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Performance

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

MONTHLY/ANNUAL RATE OF RETURN

The results below are net of management fee and incentive fee.

Performance Table
 
 
2007
2008
2009
2010
2011
January   2.10% -2.36% 0.47% -0.33%
February   4.88% -2.13% 0.24% 1.14%
March   2.08% 0.40% 0.38% 1.68%
April   -10.72% -0.42% -0.18%
May -7.69% 0.02% 3.92% 0.16%
June 9.87% 0.82% 1.45% -1.26%
July 24.43% 2.04% 0.21% -3.29%
August 4.26% 5.07% -3.48% -0.10%
September 1.03% 3.85% 1.08% -1.02%
October 2.99% -1.89% -0.44% -0.34%
November -2.61% -0.88% -0.14% 1.05%
December 2.13% 2.43% 0.54% -0.43%
YTD 36.17% 9.15% -3.67% -4.3% 2.50%

 

PAST PERFORMANCE

The Advisor’s principal, Shawn Noh, has had trading authority over the account under the Advisor’s management since May 2007. The account was that of Mr. Noh’s own, therefore he was not required to register as a CTA. On January 22, 2008, he registered as a CTA with the CFTC due to the addition of customer accounts. Mr. Noh began trading customer accounts as of April 1, 2008. The table above contains the performance record of the proprietary account of Mr. Noh from May 2007 through March 2008 and that of customer accounts from April 2008 and thereafter. All return figures are calculated after deducting fees disclosed in the disclosure document.

All customer accounts under the Advisor’s management are traded by Mr. Noh using the same methodology since the commencement of trading from May 2007. In fact, his trading methodology for his entire career of 18 years has essentially remained the same including the periods when he was a proprietary trader for Citigroup and Bank of Tokyo Mitsubishi UFJ.