Monthly Update

Month ending June 2009

1.  Commentary

June was essentially a breakeven month for Zone Capital's trading. Trading kicked off to a positive start during the first two weeks, with accounts up around 2% intra-month. Fortunes reversed, however, when a stop-loss was hit while trading the EUR/CHF. The market moved suddenly as it came to light that the Swiss government had been actively trading their currency in an attempt to depreciate the Franc. Following this, our leverage reduced slightly to end the month just in the black

Given it is the end of a financial year for Zone Capital in Australia, a quick review of our performance during the most recent 12 months and 6 months shows returns of 20.0% and 3.5% respectively.

While we wait out a flat spot in our trading, it is worth noting something about the returns profile of our 5 year track record. Excluding 2005 as a remarkable year, the top 3 months' of each calendar year make up more than the total return for whole of the year. The key message from this is that flat spots occur the majority of the time and to generate solid returns, we must consistently risk our capital in a prudent manner to ensure we are invested when the better months arrive.




For more information please visit our website: www.zonecapital.com.au

2.  Performance

3.  Track Record* Update

Cumulative Performance

Summary Performance Statistics