His well-organised manner and ability to prioritise is a valuable asset to the performance of the Fund. The fund is managed to achieve consistent top quartile performance over the long-term as measured by the various unit trust investment consultants. Investment Style Gryphon's investment style is premised upon thorough business cycle analysis centered around the identification of those asset classes, sectors and companies that are expected to outperform or under-perform within a particular stage of the business cycle and the degree of value that they are offering relative to one another. Consequently we believe that there is an optimal time for holding for example, Growth Stocks, Value Stocks, Rand Hedges, etc. Forward pricing is used to determine the price of the units.
Unit trusts are generally medium to long-term investments.
The value of units may go down as well as up and past performance is not necessarily a guide to the future. Commissions and incentives may be paid and if so, are included in overall costs. Quarterly Portfolio Manager Comments as at 30 June 2001 Market conditions have still not improved sufficiently thus far this year for any new listings of note. As a result and because our mandate so allows, we have looked at the more established companies, listed during the past 5 years, for inclusion in the past quarter. We are still confident that market conditions will continue to improve for at least the next twelve months and as a result more listings will come to the market.