While this is always subject to change, either way it will be a major contributing factor to the acquisitions boom which we see coming. This, in turn, will propel the market upward. On balance then, we remain extremely optimistic about the market for the remainder of the year. The heaviest industry weighting was in computer services, followed by computer software, telecommunications, retail and computer hardware. The heaviest industry weighting was in computer services, followed by computer software, telecommunications, retail and computer hardware.
Past performance is no guarantee of future results.
The investment returns and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. A material amount of the early fund performance was attributed to IPOs that were held in the fund while the fund held fewer assets. There can be no assurance that IPOs will have the same positive impact on fund performance in the future. The views expressed herein reflect those of the fund manager and are subject to change. There can be no guarantee that the views and opinions expressed will come to pass.