2011 Report - Fortress Mutual Fund Ltd

Fortress Mutual Fund LimitedNotes to Consolidated Financial StatementsSeptember 30, 2011(expressed in Barbados dollars)4 Financial risk management …continuedMarket risk …continued(iii) Foreign currency risk...continuedThe table below summarises the Fund’s exposure to currency risk:September 30, 2011JMD$GBP$GYD$EUR$Financial assetsInvestments 34,300,418 19,213,356 5,727,640 –Accounts receivable 150,945 – – –Cash and cash equivalents 23,279 223,528 – 445,593Total financial assets 34,474,642 19,436,884 5,727,640 445,593Total financial liabilities – – – –Net position 34,474,642 19,436,884 5,727,640 445,593September 30, 2010JMD$GBP$GYD$EUR$Financial assetsInvestments 17,380,809 14,103,417 4,182,961 2,906,702Due from brokers 4,098 – – –Accounts receivable 45,657 – – –Cash and cash equivalents 3,021 1,242,188 – –Total financial assets 17,433,585 15,345,605 4,182,961 2,906,702Total financial liabilities – – – –Net position 17,433,585 15,345,605 4,182,961 2,906,702SensitivityThe Fund is most exposed to currency risk in its operating currencies whose values have noticeablyfluctuated against the Barbados dollar. These currencies include the Jamaica dollar (JMD), the GreatBritain Pound Sterling (GBP), the Guyanese dollar (GYD) and the Euro (EUR).(10)