Fund Objective

To achieve above average capital growth.

View on Past Performance

During the period under review the offer price of accumulation units rose by 12.37% from 44.86p to 50.41p. In view of the nature of the Trust and its investment remit there is no directly comparable market index. Over the 12 months under review global equity markets continued their post-Iraq war rally, buoyed by increasing evidence of a global economic recovery. Towards the very end of the reporting period, concerns began to emerge over the undoubted vigour of the US economic recovery.

Future Expectations

Looking ahead, we expect global economies to continue their recovery over the course of 2004. However, for many countries the pace of growth will start to moderate as the effects of the stimulative monetary and fiscal measures designed to kick-start the recovery begin to wane. Overall, we believe the environment for equities will remain positive, with sustainable economic growth, moderate inflationary pressures and interest rates that will still be low by historical standards.

Fund Details