INVESTMENT UPDATE

December 2015

For the month of December 2015 Cadence Capital Limited returned a positive gross performance of 0.60% compared to an increase in the All Ordinaries Accumulation Index of 2.65%.

Over the past 12 months Cadence Capital Limited has returned a positive gross performance of 14.38% outperforming the All Ordinaries Accumulation Index by 10.60%. Financial year to date Cadence Capital Limited has returned a positive gross performance of 2.57% outperforming the All Ordinaries Accumulation Index by 2.12%.

As at the 31st December 2015 the fund was holding 24% cash (76% invested).

Fund NTA

*The NTAs and Share price are post the 6.0c fully franked year-end dividend

Fund Performance

* Before Management and Performance Fees

**These numbers include the franking value of the substantial dividend from its RHG holding received in May 2011.

CDM Share Price and Option Returns plus Dividends & Franking

* CDM 1 year figures reflect the share price move from a premium to a discount to NTA

Fully Franked Dividends Declared Since Listing

* Off market equal access buy back

Historic Portfolio Exposure

Portfolio Sector Analysis

Top Portfolio Positions

Recent News Articles

Karl Siegling talks about his best and worst stocks of 2015, current themes and investment ideas in the latest Under The Radar Report.

Simon Bonouvrie was featured on Livewire discussing Christmas for retailers, the worst five stocks in 2015 and also the best five stocks of the year.

Our 52 Books To Read Before Buying Your Next Stock section has been updated with new recommended titles such as The Age of Fallibility by George Soros, Common Stocks and Uncommon Profits by Philip Fisher, Flow by Mihaly Csikszentmihalyi and The Art of Speculation by Phillip Carret.

We have uploaded stock-specific video presentations from the AGM, with Chris Garrard discussing our Rio Tinto short, Simon Bonouvrie sharing his views on Mastercard and Karl Siegling giving his insights into our investments in Melbourne IT and Great Wall Motor Company.

To view all previous Cadence webcasts and press articles, please visit the Media Section of our Website.

10 Books To Read Before Buying Your Next Stock

Funds management involves a lot of synthesis of information and reading. Over the years we all end up reading many investment books and refer to them from time to time.

The team at Cadence has compiled a list of books that have influenced our investment style, or helped provide insight into the investment process.

Whilst not an exhaustive list, the 10 titles contained in this eBook provide a good starting point for any interested investor.