Fund Objective

The Fund seeks to provide capital appreciation.

View on Past Performance

Adjusting for the delay in pricing, the Global ex-UK Fund returned 0.16% over the quarter, underperforming the average Global Growth fund by a margin of 0.4%, placing the Fund within the third quartile.Notable contributors included Jupiter Emerging European, Odey Continental European and Legg Mason Japan Equity. Notable detractors were Artemis European Growth, GAM Global Diversified and Legg Mason US Equity.

Future Expectations

The first quarter of 2008 is likely to be challenging for capital markets.We anticipate more equity market volatility, as visibility on the macro front remains poor.In light of the above outlook, our equity exposure is predominantly large-cap and defensive. Our prevailing growth bias favours secular over cyclical themes. We remain underweight companies whose growth is heavily dependent on economic activity within the OECD.

Fund Details