Vision Opportunity Funds

Notes:

1. Returns disclosed are representative of a broad array of Canadian hedge funds as represented by the Scotiabank Canadian Hedge Fund Index. These returns are presented for information purposes only and to assist the reader’s top of mind reference to the returns on investments that they may own. As Funds managed by Vision generally employ more of a private equity rather than a hedge fund strategy, this index is not represented, nor intended to be referenced, as a performance benchmark for the Fund.
2. The HFRI® Fund Weighted Composite Index is a global, equal-weighted index of over 1,400 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in US Dollar and have a minimum of $50 Million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds.
3. The S&P/TSX Composite Total Return Index is presented for informational purposes only to assist the reader’s top of mind reference to the returns on other investments that they may own. As a broad-based general stock market index, it is not represented, nor intended to be referenced, as a performance benchmark for the Fund.
4. The NCREIF Property Index measures the unlevered total returns of directly held property investments. The index tracks the performance of property investments with a total capital value of $700B USD.
5. The Vision Performance Benchmark Index is an equally weighted average of the S&P/TSX Capped REIT Total Return Index, Scotiabank Canadian Hedge Fund Index, HFRI Index and the MSCI US REIT Index and assumes monthly rebalancing to an equal-weight benchmark. For additional clarifying notes and details of the Vision Opportunity Funds, please contact us and/or refer to www.visioncap.ca
6. The MSCI US REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs. The index is based on MSCI USA Investable Market Index (IMI), its parent index which captures large, mid-size, and small caps securities. With 144 constituents, it represents about 99% of the US REIT universe and securities are classified in the REIT sector according to the Global Industry Classification Standard (CICS(r)). It, however, excludes Mortgage REIT and selected specialized REITS. It is a total return index.
7. Net Asset Value and Return on Investment data are as provided by Vision Opportunity Fund Limited Partnership’s/Vision Strategic Opportunity Fund Limited Partnership’s independent administrator, SGGG Fund Services Inc., and are net of fees and expenses.
8. Vision Opportunity Fund Limited Partnership inception date July 1, 2008. Vision Strategic Opportunity Fund Limited Partnership inception date October 1, 2009.
9. The Sharpe ratio measures the return in excess of the risk-free rate relative to the volatility of the return. The higher the fund’s Sharpe ratio, the better returns the fund has yielded in relation to its risk.
10. The Sortino ratio is a variation of the Sharpe ratio which differentiates harmful volatility from volatility in general by replacing standard deviation with downside deviation in the denominator. Thus the Sortino Ratio is calculated by subtracting the risk free rate from the return of the portfolio and then dividing by the downside deviation. The downside deviation is defined as the volatility of returns below the risk free rate. The Sortino ratio measures the return to “bad” volatility or a measurement of return per unit of risk on the downside. This ratio allows investors to assess risk in a better manner than simply looking at excess returns to total volatility, since such a measure does not consider how often the price of the security rises as opposed to how often it falls. A large Sortino Ratio indicates a low risk of large losses occurring.
11. Up-Market and Down-Market Capture Ratios are statistical measures of an investment manager’s overall performance in up and down markets. The up or down market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen or fallen. A negative down market capture ratio indicates that the fund increased on average during the months when the index decreased. (Compared to the S&P/TSX Composite Total Return Index)
12. All performance and risk metric references to the Class AF Units of the Vision Opportunity Fund LP herein refer to Series 1 of the Class AF Units. All performance and risk metric references to the Class A Units of the Vision Strategic Opportunity Fund LP herein refer to Series 1 of the Class A Units.