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Dear Investor,
In summary the financial results of our Deep Value Fund companies vindicated our selection process which emphasized earnings
growth visibility amongst our other key criterions. The Fund was able to deliver a 19.7% for the month of August, taking our 6
th
month return since inception on March 6 2009 to 57% (after fees).
Cash
12.1% Retail
Media
st
*Deep Value Portfolio as of 31 of August 2009
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