2Q10 Performance

2Q10 was understandably brutal – We are set to face tough direct stimulus (tax credits and exemptions, extended unemployment benefits, incentives etc.) comparisons over the next 12 months, European situation remains uncertain, and US employment situation is significantly worse than most expected.

About half of equity holdings ended up in 2Q10, with VSNT being the only name underperforming the broader market. Overall, more than 90% of all holdings outpaced S&P 500 in 2Q, with net exposure remaining largely unchanged versus the previous quarter. Contravest finished 2Q10 up just under 2%, versus sharp double digit declines in S&P 500 and Russell 2000. Contravest is now up 7%+ YTD, comfortably ahead of the broader market and most peers. In under 2 years since inception, Contravest has outperformed S&P 500, Russell 2000, CS Tremont Allhedge* and Barclays Global Bond Aggregate by 50, 47, 33 and 28 pps respectively.

Note: CST AllHedge performance for 06/10 is not available yet.

Disclaimer: Performance figures are for informational purposes only and do not constitute investment advice or an offer or solicitation to buy or sell any designated investments discussed herein.