The Fund aims to achieve a long-term return, in excess of the long-term return that is typically achieved from Pacific Rim, Far East, Indian subcontinent and Australasian equity markets.
The Fund gained 8.5% in the three months to 31st August 2007, outperforming the benchmark index by over two percentage points. Both stock picking and sector allocation contributed to performance in the month.China Cosco Holdings Co, the owner of Asia's biggest container-shipping line, was the top performing asset in August as a result of strong demand. Our overweight position compared to the benchmark in Ping An Insurance also added value after the company reported that net profits had increased 140%.Detractors over the month included SK Energy and Chinese Estates. Property developer, Chinese Estates reported that first-half profit had fallen significantly as a result of lower gains from revaluations of investment properties. Key stock changes includeddisposing of Pacific Basin Shipping after a period of strong performance and opening a position in Qantas Airways.
