Raw Global Alpha Fund – October 2014 Monthly Report

Dear All, To borrow from Charles Dickens ‘A Tale of Two Cities’, “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair…”. October 2014 was, to say the least, a difficult month to navigate as an Investment Manager. The first half of the month can be characterised by global equity, commodity and high yield bond markets falling, and the US dollar and the VIX rising, often violently; whereas, during the second half of the month, markets shrugged off negative macro concerns, taking comfort from the US Federal reserve’s post QE “accommodative” stance, and the Bank of Japan significantly increasing its own QE programme. Against this backdrop of heighted volatility, and bipolar markets, all five of our Funds rose during the month; the RAW Cash Deposit Fund (+0.07%), the RAW UK Gilt Fund (+1.56%), the RAW UK Equity Fund (+1.37%), the RAW UK Balanced Fund (+1.19%) and the RAW Global Alpha Fund (+1.13%) respectively. Richard Avery-Wright Chief Executive Officer RAW Capital Partners Limited is an independent boutique asset management company incorporated and based in Guernsey. The co-founders, Richard Avery-Wright and Dennis Stoller, have a strong previous track record and share a combined experience in financial markets of over 40 years. Investment strategies created by the founders are backed by sound logic with the emphasis on carefully analysing potential investment returns for a given unit of risk. Our mission is to maximise investment returns in both rising and falling markets via the application of consistent, repeatable and disciplined investment processes. Disclaimer: Past performance is not a guide to the future. The information contained in this email does not constitute an offer to sell or a solicitation to buy an investment, not should it be construed as investment advice. It is recommended that potential investors take appropriate professional tax and / or investment advice before making any investment. Internet communications cannot be guaranteed to be timely, secure, error or virus-free. The sender does not accept liability for any errors or omissions.