Factsheet

As at December
Annual Report
December
2
The notion of purchasing power eludes
most people. They spend lifetimes seeking
to acquire money, only to find out that
money is not wealth at all. So, while the
idea of measuring investment gains on the
basis of purchasing power is theoretically
and empirically sound, it remains ignored.
Very few understand that more money
does not infer greater wealth.
Edelweiss Holdings Annual Letter to Shareholders
3
About
Founded in , Edelweiss Holdings is an open-end
investment company focusing on the preservation of
wealth against the erosion of the purchasing power
of money.
As stewards of capital, we seek to provide durable refuge
in an uncertain world. We reject the hollow output of an
unprincipled nancial system, preferring instead the
timeless substance of honest entrepreneurship.
As responsible owners, we value independence, scarcity
and permanence both as to our thinking and also as to
the aggregate nature of our investment collection.
Our practice is intellectually honest, conservative,
disciplined, respectful of capital and entirely free from
conicts of interest. Edelweiss Holdings employs its own
investment team reporting to a board of independent
directors.
Facts Facts Facts Facts
Status Status Bermuda-registered open-end
investment company regulated by
the Bermuda Monetary Authority
Bermuda-registered open-end
investment company regulated by
the Bermuda Monetary Authority
Fiscal year-end Fiscal year-end , December
USD Share class USD Share class BMG:,:J+o,,
Bloomberg: EDEFDBU BH
BMG:,:J+o,,
Bloomberg: EDEFDBU BH
CHF Share class CHF Share class BMG:,:J:o8,
Bloomberg: EDEFHDC BH
BMG:,:J:o8,
Bloomberg: EDEFHDC BH
Net asset value Net asset value quarterly
Benchmark Benchmark none
Total expense ratio Total expense ratio Total expense ratio aoo-aoa avg.: .a,
Performance fees Performance fees Performance fees none
Portfolio turnover rate Portfolio turnover rate Portfolio turnover rate :o: ./
:o:: ,.,/
Subscriptions Subscriptions initial ooooo:
quarterly
initial ooooo:
quarterly
Redemptions minimum of +ooooo
annually with o days notice;
quarterly at managements discretion
minimum of +ooooo
annually with o days notice;
quarterly at managements discretion
minimum of +ooooo
annually with o days notice;
quarterly at managements discretion
Directory Directory Directory Directory
Registered address Registered address Edelweiss Holdings Ltd.
Victoria Place, , Victoria Street
Hamilton HM o, Bermuda
Edelweiss Holdings Ltd.
Victoria Place, , Victoria Street
Hamilton HM o, Bermuda
Directors Directors Andreas Acavalos (GR)
Tom Cleverly (GB)
John M. Mann (USA)
Alexander J.U. Vetsch (CH)
Executive Ocer Executive Ocer Anthony Deden
Research Director Research Director Dylan Grice
(from March )
Dylan Grice
(from March )
Statutory Auditors Statutory Auditors Mazars (BM) Mazars (BM)
Administrator
and Registrar
Equinoxe Alternative Investment
Services (Bermuda) Ltd.
Equinoxe Alternative Investment
Services (Bermuda) Ltd.
Equinoxe Alternative Investment
Services (Bermuda) Ltd.
Contact Contact Contact Contact
Administration Administration Equinoxe Alternative Investment
Services (Ireland) Ltd.
Tel +__ + 8 8+
Fax +__ + 8+ 8;::
edelweiss@equinoxeais.com
Equinoxe Alternative Investment
Services (Ireland) Ltd.
Tel +__ + 8 8+
Fax +__ + 8+ 8;::
edelweiss@equinoxeais.com
Management Management oce@edelweissholdings.com oce@edelweissholdings.com
Website Website www.edelweissholdings.com www.edelweissholdings.com
is Factsheet is for general information purposes and subject to the disclaimers
on page of this document.
Edelweiss Journal
Periodically, we share our thoughts with a wider audience of
friends and colleagues with the aim to inspire, challenge and
encourage thought. For more information and to join our
mailing list, visit www.edelweissjournal.com.
Periodically, we share our thoughts with a wider audience of
friends and colleagues with the aim to inspire, challenge and
encourage thought. For more information and to join our
mailing list, visit www.edelweissjournal.com.
4
Swiss franc share class Swiss franc share class Swiss franc share class
Net asset value per share CHF ,,,.c)
Fourth quarter return (.,/)
Annual return .:,/
:,o
oo
,o
oo
,o
:oo8 :oo, :oo :o :o:
U
S
D
:,o
:),
oo
:,
,o
),
oo
:oo8 :oo, :oo :o :o:
C
H
F
Trailing NAV per share
Trailing NAV per share
US dollar share class US dollar share class US dollar share class
Net asset value per share s,c.,
Fourth quarter return (.o/)
Annual return .,)/
Switzerland
Canada
France
Norway
Netherlands
USA
Germany
UK
Austria
Faroe Isles
Other ()
o/ :/ / / 8/ o/ :/
Country risk exposure
as percent of net assets
cash
equities
Precious metals
,../
CAD
+o./
GBP
.../
CHF
++.o/
USD
+.(/
EUR
++./
NOK
(.o/
Currency allocation analysis
as percent of net assets
As at 31 December 2012
5
' Source: Bloomberg LP. MSCI World Index: NDDUWI.
Te :oo: results are inclusive of the January to ) April period which is unaudited.
` From the inception date of Oct :oo.

Unaudited.
Total Percentage Change in Net Asset Value per
Share, by ve-year periods

Total Percentage Change in Net Asset Value per

Share, by ve-year periods

Total Percentage Change in Net Asset Value per

Share, by ve-year periods

Total Percentage Change in Net Asset Value per

Share, by ve-year periods

Total Percentage Change in Net Asset Value per

Share, by ve-year periods

Total Percentage Change in Net Asset Value per

Share, by ve-year periods

aooa-aoo ` ,.)/ ,./ ,8.,/ o./ :,.o/

aoo,-aoo) .)/ ),.,/ o:.8/ 8)./ ./
aoo-aooc / .:/ .)/ ,).,/ ./
aoo,-aoo, ./ ,)./ ,o.)/ ,)./ ,./
aoo-aoo ,)./ ).8/ o.:/ )./ :).:/
aoo)-ao .,/ )./ :./ o)./ :::.,/
aooc-aoa .o/ ,,.8/ .,/ ):./ )8.)/
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i
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oo
,o
oo
o: o o o8 o :
Edelweiss in USD
MSCI World.net
Annual Percentage Change in Net Asset Value per
Share, in various currencies

Annual Percentage Change in Net Asset Value per

Share, in various currencies

Annual Percentage Change in Net Asset Value per

Share, in various currencies

Annual Percentage Change in Net Asset Value per

Share, in various currencies

Annual Percentage Change in Net Asset Value per

Share, in various currencies

Annual Percentage Change in Net Asset Value per

Share, in various currencies

Annual Percentage Change in Net Asset Value per

Share, in various currencies

Year
U.S. dollars U.S. dollars Euros
Swiss
francs
British
pounds
Ethiopian
Birr
aooa `
:.,/ (.)/) (./) ./ .,/
aoo,
:).,/ ./ ./ ,.:/ o./
aoo
)./ 8.,/ ).,/ ,.o/ ).8/
aoo,
)./ :.:/ :.o/ ,.,/ ,./
aoo
,./ )./ o.)/ .8/ :o./
aoo)
:.8/ :.,/ .:/ :.:/ o.,/
aooc
(,.,/) (./) (:o./) ,.o/ (8.,/)
aoo,
::./ ,./ 8.)/ o.)/ ,,.)/
aoo
:).8/ )./ ,./ :./ )./
ao
(o.,/) :./ (o./) o.o/ ./
aoa
).o/ ,./ ./ :./ ./
Overall ` Overall `
:),./ ,./ o,.:/ :,.,/ ):o.,/
Annualized ` Annualized `
:.,/ 8.,/ .,/ .8/ :./
Comparative performance
vs. the MSCI World Index
o/
:o/
o/
o/
,o/
o/
)o/
o, o o) o8 o, o :
precious metals
cash and bonds
equities
Quarterly trailing Asset Allocation
Historical record
6
This informational document was prepared by Edelweiss Holdings Ltd. (hereafter Edelweiss) to the best of its knowledge. However, Edelweiss
provides no guarantee as to its completeness or contents and does not accept any liability for losses which might arise from use of this
information. Any opinions expressed within this document are those of Edelweiss at the time of writing and are subject to change at any time
without notice. This document is provided for information purposes only and does not constitute an offer or a recommendation. This document
may not be reproduced either in part or in whole without the written permission of Edelweiss. The information in this document is specically not
intended for persons who, because of nationality or residence, are not permitted access to such information under local law. Neither this document
nor any copy thereof may be sent, taken into or distributed in the United States or to any U.S. person (within the meaning of Regulation S of the
US Securities Act 1933 in its applicable form). All investments involve certain risks. Historical performance indications are no guarantee of current
or future performance. Equinoxe Alternative Investment Services (Ireland) Ltd. is the sole authorized Edelweiss agent for the purpose of
disseminating ofcial information. Tel +353 1 854 8155; Fax +353 1 816 8722 or edelweiss@equinoxeais.com.