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GSV X Fund as of June 30, 2015

X Fund Net Returns
-0.1%
for the Month
8.1%
2016 YTD
+145.2%
since inception

Portfolio Managers

CIO: Michael T Moe, CFA View Bio
Co-PM: Luben Pampoulov View Bio
CFO: William Tanona, CFA View Bio
Read Commentary
Strategy: Long-Short Equity
Sector Focus: Internet/Media, Education, Sustainability, Consumer Services/Products
Geographic Focus: Global Growth
Target # Longs/Shorts: 30 / 10 typically
Number of Positions: Longs: 20-30, Shorts: 5-15
Position Sizing: Longs: 1-5%, Shorts 1-3%
Gross Exposure: 100-150%
Net Exposure: 50-100%
Holding Periods: 6 months to 5 years
Market Caps: $100 mil + above
Geographic Exposure: Global
Industry Exposure (long side): Internet/Media, Education, Sustainability + Consumer
Industry Exposure (short side): Old Media, Transportation, Manufacturing

Inception-To-Date Performance: GSV X + AlwaysOn X (Percentage, Net of Fees)

GSV X + AO X*
S&P 500**
HFRX Equity Hedge



Performance Summary

Annually Inception To Date
2009* 2010 2011 2012 2013 2014 2015 Annualized Return Cumulative Return Best Month (Net) Worst Month (Net) Positive Months
GSV X + AO X (Net)* 38% 12% 0% 2% 50% -4.7% 8.1% 14.8% 145% 19% -9% 63%
GSV X (Net) n/a 7% 0% 2% 50% -4.7% 8.1% 11.4% 69% 15% -9% 62%
S&P 500 20% 13% 0% 13% 30% 11.4% 2.4% 13.0% 121% 9% -11% 65%
HFRX Equity 13% 9% -19% 5% 11% 1.4% 3.2% 2.7% 19% 6% -6% 56%
*GSV X Fund returned 7.0% (net) from 9/15/2010-12/31/2010 vs. 11.8% for the S&P 500 without dividends.

Top 5 Long Performers Monthly

Rank Company Ticker ROI
1 Fitbit FIT 25.8%
2 2U TWOU 16.0%
3 Cricket Media CKT CN 13.8%
4 Autohome ATHM 10.9%
5 Facebook FB 8.3%

Bottom 5 Long Performers Monthly

Rank Company Ticker ROI
1 58.com WUBA -16.3%
2 Grubhub GRUB -16.1%
3 Rubicon Project RUBI -13.3%
4 Vipshop VIPS -10.9%
5 Momo MOMO -10.5%

Growth + Valuation Analysis

Median Forward EPS Growth
Median Forward P/E

Portfolio Positions by Weight

Investments by Industry Group

Investments by Geography

Monthly Returns (NET)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2015 0.1% 6.2% -0.1% -0.5% 2.8% -0.1% 8.1%
2014 6.6% 5.5% -6.1% 6.0% 0.8% 5.5% -0.1% 2.9% -4.2% -1.3% -1.1% -5.6% -4.7%
2013 3.4% 0.4% -1.7% 1.8% 8.8% 0.2% 15.0% 4.7% 6.7% 1.4% -2.8% 4.9% 49.9%
2012 5.5% 6.0% 5.8% -3.2% -7.9% 0.5% -4.0% 1.2% 4.5% -5.7% 2.2% 0.8% 2.6%
2011 1.0% 7.5% 1.9% 3.3% -3.2% 1.8% 2.2% -7.0% -9.4% 7.1% -4.8% 0.7% -0.3%
2010 -8.2% 3.3% 6.3% 2.8% -3.1% -6.3% 9.4% 1.9% 2.2% 2.0% 1.3% 1.3% 12.2%
2009 -4.9% -6.5% 18.6% 7.6% 2.8% 1.7% 4.9% -0.2% 5.2% -1.8% 5.5% 2.2% 38.4%
  Monthly Returns (Net) for IPO Non-Eligible Investors
2015 0.1% 6.2% -0.1% -0.5% 2.8% -0.1% 8.1%
2014 6.6% 5.5% -6.1% 6.0% 0.8% 5.5% -0.1% 2.9% -4.2% -1.3% -1.1% -5.6% -4.7%
2013 3.4% 0.4% -1.7% 1.8% 8.8% 0.2% 15.0% 4.7% 6.7% 1.4% -2.8% 4.9% 49.9%

Documents


*AlwaysOn X, also known as AO X, is a model long only paper portfolio constructed and published weekly on A 2 Apple and aonetwork.com by Michael Moe and Luben Pampoulov, the portfolio managers of the GSV X Fund. AO X commenced on 1/5/2009 and its returns are used above through 9/14/2010, when the GSV X Fund commenced. The returns of AO X have been adjusted to reflect the deduction of a 2% management fee and 20% performance fee. Please see important disclosures concerning the limitations of model returns and certain differences in strategy between AO X and GSV X on the last page of this report.

**The returns for the S&P 500 shown above represent returns excluding dividend income. The recent annual dividend yield of the S&P 500 is approximately 2%.


IMPORTANT DISCLOSURES

GSV Asset Management, LLC (“GSV AM”) is an independent investment management firm registered with the U.S. Securities and Exchange Commission. The information presented above is for discussion purposes only. It is not a private placement memorandum (PPM) and should not be construed as an offer to sell or a solicitation of an offer to purchase any security. Investment in a hedge fund may entail considerable risk and an investor should have the financial resources to withstand a substantial or complete loss of his or her investment. An investor will need to consider the risks described in the PPM carefully before investing. Past performance is not a guarantee of future results. GSV AM reserves the right to amend or change the data in this material at any time without notice to you. Performance numbers presented here may be unaudited, preliminary and based on estimates. Final and audited performance figures may vary considerably from these estimates. Certain other projections or estimates expressed herein are those of third-party market observers and should not be construed as being factual or absolute statements.

AlwaysOn X (a/k/a AO X) is a hypothetical model portfolio which GSV AM has maintained since January 5, 2009, making hypothetical investments in long-only positions within the same sectors in which the GSV X Fund LP has been active since its inception on September 15, 2010. Unlike the GSV X Fund AlwaysOn X did not contain any short positions. If short positions had been included in AlwaysOn X during the period 1/5/2009 to 9/14/2010, the returns may have been materially different. All returns of AlwaysOn X have been calculated net of a 2% management fee and 20% incentive fee, as are borne by investors in the GSV X Fund LP. Because AlwaysOn X is a model portfolio, it does not incur administrative, audit, custody or transaction expenses; therefore, such expenses have not been considered in calculating the portfolio’s returns. Nor have dividends from AlwaysOnX holdings been treated as being reinvested in the portfolio for purposes of these calculations. Model performance does not reflect the result of actual trading and, accordingly, is subject to inherent limitations, including the fact that results may not accurately reflect the impact that material economic and/or market factors may have had, throughout the pertinent time period, on the adviser’s decision-making if the firm had instead been managing an actual client portfolio.

The S&P 500 index focuses on the large-cap sector of the equity market and companies in the S&P 500 are considered leading companies in leading industries. Unlike the GSV X Fund, constituents of the S&P 500 must be U.S. companies and have adequate liquidity. The HFRX Equity index is constructed and maintained by Hedge Fund Research Inc. The hedge fund strategies in the index maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. GSV X Fund betas shown herein are calculated versus the S&P 500.

The General Partner of the GSV X Fund has voluntarily paid certain operating expenses of the Fund. If the General Partner were to stop paying these expenses, the returns to Fund investors would decrease.