|
Global Market Commentary & Outlook
The United
States: As 2004 ended, consumer confidence jumped to the highest level
in 5 months, reflecting lower oil prices, higher stock prices and slowly
improving employment prospects. More importantly, consumers’ economic
expectations for the next six months also rose sharply. CPI inflation
should recede from recent year-over-year readings of 3.5%.
International: A jump in Euroland survey data suggests that the region
is poised for a recovery. While capital spending has not yet shown
evidence of consistent growth, cost-cutting initiatives have improved
efficiency and profit margins. In Asia, the Chinese government, by
raising interest rate and limiting capital availability to particular
sectors, has both reduced the pace of growth and altered its
composition. A “soft landing” in China reduces economic risks in the
region, and is a plus for the Japanese economy as well.
FUND'S
PERFORMANCE
FUND
PERFORMANCE DATA
|
NAV Per Share |
US$73.87 |
|
1
Month |
0.00
% |
|
3
Month |
4.56% |
|
1 Year |
1.90% |
|
Since Inception |
-26.13% |
GEOGRAPHICAL
DISTRIBUTION
(31/12/2004
|
COUNTRY |
% |
 |
|
1.
AMERICA |
65.30% |
|
2. EUROPE |
15.90 % |
|
3.
UK |
12.20% |
|
4. JAPAN |
4.30% |
|
5.
ASIA (EX JAP.) |
2.30% |
|
SECTOR
DISTRIBUTION (31/12/2004)
|
Sector |
% |
 |
|
1.
Health Care |
25.7 |
|
2.Technology |
23.6 |
|
3. Energy |
18.1 |
|
4. Consumer Staples |
11.1 |
|
5. Telecommunications |
5.9 |
|
6. Industrial
|
6.6 |
|
7. Consumer Discretionary |
5.5 |
|
8.
Materials |
3 |
|
