1. This Fund Factsheet should be read in conjunction with the Brochure and Terms & Conditions. July 2016
Investment Objective
The ECUADOR RESIDENTIAL & COMMERCIAL PROPERTY FUND (ERCP) I-Shares is an open-ended, actively managed investment vehicle that focuses purely on the strategic
acquisition of direct land, incomplete construction (50% complete or more), bank repossessed, existing properties for residential and commercial rental use and local money markets
(Policies) in Ecuador. The funds objective is to invest in a balanced portfolio using an “added value and income strategy” by acquiring land, incomplete construction, bank
repossessed and existing properties at heavily undervalued prices predominately concentrated in Quito, Guayaquil and Cuenca, close to future or existing Government and private
infrastructure projects such as; major roads, shopping centres, leisure facilities and universities, where growth, income and sale price potential far exceeds the regional and national
average. By developing land though planning permission and sub-dividing the funds aim is to construct a mixture of low cost, affordable, single and multi-family residential dwellings
and complete incomplete construction using our third party constructor while upgrading (Where necessary) bank repossessed and existing properties to deliver high quality new
“rental ready” properties for the retail rental market. Renting only to financially secure tenants with high rental income and yields of 8 - 10% of the property value net p.a. in US dollars
and rental contracts of 1 - 3 years allowing the fund to sell and replace ‘older’ properties with newer higher quality, rental and resale value properties continuously coupled with
multiple channels of income through both rentals and sales. The fund offers a GUARANTEED RETURN of 12.5% net p.a. in US dollars providing investors with security and liquidity.
All underlying assets are regulated through an independent Trust similar to a private, non-traded REIT (Real Estate Investment Trust) with returns underwritten and secured against
property and assets held within the strategy. Investors can now benefit form investing in the only country in Latin America denominated in a base currency of US dollars mitigating
currency risk.
Fees
†
Maximum Initial Entry Fee% Up to 4.00
Annual Management Charge (AMC)
1% of NAV (Charged at 0.25%
Quarterly in Arrears)
*Redemption Penalty% 11.40 - 0.00
*Dividends Paid Annually or Reinvested
**Partial Withdrawals Up to 5% p.a, of Initial Investment
†
The Initial Entry Fee is the maximum that might be deducted from your money before it
is invested, however lower fees may apply at the time of investment. Current fees can
be found in the Terms & Conditions and are also available from Pegasus Property
Funds upon request.
^
Early Redemption requests can only be made after the investment has been held for a
minimum of 3 years and early redemption requests made prior to this will be
automatically rejected by the company. The Early Redemption penalty reduces
quarterly (See table in the Terms & Conditions). The Early Redemption notice period is
30 days prior to the relevant dealing day and processed on a QUARTERLY BASIS
ONLY.
*Dividends are paid annually and can be transferred out of the fund or reinvested back
into the fund accumulating year-on-year over the term of the investment until
redemption. We recommend that you reinvest the annual dividends in order to receive
the full benefits of the growth within the funds.
**Partial Withdrawals of 5% p.a. of your initial investment can be withdrawn ONCE every
year after the investment has been held for a certain period of time, free of redemption
penalties. The Partial Withdrawal notice period is 30 days prior to the relevant dealing
day and processed on a QUARTERLY BASIS ONLY (See table in the Terms &
Conditions).
www.pegasuspropertyfunds.com Page 1 of 2
Performance as of 31/07/2016
2016 1 Month 3 Months Year-to-Date IMPORTANT: *Performance is guaranteed and generated through a mixture of projects
such as; off-plan sales, local money markets (Policies) and reduced fees. The
guaranteed return is paid annually or reinvested back into the fund accumulating over
the term of the investment until redemption. Figures indicated are rounded. For 2016
the Fund guarantees a pro-rata of the annual return due to the inception date being
April 2016. Source: Pegasus Property Funds.
I-Share Price in $ 1.0315 1.0315 1.0315
*Performance% 1.042 3.126 3.126
Residential & Commercial Property Fund (ERCP)
I-Shares - US dollars
12.5%
Net p.a. Guaranteed*
Risk Rating
Very Low Medium Very High
2 3 4 5 6 7
Risk ratings give an indication of the risk level of this fund only in relation to Pegasus
Property Funds overall range of funds.
1
Fund Facts
Sector Property
Asset Class Property
Domicile Republic of Ecuador
S&P Rating B
Issuer Pegasus Property Funds
Base Currency US dollars
Minimum Timeline (Years) 5
Maximum Timeline (Years) 15
Inception Date April 2016
Number of Assets 4
Number of Underlying Assets 25
Size ($ millions) 9.12
Liquidity%
5.00
Dealing Day
1st - 5th business day of
Each Month
Custodian Bank Ecuador Produbanco
S&P Rating AAA-
Minimum Initial Single Investment in $ 80,000
Minimum Additional Single Investment in $ 15,000
Minimum Regular Investment Per Month in $ 1,000
Minimum Additional Regular Investment Per Month in $ 250
Investment Payment Frequency
Monthly, Quarterly,
Six-Monthly, Annually

2. ELDC Annualised Returns vs Major Indices
-6.50%
-2.30%
1.90%
6.10%
10.30%
14.50%
FTSE 100 S&P 500 NAREIT Composite NASDAQ
6.98%
2.10%
1.37%
-5.00%
Disclaimer: This Fund Factsheet is for private circulation and information purposes for professional investors and introducers ONLY and does not constitute as a personal recommendation,
investment advice, invitation or offer to buy or sell securities in any fund. The information and any opinions have been obtained from or are based on sources believed to be reliable but accuracy
cannot be guaranteed. No responsibility can be accepted for any consequential loss arising from the use of this information. The information is expressed at its date and is issued only to and
directed only at those individuals who are permitted to receive such information in accordance with the applicable laws, rules and regulations of your country of residence. In some countries the
distribution of this information may be restricted and it is your responsibility to find out what those restrictions are and observe them. Pegasus Property Funds cannot be held liable for a breach of
such restrictions. Please always refer to the Brochure and Terms & Conditions. If a fund holds a limited number of assets, the effect of price movements on one of more of the assets will have a
more pronounced effect on the value of your investment than if a larger number of assets are held. If a fund is invested in overseas markets or holds currencies other than US dollars, then currency
exchange rate movements may cause the value of your investment to fall as well as rise. You may not be able to redeem your investment when you want because property in the fund can’t easily
be converted into cash. If this is the case, we may have to suspend dealing meaning we cannot carry out your request to redeem your shares. The valuation of property is generally a matter of the
valuer’s opinion. Property may sell for less than valued which will reduce the funds value. Funds that invest in property related securities (Equities) can provide potentially high returns over the short
to long-term, but such returns will be subject to greater rises and falls than investing in lower-risk assets.
www.pegasuspropertyfunds.com Page 2 of 2
Asset Allocation1 & Top 5 Assets2 as of 31/07/2016
3Performance of Global Indices vs ELDC I-Shares Fund 2015
No. Descripition Value in US dollars %
1 Local Money Markets (Policies) 4,894,395 53.67
2 20 Bank Repossessed Residential Properties (Rented) 2,400,000 26.32
3 5 Commercial Properties (Rented) 1,370,000 15.02
4 Cash & Equivalents 456,000 5.00
5
1
Asset weighting and regional breakdown figures are rounded and may not equal 100%. Sub-divided land is
not listed in pie chart 1, however details of sub-divided land is detailed in the quarterly report for the fund.
Prime and undeveloped land may be in the process of being sub-divided. Unallocated and reserve cash is
held by our custodian bank as detailed in pie chart 2 and transferred into an independent Trust when assets
are purchased.
2
All of the assets in the fund are valued in US dollars by an independent valuer on a monthly basis, and any
valuation of property is generally a matter of valuer’s opinion and valued as “fair market value,” based on the
current market condition. The net asset value (NAV) is based on the combined valuation of all of the assets in
the fund less accrued liabilities. The above chart only indicates the top 5 assets, may not equal 100% and
may differ from the A-Shares fund. All US dollar values are rounded. All US dollar values are rounded.
Residential & Commercial Property Fund (ERCP)
I-Shares - US dollars
12.50%
ERCP I-Shares
3
The above chart shows the 2015 performance of major indices the FTSE 100, S&P 500, NAREIT Composite
(The National Association of Real Estate Investment Trusts) and the NASDAQ vs Pegasus Property Funds
ELDC I-Shares fund.
Asset Weighting
5%
15%
26%
54%
Local Money Markets (Policies)
20 Bank Repossessed Residential Properties (Rented)
5 Commercial Properties (Rented)
Cash & Equivalents
Regional Breakdown
41%
59%
Custodian Bank
Quito