PRESENTATION

1. GENERAL

FULCRUM was first organized in 1986 as a growth portfolio. In 1987, it was incorporated as an exclusive investment group into the form of a secure, private and tax-advantaged holding company in Luxembourg. FULCRUM was then structured by Elvinger & Hoss, distinguished legal counsel in conjunction with Ernst & Young, internationally renowned tax/auditing experts.

Fulcrum's investment horizons are medium (5 years) and long (10 years).

2. INVESTMENT OBJECTIVES

  • First
 to conserve and to protect its value against inflation.
  • Second
 to diversify the portfolio by sector, geography, jurisdiction and time.
  • Third
 to realize capital appreciation over medium and long terms.
  • Fourth
 to derive high current income levels (compatible with acceptable risks).

3. PORTFOLIO MANAGEMENT

A flexible and opportunistic policy is pursued to take advantage of changing global economic conditions.

The portfolio is designed to secure solid growth over the medium term, with the goal of seeking optimum total returns compatible with acceptable levels of risk.

To attain good long term results, as well as high current levels of dividends, our team strategically invests in a balanced portfolio of OECD securities as well as diversifying into convertibles, special equity situations, private equities, currencies and asset backed securities.

To earn solid income streams, a substantial portion of Fulcrum's portfolio is invested in major currency (U.S. Dollar or Euro) denominated::

  • Debentures or bonds, including convertibles
  • Government guaranteed or backed securities
  • Asset or Mortgage backed securities
  • Money market instruments (MMA's, CD's)
  • Hedging instruments (e.g. currency options).

To earn capital gains, the remainder is invested through:

  • Diversification and timely exposure to stock market equities in North America, Europe and other mature financial markets.
  • Selection of undervalued or good value companies with either strong or improving balance sheets and quality management.
  • Exposure to key emerging markets through global/regional mutual or hedge funds with above-average returns.
  • Selection of newer growth companies or private equities.

4. HISTORICAL PERFORMANCE

Historical
 Annualized Compounded*
 3 Years +8.71% +28.48%
 5 Years
 +7.70%
  +44.94%
 10 Years
 +9.39%
  +145.49%
 Since Inception*
 +11.28%
 +663.05%

* All distributions assumed reinvested. (Fiscal year ends March 31)

5. RISK PROFILE

Risk Profile
Low
Moderate
High
Maturity
Short
Medium
Long
Quality
Low
Medium
High
Size
Small
Medium
Large
Investment Style
Value
Blend
Growth

FULCRUM - IBC International Holdings S.A. - All rights reserved
Address: Carré Bonn, 20, rue de la Poste - L-2346 Luxembourg - EUROPE
Phone: +352 4723-23 - Fax: +352 4724-73 - E-mail: contact@fulcrum-ibc.com