Lynas Asia Fund

FUND DETAILS

Current Net Asset Value:

Management Fee:

1.25% per annum

Performance Fee:

15% of investment gains subject to a high-on-high water mark

Other Fees:

None. There is no subscription fee, bid-offer spread nor mark-up. There is no redemption fee

Minimum Investment:

US$1,000,000

Qualified Investors:

We cannot accept U.S. investors

Liquidity:

Open-ended with monthly subscriptions & quarterly redemptions

Subscriptions:

The Fund was closed in 2018

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Performance Table

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Annual
2003	2.94%	2.46%	-4.04%	7.54%	13.54%	12.67%	13.20%	5.75%	7.50%	11.53%	-3.59%	8.23%	108.56%
2004	8.35%	5.86%	-3.70%	-0.37%	-6.92%	2.50%	2.35%	4.42%	4.71%	0.80%	6.41%	-1.39%	24.27%
2005	3.93%	6.25%	-3.19%	-3.81%	-0.59%	1.31%	2.83%	-3.81%	5.57%	-1.40%	1.14%	0.81%	8.72%
2006	7.71%	7.07%	9.94%	5.99%	-4.79%	-5.34%	0.95%	4.81%	1.82%	6.00%	4.17%	-0.97%	42.72%
2007	0.29%	4.06%	-0.27%	3.66%	9.25%	4.10%	7.65%	-5.61%	3.30%	1.41%	-2.74%	2.47%	30.17%
2008	-3.54%	3.80%	-0.27%	-1.57%	-1.00%	-7.18%	-4.40%	-1.27%	-8.08%	-29.87%	-8.35%	15.99%	-41.57%
2009	-1.42%	-3.62%	5.99%	22.28%	24.79%	2.05%	13.08%	1.69%	6.46%	1.75%	0.23%	2.15%	100.02%
2010	0.97%	1.32%	6.99%	1.51%	-1.33%	7.28%	10.83%	2.27%	7.32%	6.77%	3.46%	2.72%	62.33%
2011	-4.95%	-0.67%	8.47%	7.46%	-4.29%	0.96%	8.70%	-5.91%	-8.97%	6.55%	-3.19%	2.43%	4.61%
2012	7.17%	2.13%	0.63%	-0.93%	-4.94%	0.93%	1.30%	-1.47%	4.95%	2.11%	2.46%	-1.45%	13.06%
2013	6.89%	7.60%	1.76%	-0.29%	3.44%	-7.59%	-3.00%	-5.62%	3.99%	4.65%	-8.36%	-5.61%	-3.87%
2014	1.08%	9.58%	4.76%	-0.26%	-0.76%	0.01%	5.25%	2.30%	-5.12%	-0.80%	2.60%	-2.87%	15.99%
2015	-0.44%	1.90%	-1.29%	0.33%	0.14%	-3.40%	-5.53%	-7.47%	-5.12%	8.91%	-1.67%	0.21%	-13.48%
2016	-7.19%	1.75%	8.23%	-0.69%	-2.37%	7.63%	8.14%	-0.95%	-0.25%	2.64%	-5.40%	0.86%	11.61%
2017	2.92%	1.99%	1.67%	1.03%	0.90%	0.53%	-2.24%	1.82%	1.47%	1.82%	0.05%	-0.44%	12.05%
2018	3.13%	-4.04%	-3.36%										-2.4%

Note: Jan 2003 to Sept 2004 returns are for the private fund, managed by Lynas Capital, which preceded the Lynas Asia Fund

Lynas Asia Fund is managed by Lynas Capital Ltd and invests in the equity markets of Asia Ex-Japan with a strong bias toward small and mid-cap companies. These companies receive little attention from analysts and the investment community at large and yet frequently offer the most interesting potential and entrepreneurial management. This combination provides us with the best growth at the cheapest price, both key elements of our investment principles.

The portfolio is usually concentrated in between ten to twenty names. Over the years our holding period has averaged about two years although we still own big positions in companies that were in the portfolio around our inception date. We do not engage in short-term trading. We perform in-depth analysis to really try to understand a business before we build a large position. Our long-term approach then allows us time to build on our understanding, giving us the confidence to concentrate our assets such that companies that make it into the portfolio usually become large enough to make a significant contribution to overall performance. The by-product of this approach is fewer investment decisions, fewer mistakes, lower turnover and lower transaction fees.

Lynas Capital Ltd and its directors manage only the Lynas Asia Fund. All our investment efforts are focused in this direction and we will not be adding any more portfolios.

The Lynas Capital directors have the majority of their liquid assets invested in the fund.

Lynas Asia Fund will be soft-capped at $300 million. We remain unwaveringly focused on performance not asset accumulation and the cap allows the fund to remain a concentrated portfolio of small-caps and frees the directors to devote their time to investing and not on marketing.

We strive to manage the fund like one of the lean, efficient companies we like to buy. Over and above the 1.25% management fee, all other overheads including custody, administration, audit, legal and regulatory currently total less than 0.2% of NAV and we established a rule, at inception, that any overheads above 0.5% of NAV come straight out of the management fee. The start-up and establishment costs of the fund were borne by Lynas Capital at the time and were not imposed on the fund investors.