Nanuk Asset Management announces their performance summary for the fund as at 31 May 2014

The Fund reported a gain of 0.5% in May which has resulted in a 1-year rolling return of 12.1% and a 2-year rolling return of 12.8% p.a.

Despite growing geopolitical political tensions in parts of Europe, Asia and the Middle East most equity indices rose during the month. This was reflected across the Fund’s universe, with solar and Chinese renewable stocks recovering some of the underperformance of recent months.

At month-end the Fund moved to a slightly net short position as we remain cautious about the broad outlook for global equities despite the current attractiveness of some of our longer-term thematic ideas such as the adoption of energy efficient LED lighting.

One of the concepts we have referenced in previous months is the ‘’Industrial Internet’’ and in particular, how ‘’one of the key benefits of the integration of smarter technologies and robust networks is the ability to create energy saving efficiencies and reduce costs’’ (taken from GE’s publication, ‘Industrial Internet: Pushing the Boundaries of Minds and Machines’ which can be found here.) A further article on this topic published by Bloomberg discusses how companies such as Vivint Inc., Nest Labs Inc. and even AT&T are an ever-increasing threat to utility companies, and can be found here.

Please find our Monthly Report – May 2014 attached, and if you require any further information regarding Nanuk, please contact me using the details below.

Regards,