SVM Saltire Fund (EUR) - July 2008

The fund maintains a net short stance of between 40% and 50% over a month.

With a positive return for 2008 to date, the fund is demonstrating that risk systems proven during the bear market of 200-02 can help in the challenging conditions of 2008. The main themes of the fund are longs focusing on resources, tobacco, utilities and industrials with shorts in financials, technology and cyclicals.

The fund is domiciled in Ireland and listed on the Irish Stock Exchange. It has a variable capital

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