www.hesperiancapital.com
e: info@hesperiancapital.com :: tel: 403.531.2650 ::  toll free: 877.531.9355 ::  fax: 403.508.6120
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Unit Value $8.88
18-Mar-10
daily fund stats:
norrepUSCLASS
18-Mar-10
CLOSE
% CHG
$ CHG
$8.88
0.37%
$0.03

as at 1/29/2010:
3 Month: 4.00%
Year to date: -2.21%
1 year: 15.88%
2 year: -2.85%
3 year: -11.92%
5 year:
10 year:

Since inception: -5.34%*

* annualized for periods longer than one year
fund profile as at 1/29/2010:
Inception 12/31/2005
Fund Assets $6.9 million
RSP Eligible Yes
MER 2.92%
Fund Code F: NRP600
FE: NRP601
LSC: NRP602
Redemption FE:
2 yr 2%
LSC:
Yr 1 3.50%
Yr 2 2.75%
Yr 3 2.00%
F:
2 yr 2%
Portfolio Managers Craig Millar, CFA
Kamran Khan, CFA
distributions
Year Amount

The investment objective of the Norrep US Class is to provide long-term capital appreciation by investing in small and micro cap U.S. equities. We employ numerous fundamental and quantitative techniques across a large number of possible investments to ensure that our investments are reasonably valued on a market, sector, and historical basis.

* Please note:  The performance of this foreign equity mutual fund is impacted by foreign currency exchange rate fluctuations.

Value Management Approach

We take a value approach to investing in US equities. Our holdings tend to generate long-term earnings and cash flow growth, while having high returns on equity. Additionally, our companies must have a quality management team, a clean balance sheet, and a strong position in their respective industry. By combining these elements, we subscribe to the notion that good things happen to well run companies.

Unknown and Underappreciated

We are experts at identifying undervalued equities with significant growth potential before the market recognizes their value. Whether these investments are undervalued due to a lack of analyst coverage, mistakes by previous management teams, or a misunderstood business model, our independent in-house research allows us to locate and exploit these opportunities.

Long-Term Investment Style

We invest in securities with strong long-term prospects. We view market gyrations as an opportunity for patient long-term investors however, we maintain that our style will produce "measurably superior" long-term returns.

Distribution Information

Eligible Dividend Designation

The Norrep Group of Funds advises that any dividends paid by Norrep Opportunities Corp. (NII Class, Norrep Q Class, Norrep Income Growth Class, Norrep US Class and Norrep G Class) are designated as eligible dividends" for Canadian Income Tax purposes, unless otherwise stated.

Current Year Distribution

The distribution noted to the left is the total distribution amount for the year.  This distribution may consist of capital gains dividends and regular dividends.  For the 2007 taxation year the Norrep US Class did not have a distribution.


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