Fund Objective

To give long-term capital growth.

View on Past Performance

US equity markets have followed an erratic path over the last six months. In September, the S&P 500 index suffered its steepest one-day fall since Black Monday - more than twenty years ago. The index fell 10.87% over the review period, in local currency terms.The US government has recently announced a rescue package for the financial sector: Treasury Secretary Hank Paulson's $700 billion plan to buy up bad debt and stabilise financial markets. The Bill was originallyrejected by the House of Representatives, but a revised version was approved in early October.A series of takeovers and bankruptcies led to the demise of Wall Street's four remaining investment banks during September. Meanwhile, insurer AIG was nationalised and given an $80 billion loan to keep it in business.

Future Expectations

SWIP continues to invest in businesses that have long term predictable earnings streams. This includes global infrastructure andbusiness services companies. SWIP anticipates funding any purchases by reducing some of the highly-rated stocks, a number of which reside in the technology sector.

Fund Details