Fund Change - an update on the Ventura Funds - December 2009
Several Changes to the Ventura International Shares Fund

Two New investment managers, Pzena Investment Management (Pzena) and Snow Capital Management (Snow) have been appointed to the Ventura International Shares Fund (the Fund). Institutional Capital (ICAP) will now manage a global mandate, in addition to their current US Strategy. As a result of these changes, ClariVest is no longer a manager within the fund. Click here to read more.

Transition from Russell to Ventura
We are pleased to announce the intention of Ventura Investment Management Ltd (VIML) to take on the role of Responsible Entity (RE) for the Ventura Wholesale Funds listed below, as provided under its agreement with Russell Investment Management Ltd (Russell). Click here to read more.

Market Barometer
Crisis... What Crisis?

There is near universal agreement that the financial crisis is over and the global economic recovery is underway. Global share markets have moved from pricing in a new Great Depression in March to now discounting a solid rebound in earnings per share (EPS) growth. The debate now is whether the global recovery will be self-sustaining and robust, or if the initial bounce in activity will give way to a sluggish, Japan-style, ‘lost-decade' of growth.

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Funds Review - September 2009
Performance of the Ventura Funds

Most investors agree that diversifying reduces risk. The investment strategy for the Ventura Funds goes further; in addition to diversifying across asset classes for the diversified funds, Russell (the investment manager of the Portfolios) diversifies across multiple styles and multiple specialist managers.

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Distribution Information
With a new decade upon us, it seems fitting that I convey my appreciation and thanks to those of you who supported Ventura through this history making financial event. In the year that's past, I am pleased to say that the Ventura Funds have withstood the force of the GFC. Those of you that invested with Ventura have finished the year in a better position than many.

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Investment Manager Outlook - December 2009
Summary of key findings

Despite some sharemarket jitters and volatility at the start of the four quarter, fund managers remained overwhelmingly optimistic about the prospects for shares over the next twelve months. Almost three out of four held a bullish view on domestic shares, up from 65% in September - this despite only 18% of managers purporting that local companies remained cheap, down from 33% in September. The majority of respondents, at 66%, shared the view that Australian shares were at fair value, while 16% started to see signs that this year's really had gone too far.

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