Shareholders should have recently received proposals to wind up the Fund in May of this year. It is the manager’s intention to launch a similar cautiously managed fund as part of SVM’s existing ICVC range. Details of the new launch are available upon request and further information is detailed on the website.
The first quarter of 2008 ended on a low point for global equity markets with another lurch downwards in March making the most recent quarter registered the worst performance since the third quarter of 2002. We are pleased to report that the Fund’s asset value was broadly unchanged over the quarter against near 10% falls in the broad stockmarket indices*. This demonstrates the managers’ ability to protect on the downside where required.
The Fund continues to be defensively position with weekly changes in asset value demonstrating very low volatility. Policies continue to mature on average 1.5% higher than our end December forecasts. Due to the imminent liquidation of the Fund, the remaining policies have been earmarked either for sale or surrender. The managers believe that there will be no impact on the Fund’s value due to these transactions.
*Source; Lipper Hindsight to 31.03.08
