Fund Objective

The objective of Purisima Global Total Return Fund is to provide capital and income growth through diversified investment in equities and fixed interest securities. In order to reduce risk by diversification, the Fund will generally maintain an exposure to all major markets. The Morgan Stanlley Capital International (MSCI) World Index is the benchmark comparison against which the Fund's performance is measured.

View on Past Performance

2003: The inception date for the Purisima Global Total Return Fund is 16 April 2002. For the period lasting from 1 January 2003 to 30 June 2003, the net asset value (ex-distribution) of the Fund's A shares rose 7.91%. The Fund's B shares and Intermediary shares both rose 7.91% (ex-distribution) repectively. The Fund maintained a fully invested in stance equities during the quarter.

Future Expectations

2003: With global monetary and fiscal policy trends more accommodative than they have been in decades, the extreme risk aversion that swelled in the bear market waning, and substantial pro-growth structural reforms taking place around the world, we see tremendous opportunities immediately ahead. The most recent period likely witnessed the end of the one of the longest and fiercest bear markets in history.In the wake of such declines equities tend to emerge from market troughs with sharp movements upward. The portfolio is positioned to benefit from the areas we expect to lead the advance.

Fund Details