Cartesio Y - Risk Adjusted Equities

Returns and Risk

Volatility

1 year

3 years

5 years

Since Inception

Cartesio Y

16.6% 11.8% 11.1% 8.6%

European Equities (MSPE)

22.2% 21.8% 23.6% 20.6%

Relative Volatility

74.8% 54.1% 47% 41.7%

Sharpe Ratio

1 year

3 years

5 years

Since Inception

Cartesio Y

<0 0.30 <0 0.27

European Equities (MSPE)

<0 0.42 <0 0.05

* 12/31/2011