Gardeners’Gardeners’WorldWorld
Robert Burdett & Gary PotterRobert Burdett & Gary Potter
Gardeners’Gardeners’WorldWorld
Robert Burdett & Gary PotterRobert Burdett & Gary Potter
MARCHMARCH
All articles dated between March – August 2007
March News and ViewsMarch News and Views
All articles dated between March – August 2007
Meanwhile in the Multi-Manager world…Meanwhile in the Multi-Manager world…
All articles dated between March – August 2007
Consistency in Bear marketsConsistency in Bear markets
Source: LipperPerformance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse
Constellation Bear Market Constellation Bear Market 10/8/01 to 12/3/0310/8/01 to 12/3/03
Credit SuisseCredit SuisseMulti ManagerMulti ManagerCONSTELLATIONCONSTELLATIONAccAcc
579 days from 10/08/2001 to 12/03/2003
Perc
enta
ge G
row
th T
otal
Ret
urn,
Tax
Def
ault,
GB
PR
elat
ive
to IM
A G
loba
l Gro
wth
(IN
:IN)
-2.5
0.0
2.5
5.0
7.5
10.0
12.5
15.0
10/2001 01/2002 04/2002 07/2002 10/2002 01/2003
12.5%
Consistency in Bull marketsConsistency in Bull markets
Source: LipperPerformance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse
Constellation Bull Market Constellation Bull Market 12/3/03 to 28/2/0712/3/03 to 28/2/07
1449 days from 12/03/2003 to 28/02/2007-5.0
0
5.0
10.0
15.0
20.0
07/2003 01/2004 07/2004 01/2005 07/2005 01/2006 07/2006
Perc
enta
ge G
row
th T
otal
Ret
urn,
Tax
Def
ault,
GB
PR
elat
ive
to IM
A G
loba
l Gro
wth
(IN
:IN)
17.3%
01/2007
Credit SuisseCredit SuisseMulti ManagerMulti ManagerCONSTELLATIONCONSTELLATIONAccAcc
Consistent outperformance overall Consistent outperformance overall
Constellation – all marketsConstellation – all markets
Source: LipperPerformance generated by the Multi-Manager team as constituted from time to time for and on behalf of Credit Suisse
Perc
enta
ge G
row
th T
otal
Ret
urn,
Tax
Def
ault,
GB
PR
elat
ive
to IM
A G
loba
l Gro
wth
(IN
:IN)
37.4%
Credit SuisseCredit SuisseMulti ManagerMulti ManagerCONSTELLATIONCONSTELLATIONAccAcc
2028 days from 10/08/2001 to 28/02/2007
-5
0
5
10
15
20
25
30
35
40
01/2002 07/2002 01/2003 07/2003 01/2004 07/2004 01/2005 07/2005 01/2006 07/2006 01/2007
APRILAPRIL
April News and ViewsApril News and Views
All articles dated between March – August 2007
Meanwhile in the Multi-Manager world…Meanwhile in the Multi-Manager world…
All articles dated between March – August 2007
MAYMAY
May News and ViewsMay News and Views
All articles dated between March – August 2007
All articles dated between March – August 2007
Meanwhile in the Multi-Manager world…Meanwhile in the Multi-Manager world…
JUNEJUNE
June News and ViewsJune News and Views
All articles dated between March – August 2007
Meanwhile in the Multi-Manager world…Meanwhile in the Multi-Manager world…
All articles dated between March – August 2007
JULYJULY
July News and ViewsJuly News and Views
All articles dated between March – August 2007
Meanwhile in the Multi-Manager world…Meanwhile in the Multi-Manager world…
All articles dated between March – August 2007
AUGUSTAUGUST
August News and ViewsAugust News and Views
All articles dated between March – August 2007
Meanwhile in the Multi-Manager world…Meanwhile in the Multi-Manager world…
All articles dated between March – August 2007
Time to plan for the future…Time to plan for the future…
Thames River – AUM $11.3 bnAs at 31 July 2007Thames River – AUM $11.3 bnAs at 31 July 2007
TeamTeamHedgeHedgeFundsFunds
AUM ($m)AUM ($m)
TraditionalTraditionalFundsFunds
AUM ($m)AUM ($m)No. FundsNo. Funds No. StaffNo. Staff
Global CreditGlobal Credit 1,1801,180 1,8531,853 22 1313
Multi-Manager HedgeMulti-Manager Hedge 1,2641,264 -- 99 88
EuropeanEuropean 760760 341341 44 1010
Emerging MarketsEmerging Markets 2,0632,063 1,1831,183 33 2727
JapanJapan 2727 8888 22 55
Global FixedGlobal Fixed -- 513513 33 33
PropertyProperty -- 2,0082,008 33 77
Multi-Manager TraditionalMulti-Manager Traditional -- -- -- 5*5*
Total 7,147 4,133 26 78**These figures includes Rob Burdett and Gary Potter who joined Multi-Manager Traditional team on 14 August 2007 The above figures include Nevsky Capital LLP which is an affiliate of Thames River Capital LLP
Lack of consistency from single manager fundsLack of consistency from single manager funds
Source: Lipper Global Sectors, % growth in £ terms, total return, 31.12.03-31.12.06
0
20
40
60
80
100
0
20
40
60
80
100
Europe
Ranking
Ranking
% C
onsi
sten
tly Q
1
USA
9/408
56/408
Asia ExJapan
0/178
Japan
0/227
10/227
GEM
3/134
12/134
GlobalFixed
5/251
36/251
GlobalEquity
44/719
151/709
TOTAL
93/2592
429/2592
% C
onsi
sten
tly H
1
UKIncome
6/84
21/84
GBPCorps
8/97
25/97
UK
14/360
70/360
4/134
25/134
Europe USAAsia ExJapan
JapanGEMGlobalFixed
GlobalEquity
TOTALUK
IncomeGBP
CorpsUK
23/178
Top Quartile PerformanceRolling 3 Years (Calendar Year terms)
Above Average PerformanceRolling 3 Years (Calendar Year terms)
Global Boutiques – primarily global equitiesGlobal Boutiques – primarily global equities
Equity Managed – mainly equities Equity Managed – mainly equities (50% UK / 50% Intl)(50% UK / 50% Intl)
Balanced Managed – up to 85% equitiesBalanced Managed – up to 85% equities
Cautious Managed – up to 60% equitiesCautious Managed – up to 60% equities
Distribution – up to 60% equities, Distribution – up to 60% equities, targeting a high incometargeting a high income
Offshore range to comeOffshore range to come
Fund RangeFund Range
EQUITYbias
INCOMEbias
Performance consistency mattersPerformance consistency matters
Rolling Year Performance (Feb – Feb) Rolling Year Performance (Feb – Feb) Quartile RankingQuartile Ranking
Core Funds 2006/7 2005/6 2004/5 2003/4 2002/3Since
Launch
CSMM Equity ManagedCSMM Equity Managed 22(26th (26th
percentile)percentile)
11 11 11 22 11
CSMM ConstellationCSMM Constellation 22 22 22 11 11 11
CSMM Cautious ManagedCSMM Cautious Managed 22 11 11 11 33 11
CSMM Balanced ManagedCSMM Balanced Managed 22 2*2* -- -- -- 2**2**
Source: Lipper Hindsight percentage Growth TR GBP. All data up to 28/2/07*Performance of Fund from 3/5/05, the date the team assumed management responsibility**Performance of Fund from 3/5/05 to 28/2/07The core funds above represented over 70% of the total UK domiciled Multi-Manager assets managed by the team at the time of the team’s departure in February 2007 and are funds being replicated at TR Multi-Capital
SummarySummary
We are excited to be backWe are excited to be back
We are in the right placeWe are in the right place
We have a great opportunity We have a great opportunity and a fresh portfolioand a fresh portfolio
We are looking forward to doing We are looking forward to doing business with youbusiness with you
Important NoticeREGULATORY INFORMATION AND RISK WARNINGSImportant NoticeREGULATORY INFORMATION AND RISK WARNINGS
This document is issued for information only by Thames River Multi-Capital LLP (“Thames River”)in respect of the Funds named below. Thames River is authorised and regulated by the Financial Services Authority (“FSA”). This does not constitute an offer by Thames River to enter into any contract/agreement nor is it a solicitation to buy or sell any investment. This document is not aimed at persons who are residents of any country, including the United States of America ("USA") where the Fund referred to herein is not registered or approved for marketing and/or sale or in which the dissemination of information on the Fund is not permitted. Nothing in this document should be deemed to constitute the provision of financial, investment or other professional advice in any way. The contents of this document are based upon sources of information believed to be reliable, however, save to the extent required by applicable law or regulations, no guarantee, warranty or representation (express or implied) is given as to its accuracy or completeness and Thames River its members, officers and employees of the managing member do not accept any liability or responsibility in respect of the information or any views expressed herein. This document may include forward-looking statements that are based upon our current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements. This document should be read in conjunction with the Prospectus of the relevant Funds that will exclusively form the basis of any application and an investment should not be contemplated until the risks of investment and tax implications have been considered fully. We recommend that recipients who are not professional investors contact their financial adviser.
Thames River Global Boutiques Fund, Thames River Equity Managed Fund, Thames River Balance Managed Fund, Thames River Cautious Managed Fund and Thames River Distribution Fund are sub-funds of Thames River Multi-Capital Funds ICVC, an investment company with variable capital authorised by the Financial Services Authority. Protections provided by the United Kingdom regulatory structure will apply to investments in these funds, including access to the Financial Services Compensation Scheme and the Financial Ombudsman Service.
Past performance is not necessarily a guide to future performance. Values may fall as well as rise and you may not get back the amount you invested. Income from investments may fluctuate.
Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Fund charges may be applied in whole or part to capital, which may result in capital erosion. You should be aware of the additional risks associated with investment in emerging and developing markets. The prices of some investments may be extremely volatile. This factor can make it difficult to obtain independent verification of the investment value and the extent of the risks to which they are exposed. (070905)