Within its fund peer group, the Oasis Crescent International Feeder Fund has the highest Sortino ranking, with a Sortino ratio of 0.4. This indicates that the Fund has been the best out performer of inflation, taking into account downside volatility in this sector over the time period since its inception to date (31 March 2005). Its benchmark, the Dow Jones Islamic Market Index in rand terms is ranked 17th, under performing inflation with a Sortino ratio of -0.4, and the average foreign general equity fund is ranked 10th, under performing inflation with a Sortino ratio of -0.3 over the same period.

Despite a volatile local currency, in South African rand terms the Oasis Crescent International Feeder Fund has generated a positive cumulative return of 21.6% since its inception to date, outperforming its benchmark which generated a negative cumulative return of -6.9% over the same period. On an annualised basis, the Oasis Crescent International Feeder Fund has out performed the average foreign general equity fund by 8% - generating an annualised return of 5.7% to date (31 March 2005).

With respect to the investment climate, during downward movements in the market, the Oasis Crescent International Feeder Fund only declined on average by 3.4% per month, whereas competitors in the same category declined on average by 4.4% per month. It is evident that the low volatility approach to managing the Oasis Crescent International Feeder Fund provides downside protection that drives the performance of the Fund during downward trends in the market, while simultaneously positioning the Fund to take advantage of upward market movements.

The superior performance of the Oasis Crescent International Feeder Fund can be attributed to the Fund's portfolio that is significantly diversified in terms of global and industry parameters through investment in its underlying assets. This implies that the Fund is exposed to more than one geographic region investing in securities from more than one particular industry sector - this diversification serves to dilute the risk exposure of the fund by balancing the structure of the fund's portfolio to ensure that exposure to securities that are characterised by relatively higher risk will be offset by the holding of low risk securities within the portfolio.

The underlying assets of the Oasis Crescent International Feeder Fund are predominantly invested in the Japanese, European and North American market regions. The regional asset allocation is primarily driven by our stock selection process that locates value in these developed market regions and thereby governs our regional exposure by virtue of the quality that we have identified through the application of our proven investment philosophy.

The Oasis Crescent International Feeder Fund's portfolio is exposed to various equity themes that comprise the broader sectors of global economic activity, via its underlying investment asset, the Crescent Global Equity Fund.