Established in Slovakia in 1999 as SFM Group, the company was initially licensed to sell funds and insurance, and the main scope of activity was at first focused on funds, specifically the group’s range of funds which have been registered for public offer in Slovakia since 2000. Using outsourcing to administer investment contracts and provide services as a sub-transfer agent for the group’s WIOF funds, they quickly established a reputation for themselves within the fund industry. As the firm grew and began to realize its full potential as a leading regional investment company they not only expanded their range of services, but also moved into the provision of investment products.

In 2008, the company changed its legal form to a joint-stock company, becoming a central processing unit and obtaining a securities broker licence, which they currently use to provide their own extensive offer of regular, specialized and custom investment products.

Operating under this licence, their range of services now includes portfolio management, purchase, sales and securities management, distribution of investment funds and securities, provision of a worldwide fund platform and a complex package of services for both clients and distribution companies. They guarantee all product services and administration, including full-service marketing, legal and back office support. But these products and services are not limited solely to Slovakia, and they operate in a number of European Union countries where they are registered in accordance with all specific local legal regulations.

Slovakia Office:

Cornhill Management, o.c.p., a.s.
Aupark Tower
Einsteinova 24
851 01 Bratislava
Slovakia

Tel: +421 (2) 322 226 00
Fax: +421 (2) 322 226 99

Web: http://www.cornhillmanagement.eu/en/

• Russia – FMG Russia Fund in 1995
• Russia, India and China – FMG Rising Fund in 2003
• Middle East and North Africa – FMG MENA Fund in 2006
• Pan Africa – FMG Africa Fund in 2007
• Iraq – FMG Iraq Fund in 2010
• Mongolia – FMG Mongolia Fund in 2012

They focus and invest primarily with local fund managers, as they believe that local expertise is a requirement for future fund results.

FMG predominantly has a long only bias with a fund of funds approach and an occasional alternate investment, to achieve an attractive risk profile for our long term investors.

Risk management is a critical part of portfolio construction and manager selection, and significant resources are spent on tracking existing investments.

Investment decisions are made by the Investment Committee, which has a combined +50 years of investment expertise.

FMG is independently owned with 5,000+ clients globally.

FMG Headquarters
6th Floor, Airways House
Gaiety Lane
Sliema SLM1549
Malta

Tel: +356 2131 4011
Fax: +356 2131 2880
Website: www.fmgfunds.com

Money in the ground: Mongolia is well positioned to potentially be the largest supplier of key commodities. Some 83% of this huge country, which is ranked 19th in the world in terms of size, has yet to be explored. Tavan Tolgoi, a pending coal mine of enormous size, is expected to create a brand new town with 60,000 people. Almost 20,000 employees are expected to operate the pending Oyu Tolgoi copper and gold mine.

Improving infrastructure: Less than 4% of Mongolia’s roads are paved. There are huge infrastructure needs as two thirds of the population still live in gers (tents).

The Stock Exchange is also lacking a ‘2012 standard’ and to address this issue, the London Stock Exchange (LSE) has been hired to help upgrade the Mongolian stock exchange, which will meet the same standard as London in 3 years. The LSE anticipates that the domestic stock market will increase from approximately US$3bn to US$45bn within 10 years.

Overall: huge future revenues potential for a large country with a small population of only 3 million, blessed with key resources for a hungry growing world, and cost advantage of being right next door to the largest commodity consumer of them all, China. No other commodity producer can compete with Mongolia, since it ships commodities on train directly from the mines to the consumers in China.

The Fund mainly has exposure to domestically listed Mongolian companies on the Mongolian Stock Exchange (MSE). The main sectors of the Mongolian economy are the mining sector, consumer sector and construction sector. The Fund will typically invest in various securities among the top 25 liquid names on the MSE, in the local currency ‘tugrik’.

Please be advised that the FMG Mongolia Fund is a high risk investment and only suitable for investors with such appetite for risk. Although provisions have been made to ensure liquidity as per the prospectus of the fund there may be times when due to the underlying assets those liquidity terms may not be achieved.

If you are interested to look further at this fund and to take it direct or through your Personal Portfolio Bond then feel free to Contact Me and I shall try to help you.

Do Contact Me for the latest information at any time or if you would like to invest.

The Fund
• 100% unleveraged, direct exposure to physical commodities (gold, silver and platinum)
• No equity exposure and no corporate risk, tracks the actual physical metal price
• Custody of the physical metal is maintained by Barclays Capital and/or HSBC
• Weekly liquidity
• Available in $USD, €EUR and £GBP

Please Contact Me for further information on how to add this fund to your portfolio and diversify your exposure. For information on the fund and the latest Castlestone Aliquot Precious Metals performance figures, check out the downloads below.

May 5th until May 7th (restart 8/5/12) – Wesak Day.
May 25th until May 27th (restart 28/5/12) – Office Holiday.
June 2nd until June 4th (restart 5/6/12) – King’s Birthday.
June 26th until July 19th (restart 20/7/12) – Office Holiday.
August 7th until August 12th (restart 13/8/12) – Office Holiday.
August 18th until August 21st (restart 22/8/12) – Hari Raya.
August 31st until September 2nd (restart 3/9/12) – National Day.

Further to the recent suspension of the EEA Life Settlements Fund I hope to provide you with all the latest available information here. Come back at any time or Subscribe to my Updates Service to ensure that you never miss a thing.

As you may have seen, the FSA have issued an interim statement. Although the language is moderated and unspecific, EEA have decided to reopen the fund.

It will take approximately 6 – 8 weeks to do this and the options for investors are likely to be those set out in the attached Shareholder letter dated the 19th March.

As and when I have more detailed information, I will let you know.

Set out below are the provisional NAV’s for the 1st April 2012.

The valuation shows a net gain of approximately +0.70% (USD ‘X’ share class) for March. The latest provisional share prices are more favourable for the EUR, GBP and SEK share classes as currency movements were in favour of these currencies. Without currency hedging, there is an exposure of the USD underlying assets to the currency movements of the EUR, GBP and SEK in their respective share classes. The managers continue to seek currency hedging solutions that will ensure that performance is not subject to the volatility of the currencies.

(Please note that there will be NO dividend declarations for the duration of the fund suspension)

Disclaimer: Valuation of the net asset value of all classes of participating redeemable preference shares in the Company is currently suspended. However, provisional net asset values for each class are set out below. It should be noted that these values are supplied for information only and should not be relied upon for any purpose. The Company and its advisors reserve all and any rights to update, revise or correct these values at any time in the future.

As always, if you have any questions, do please let me know.

Please note that the information contained in any liquidity projections is estimated and does not imply or guarantee future performance or warrant that the return of capital will match the estimates. The figures are based on current information, where available, regarding each fund’s ability to meet redemptions. Estimates may therefore be subject to material change without notice as fund circumstances, market conditions and or foreign exchange rates change.

The chances for any refunds in the near future look remote. Any new information that I receive will be posted here immediately so keep an eye open or to my update service. I am very sorry that Capricorn are so bad at giving anything useful. If you need any further information then please contact me.

Total maturities in Q1 2012 were $50,720,564. This broke the previous record of $39,415,327 for Q4 2011.

EEA are still waiting for the FSA statement following their Consultation Process. It is hoped (although not guaranteed) the FSA will make an announcement this month. This may possibly take the form of an interim declaration in which the FSA decide to combine this review with their broader review of unregulated funds. However, it is highly likely, that even if it is an interim declaration, EEA will reopen the fund. There is a lot of work involved in reopening the fund which is likely to take approximately 8 weeks, possibly longer. Apologies that I can’t yet provide definitive information and I will keep you updated as soon as I know more.

Set out below are the provisional NAV’s for the 1st March 2012.

The valuation shows a net gain of approximately +0.67% (USD ‘X’ share class) for February. Share prices for the EUR, GBP and SEK share classes were negatively impacted due to currency movements. Without currency hedging, there is an exposure of the USD underlying assets to the currency movements of the EUR, GBP and SEK in their respective share classes. The managers continue to seek currency hedging solutions that will ensure that performance is not subject to the volatility of the currencies.

(Please note that there will be NO dividend declarations for the duration of the fund suspension)

Disclaimer: Valuation of the net asset value of all classes of participating redeemable preference shares in the Company is currently suspended. However, provisional net asset values for each class are set out below. It should be noted that these values are supplied for information only and should not be relied upon for any purpose. The Company and its advisors reserve all and any rights to update, revise or correct these values at any time in the future.

I have attached the March fact sheet giving a brief overview of fund statistics and portfolio breakdown.  As soon as the April figures are released you will be able to find them here.

Do not hesitate to Contact Me if you have any questions and I shall see if I can find the answers for you.

Biomass rich feedstock is also produced for subsequent use in company developed waste to renewable energy power stations.

Revenue is generated from gate fees charged per tonne of waste delivered for waste treatment and from energy and heat production generated from the recycled waste. Future revenue streams are provided by securing medium to long term local authority waste collection contracts which create stable returns for investors.

We have here an excellent non-cyclical, low volatility fund for everyone. Please click on the link for the latest Fund Performance figures.

I have attached some of the most important literature which will answer most of your questions but feel free to Contact Me at any time if you have further questions.

An update in the drivers behind the Landfill Directive and the need for solutions such as those provided by New Earth Solutions Group.

April 1st was no joke for some local authorities, still reliant on landfill disposal as a method for dealing with waste since the rate of tax imposed on every tonne of rubbish sent to landfill increased by over 14% (or £8 per tonne) to £64!
• This tax will increase by a further £8 in April 2013, and the April following, further squeezing the profits of landfill operators to breaking point.
• Waste producers, especially local authorities are increasingly looking for alternative ways of dealing with waste in order to minimise their exposure to this costly tax burden.
• Some reluctantly turn to incineration to ease this tax burden, however, deliverability and crippling costs remains a critically negative issue.
• The Times commented on the 9th April 2012 “National revolt hits plans to burn waste” highlighting growing opposition to incinerators with celebrity weight being thrown behind some high-profile proposals.
• If that wasn’t enough, planning permission for incinerators is awkward and can take years to achieve.

The Solution:

• Now local communities in the UK are able to have more of a say over what is and is not constructed in the neighbourhood.
• Disposal of waste New Earth Solutions’ mechanical biological treatment (MBT) facilities does NOT incur any landfill tax.
• New Earth Solutions’ mechanical biological treatment (MBT) facilities offers a safe and non-polluting tangible process reducing landfill disposal whilst increasing recycling rates through extracting valuable metals and plastics directly from residual household waste.
• Waste that cannot be recycled, is converted into a refuse-derived fuel for use in energy recovery plants.
• New Earth is in the latter construction phase of a 13MW energy recovery plant directly alongside its 200,000 tonnes per annum MBT facility in Avonmouth, Bristol.
• This energy plant will generate enough power to meet the needs of over 24,000 households in the Bristol area….from waste that would have otherwise have been buried or burned causing pollution and having first generated landfill tax.
• New Earth Solutions’ MBT and energy recovery facilities achieved planning permission in three months without any local opposition. New Earth Solutions’ build schedule for the MBT facility was completed in 12 months and is delivering landfill diversion rates in excess of 90%.

For any further information about Quantum or the fund range you may Contact me here.