At 30/4/05 the NAV Class A shares was U$98.86 net of all fees and expenses, up from U$97.77 in March.

As I write all is gloom and doom in financial markets following last weeks falls on Wall Street and elsewhere. If, as some expect, we do see a sustained decline in US equities the question is, what will be the effect on Asian stock markets? Well, in the short term it is unlikely to be positive given the rather strange close correlation between the regions’ markets. However, given Asian companies’ low relative valuations one would expect to see the indices decoupling with Asia outperforming over the longer term.

At 31/3/05 the NAV Class A shares was U$97.77 net of all fees and expenses, down from U$99.37 in February.

The NAV of the A shares was U$99.37 at the end of the period. Please note that the fund has a November year end, thus the first quarter ended on February 28th.

At 28/2/05 the NAV Class A shares was U$99.37 net of all fees and expenses, up from U$99.24 in January.

At 31/1/05 the NAV Class A shares was U$99.24 net of all fees and expenses, down from U$100.37 in December.

At 31/12/04 the NAV of the fund was U$100.37 net of all fees and expenses