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| Fund Overview | There is a relatively low number of individual securities in the Fund which may result in periods of high volatility. Ideally, investments should be made for a minimum of five years so that short term volatility may be offset by high capital growth over time. Companies are chosen using an active, bottom-up approach with particular attention paid to valuation and the sustainability of return on equity. The Fund takes a long term view when investing. Companies of all sizes are considered for inclusion in the Fund. The Fund invests in a mix of both developed and emerging markets. Investments in emerging markets may carry risk associated with delivery difficulties, failed or late settlement of market transactions and the registration and custody of securities is more complex. The lack of liquidity and efficiency in these markets may mean that from time to time the Fund may experience more difficulty in purchasing or selling securities than it would in a more developed market. |
| Manager Comments | In US dollar terms, Asia Pacific share-markets fell nearly 5% but this was more than offset by a sharp fall in the Australian dollar. We decided to remove the AUD/USD hedge during the month at an average rate of 97.6c. Having initiated the hedge at around 90c in February 2010 and received a positive interest rate carry ever since, the decision to hedge has been a benefit to the Fund. Going forward, the Fund will benefit from any further decline in the Australian dollar. The Fund's exposure in Australia and Japan detracted from performance as the small resource stock exposure continued to suffer and the Japanese financials experienced profit-taking. |
| More Information | » View detailed profile of this fund |
