Fund Objective

The investment objective of Purisima Global Total Return Fund is to provide capital and income growth through diversified investment in equities and fixed interest securities. In order to reduce risk by diversification, the Fund will generally maintain an exposure to all major markets.

View on Past Performance

2003: At the end of the period, the Fund was close to fully invested. Stylistically, there are no major bets relative to the benchmark at the moment. There was a slight overweight to the United States, which was in a more oversold condition at the end of the period.

Future Expectations

2003: A common trait of the end of bear markets is a significant increase in volatility. We expect to see further swings in the value of equities as a wall of worry is established for a new bull market to climb. New bull markets offer the opportunity to make significant gains and the Fund is structured to capture such a move.Improving economic conditions globally and an increasing pessimism surrounding equities by the general public are major causes for us to expect solid gains in the coming months.

Fund Details