OLSENINVEST

AF - Performance Report September 2012

In September, the ECB succeeded in convincing the markets that concerns of a collapse of the EURO are overstated and
that the active stance of the central bank will give governments sufficient time to restructure. Fears of political unrest
in Europe proved to be unwarranted to everyones relief. The sentiment in the financial markets was boosted by Ben
Bernanke's announcement of another round of easing that fuelled a rise of the commodity currencies. By the end of the
month, there was a renewed cautionary tone that dragged the EURO and commodity currencies lower.
The performance of product profile AF was nearly flat for the month with -0.05%: the unrealized losses on our long USD
positions have weighed on our performance.
Cumulative Return

Return Statistics*
Product Profile

200%
AF

175%

Compounded Annual Return

Average Return

150%

Positive Months
Negative Months

125%
MSCI

100%

Volatility
Sharpe Ratio
Largest Gain
Largest Drawdown
Correlation vs. Equity (MSCI)

75%
50%
Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12

Monthly Return

AF
Y
9.5%
10.2%

M
-
0.8%

-
-

74%
26%

12.3%
0.84
-
-
-

7.7%
1.36
7.77%
6.38%
-0.30

Facts & Terms

5%
3%
1%
-1%
-3%

Launch Date
Initial Investment
Benchmark

Jul 1, 2009
10'000 USD
Equity (MSCI)

Management Fee
Performance Fee

0.75%
20.0%

Deposits/Withdrawals

Daily

Managed Accounts

EUR, USD, AUD,

CAD, CHF, GBP
and JPY

-5%

p.a.

Performance is net of fees, including transaction

cost, leverage, interest and monthly reinvestment.

-7%
Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12

Monthly Performance**
%
2006
2007
2008
2009
2010
2011
2012

Jan
#NV
1.88
1.27
6.15
1.48
5.15
-0.50

Feb
0.58
1.36
0.44
1.58
-0.14
0.48
0.31

Mar
1.34
3.01
2.19
-0.43
0.41
0.00
1.37

Apr
1.17
0.15
1.86
2.73
0.75
-1.13
1.05

May
1.34
-0.27
1.51
1.08
1.70
1.57
-1.54

Jun
0.84
0.37
-0.04
1.98
-0.86
0.59
1.50

Jul
1.13
2.97
2.81
0.16
0.81
-1.29
-0.55

Aug
0.88
3.93
-6.38
0.40
0.87
0.41
1.42

Sep
Oct
Nov
Dec
Year
1.29
0.13
-0.10
0.86
9.87
-1.77 -3.14
7.77
0.27 17.33
0.48
6.93
0.78
-2.23
9.46
0.05
0.53
0.53
-0.28 15.31
-0.86
1.32
2.87
-6.15
1.94
0.81
1.18
-0.28 -0.07
7.50
-0.05 ###### ###### ###### 3.00

Disclaimer
READERS SHOULD BE AWARE THAT THE INFORMATION CONTAINED HEREIN IS PROVIDED IN GOOD FAITH TO DEMONSTRATE THE PROGRESS THAT OLSEN LTD HAS MADE IN THE DEVELOPMENT OF ITS INVESTMENT
PROGRAMMES.
ANYONE CONSIDERING THE MAKING OF AN INVESTMENT IN ANY PROGRAMME OFFERED BY OLSEN LTD MUST DO SO ENTIRELY AT HIS OR HER OWN RISK. OLSEN LTD PROVIDES NO ASSURANCE AS TO THE FUTURE
PERFORMANCE OF ANY OF ITS INVESTMENT PROGRAMMES. NOR DOES OLSEN LTD PROVIDE ANY ADVICE REGARDING SUCH INVESTMENT OR THE SUITABILITY THEREOF.
THIS INFORMATION IS CONFIDENTIAL AND IS INTENDED SOLELY FOR THE USE OF THE PERSON TO WHOM IT HAS BEEN DELIVERED. THIS INFORMATION MAY NOT BE REPRODUCED OR GIVEN TO ANY OTHER PERSON.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE VALUE OF INVESTMENTS MAY FALL AS WELL AS RISE.
* ALL STATISTICS ARE NET OF FEES WITH INTEREST, EXCEPT VOLATILITY AND SHARPE RATIO ARE GROSS FEES AND EXCLUDE INTEREST PAYMENTS.
** NUMBERS ARE NET OF FEES, THEREFORE PERFORMANCE DISPLAYED ON OLSENINVEST.COM SLIGHTLY DIFFERS FROM THE NUMBERS PUBLISHED IN THIS REPORT.

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