The rates of return are for the three months, and are not in "per month" terms. There have been nice gains in equities, bonds, and commodities over this period. Part of it is due to the fall in the USD. But gains in Sterling and other cash are much smaller, so a lot of the gain is real. Some of the funds we bought in 2008 are now finally above the prices we paid - the UBS Asia Ex-Japan Fund and the HSBC Indian Equity Fund. Man AHL has fluctuated above and below what we paid this whole period but is currently above ($46k vs. $40k). Funds from 2008 that are not yet above what we paid are: Aletheia, Thomas White, UBS A&Q Hedge Fund, UBS Agribusiness Certificate, and UBS Brazil Fund.
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