2011 Report.pdf - Fortress Fund Managers

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Fortress Caribbean High Interest Fund Limited Notes to Financial Statements September 30, 2011 (expressed in Barbados dollars) 5 Investments …continued 2011 2010 Security Rate Maturity Cost $ Market Value $ Cost $ Market Value $ Financial assets at fair value through profit or loss: International Fortress Equity Income Strategy 4,999,940 5,955,634 4,999,940 5,829,914 Banco Cruzeiro 7.00% 2013-07-08 2,892,005 2,758,303 2,379,768 2,489,734 ChapelGate Credit Opportunity Fund Ltd 4,000,000 4,811,452 2,000,000 2,445,946 Laroc Trading Fund B.V. 522,538 632,778 1,910,626 1,910,626 OakRun Income Plus Fund – – 1,051,528 1,067,886 Franklin Templeton Global Bond Fund 5,500,000 5,348,767 1,000,000 1,058,158 MS Inflation Linked Note 1.20% 2011-02-01 – – 884,163 895,706 Western Asset Asian Opportunities Fund 2,000,000 1,967,008 – – Cemex SAB 9.00% 2018-01-11 1,029,530 701,570 – – Petroleos de Venezuela 8.50% 2017-11-02 730,195 690,889 – – Merrill Lynch & Co Inc.- (Bank of America) 5.00% 2014-02-03 611,559 604,875 – – American International Group Inc 4.25% 2014-09-15 596,739 587,146 – – Republic of Italy 3.13% 2015-01-26 578,070 568,606 – – Proshare UltraShort Lehman 403,200 272,300 – – 23,863,776 24,899,328 14,226,025 15,697,970 Total financial assets at fair value through profit or loss 36,138,495 36,922,874 24,870,798 26,193,376 (15)
Fortress Caribbean High Interest Fund Limited Notes to Financial Statements September 30, 2011 (expressed in Barbados dollars) 5 Investments …continued 2011 2010 Security Rate Maturity Loans and receivables: Cost $ Amortised cost/ carrying value $ Cost $ Amortised cost/ carrying value $ Barbados Barbados Shipping & Trading Series 15 7.30% 2011-01-15 – – 1,731,009 2,915,452 Fortress Caribbean Property Fund 7.50% 2014-07-31 2,020,000 2,046,090 2,020,000 2,046,092 2,020,000 2,046,090 3,751,009 4,961,544 Jamaica CL Spirits Ltd. (US$) 9.25% 2012-01-23 3,000,000 3,090,986 3,000,000 3,090,986 Margaritaville (US$) 9.10% 2012-05-31 186,666 188,284 466,666 466,782 Jamaica Public Service (US$) 11.00% 2010-12-16 – – 500,000 511,816 Grace Kennedy 11.50% 2010-11-30 – – 67,560 71,853 3,186,666 3,279,270 4,034,226 4,141,437 Trinidad St Maarten Telecom Holdings Co. 8.25% 2020-01-19 1,000,000 1,016,958 – – OECS Property Holdings 8.00% 2017-12-21 650,000 664,532 750,000 766,767 Other Deposits 3.44% - 7.50% 2011-10-19 -2012-07-03 16,123,479 16,387,060 47,855,548 48,214,577 Total loans and receivables 22,980,145 23,393,910 56,390,783 58,084,325 Total investments 59,118,640 60,316,784 81,261,581 84,277,701 The effective yield on loans and receivable is 6.86% (2010 - 4.45%). (16)
Page 1 and 2: 2011 Annual Report Fortress Caribbe
Page 3 and 4: FORTRESS Caribbean High Interest Fu
Page 5 and 6: Directors & Administrators DIRECTOR
Page 7: Portfolio Positioning The Fund’s
Page 10 and 11: Directors’ Report “The Fund’s
Page 12 and 13: Directors’ Report Cont. PORTFOLIO
Page 15 and 16: Financial Statements 13
Page 18 and 19: Fortress Caribbean High Interest Fu
Page 41: FORTRESS FUND MANAGERS LIMITED FIRS

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