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com
Dalma Unified Return Fund
2014 Annual Report
Dalma Capital Management Ltd
is Regulated by the Dubai Financial
Services Authority (DFSA)
Dalma Capital SICAV plc
is Regulated by the Malta Financial
Services Authority (MFSA)
Dalma Capital Management Ltd
Gate Precinct 5, Level 6 - PO Box 9361
Dubai International Financial Centre
Dubai, United Arab Emirates
Main: +1.800.643.7560
Ofce: +971.4.375.6060
Fax: +1.800.791.1150
2014 (1.21%) 2.29% 0.28% 2.15% 1.55% 2.06% (2.32%) 3.61% - - - -
2013 2.88% 0.50% 3.46% 1.92% (3.97%) 4.25% (0.31%) (0.98%) 0.72% 0.63% 1.92% 2.34%
2012 - - - - - - - - 1.84% 4.01% 2.46% 2.61%
Statistics
Dalma
Fund
HFRX Equity
Hedge Index
Standard Deviation (Ann) 6.836 4.624
Market Correlation (spx) 20.20% 86.30%
Beta (spx) 0.167 0.483
Alpha (spx) 13.929 -2.241
Info. Ratio (HFRX) 1.37 NA
STRATEGY Long/Short Equity Hedge
DOMICILE Malta, EU; Delaware, United States
ADMINISTRATOR Apex Fund Services Limited
PRIME BROKER Exante Limited
AUDITOR PriceWaterhouseCoopers
COUNSEL Latham & Watkins llp; Mourant Ozannes llp; Fenech & Fenech llp
MIN INVESTMENT USD $500,000 Initial, USD $10,000 Subsequent
Primary Objectives
After six years of research and development based on forty-seven years of back-testing analysis and optimization by
a prodigious team with over eight decades of combined experience, Dalmas hedge fund recently began accepting
new investors in July of this year.
The Dalma Unied Return Fund deploys a dynamic global equity strategy with the objective of delivering efcient
diversication and a positively asymmetric, absolute return prole while maintaining mitigated market risk-parity. The
risk-centric approach capitalizes on the expectation that markets exhibit cycles, momentum (trends) and statistical
arbitrage opportunities. These predictable patterns are driven by market (endogenous), economic (exogenous) and
behavioral factors. Dalma utilizes a fully unied approach of fundamental, quantitative and technical analysis and
invests its diversied portfolio primarily in developed market indices, sectors and large/mid cap index constituents.
0
.0
5
.0
10.0
1
5
.0
2
0
.0
VaR&Expected Shortfall
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Background & Strategy
MANAGEMENT FEE 2%
PERFORMANCE FEE 20%
HURDLE RATE 5%
HIGH WATERMARK YES
LOCKUP NONE
LIQUIDITY MONTHLY
SUBSCRIPTION/REDEMPTION FEE NONE
Other Information
Unified Analysis & Strategy
Risk Parity
Return
Absolute
Liquidity
Investment Reduced
Correlation
Downside
Protection
Fundamental
Analysis
Foundational Evaluation
Technical
Execution
Entry/Exit Timing
Quantitative-
Computational
Relative Asset Ranking
1
2
3
Outperform
Underperform
997
998
999
Prudential
Risk Management
Long-Term
Economic Evaluation
Model (EEM)
Economic/Credit Cycles
Market/Sector Cycles
Medium
Term
Market Value Model
(MVM)
Opportunistic/Arbitrage
Tactical Allocation Model
(TAM)
Short
Term
T
h
r
e
e

M
e
t
h
o
d
s
T
h
r
e
e

M
o
d
e
l
s
Diversified Asset Allocation
~90%
Developed
Markets
~10%
Emerging
Markets
35-50 Positions Long & Short
5-10 Countries 7-12 Sectors
Index & Sector
ETFs
~60%
~30%
~10%
Small & Mid Cap
Equities
Large Cap
Equities
Diversified Asset Allocation
Performance
Risk-Adjusted Returns
The Dalma Unied Return Fund has generated robust performance since its inception. It has signicantly outperformed
its benchmark, the Hedge Fund Research Equity Hedge Index (HFRX - EH) on both an absolute and risk adjusted basis.
As the fund has been optimized and developed to maximize risk adjusted returns - we believe that the Sharpe Ratio,
Sortino Ratio and Gain:Loss Ratio are demonstrative of the funds efectiveness in delivering results with limited
volatility and downside by following the risk-parity protocol. Furthermore, the fund has generated both absolute and
asymmetric performance to date, capturing positive returns on average even in bear markets and generating an alpha
above the S&P 500 (SPX) equity index of 13.929. The low correlation and beta of the fund to the equity indices are
particularly characteristic and support results observed in the extensive back-testing conducted - demonstrating the
virtue of the fund as a powerful diversier for investors portfolios.
Diversified Asset Allocation Absolute Performance
0
.0
0
.7
1.4
2
.1
2
.5
Benchmark=1.49 Dalma = 2.53
Sharpe Ratio Sortino Ratio Gain:Loss Ratio
Total Return
to Date
Compound Annual
Rate of Return
Average Monthly
Return
0
.0
0
.7
1.4
2
.8
3
.5
Benchmark=0.86 Dalma = 3.10
0
.0
1
.2
2.5
4
.0
4
.8
Benchmark=2.71 Dalma = 4.71
0
1
0
20
3
0
3
5
2
5
15
5
Volatility &Downside Risk
Avg. Bull Market Monthly Return
37.69% 17.35% 1.34%
Monthly Returns
Risk and Regression Analysis
+1.52% +0.75%
Avg. Bear Market Monthly Return
c/o Apex Fund Services (Malta) Ltd.
6th Floor,Airways House, Gaiety Lane
Sliema SLM 1549, Malta, EU
Transamerica Square 10th Floor
401 North Tryon Street
Charlotte NC 28202, USA
94 Solaris Avenue - PO Box 1348
Camana Bay KY1-1108
Cayman Islands
DISCLOSURE: FOR INFORMATION PURPOSES ONLY. Dalma Capital Management Ltd is regulated by the Dubai Financial Services Authority. Dalma Unied Return
Fund is regulated by the Malta Financial Services Authority. The fund in its origin was formed in August 2012 with proprietary investment in order to establish the
strategy and track record. This fund opened to 3rd party investors on July 1st, 2014. Past performance cannot be relied upon as an indication of future returns. This il-
lustrative document does not provide sufcient information on which to make any investment decision. This information is neither an ofer to sell nor a solicitation of an
ofer to buy securities, which can only be done in an ofering summary in compliance with appropriate jurisdictional laws and regulations. Historical fund performance
data is currently unaudited, but has been independently veried by of third party fund administrators. Unauthorized reproduction or dissemination of this document is
not permitted. This document is directed to professional and/or qualied clients only. Persons other than professional and/or qualied clients, such as Retail Clients,
are not the intended recipients of our communications and must not act upon or rely upon the content of this communication.
DEFINITIONS: As with other measures of risk, those listed above do not fully account for all risks. Statistics are produced by Statpro. INPUTS: Hurdle = 5% ann.; Risk-
free rate =1 mo t-bill annualized; HFRX equity hedge (HFRXEH) is the Hedge Fund Research (HFR) hedge fund index. The Balance Portfolio represents a portfolio
of 60% bonds (represented by JP Morgan Global Aggregate Bond Index) and 40% equities (represented by S&P 500 index)

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