Newport Distribution Ltd. - Fund Update
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Harmony – Delivering over a Market Cycle

Dear Team,

With the unprecedented levels of volatility witnessed since February 19th it is very tempting to focus on the short term and the effect on the investment performance whilst losing sight of the benefits of longer term investing.

The graphs herewith show Trough to Trough Market Cycle performance of the GBP, USD & EURO Harmony Funds as benchmarked against the stated targeted returns of these funds. As you can see they have exceeded target in each case, demonstrating the effectiveness of the management team and the worth of investing over the longer term.

Best wishes,

Client Services


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Newport Distribution Ltd.
PO Box 957, Offshore Incorporation Centre,
Coastal Building, Wickham Cay II,
Road Town, Tortola, British Virgin Island
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