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| Fund Overview | |
| Manager Comments | The Fund did well from its European holdings as well as Japanese investments, where the Topix rose 9%. The Japanese investments were aided by Yen hedging and derivative exposure to the Topix, but somewhat hampered by a lack of exposure to exporters, the major beneficiaries of the weaker Yen. The Fund also benefited from a reduced short exposure of 12%, its lowest position in years. The Fund was impacted by the decline in some Chinese holdings as the SEC indicated concerns over Chinese company reporting. The manager has a positive outlook for equities based on economic factors, reduced risk aversion and equity valuations. While not calling a bull market the manager does see a period of equity buoyancy and the fund is invested accordingly. |
| More Information | » View detailed profile of this fund |
