Diamond Age Russia Fund: Monthly Letter to Investors – December 2012

In December, the Fund turned in a stellar performance of +9.38%. The Fund’s portfolio outstripped by some 30% all the salient indices, such as MSCI EME Index, which only appreciated 6.76%, MSCI Russia Index, up just 6.50%, and the RTS Index, which showed even a more modest gain of 6.29%. The Fund’s 300 basis points monthly out-performance was attributable to the Investment Advisor’s superior security selection, tactical rise followed by reversal of leverage, and the Fund’s successful short-term intra-month short positions (not reflected in the asset allocation tables below due to end-of-month cut-off date and not intra-month reporting).


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