Pennington Fund

Bond Fund

Monthly Performance

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year
2021	0.39	-0.67											-0.28
2020	2.18	-0.05	1.23	0.57	1.18	0.31	0.68	1.24	0.65	1.02	1.53	1.66	12.88
2019	1.69	0.90	0.84	0.02	-0.10	0.29	0.39	0.40	0.25	2.30	0.56	-0.24	7.52
2018	0.51	0.63	0.54	1.26	0.53	1.44	1.75	0.85	0.13	1.66	0.31	1.26	11.41
2017	2.56	0.40	0.41	2.14	1.61	1.13	0.21	-0.29	0.34	0.85	-0.28	0.46	9.92
2016	-0.21	1.44	1.65	2.93	0.65	0.45	1.01	1.10	1.75	0.78	1.32	0.10	13.73
2015	0.69	0.38	3.51	0.96	1.71	0.92	0.03	1.93	0.34	1.20	-1.50	1.87	12.64
2014	3.35	0.57	1.18	-0.51	-0.50	1.22	1.58	2.23	0.01	0.80	2.93	0.87	14.53
2013	2.08	0.36	0.32	0.34	1.59	-0.83	1.66	1.98	-0.38	2.14	2.45	0.82	13.20
2012	0.99	1.36	2.00	1.37	-0.07	1.41	0.18	-1.50	2.81	1.43	1.53	1.14	13.34
2011	-1.64	1.35	-1.82	1.65	4.89	2.04	2.47	2.07	1.60	0.55	1.86	1.92	18.12
2010	2.05	1.56	1.57	3.07	1.78	0.14	0.22	1.74	-0.59	1.06	2.97	1.73	18.66
2009	1.97	-0.55	5.02	1.76	1.82	1.99	-2.59	-0.01	1.66	1.91	0.43	-0.56	13.41
2008										1.90	2.56	3.56	8.23

Strategy Description

The Pennington Bond Fund invests in a broad range of Asian Government Bonds, High Yield Bonds, Investment Grade Corporate Bonds, Sovereign Obligations, and Bank of China Equity Coupons. There are two versions of this Fund available: 1) The Coupon version of this Fund pays quarterly dividends (2% management fee applies). 2) The Zero-Coupon version re-invests all dividends to generate maximum yield at maturity. These Funds were designed to give private investors full access to exclusive Asian Bonds that were previously available only to large institutions.

Monthly Returns

Statistics

3 Month ROR	1.37%
Year To Date	-0.28%
12 Months ROR	10.22%
36 Month ROR	33.31%
Total Return Annualized	13.47%
Total Return Cumulative	379.98%
Winning Months (%)	85.91%
Losing Months (%)	14.09%
Average Winning Month	1.36%
Average Losing Month	-0.71%

Performance (VAMI)

General Information

Minimum Investment	25,000 USD
Notional Funding	-
AUM	225,000,000 USD
Management Fee	0.00%
Performance Fee	15.00%
Company	Pennington Fund
Phone	888.838.9302
E-mail	[email protected]

Data assumes monthly amortization/reinvestment of quarterly dividends. The information and summaries contained in this data sheet (the "Reports") appear as a matter of record only and are provided for information purposes only. The Reports do not, and should not be construed to, constitute an offer to sell or a solicitation of an offer to buy any of the shares, or any other interest, in any fund or form the basis of any contract or commitment whatsoever. The Reports are based on information and data received from the subjects of each and from other third party sources and no guarantee of completeness or accuracy can be made nor is any representation or warranty made in this regard. We understand that many of the funds may not be sold into, or that their sales may be restricted in, particular jurisdictions (including the United States). Accordingly you are advised to seek independent professional advice before taking any action in relation to any fund mentioned herein. We accept no liability whatsoever for any direct or indirect loss arising out of the use of this data sheet or reliance on anything found in this data sheet. Past performance is no guarantee of future results.