FundInfo



Fund Manager
Graphite Capital Management
Fund Manager Commentary
	Graphite Enterprise makes investments mainly through specialist private equity funds managed by third parties but also directly. The overall objective is to provide shareholders with long-term capital growth through investment in unquoted companies. The Manager of Company is Graphite Capital Management LLP (‘Graphite Capital’). Graphite Capital is one of the leading UK mid-market private equity firms and manages £1.2 billion of funds from investors worldwide. It has a team of 20 investment professionals with an average of 9 years’ experience in private equity investment and who are based in London. In addition to managing Graphite Enterprise, Graphite Capital is a long established direct private equity investor which is advantageous when selecting the managers of third party funds. Investments in UK-based medium-sized companies are primarily made through Graphite Capital’s own funds. Investments in other sectors of the UK market are made through third party funds selected by Graphite Capital. As it has long experience both of managing its own funds and of investing in third party funds, Graphite Capital has the advantage of an unusually broad perspective when assessing new fund investments. As well as investing in funds, Graphite Enterprise may also make co-investments alongside them. When funds are considering investments that are too large for them to make alone, they often invite other investors to participate. Graphite Enterprise is attractive to funds as a co-investor, as it is able to draw on the resources and experience of Graphite Capital’s direct investment team to evaluate and execute co-investments.(As at 31 March 2010)

Fund	Graphite Enterprise Trust PLC
Fund manager	Graphite Capital Management

Fund Manager Biography	To provide shareholders with long term capital growth through investment in unquoted companies both directly and through specialist funds.
Fund aim
Investment Manager	Graphite Capital Management LLP
Total assets as at 31.03.10	£344.6 million
Currency	Sterling
Launch date	1981
IMA sector	Private Equity
Share price as at 31.03.10	305.0p
Benchmark	FTSE All-Share Index
ISIN	GB0003292009
SEDOL	329200

Performance

Fund Performance

All data as at 31.03.10 unless otherwise stated.The yield is calculated on an historic basis using the actual dividends paid during the company's last financial year and the closing share price as at the end of the relevant month.

Standardised performance

	2005/2006	2006/2007	2007/2008	2008/2009	2009/2010
Fund	30.7%	7.2%	24.7%	-59.8%	65.8%

Cumulative performance

	1 Month	Year to date	1 Year	3 Years	5 Years
Fund	22.0%	65.8%	65.8%	-16.9%	16.4%
Benchmark	4.3%	30.1%	30.1%	-4.0%	36.8%

Past performance is not a guide to future performance. Source: Lipper, indexed performance, total return, with no initial charges.

The share price may either be below (at a discount) or above (at a premium) the NAV. Discounts and premiums vary continuously. Performance information excludes any product charges which can be found in the 'Key Features' document for the relevant product. Stock market and currency movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Where investments are made in emerging markets, unquoted securities or smaller companies, their potential volatility may increase the risk to the value of, and the income from the investment. If markets fall, gearing can magnify the negative impact on performance. The fact sheet is issued and approved by F&C Management Limited. Authorised and regulated in the UK by the Financial Services Authority (FSA). Registered office: Exchange House, Primrose Street, London EC2A 2NY. Registered in England & Wales No 517895.

Top 10 Holdings

Holdings (31.12.08)	(SPACE)	%
Micheldever Tyre Services		5.3%
Wagamama		4.3%
Park Holidays UK		2.6%
Kurt Geiger		2.5%
Standard Brands		2.1%
NES Group		2.0%
Ceridian		1.8%
Norit		1.8%
Weetabix		1.8%
Alexander Mann Solutions		1.4%
TOTAL		25.8%

Monthly factsheet
Reasons why letter
Quotation
Application form
Quarterly sales aid
Video