Raw Global Alpha Fund – September 2014 Monthly Report

Dear Investors,

Historically, September has not always been the easiest month for investors to navigate, with events such as the Lehman Brothers collapse and World Trade Center attacks still firmly in our minds and in September 1992 the UK was ejected from the exchange rate mechanism. Almost on cue, and following a period of calm, markets began to fall mid way through the month as a raft of deteriorating global macro-economic data unsettled markets. We know the Fed will shortly end QE, which in turn may increase the odds of increased market uncertainty and heighted volatility. In the UK, uncertainty was also caused by the Scottish independence referendum and the accounting scandal at Tesco. Our own funds, like many others, suffered somewhat from the September effect with all funds, bar the RAW Cash Deposit Fund, down on the month. In particular, the RAW Global Alpha Fund was negatively impacted by the significant and persistent rise in the US Dollar during the month, which in turn hurt the commodity component of the Fund. However, by month end, the internal capital protection measures built into the RAW UK Equity Fund and RAW Global Alpha Fund were triggered. This had the effect of reducing market exposure going into October. Lastly, we are delighted to report total assets under management at RAW Capital Partners have passed £50 million for the first time. We would like to thank all our investors for their support in helping us achieve this very important milestone. 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 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.