Fund Objective

To maximise the total return principally through investment, whether direct or indirect, in any economic sector in the United States of America. From time to time investment, whether direct or indirect, may also be made in any economic sector in Canada.

View on Past Performance

The Fund has underperformed the S&P 500 Composite Index in recent months, but is still top quartile over 1 and 5 years. The credit crisis has worsened, but we are impressed by the decisive actions of the Treasury and the Fed in tackling it. With US economic growth slowing, we remain focused on companies with strong franchises and resilient earnings growth. The shape of the portfolio is unchanged. Concerns about economic activity in China has affected our energy and commodity related holdings.However, we believe global infrastructure spending will remain strong, and that supply side constraints continue to affect the production of many commodities.

Fund Details