Investment News

Devonshire Capital
February 2008

Devonshire Global Fund 2007 annual performance is 36.59%

As at 31st December 2007, the Fund’s Net Asset Value ("NAV") per share has increased to 130.59, an annual increase of 36.59% for 2007, after management fees and fund charges.

Devonshire Global Fund investment manager, Andrew Affleck said "the Global Fund’s strategy is to invest in equities with medium to long term value opportunities. The Global Fund will continue to seek out unique value opportunities by investing in companies with the objective to provide a long term capital gain to its shareholders".

Devonshire Global Fund is predominately invested in the Asia Pacific region. During 2007, the Global Fund made its first investment in a company listed on the Australian Stock Exchange with the company, Coal of Africa Limited, which is focussed primarily on the acquisition, exploration and development of thermal and metallurgical coal projects in Africa as well as being a leading metals processing company. Subsequent investments have been made in companies with businesses in the resources and alternative fuel sectors.

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