Fund Objective

To achieve long term capital growt.

View on Past Performance

2001 was a difficult year for investors. Bond markets showed little movement and each of the worlds major markets fell sharply with Japanese equities falling farthest. Over the longer-term the performance of the Capital Fund has been superior to its benchmark.

Future Expectations

The key to a recovery of investor confidence in Japan remains the resolution of the banking sector debt. Until this occurs the economy is likely to suffer from further deflationary pressure.

Fund Details