The AR ASIA SELECT FUND – ALPHA is a standalone open-ended fund, incorporated as an exempt company with limited liability incorporated in The Cayman Islands on 21 May 2008.

The investment objective of the Fund is to achieve gains through capital appreciation and income mainly from investments in companies whose securities are listed on stock exchanges in Asia excluding Japan, or companies listed on other stock exchanges with significant business interests or business exposure in the Asia Pacific.

AR Asia Select Fund-Alpha is presently closed to new investors.

HIGHLIGHTS

• Compounded annual return since inception of 7.0% (net of fees vs) MSCI 4.7%
• Achieved 60 out of 104 positive returns
• Outperformed the MSCI 57.7% of the time
• Standard Deviation of 19.6% vs MSCI 22.1%
• Sharpe ratio of 0.15
• Sortino ratio of 0.22

PERFORMANCE

% Jan Feb Mar Apr May Jun Jul Aug Sep  Oct  Nov  Dec  YTD
2008  Fund 1.6* -5.1 -14.7  -8.7  -5.2  10.5  -21.3
 MSCI# -2.7* -6.2 -16.8 -24.5  -6.4  8.9  -41.5
2009  Fund -3.8 -2.6 9.1 18.9 15.1 2.3 9.6 -1.1  4.8  1.2  5.3  4.1  80.1
 MSCI# -7.6 -5.8 14.9 15.2 14.4 0.9 12.3 -0.3 9.6  -0.4  2.8  3.6  73.2
2010  Fund  -6.7  3.7  4.9  2.8  -9.4  -1.9  9.2  -1.9  11.4  3.8  0.3  2.6  18.2
 MSCI#  -6.3  1.3  7.5  1.3  -10.7  0.7  7.4  -1.7  11.9  2.7  -2.0  6.8  18.1
2011  Fund  4.2  -1.4  3.9  5.8  -1.7  -0.2  4.0  -8.1  -17.8  7.3  -9.6  0.5  -15.2
 MSCI#  -1.3  -1.7  5.2  4.3  -2.3  -2.0  0.3  -8.5  -13.5  13.3  -7.9  0.0  -15.6
2012  Fund  8.2  7.8  -3.9  -2.1  -7.1  0.2  -0.5  2.2  5.6  1.3  2.1  2.2  15.8
 MSCI#  10.2  5.2  -3.0  0.5  -10.4  4.0  3.8  -0.3  5.9  0.5  2.3  3.1  22.3
2013  Fund  4.8  -2.0  -3.1  0.6  -0.4  -8.6  3.0  -1.9  4.3  2.8  -1.7  0.1  -3.0
 MSCI#  2.7  0.9  -1.8  2.7  -4.3  -5.9  2.1  -0.8  5.9  4.4  0.2  -1.1  3.1
2014  Fund  -4.7  2.3  2.5  2.3  1.8  2.9  3.7  1.6  -2.6  1.6 0.6 -2.5  9.6
 MSCI#  -5.1  3.5  1.0  0.7  4.0  2.3  3.8  0.7  -5.9  2.0 0.3 -2.1  4.8
2015  Fund  1.5  2.7  1.7  5.6  0.5 -2.9 -6.4 -9.2 -3.6  8.0 -1.2 0.0 -4.4
 MSCI#  2.5  1.9  0.4  7.2 -2.6 -3.7 -6.4 -9.8 -1.8  8.0 -3.4 -0.5 -9.2
2016  Fund -8.9 -1.3 8.5 -1.7 -0.7 0.0 4.6 3.5 -0.2 -1.6 -3.0 -0.6 -2.4
 MSCI# -7.6 -0.9 11.2 -0.9 -1.3 2.7 4.8 3.4 1.6 -1.5 -2.9 -2.0 5.4
2017  Fund 7.7 1.9 9.8
 MSCI# 6.2 3.4 9.8

*Since Inception on July 3rd 2008
# MSCI Asia ex-Japan