Philosophy
The Pivot Global Value Fund exploits major asset price inefficiencies brought about by market, industry or company specific dislocations. The Fund targets investments where valuations significantly deviate from industry peers, historic levels or perceived fair value. The Fund pursues investments on a global basis, with a concentration on equity, distressed debt and high yield instruments.

Principals
Par Mellstrom was a Managing Partner and Head of Research at Brunswick UBS Warburg, Moscow; a Fund Manager at Mercury Asset Management, London, and a Management Consultant with Booz Allen Acquisition Services.

Carl George was previously Head of Research at Sovereign Asset Management, Monaco, and a Corporate Finance Banker at Chemical Bank and at Société Générale.

NAV Since Inception*
Net NAV Since Inception Chart
*Class 1 shares (net of management and performance fees)
Source: Pivot Capital Management Ltd


German Tax Reporting
The Accumulated Deemed Distributed Income (ADDI) for Pivot Global Value Fund Class 1 Shares, ISIN KYG7130W1006, as at 30th September 2008 has increased by USD 3.7673117 to USD 67.9668395.