Performance Review - Q2

Q2 was generally a spectacular quarter for the markets and Stone Fox Capital. All 3 of our funds were up strongly for the Q and the Growth and Net Payout portfolios had strong beats. In fact Growth was up nearly 30% points more then the SP500. The Hedged portfolio performed slightly below the market average though not to bad considering its cool it to just match the market in bull markets and significantly outperform in bears. After 9 months of tracking, the portfolio is up nearly 26% more then the SP500 and up 7% since inception.

Please review the results below for each portfolio realizing that each amount needs to add back 1% to account for the higher fees used by the tracking site marketocracy.com. Basically just add 1% to the annualized figures or .25% for each 3 month period.

Growth Portfolio

RETURNS Last Week 4.25% Last Month 3.78% Last 3 Months 43.32% Last 6 Months 34.78% Last 12 Months -14.20% Last 2 Years N/A Last 3 Years N/A Last 5 Years N/A Since Inception -20.18% (Annualized) -19.61%

S&P500 RETURNS Last Week 2.74% Last Month 0.20% Last 3 Months 14.02% Last 6 Months 3.16% Last 12 Months -26.21% Last 2 Years N/A Last 3 Years N/A Last 5 Years N/A Since Inception -29.64% (Annualized) -28.85%

RETURNS VS S&P500 Last Week 1.51% Last Month 3.58% Last 3 Months 29.30% Last 6 Months 31.62% Last 12 Months 12.01% Last 2 Years N/A Last 3 Years N/A Last 5 Years N/A Since Inception 9.45% (Annualized) 9.24%

Hedged Growth Portfolio

RETURNS Last Week 2.01% Last Month 0.23% Last 3 Months 13.69% Last 6 Months 6.38% Last 12 Months N/A Last 2 Years N/A Last 3 Years N/A Last 5 Years N/A Since Inception 6.61% (Annualized) 8.94%

S&P500 RETURNS Last Week 2.74% Last Month 0.20% Last 3 Months 14.02% Last 6 Months 3.16% Last 12 Months N/A Last 2 Years N/A Last 3 Years N/A Last 5 Years N/A Since Inception -19.12% (Annualized) -24.70%

RETURNS VS S&P500 Last Week -0.74% Last Month 0.03% Last 3 Months -0.33% Last 6 Months 3.22% Last 12 Months N/A Last 2 Years N/A Last 3 Years N/A Last 5 Years N/A Since Inception 25.73% (Annualized) 33.64%

Net Payout Portfolio

RETURNS Last Week 2.13% Last Month 0.07% Last 3 Months 23.13% Last 6 Months 4.86% Last 12 Months N/A Last 2 Years N/A Last 3 Years N/A Last 5 Years N/A Since Inception -21.57% (Annualized) -23.32%

S&P500 RETURNS Last Week 2.74% Last Month 0.20% Last 3 Months 14.02% Last 6 Months 3.16% Last 12 Months N/A Last 2 Years N/A Last 3 Years N/A Last 5 Years N/A Since Inception -25.17% (Annualized) -27.16%

RETURNS VS S&P500 Last Week -0.61% Last Month -0.13% Last 3 Months 9.11% Last 6 Months 1.69% Last 12 Months N/A Last 2 Years N/A Last 3 Years N/A Last 5 Years N/A Since Inception 3.60% (Annualized) 3.84%