2011 Report.pdf - Fortress Fund Managers

Fortress Caribbean High Interest Fund Limited
Notes to Financial Statements
September 30, 2011
(expressed in Barbados dollars)
4 Financial risk management …continued
Fair value estimation…continued
The following tables analyse within the fair value hierarchy the Fund’s financial assets measured at fair value:
September 30, 2011
Level 1
$
Level 2
$
Level 3
$
Total
balances
$
Financial assets at fair value through
profit or loss
Government backed securities 568,606 – 8,023,546 8,592,152
Corporate securities 5,342,783 – – 5,342,783
Listed equity securities 12,194,942 – – 12,194,942
Mutual funds – – 10,792,997 10,792,997
18,106,331 – 18,816,543 36,922,874
September 30, 2010
Level 1
$
Level 2
$
Level 3
$
Total
balances
$
Financial assets at fair value through
profit or loss
Government backed securities 1,453,759 – 8,396,288 9,850,047
Corporate securities 4,027,065 – – 4,027,065
Listed equity securities 5,833,648 – – 5,833,648
Mutual funds – – 6,482,616 6,482,616
11,314,472 – 14,878,904 26,193,376
Investments whose values are based on quoted market prices in active markets, and therefore classified within
level 1, include active listed equities, corporate securities and traded government debt securities. The Fund does
not adjust the quoted price for these instruments.
Financial instruments that trade in markets that are not considered to be active but are valued based on quoted
market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified
within level 2. As level 2 investments include positions that are not traded in active markets and/or are subject
to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are
generally based on available market information.
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