2009 started as was expected: with high volatility. Especially impressive were the huge moves in currencies. The Euro has lost 10% to the Dollar and to the Yen in just a single month. As a result the American and Japanese stoslightly up in Euro, whereas the European indices fell 8%. Merclin Global Equity lost 0,94%, exactly in line with our benchmark, the MSCI-World. History has taught us that when everybody is on one side of the ship, it usually pays to be the opposite side. Today everybody is extremely careful; risk appetite is at its lowest and government bonds giving almost no return are the sexiest asset in town. Our view is that with stocks yielding much more than risk free bonds we are paid to wait. But in the meantime, we certainly feel lonely on this side. During the month we started two new positions: Apple and Heineken, continuing our policy of buying global consumer brand names at very attractive prices.

-0.92%

−

94.06 EUR

-0.94%

-0.95%

-0.98%

Energy (5.98Consumer discretionary (20.22%)

Consumer Staples (6.17%)

75

125

150

Merclin Global Equity is an actively managed fund invested in equities over the long term by selecting undervalued stocks. Besides equities the fund also investor sectors where the manager of Merclin has not proven talent and significant share participation. The fund is recommended to investors with an investment

50

100

Merclin GE MSCI World (ex

Healthcare (10.08%)

2009 started as was expected: with high volatility. Especially impressive were the huge moves in currencies. The Euro has lost 10% to the Dollar and to the Yen in just a single month. As a result the American and Japanese stockmarkets were slightly up in Euro, whereas the European indices fell 8%. Merclin Global Equity lost 0,94%, exactly in line with our

World. History has taught us that when everybody is on one side of the ship, it usually pays to be on the opposite side. Today everybody is extremely careful; risk appetite is at its lowest and government bonds giving almost no return are the sexiest asset in town. Our view is that with stocks yielding much more than risk free bonds we are paid to

t. But in the meantime, we certainly feel lonely on this side. During the month we started two new positions: Apple and Heineken, continuing our policy of buying global consumer brand names at very attractive prices.

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

Fairfax Financial

Odyssey Re

Microsoft

Anheuser Busch - Inbev

Samsung

Inditex

Nokia

Berkshire Hathaway

Pfizer

Keyence

166.28 EUR

4,48%

0,42%

0,82%

Stocks

Cash

Options & Futures

Others

0,00% 20,00%

Financials (22.14%)

Industrial goods(8.23%)

98%)

Holding Companies (4.88%)

fund invested in equities worldwide. The objective is to outundervalued stocks. Besides equities the fund also invests in value funds with great track records to cover regions

has not a sufficient edge to allow for outperformance. Special attention goesThe fund is recommended to investors with an investment

MSCI World (ex-div)

29 January 2009

39.85%

-16.86%

-17.39%

-13.11%

–

5.67%

–

–

-2.28%

–

-24.94%

-18.64%

19.18%

6.74%

4.25%

3.86%

3.82%

3.37%

3.06%

2.70%

2.60%

1.66%

1.50%

247.81 EUR

94,28%

40,00% 60,00% 80,00% 100,00%

Industrial goods %)

IT (12.78%)

Telecom. Services (6.30%)

Materials (4.76%)

Utilities (2.98%)

(4.88%) Others (2.92%)

The objective is to outperform the MSCI AC World Index value funds with great track records to cover regions

outperformance. Special attention goes to management with The fund is recommended to investors with an investment horizon of at least 3 to 5 years.

Apple Heineken

Nokia Swatch

USD;43,05%

CHF; 3,46%

GBP; 1,24%

Others; 1,54%

Hedge: 5% JPY and 5% USD

EUR; 30,73%

JPY; 19,18%

USA; 28,06%

Switzerland; Great Britain; 2,68%

Other; 0,98%

94,06 €

-0,94%

-0,94%

Euro zone; 21,66% Emerging

Markets; 20,14%

Japan; 22,62%

Switzerland; 3,86%