Update No. 12 – 19/06/11

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	April 1st 2011	Current Price	Since Inception
EGP Fund No. 1	1.00000	1.08474	8.47%
S&PASX200TR	35632.05	33232.86	(6.73%)
EGP 20	1000.00	855.41	(14.46%)

EGP Fund No. 1 Pty Ltd. Up by 8.47%, leading the benchmark by 15.2%.

EGP 20.  The EGP20 index is Down by 14.46%, lagging the benchmark by 7.73%.

S&PASX200TR    The benchmark index is Down by 6.73% since April 1 launch.

A brief one this week, I found this article on the MSN Money website, which draws attention to the practice I have previously mentioned of false benchmarking.  It mentions the (unfortunately) fairly common practice of comparing performance, including dividends against a benchmark that excludes dividends.  If you saw this in a US fund manager, you should run.  If you encounter it in an Australian fund manager – run a mile. Reason being is that Australian dividends are historically close to twice US dividends, therefore the discrepancy with this type of performance measurement is twice as bad.

Next week I will post the update to the EGP 20.  The new constituents will address my most recent valuation updates and remove those companies which are no longer members of the ASX200. Tony Hansen 19/06/2011

Full website: www.eternalgrowthpartners.com