The performance of Argyle is quite straight forward. Since inception the Net Asset Value (NAV) has not fluctuated and there has never been a missed payment.

Argyle is structured as a Cayman Islands mutual fund, however, the product acts in a manner very similar to a high yielding government bond. Argyle has the same attributes as any fixed income instrument in that it has a specific maturity and fixed rate of return and carries no equity of redemption (right to vote on assets on dissolution). It is not a standard mutual fund that actively trades with the NAV increasing and decreasing on a daily basis.

One of the most important aspects of Argyle Funds is the capital protection.

Argyle does not use derivatives strategies, strips or synthetic trading. The Funds, through the Credit Advisor(s), lend money to companies that are generally growing so fast that they cannot finance their cost of growth. As a result they use their accounts receivable as collateral to obtain a loan.

Client capital is protected in two ways. First of all, the lending procedure and approved collateral is extremely strict. All loans are secured by receivables which are more than the value of the loan. The second aspect is the insurance. The collateral is insured for the full value. In the unlikely event of a default, the insurance would cover the default amount.

Argyle goes a step further to protect client assets.

You will note the full name of the Company is Argyle Funds SPC Inc. The “SPC” stands for Segregated Portfolio Company and is a major additional source of protection across the Fund Family. Each Class within the Fund is a separate segregated entity, analogous to each Class as a separate company or legal entity in itself. If there was a liability in one Class, that liability can only attach to that Class. The assets of one Class can never be affected by the liability of another. Argyle’s SPC structure eliminates the opportunity for “cross class liability risk”, a risk that plagues most North American style mutual funds.

The performance since inception has been stable and exactly what was specified at the time of purchase. Argyle has paid out its stated return each quarter since inception (April, 2004) and Fund NAVs have remained constant.