K2 Select International Fund

The K2 Select International Fund is an international equity fund focused on finding the best stocks and ideas from the major regions of Europe, Asia, USA and Australia.

The investment team does not use a single approach to stock picking, rather, each investment manager brings their own investment style and methodology to the portfolio. Key variables of earnings, valuation and management are examined to determine whether securities are over or undervalued.

The investment team's ability to pick major investment themes, or 'catalysts', in a timely manner is a key competitive advantage. The stock selection process is based on the investment manager's own primary research and direct contact with companies.

The portfolio of stocks is constructed in a non-benchmark method. The fund doesn't focus on under or
over weights. Geographic exposure doesn't reflect the MSCI weighting. The portfolio is constructed on
the best ideas generated by the portfolio managers.

K2 is focused on delivering strong positive returns in good markets and capital protection in the
down markets.

To do this K2 believes in empowering the fund managers to make active calls for the clients to protect
the capital when necessary and increase exposure when appropriate.

The Fund actively manages currency exposure with the aim of using hedging to reduce the risk of
currency movement and protect stock returns. The level of hedging will depend on K2's expectation
of future currency exchange rate movements.

The fund aims to deliver a 15 per cent per annum after fee return over a 3 – 5 year investment cycle
while protecting the capital.

Applications

By 2pm on the Business Day you wish to apply. (see PDS for further details)

Minimum Initial Application

A$20,000

Hold the mouse over the graph line to confirm the month and exact value. (All prices in AUD).

Fund Inception Date - 1 January 2005.

Returns are based on the NAV per unit plus distributions reinvested net of management fee and perfromance fee accruals, since inception. Returns represent the combined income and capital return for the period and are pre-tax. K2 does not invest by reference to the index and accordingly the equities held by the Fund can diverge signifiicantly from underlying market indicies.

 All performance returns are shown after all fees (including performance fees) and expenses have been deducted and assume reinvestment of income distributions. Past performance is not a guarentee of future performance.

Please click here to view the 31 December 2011 K2 Select International Fund Financial Statement.

Please click here to view the K2 Select International Fund Notice for Subdivision 12-H of schedule 1 to the Taxation Administration Act 1953, for the period ended 30 June 2011.