Fund Objective

The objective of the Company is to seek a high level of capital growth, achieved through investment in a portfolio of collective investment schemes, investment trusts, other transferable securities, cash or near cash, deposits and money market instruments.

View on Past Performance

The global markets have gone through considerable changes since our last report. The equity markets, which had become extremely stretched in terms of valuations, have lost ground as investor confidence has been shaken by turbulence in the financial sector and increasing evidence that global economic growth is slowing.This was good news for bonds, as a flight to quality produced strong results for sovereign obligations. Most of our activity during this period was at the broad asset class level. We gradually reduced the portfolio's equity weighting from overweight to neutral relative to the peer group. At the same time exposure to fixed interest funds was raised from underweight to neutral.

Future Expectations

Markets have recovered somewhat from their lows of mid January 2008 as evidence has mounted that the main problems of the credit crisis are being tackled by the central banks. In the US, the Federal Reserve has introduced a Term Securities Lending Facility whilst, in the UK, the Bank of England has come up with a similar Special Liquidity Scheme.However, we are now facing a period of slower growth with higher inflation and restrictions on credit that are likely to lead to some disappointing results.In light of this, we believe that investors will be well served by a fund that focuses on conviction, selecting those very best opportunities from the current position of the various global markets and which can rotate from one idea to the next tax effectively and cost efficiently. We believe that the WAY MA Growth Portfolio is one such fund.

Fund Details