Guys, Thought I'd post a brief analysis of the recent strong performance of the NavTrade Retail fund for the benefit of unitholders as well as Navra shareholders. I've attached a chart of fund performance over the last 4.5 months. If you open this chart you'll see I've added a few trendlines and numbered these for analysis below. What is of most interest to me is the fact that the trend of under-performance to the ASX200 index (3), has been reversed over the last few weeks (4). This makes intuitive sense, as the ASX has had a minor drop then a subsequent recovery. It bottomed out recently on the 17-Feb-2006 at around 4800 (5). As it fell, the index continued to beat the fund, suggesting the unit price of the fund fell faster. I can't readily think of a reason for this but would assume it is to do with NavTrade's methodology whereby they started buying and holding on the way down, thereby increasing their weighting in the market and away from cash. However, as it bottomed (5) and turned back up, Navra started to beat the index. This makes sense, as it would now be selling out of those shares it bought on the way down and making trading profits on the way up. The net effect of this is that the ASX has trended downwards (1) from the 01-Feb-2006 to present but the NavTrade Unit Price has not trended downwards as much (2). I anticipate that as the ASX returns to its previous highs, and NavTrade sells out of its "final third" of trading, we can expect to see it finish well above its unit price of 01-Feb-2006 whilst the ASX will have finished level. If that happens, then we can expect to see that current under/over-performance trendline continue to point south. i.e. NavTrade will continue to outperform the index. Hopefully, once the ASX tops its previous high we can continue to see this trend of over-performance, and not have it return to its historic correlation of under-performance in a rising market. Regards, Michael.