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Following recent strong inflows into the Anak European Fund, the Directors have made the decision to close Anak European , an equity mrket neutral fund, to new monies (including switches from unleveraged share classes to leveraged share classes). Existing capacity agreements will be honoured. The NAV of the Fund has grown from $25m at launch in September 2003 to $310m today and the Fund has returned over 5% in 2006 year to date (measured in USD), while maintaining an annualised volatility of less than 2.5%.

Investors who wish to gain further exposure to the Anak value and momentum methodology and who are comfortable with some market risk may be interested in the Anak European Select Master Fund Limited. This Fund is based on the same stock evaluation model which underlies the Anak European Fund, but the restriction of market neutrality is relaxed in the portfolio construction, allowing some market exposure. The Fund aims to occupy a similar position in risk/reward space as the Leveraged Share Class of the Anak European Fund. The Select Fund was launched on 20 March and returned 0.76% (net) in the remainder of March, 1.66% (net) in April and we estimate that as at close of business on Friday 5th May the Fund was up a further 1.01% (net). Annualised volatility (using daily data since launch) has been 4.14% and the experienced beta relative to the DJ Stoxx 600 Index has been 0.32.......................

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