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Dear Investor,
Australia’s economic challenge will be how to preserve the superior economic growth performance that we have experienced
over the last decade, and doing so whilst keeping inflation restrained. The impending recovery will provide Australia and our
Fund with attractive opportunities to capitalize on a much more hospitable economic landscape.
For the month of September our Fund posted a positive 5.98% return, bringing our total return since inception to 66.4% (after
fees).
Cash
0.3%
2.1%
Software & Services
2.6% Retail
3.0% Consumer Durables Apparel
12.3%
26.5% People Bank Ltd
Media
th
*Deep Value Portfolio as of 30 of September 2009
Suite 702, 109 Pitt Street Sydney NSW 2000 Office: +61 2 9231 6169 Fax: +61 2 9475 1156 invest@microequities.com.au