Fund Objective

To achieve a total return.

View on Past Performance

During the period under review the offer price of accumulation units rose by 0.18% from 54.14p to 54.24p. In view of the nature of the Trust and its investment remit there is no directly comparable market index. The year under review has seen an abrupt turnaround in the global economic climate, and this has been reflected in the relative performance of different financial markets.

Future Expectations

Looking ahead, we believe that global economic activity will continue to growth vigorously, although at a slower rate than the unsustainable pace seen in the first half of 2004. The positive growth outlook, combined with the pick up in inflationary pressures, means that interest rates in the UK and US are likely to move higher over the rest of this year.

Fund Details