Performance

Please note that the figures above represent an average of the gross return for each account AFTER FEES; they only include clients who have given us an open IMA mandate for the relevant 12 month period.

Financial Year S & P Accumulation Index Leyland Average Performance Relative Performance vs. Accumulation Index Overall Gain: 2005-2011 68.1% 126.5%   Average Annual Gain: 2005-2011 9.2% 13.6% 4.4% 2004/2005 20.59% 19.90% -0.69% 2005/2006 23.93% 23.88% -0.05% 2006/2007 28.66% 32.87% 4.21% 2007/2008 -13.40% -13.74% -0.34% 2008/2009 -20.14% -6.30% 13.84% 2009/2010 -13.14% 17.54% 4.40% 2010/2011 11.73% 20.83% 9.10%

Each of our accounts is managed under an individual mandate specific to the needs of the particular client,  and therefore performance differs from account to account. Past performance is not a reliable indicator of future performance.

Leyland Private Asset Management adopts a medium to long term approach to investments, and as such is not driven by short term trading focus.

Whilst each account is managed under individual mandates and therefore performance differs from account to account, we are extremely pleased with our five year performance and in particular our performance when compared with the All Ordinaries index over the same period. Even more pleasing is that this return was achieved whilst sticking to our value investing fundamentals and not chasing short term trading returns. Our outperformance has been achieved by avoiding businesses we didn't understand. In doing this we were able to avoid almost all the high profile (and low profile) failures over the past few years. Our competitive fee structure and transparent ownership model means that all of the upside after our fees is received by our clients.

We will have good and bad years but strongly believe that the best chance of outperformance is religiously sticking to long term value investment which is our focus.

When we report our performance to each client we provide a transparent picture of how much of the performance has been as a result of our work, and how much has been a result of client deposits and withdrawals, including full details of dividends, franking credits, interest etc. Please click here for a video of our client reporting.

Note: GIPS compliant performance reporting is calculated at an individual account level for each account. The returns above are the average, unaudited, non-geared, post fee return of our combined clients. As our clients each operate under individual mandates, performance varies widely due to different risk/return credentials of each client. Please contact Leyland Private Asset Management for a detailed explanation of investment risks. Past performance is not a reliable indicator of future performance.