Fund Objective

To achieve long term capital appreciation.

View on Past Performance

The periof under review saw markets recover strongly in the wake of the September 11 terrorist attacks as the huge fall in share prices in the period immediately following the atrocity led to far more compelling valuations. This engendered a sharp rally, particularly in cyclical and technology sectors. The Fund returned a performance of 22.09% on an offer to bid basis, outperforming the median fund in the sector by 8.59%

Future Expectations

As economies generally struggled to emerge from their slowdown-indeed, in some cases, outright recession - the threat of inflation remains benign and interest rates should stay supportively low for some time to come. As increasingly encouraging data points to an recovery in the second half of the year, they should see improved market performance as they are into a new phase and companies act to gear up for an improvement in economic conditions.

Fund Details