Fund Objective

The investment objective of the Scheme is to provide access to the performance of a diversified portfolio of equity, fixed interest investments and cash selected from the various world markets, through investment in a portfolio of securities schemes.

View on Past Performance

The 12 month period under review has been dominated by the fall out from the US subprime mortgage crisis and fears that the ensuing credit crunch could tip the Western economies into recession.Concerns over the financial stability of the banking system saw casualties on both sides of the Atlantic, with Bear Stearns effectively rescued by J P Morgan and Northern Rock eventually being taken into public ownership in the UK.However, of greater consequence has been the near paralysis of the Western banking system, which has seen an unprecedented withdrawal of credit as the system begins the long and painful process of financial de-leveraging.

Future Expectations

Looking ahead, in certain respects the building blocks for a recovery in the US market are being put in place. Having been the first major economy into the current downturn, the US is likely to be the first to recover. This, allied to the proactive policy response from the authorities and the benefits that will come through from recent dollar weakness suggest that recent relative out-performance will continue.

Fund Details