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Fund Performance Review (2007)

Liquidity and credit woes stemming from heavy issuance of subprime mortgages wracked the financial markets in 2007.....

Liquidity and credit woes stemming from heavy issuance of subprime mortgages wracked the financial markets in 2007. Despite all the turbulence, global equity markets extended their five-year bull run as the MSCI World Free Index went up 7.09 per cent. Regionally, Asia Pacific ex Japan markets led the rise in global stock markets with MSCI AC Pacific ex Japan Index up 30.5 per cent.

Strong performance of Nordic countries as well as Germany, partly offsetting the slump of UK, helped European equities returning 11 per cent in 2007. In the US, the Federal Reserve adopted an accommodating policy by cutting interest rate by 75 bps. The US dollar lost ground against almost all other currencies but US equities ga

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