RFFMF- Performance

FMG Funds

Performance

Performance

23 July, 2010

Class	RFFMF NAV	MSCI Russia Index	MSCI World Index

Class A	$47.85	776.37	287.12
Class A Euro	€14.91
Class B	$29.12
Class C	$92.16

	RFFMF	MSCI Russia Index	MSCI World Index

Last Week	3.68%	4.57%	2.43%
Last Month	2.90%	6.24%	3.31%
Last 3 Months	-8.21%	-10.39%	-8.41%
Last 6 Months	-1.62%	-5.33%	-2.44%
Last 12 Months	44.34%	27.65%	9.80%
Last 18 Months	171.41%	136.09%	40.63%
Last 24 Months	-27.04%	-36.77%	-16.47%
Last 36 Months	-37.44%	-40.70%	-30.31%
Last 60 Months	45.00%	35.36%	-0.65%

	RFFMF	MSCI Russia Index	MSCI World Index

2010 (YTD)	0.42%	-2.38%	-4.11%
2009	114.45%	96.47%	35.44%
2008	-72.94%	-73.68%	-45.36%
2007	19.43%	23.01%	10.03%
2006	51.12%	53.71%	18.78%
2005	77.32%	69.50%	8.83%
2004	19.91%	4.07%	13.30%
2003	42.86%	70.31%	31.62%
2002	23.39%	13.87%	-20.51%
2001	143.69%	53.17%	-17.26%
2000	7.48%	-30.38%	-15.08%
1999	124.78%	246.19%	25.00%
Since Inception	2522.18%	825.24%	68.29%

	RFFMF	MSCI Russia Index	MSCI World Index

Compounded Annual Return	24.250	16.10%	3.55%
Average Monthly Return	3.05%	2.61%	0.41%
Cumulative Return	2522.05%	825.21%	68.34%
Largest Montly Gain	52.40%	61.14%	10.99%
Largest Monthly Loss	-61.54%	-60.57%	-24.18%
% of Positive Months	64.25%	56.98%	60.89%

	RFFMF	MSCI Russia Index	MSCI World Index

Annualized Standard Deviation	52.87%	56.36%	16.40%
Annualized Sharpe Ratio (1.3%)	0.67	0.53	0.22
Downside Deviation (0%)	38.48%	37.12%	13.74%
Max Drawdown	-94.18%	-91.78%	-55.59%
Months In Maximum Drawdown	16	12	16
Months To Recover	62	64	0

	MSCI Russia Index	MSCI World Index

Alpha	1.15	2.44
Beta	0.73	1.52
Correlation	0.78	0.47
R-Squared	0.61	0.22

Performance Graph

Graph

Sector Allocation

Oil & Gas	57.64%
Banking	20.10%
Metals	8.72%
TMT	8.54%
Real Estate Dev.	3.66%
Cash	0.17%
Chemicals	0.82%
Aerospace	0.32%
Food Processing	0.03%

Asset Allocation

ADR	45.25%
Equity Local	43.33%
GDR	11.25%
Cash	0.17%

Top Holdings

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