Fund Objective

To maximise long term growth of capital and income.

View on Past Performance

The market rose strongly over the final three months of 2006. The main drivers behind this were high levels of corporate activity and a supportive marketm environment in which valuations were reasonable and earnings upgrades abundant. The Fund returned 5.0% over the quarter which was behind its benchmark index. The underperformance can, in part, be explained by the changes to both the Fund's management team and its overall portfolio composition.

Future Expectations

Looking forward, the expectation is for further positive returns from European equities in 2007. However, some caution is merited as the market is expected to be more sensitive to valuation issues than in 2006.

Fund Details