Fund Objective

To achieve a balanced return of income and capital growth.

View on Past Performance

Against this background, the Fund's absolute performance was poor, but the results relative to movements in the composite of regional indices was more satisfactory. Overall, the performance of submanagers contributed ot the positive relative performance of the fund overall. Throughout the period submanager performance was monitored and reviewed by the day-to-day management team and by FF&P's Investment Committee.

Future Expectations

Economically, the central case prognosis seems to be one of continued spluttering recovery. In addition, the growing deficits - government and trade - in the West and the currency moves they produce are a potential source of macro dislocation. There are now noticeable subsets inside remains a potential scource of parallel allocation shifts.

Fund Details