Estimated NAVs and Performance as of December 31, 2016DecemberNovemberYTD 2016NAV2015201412 Months Rolling Return12 Months Rolling VolatilityLiquidityLink
Areca Value Discovery B USD0.50%-0.97%-2.69%116.382.30%12.45%-2.69%2.74%Quarterlyhttp://www.ayaltis.com/products/areca-value-discovery
Areca Value Discovery B CHF0.23%-1.19%-4.73%112.500.71%11.86%-4.73%2.64%Quarterlyhttp://www.ayaltis.com/products/areca-value-discovery
Areca Value Discovery B EUR0.29%-1.16%-4.18%113.561.76%12.16%-4.18%2.67%Quarterlyhttp://www.ayaltis.com/products/areca-value-discovery
Areca Liquid Focus B USD0.06%-0.74%-4.72%102.843.03%--4.72%1.88%Monthlyhttp://www.ayaltis.com/products/areca-liquid-focus
Areca Azure C USD0.78%0.09%-0.95%99.05----Monthlyhttp://www.ayaltis.com/products/areca-azure
Narrapuno SPC - Spectrum A USD0.11%-1.03%-1.76%1,399.903.72%13.85%-1.76%2.72%Quarterlyhttp://www.ayaltis.com/products/narrapuno-spectrum-fund
Narrapuno SPC - Spectrum A CHF-0.16%-1.26%-3.95%1,311.352.16%13.37%-3.95%2.69%Quarterlyhttp://www.ayaltis.com/products/narrapuno-spectrum-fund
Narrapuno SPC - Convergence A USD0.04%0.26%3.12%1,049.17----24 month hardlock, Semi-annuallyhttp://www.ayaltis.com/products/narrapuno-convergence-fund