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SECTOR
COMPOSITION(31/12/2004)
GEOGRAPHICAL DISTRIBUTION(31/12/2004)
FUND'S
PERFORMANCE (1998 - 2004)
FUND'S PERFORMANCE
DATA
|
NAV Per Share : |
: US$
1,078.37 |
|
1 Month |
4.65 %
|
|
3 Month |
9.45% |
|
1 Year |
6.80% |
|
Since
Inception |
7.84% |
FUTURE EXPECTATIONS
Continued economic
growth has resulted in the Fed raising interest rates at a measured pace
whereas Europe and Asia have kept rates steady. With the raising of
interest rates, interest sensitive sectors such as consumer loans and
financial products should perform poorly. Less interest rate sensitive
sectors such as technology and health care should out-perform the
market. Economic growth may continue to keep commodity prices high
helping Industrials, Energy and Basic Materials.
FACTORS IMPACTING
PERFORMANCE
The continued economic rebound in 2004 resulted in continued
consumer spending and increased spending on capital goods. For 2004 ,
the S&P 500 had earnings growth of 27% in the 1st quarter, 26% in the
2nd quarter, and 16% in the 3rd quarter. The market has posted most of
its gains for 2004 since the United States presidential election.
Economic growth caused Industrials, Materials and Cyclicals to perform
the best in the 4th quarter.
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