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Fund Performance Review (1Q2007)

Southeast Asian markets shone as global market went for a wild ride in the first quarter of 2007. At end of February, Chinese A share markets slumped.....

Southeast Asian markets shone as global market went for a wild ride in the first quarter of 2007. At end of February, Chinese A share markets slumped on rumors that Chinese government planned to impose a 20 percent capital gain tax on stocks and profit taking by investors on heightened concerns about high valuations. Global markets pulled back on the ripple effect coupled with fears of a slowing U.S. economy, the U.S. subprime meltdown, and investors unwinding their yen carry trade positions when the dollar fell against yen.

Most markets steadied by the end of the quarter, leaving investors with some hope that four year rally remains intact. For the quarter, MSCI World Index returned 2.06 percent and MSCI

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