As at December 2008

The QUADRIS Environmental Fund invests directly in sustainable teak plantations, wholly owned and managed by Floresteca Agroflorestal Ltda.  Since Floresteca’s teak plantations were established in 1994, their value has increased year on year.  This reflects the strong long-term performance of forestry investments as a whole.  In addition, as forests grow, so does their value.  Upon reaching maturity, the timber is sold on the world market, where quality hardwoods will achieve the highest prices due to the demand for such woods and their diminishing availability from natural forest sources.  

The QUADRIS Environmental Fund continues to perform well, with the value of underlying assets growing in value in line with expectations.  The US$ Variable Growth Share Class has posted annual growth of 9.899% compound since inception (January 2007), against long term growth expectations of 9-11% per annum compound.

Whilst the assets of the GBP Variable Growth Share Class are also growing in value according to expectations, the value of Sterling against the US Dollar is continuing to distort the performance of the share class.  This distortion has thus far produced a positive impact on the share price with the share value increasing by more than 25% in the last quarter.  This has resulted in the annual growth rate per annum since inception (August 2003) increasing to 18.72% compound.

Prices as at 1st December 2008

Registered office of the fund: 31-37 North Quay, Douglas, Isle of Man, IM1 4LB
The Manager of the Fund: Blue Sea International Limited, 31-37 North Quay, Douglas, Isle of Man, IM1 4LB which was incorporated in the Isle of Man No. 111375C, 31-37 North Quay, Douglas, Isle of Man, IM1 4LB. The Manager is licensed by the Financial Supervision Commision of the Isle of Man to provide collective investment scheme services