Fund Objective

To give long-term capital growth

View on Past Performance

Sustained merger and acquisitions, strong corporate earnings updates and the prospect of lower US interest rates drove the S&P 500 index 6.7% higher during the quarter. Optimism on Wall Street was clearly high, as evidenced by the market's sanguine reaction to the Democrats' rout in the November midterm elections. While traders on Wall Street were rightly justified in their yearend celebrations, investors on this side of the Atlantic were left nursing something of a hangover. Spoiling the party was the dollar's unrelenting decline against sterling during 2006, which wiped out the gains to the sterlingbased investor.

Fund Details