TI Explicit Alpha Fund

Latest Fund unit prices, distribution and year-end pricing information is available on the Funds page.

Profile

The TI Explicit Alpha Fund is designed to generate strong sharemarket returns by explicitly focusing on stock picking in the knowledge industries of health care, information technology and telecommunications. It combines active management of these industries, both buying companies we see as strong prospects and short selling those we see having poor prospects, over a base exposure to global sharemarkets.

For Australian investors, local equities have outperformed global equities for more than six years. Please click on this relative sharemarket return chart to see the extent of this outperformance. TI Explicit Alpha has been developed for those investors who believe this trend may have run its course.

The latest information on the Fund is contained in the TI Explicit Alpha Fund Monthly Letter.

How to Invest

You should read the TI Explicit Alpha Fund Product Disclosure Statement before investing and apply on the enclosed Application Form. Applications by cheque should be sent to Computershare Funds Services Pty Limited GPO Box 804 Melbourne VIC 3001. Application Forms related to Electronic Funds Transfers (refer to the Application Form for details should be faxed to (03) 9473 2140.

Performance

The following table summarises the total return of the TI Explicit Alpha Fund since inception (25 July 2006) and the return of global shares in Australian dollar terms. Returns are shown after deducting fees.

Periods to 31 July 2008

	1 Month	3 Months	2008 YTD	12 Months	Inception to Date
TI Explicit Alpha Fund	+0.14%	-9.10%	-18.62%	-17.12%	-6.97% p.a.
Global shares ($A terms)	-0.85%	-8.68%	-18.75%	-18.72%	-6.59% p.a.

Notes:
1. Historical total returns include realised and unrealised gains and losses and income. They are time-weighted rates of return that account for all external cash flows.

2. For periods exceeding one year returns of the Fund and the benchmark are annualised.

Unit Price History

Date	Application Price	Net Asset Value	Redemption Price	Distribution
31 Jul 2008	$0.8592	$0.8567	$0.8541
30 Jun 2008 Post-distribution	$0.8581	$0.8555	$0.8530	Nil
30 Jun 2008 Pre-distribution	$0.8581	$0.8555	$0.8530
31 May 2008	$0.9339	$0.9312	$0.9284
30 Apr 2008	$0.9454	$0.9425	$0.9397
31 Mar 2008	$0.9429	$0.9401	$0.9373
29 Feb 2008	$0.9206	$0.9179	$0.9151
31 Jan 2008	$0.9602	$0.9574	$0.9545
31 Dec 2007	$1.0559	$1.0527	$1.0496
30 Nov 2007	$1.0570	$1.0538	$1.0507
31 Oct 2007	$1.0597	$1.0565	$1.0533
30 Sep 2007	$1.0740	$1.0708	$1.0676
31 Aug 2007	$1.1049	$1.1016	$1.0983
31 Jul 2007	$1.0368	$1.0337	$1.0306
30 Jun 2007 Post-distribution	$1.0791	$1.0759	$1.0727	$0.0097
30 Jun 2007 Pre-distribution	$1.0888	$1.0856	$1.0823
31 May 2007	$1.1314	$1.1280	$1.1247
30 Apr 2007	$1.0950	$1.0917	$1.0884
31 Mar 2007	$1.0834	$1.0801	$1.0769
28 Feb 2007	$1.0922	$1.0889	$1.0856
31 Jan 2007	$1.1372	$1.1338	$1.1304
31 Dec 2006	$1.1088	$1.1055	$1.1021
30 Nov 2006	$1.0915	$1.0883	$1.0850
31 Oct 2006	$1.0684	$1.0652	$1.0620
30 Sep 2006	$1.0593	$1.0561	$1.0529
31 Aug 2006	$1.0299	$1.0268	$1.0238
31 Jul 2006	$1.0054	$1.0024	$0.9994
25 Jul 2006	$1.0030	$1.0000	$0.9970

TechInvest

Through valuation only is there value...

TI Explicit Alpha Fund