.852)
$347.347
$709.167
$545.513
$(631.602)
$2,901.136
$361.359
$337.698
$244.540
$202.619
$467.978
$967.045
$489.080
$308.333
$545.513
$360.953
$(137.258)
$276.299
$3,916.294
$(2,072.949)
$(205.887)
$581.284
$(6,034.91)

*** Ex in specie distribution of OEG shares paid 27 September, 2012

I S S U E

F O U RT Y

S I X

10

D E C E M B E R

2 0 1 4