December 2011 Performance Report

ASX200 Prime Momentum (MTM)

Monthly Report December 2011

Managers Comments for December 2011

Porter Capital’s Prime Momentum fund (MTM) returned -2.76% for December. The benchmark S&P/ASX200 Accumulation Index lost -1.35% for December. Total return for MTM since inception (August 2010) is +1.75% versus the benchmark return of -2.71% for the same period.

Markets got off to a solid start in the New Year. Due to the ASX200 displaying positive momentum we moved back into equities in early January with exposure to the materials, energy, financial, infrastructure, consumer staple and health care sectors.

Technically, the ASX200 broke its down trend from the highs of April last year, though resistance at 4350 will need to be overcome before a sustained market rally eventuates. Upbeat news out of the U.S. has seen market participants take a more “risk on” approach which has fuelled the current rally, but concerns around the European situation still linger.

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About the manager

Porter Capital Management is a professional funds manager offering innovative, system-based investment solutions to institutions, financial advisors and individual investors.

For further information

Phone: 1300 13 44 22

Web: www.portercapital.com.au

Return % *	1m	6m	1yr	Inc.**
Prime Momentum (MTM)	-2.76	-2.79	-18.62	1.75
S&P ASX200 Accumulation	-1.35	-9.71	-10.54	-2.71

* Returns are after management + administration fees and before performance fees. ** Since inception of product (11th August 2010)

This product is for investors seeking...

Protection of Capital in a downturn: Moves to 100% cash in difficult economic conditions

Systematic Investment Process: A purely systematic and unemotional process which enforces discipline, objectivity and accountability during difficult investment cycles

Diversification: Low correlation to core fundamental equity managers and major indicies

A Strategy suitable for superannuation funds

Interests that are aligned with their own and a manager compensated on performance

Key Portfolio Features
Benchmark	S&P/ASX200 Accumulation Index
Suggested Timeframe	3 - 5 years
Typical Number of Stocks	0 - 20
Investment Fee	1.30%
Performance Fee	20% of outperformance
Historical Portfolio Turnover	Medium
Style	Growth
Investment Universe	S&P/ASX200
Process	Quantitative

This report provides general information only and does not take into account the investment objectives, financial circumstances or needs of any person. To the maximum extent permitted by law, Porter Capital Management (PCM), its directors and employees accept no liability for any loss or damage occurred as a result of any action taken or not taken on the basis of the information contained in the report or any omissions or errors within it. Before making an investment decision you should consider the latest Product Disclosure Statement and Financial Services Guide and assess whether the product and/or service is appropriate for you. It is advisable that you obtain professional independent financial, legal and taxation advice before making any financial investment decision. PCM does not guarantee the repayment of capital or payment of income, or the performance of its investments.