2011 Report - Fortress Mutual Fund Ltd

Fortress Mutual Fund LimitedNotes to Consolidated Financial StatementsSeptember 30, 2011(expressed in Barbados dollars)5 Investments….continued2011 2010SecurityCost$Market value$Cost$Market value$InternationalFortress Global Value Fund 23,525,492 19,695,340 23,525,492 20,768,143OAM European Value Fund 11,945,004 16,249,395 11,945,004 16,300,120Fortress Equity Income Strategy 13,599,940 15,059,209 13,599,940 14,741,319OAM Asian Recovery Fund 3,193,007 7,842,651 3,193,007 8,258,402C G Portfolio Fund Ltd 3,858,199 7,814,294 3,858,199 7,432,175Fortress International Equity Strategy 7,308,760 7,718,718 3,308,760 4,054,696Caledonia Investment UK Ord shares 8,306,926 6,938,707 1,736,177 1,699,377Fortress US Equity Strategy 3,999,940 5,139,912 3,999,940 5,216,463British Empire Securities & GenTrust 4,290,577 4,460,355 4,290,577 4,971,865OAM/Greenpark II 924,466 1,674,558 1,256,077 2,510,952IShares MSCI Brazil FR Index Fund 2,002,054 1,660,800 – –Integral Global ETF Strategy 2,000,000 1,651,951 – –Berkshire Hathaway Inc Class B 1,095,672 1,115,171 1,095,672 1,306,240CATCO Reinsurance Opp Fund C 1,000,000 1,080,000 – –Kura Africa Fund 1,000,000 770,960 – –Laroc Trading Fund B.V. 551,771 668,179 1,939,859 1,939,860Caribbean Utilities Co Ltd Class A 458,805 450,000 238,810 180,000OAM/Greenpark Secondaries – 240,712 – 375,026Greenlight Capital RE Ltd Class A 159,335 135,474 159,335 130,771Proshare Short S&P 500 – – 3,813,382 3,645,000Caribbean Strategic Fund Ltd – – 750,000 625,200Douglasbay Capital Plc – – 144,116 400,78289,219,948 100,366,386 78,854,347 94,556,391OtherCS&C Joint Venture 5,784,000 12,364,306 5,784,000 11,202,886Sunset Joint Venture 936,000 1,186,837 936,000 974,7466,720,000 13,551,143 6,720,000 12,177,632Holdings less than 0.05% 326,383 277,959 300,325 236,376Total financial assets at fair valuethrough profit and loss 247,165,377 262,078,013 218,941,110 233,762,007(19)