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Hereford Funds – Firth Asian Value Fund May 2015 May 2015 Investment Review In May 2015 the total return of the Fund after deducting all fees and expenses was -1.0%. By comparison the total return of the MSCI AC Asia ex Japan Small Cap index was 1.3% and the total return of the MSCI AC Asia ex Japan index was -2.6%. Key Information Hereford Funds – Firth Asian Value Fund NAV A Shares (29/05/2015): Total Fund Size: Strategy Assets: Fund Launch Date: $116.1 $49 million $177 million (a) (as of 1 June 2015) 31/05/11 Performance (%) (net of fees and expenses) Jan Feb Mar HFFAVF1 Small Cap2 Asia ex Japan 3 HFFAVF1 Small Cap2 Asia ex Japan 3 HFFAVF1 Small Cap2 Asia ex Japan HFFAVF1 2 Small Cap Asia ex Japan HFFAVF1 3 3 2 Small Cap Asia ex Japan3 Apr May Jun Jul Aug Sep Oct Nov Dec 2011 - -1.2 -2.4 -2.3 0.6 2.8 1.1 -8.5 -11.4 -9.9 -12.6 -16.3 -13.2 6.4 10.1 12.0 -5.9 -8.7 -8.3 0.8 -1.2 0.6 -19.7 -26.1 -20.2 - - - - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012 6.1 10.0 10.8 12.1 9.0 6.0 -1.4 -3.8 -3.1 -0.9 -1.7 0.0 -5.9 -7.8 -9.6 0.9 1.8 3.0 3.9 0.0 2.6 4.2 2.2 -0.5 3.1 6.7 7.0 2.2 -1.1 -0.3 -0.2 2.9 2.8 3.3 3.5 3.1 29.6 22.4 22.4 Jan Feb Mar* Apr May Jun Jul Aug Sep Oct Nov Dec 2013 3.8 3.5 1.7 1.9 1.6 -0.1 2.0 0.5 -2.2 1.0 2.6 1.8 0.4 1.2 -1.3 -4.8 -8.7 -5.7 0.9 0.8 1.8 -1.9 -2.5 -1.5 2.9 6.2 5.4 1.0 2.7 4.4 0.7 -0.9 0.2 0.7 0.2 -1.1 8.7 6.9 3.1 Jan# Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2014 -2.1 -1.7 -4.7 0.9 3.8 3.5 -0.9 1.2 1.0 1.1 0.2 0.7 1.3 3.0 4.0 0.0 1.8 2.3 0.9 1.4 3.8 2.3 1.7 0.7 -3.0 -3.6 -5.9 -1.2 -1.9 2.0 -1.8 -1.4 0.3 -0.9 -1.9 -2.1 -3.4 2.3 4.8 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2015 0.3 2.2 2.5 2.0 1.8 1.9 0.9 1.4 0.4 4.0 9.8 7.2 -1.0 1.3 -2.6 HFFAVF1 Small Cap2 Asia ex Japan3 Source: Bloomberg, Firth Investment Management 1. Hereford Funds – Firth Asian Value Fund 2. MSCI AC Asia ex Japan Small Cap USD Net Index * Month end date used is March 28, 2013. # Month end date used is January 29, 2014. 6.3 17.4 9.5 Since Launch 16.1 16.0 15.6 3. MSCI AC Asia ex Japan USD Net Index (large and mid cap) Regional stock markets were generally more subdued in May than had been the case in the previous month. China was the only market to make material gains (+7%) followed by Hong Kong and India (both up 2%). Malaysia and the Philippines were the weakest markets (-6%). China cut lending rates further and took measures to facilitate refinancing of local government debt and thus enable continued local infrastructure spending. But markets reacted negatively to measures to make margin-financing of equity investment less easy. In India the first anniversary of Prime Minister Modi’s administration heralded much commentary, not least on whether delivery of reforms had met expectations. This coincided with the failure of bills to pass parliament that would enable key reforms such as a nationwide goods and services tax and streamlining of land acquisition. Meanwhile, end March 2015 corporate results announcements across the region indicate no obvious improvement in company fundamentals in the last quarter and financial year. This report marks exactly four years since the fund was launched at the beginning of June 2011. The return to shareholders has been positive (+16.1%) and above both the regional indices we show in this factsheet. Hereford Funds - MSCI AC Asia ex Japan Small Cap USD Net HF FAVF MSCI AC Asia ex Japan Small Cap USD Net (Rebased)* MSCI AC Asia ex Japan USD Net (Rebased)* 120 115 110 105 100 95 90 85 80 75 70 65 Source: Bloomberg, Firth Investment Management *Both MSCI benchmark indices (Bloomberg: MSLUAAJN and NDUECAXJ) are net total return indices in USD. MSCI calculates net total return by reinvesting any dividend income after deducting withholding taxes. Country breakdown Hong Kong/China Indonesia India Korea Malaysia Philippines Singapore Taiwan Thailand Others Cash % of assets 35 3 9 12 2 5 15 10 3 0 6 Sectoral breakdown Consumer Discretionary Consumer Staples Financials Health Care Industrials Information Technology Materials Telecommunication Services Others Cash % of assets 41 11 6 0 14 14 3 5 0 6 Investment Objective Hereford Funds - Firth Asian Value Fund is to generate long term capital growth from a portfolio of listed company securities in Asia (ex-Japan). The Compartment will follow a value-based investing approach and will have a bias towards smaller capitalisation stocks. The Compartment will directly invest primarily in shares of companies located in, incorporated in, headquartered in, listed on exchanges in or with significant operations in or significant income derived from Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, the PRC, Singapore, Taiwan and Thailand. The Compartment may also directly invest in smaller or developing economies in Asia such as Bangladesh, Cambodia, Laos, Pakistan, Sri Lanka or Vietnam. The Compartment will not invest in China A Shares when investing in the PRC. The Compartment will directly invest actively in a diversified portfolio of listed equity securities. The Compartment will generally only invest in securities admitted to official listing on a recognized stock exchange, or dealt in on another regulated market. Although the Compartment intends to invest in a portfolio of not less than 40 stocks and not more than 100 stocks, it is not restricted in or subject to any material concentration or diversification restrictions, and may hold a more limited number of investment positions. The Compartment will typically be near fully invested but may hold liquid assets on an ancillary basis. Under normal market conditions, investment in liquid assets and debt instruments of any kind will not exceed 15% of the Compartment's net assets. In exceptional market circumstances and on a temporary basis only, this limit may be increased to 100% with due regard to the principle of risk spreading. The Investment Manager intends to meet the Fund’s objective primarily through stock selection and country allocation. Typically stocks will be bought and held. This is not a trading strategy and it is not intended to attempt to time general market movements. While portfolio returns will be measured against the Benchmark Index, portfolio management will not be constrained by reference to the index. Fund Codes Bloomberg ISIN Reuters Sedol Valoren WKN HFIRASA LX * LU0618975774 NA B64KS81 12853411 A1H9V4 * Share Class A Fund Details Dealing Day Dividends Investment Manager Management Company Fund Administrator Custodian Legal Advisers Auditor Annual Management Charge Share Class A Share Class D (b) 1.5% 2.0% Daily None - income accumulated within the fund Firth Investment Management Pte. Ltd. 180 Cecil Street, #13-03 Bangkok Bank Building, Singapore BSI Fund Management S.A., 44F rue de la Vallée, L-2661 Luxembourg UBS Fund Services, 33A, Avenue J.F.Kennedy, L-1855 Luxembourg BSI Europe S.A., 122 rue Adolphe Fischer, L-1521 Luxembourg Elvinger, Hoss & Prussen, 2 Place Winston Churchill, L-1340 Luxembourg Deloitte Audit S 60 Rue de Neudorf, L-2220 Luxembourg Annual Management Charge Performance fee: High water mark?: Hurdle rate: 10% Yes MSCI AC Asia ex Japan Small Cap USD Net Minimum Investment Share Class A (b) Share Class D $100,000 initial / $10,000 subsequent $10,000 initial / $1,000 subsequent Order Transmission Information Original Applications To: Subsequent Applications Only Via Facsimile: UBS Fund Services Attn. Transfer Agent 33A, Avenue J.F. Kennedy L-1855 Luxembourg UBS Fund Services Attn. Transfer Agent Fax: (+352) 4410106417 Tel: (+352) 4410106404 e-mail: [email protected] (a) This refers to the total assets to which the Investment Adviser applies the reference strategy. (b) Share Class A: these shares have UK reporting since launch and are registered with the BaFin for public distribution in Germany from 17/10/12. Germany – Paying Agent as defined by German Regulation: Marcard, Stein & Co – Ballindamm 36, 20095 Hamburg; Phone: +49/40.32.099.556, Fax: +49/40.32.099.206 (c) Share Class D: these shares have not yet been launched. This document is for information purposes and internal use only. It is neither an advice nor a recommendation to enter into any investment. Investment suitability must be determined individually for each investor, and the financial instruments described above may not be suitable for all investors. This information does not provide any accounting, legal, regulatory or tax advice. Please consult your own professional advisers in order to evaluate and judge the matters referred to herein. An investment should be made only on the basis of the prospectus, the annual and any subsequent semi-annual-reports of HEREFORD FUNDS (the "Fund"), a société d'investissement à capital variable, established in Luxembourg and registered under Part I of Luxembourg law of 20 December, approved by the Commission de Surveillance du Secteur Financier (CSSF). These can be obtained from [the Fund, 44F rue de la Vallée L-2661 Luxembourg or from BSI Fund Management S.A., 44F rue de la Vallée, L-2661 Luxembourg and any distributor or intermediary appointed by the Fund]. No warranty is given, in whole or in part, regarding performance of the Fund. There is no guarantee that its investment objectives will be achieved. Potential investors shall be aware that the value of investments can fall as well as rise and that they may not get back the full amount invested. Past performance is no guide to future performance. The information provided in this document may be subject to change without any warning or prior notice and should be read in conjunction with the most recent publication of the prospectus of the Fund. Whilst great care is taken to ensure that information contained herein is accurate, no responsibility can be accepted for any errors, mistakes or omission or for future returns. This document is intended for the use of the addressee or recipient only and may not be reproduced, redistributed, passed on or published, in whole or in part, for any purpose, without the prior written consent of HEREFORD FUNDS. Neither the CSSF nor any other regulator has approved this document.