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Fund Performance Review (1Q2008) : Woes dominated

Bulls fought with bears over the just-ended first quarter of 2008 and bears overwhelming won this round. Riding on long-lasting credit crunch, likely recession and re-fuelled inflationary .....

Bulls fought with bears over the just-ended first quarter of 2008 and bears overwhelming won this round. Riding on long-lasting credit crunch, likely recession and re-fuelled inflationary pressure, bears sent the global equity market a sharp tumble. Last quarter, MSCI World Index lost 8.9 percent, where financials and tech stocks led the down run. Amid the woes, low-risk assets such as bonds earned investors' appeals.

Fed's bail-out campaign under spotlight
Inasmuch as the credit woes spread far beyond public's anticipation, Federal Reserve took some breathtaking gambits to rescue the economy in jeopardy. First of all, the Fed created several unordinary vehicles, like Term Auction Facility, TAF,

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