Targeting Innovation. Targeting Innovation. Investing in knowledge worldwide. GaveKal Platform Company Fund (UCITS) Performance Update September 8, 2011 GaveKal Capital, LLC | 1099 18 th St., Suite 2780 | Denver, CO 80202 | www.GaveKalCapital.com Investing in knowledge worldwide.
Targeting Innovation. YTD Through August 31 The Platform Company Fund is Up 2.94% while the MSCI World Index is Down 3.9% GaveKal Platform Company Fund (UCITS) Performance GaveKal Platform Company Fund (UCITS) Relative to MSCI World Index Performance Return & Volatility Relative to MSCI World Index 140 Since Fund Inception - October 2006 5 130 GaveKal 120 Platform 119.41 4 Company Fund 110 3 103.36 100 2 Annualized Return % 90 1 80 0 -1 70 MSCI World -2 Index 60 -3 -4 50 '07 '08 '09 '10 '11 -5 16 16.5 17 17.5 18 18.5 19 19.5 20 20.5 21 GaveKal Platform Company Fund Annualized Volatility % MSCI World Index 2 Investing in knowledge worldwide.
Targeting Innovation. Stock Market Discounting Economic Uncertainty United States United States ISM Manufacturing & S&P500 P/E VIX & ISM Index 65 20 65 8 9 10 18 60 60 16 55 55 20 14 50.60 50.60 50 50 12.55 30 12 45 45 37.00 40 40 40 10 50 60 35 35 70 80 30 90 30 8 '07 '08 '09 '10 '11 '07 '08 '09 '10 '11 Ism (Napm) Purchasing Managers Index - United States (Left) Cboe: Market Volatility Index. (Right) S&P 500 - Price to Earnings (Right) Ism (Napm) Manufacturing, Purchasing Managers Index (Left) 3 Investing in knowledge worldwide.
Targeting Innovation. European Problems Are Growing As Economy Weakens European Sovereign Credit Default Swaps OECD Leading Inicators - Europe 1 Quarter Annualized Change 40 1,000 1,000 900 900 904.47 800 800 700 700 30 681.76 600 600 500 500 445.47 20 400 412.02 400 300 300 10 200 200 196.87 -4.72 0 -5.92 -5.89 -6.55 -7.22 -10 100 100 98.96 90 90 80 80 70 70 -20 60 60 50 50 -30 40 40 30 30 -40 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 20 20 (% 1Q Ann) Emu Cli Leading Indicator Amplitude Adjusted, Stock Or Quantum, Amp Adj - Euro Zone 10/09 1/10 4/10 7/10 10/10 1/11 4/11 7/11 (% 1Q Ann) Fra Cli Leading Indicator Amplitude Adjusted, Stock Or Quantum, Amp Adj - France France CDS 10Y, Mid, Basis Point - Yield Italy CDS 10Y, Mid, Basis Point - Yield (% 1Q Ann) Deu Cli Leading Indicator Amplitude Adjusted, Stock Or Quantum, Amp Adj - Germany Germany CDS 10Y, Mid, Basis Point - Yield Portugal CDS 10Y, Mid, Basis Point - Yield (% 1Q Ann) Ita Cli Leading Indicator Amplitude Adjusted, Stock Or Quantum, Amp Adj - Italy Ireland CDS 10Y, Mid, Basis Point - Yield Spain CDS 10Y, Mid, Basis Point - Yield (% 1Q Ann) Nld Cli Leading Indicator Amplitude Adjusted, Stock Or Quantum, Amp Adj - Netherlands Eurozone Germany M1 Growth & Real GDP ZEW Balance of Expectations & Real GDP 20 6 100 8 18 80 6 4 16 60 4 14 40 2 2.76 1.72 2 12 20 10 0 0 0 8 -20 -2 -2 6 -40 -37.60 -4 4 -60 -4 -6 2 -80 0.79 0 -6 -100 -8 '07 '08 '09 '10 '11 '12 '07 '08 '09 '10 '11 '12 (LEAD 1Y , % 1YR) Monetary Aggregates, Levels (End-Of-Period), Monetary Aggregate M1 (Euro Area Changing Composition, Sa, Bil. Euros) - Eurozone (Left) (% 1YR) Real GDP, Total, SA/CA X12-ARIMA, _2005=100 - Germany (Right) (% 1YR) Gross Domestic Product At Market Prices, Mil Of Euro (Chained 2000 Prices), Real, Sa, Wda - Euro Area (Right) (LEAD 1Y) Surveys, ZEW Financial Market Survey, Economic Expectations, Germany (ZEW Indicator of Economic Sentiment ), Balance, NSA - Germany (Left) 4 Investing in knowledge worldwide.
Targeting Innovation. Foreboding Economic Statistics United States United States ISM Employment Index & Manufacturing Employment Manufacturing ISM & GDP 80 15 65 10 8 60 70 10 6 55 60 5 4 3.66 50.60 50 1.78 51.80 50 0 2 45 0 40 -5 40 -2 30 -10 35 -4 20 -15 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 30 -6 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 (LEAD 4M) Ism (Napm) Manufacturing, Employment, Index - United States (Left) Business Surveys ISM (NAPM) Manufacturing PMI total, SA - United States (Left) (% 1YR) All Employees, Thousands Manufacturing Sa - United States (Right) (% 1YR) National Product Account Gross Domestic Product Overall Total, USD, Annual Rate, SA - United States (Right) Recession Periods - United States Recession Periods - United States United States United States ISM and Industrial Production Non-Manufacturing ISM & GDP 70 20 70 10 65 15 8 65 60 10 6 60 55 5 4 3.70 3.66 55 50.60 53.57 50 0 2 50 45 -5 0 45 40 -10 -2 35 -15 40 -4 30 -20 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 35 -6 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 Ism (Napm) Manufacturing, Purchasing Managers Index - United States (Left) (% 1YR) National Product Account Gross Domestic Product Overall Total, USD, Annual Rate, SA - United States (Right) (% 1YR) Industrial Production, Total Index, Sa - United States (Right) Business Surveys ISM (NAPM) Non-manufacturing Business activity, SA - United States (Left) Recession Periods - United States Recession Periods - United States 5 Investing in knowledge worldwide.
Targeting Innovation. Growth Expectations Sinking Fast United States United States Real GDP Estimates 2011 & 2012 10 Year Nominal Yields, TIPS & Breakeven Inflation 3.4 4 Cy2 3.5 3.2 Cy2 3 Cy2 3 QE2 announced - 10 year yield 2.58% 2.5 2.8 Cy1 2.02 2 1.98 2.6 QE2 announced - breakeven inflation 2.1% Cy1 Cy1 1.5 Cy2 2.4 1 2.2 0.5 QE2 announced - 10 year TIPS yield .48% 2 0 0.00 1.8 Cy1 -0.5 Nov Dec Jan Feb Mar Apr May Jun Jul Aug 10-Year Tips 10-Year Yield 1.6 May Jun Jul Aug Sep Breakeven Inflation 6 Investing in knowledge worldwide.
Targeting Innovation. Employment & Income is Sputtering United States United States JOLTS - 12 Month Net Employment Nominal Income Proxy 70,000 4,000 15 15 65,000 2,000 10 10 1022.00 60,000 0 5 5 3.40 3.00 55,000 -2,000 0 0 50,000 -4,000 47462.00 -5 -5 46440.00 45,000 -6,000 -10 -10 40,000 -8,000 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 (% 1Q Ann) Payroll Employment * Average Weekly Hours * Average Hourly Earnings Net Employment (Right) (% 1YR) Payroll Employment * Average Weekly Hours * Average Hourly Earnings (MSUM 1Y) Hires, Total Nonfarm, Total US, Level - In Thousands, SA (JOLTS) - United States (Left) Recession Periods - United States (MSUM 1Y) Total Separations, Total Nonfarm, Total US, Level - In Thousands, SA (JOLTS) - United States (Left) 7 Investing in knowledge worldwide.
Targeting Innovation. Savings Are Depleted & Misery Soaring United States United States Total Net Savings (Private & Public) Misery Index 800 800 140 140 136.00 600 600 130 130 400 400 120 120 200 200 110 110 0 0 100 100 -200 -200 -208.28 90 90 -400 -400 80 80 -600 -600 70 70 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '62 '64 '66 '68 '70 '72 '74 '76 '78 '80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 Gross saving, F.8 - Flows, SAAR - United States (1-Participation Rate) + Oil Price/10 + % of Debt Held by the Public 8 Investing in knowledge worldwide.
Targeting Innovation. Credit Conditions Still Tough in the US United States United States Total Commerical Paper Outstanding Velocity of M2 & Modified M2 2,400,000 200 2.2 2.2 2,200,000 2.1 2.1 2,000,000 150 2 2 1,800,000 100 1.9 1.9 1,600,000 1.8 1.8 1,400,000 50 1.7 1.7 1,200,000 Velocity 0 of M2 1097803.00 1.6 1.6 -25.60 1,000,000 -50 1.5 1.5 Velocity of 1.4 1.4 Modified 800,000 -100 '07 '08 '09 '10 '11 M2 Commercial Paper Outstanding, Sa, Millions Of U.S. Dollars - United States (Left) 1.3 1.3 (% 1Q Ann) Commercial Paper Outstanding, Sa, Millions Of U.S. Dollars - United States (Right) '62 '64 '66 '68 '70 '72 '74 '76 '78 '80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 9 Investing in knowledge worldwide.
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