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BOE GLOBAL FUNDThis fund is in the international sector. It has 2 032 unitholders and assets under management of R140.5-million. Launched in December 1996 it is managed by the BOE investment team OBJECTIVE: To provide high capital growth and income over the long term through a diversified portfolio of foreign equities and fixed-income instruments. TARGET MARKET: Investors seeking exposure to diversified foreign investments. CHARGES (incl VAT): Initial: 5.46% (on a sliding scale). Compulsory: 0.65%. Annual service fee: 1.14%. MINIMUM INVESTMENT: Lump sum: R500; monthly: R100. PAST PERFORMANCE (per Micropal): ONE YEAR Fund: 13.2% Inflation: 6.5% JSE all-share index: -27.6% Sector average: 14% Performance is calculated on a buy-to-sell basis with income reinvested. PAST TWO INCOME DISTRIBUTIONS: September 1997: 6.66c (91% interest; 9% dividends). March 1998: 3.06c (89% interest; 11% dividends). TOP 10 HOLDINGS: Johnson & Johnson Common; Philip Morris Companies US; Glaxo Wellcome Plc; Chase Manhattan Corporation; SCHW Rueckversicherungs-Reg; Takeda Chemical Industries; ING Groep NV; Citicorp; Banc One Corporation; News Corporation TOLL-FREE: 0800 210 087 THE INVESTMENT TEAM: Asset allocation and fixed income management are taken care off by Rob Lee, BOE's UK-based economic consultant, René du Plessis, fixed income manager, Anet Ahern, senior portfolio manager, and John Winship, a director of BOE's Isle of Man-based international operation. Global advice on equity selection is provided by Bank of Ireland Asset Management. AGE AND EXPERIENCE: Lee, 44, and Winship, 44, both have 21 years' investment experience. Du Plessis, 38, and Ahern, 35, both have 13 years' investment experience. INVESTMENT ATTITUDE: Our process is based on an interplay of top-down asset allocation and bottom-up in-depth fundamental analysis of individual stocks. Cash is held in major currencies as insurance against volatility in global markets. VIEW ON PAST PERFORMANCE: The fund was restructured in March, and our subsequent performance has been excellent. THE FUTURE: In these turbulent markets, our strategy of investing mainly in the medium to large cap stocks with global earnings on developed, well-regulated and liquid markets will reduce risk. INDEPENDENT ASSESSMENT This is one of the few balanced international funds available locally. The large fixed-interest component has helped the fund to withstand the volatility in global equity markets over the past quarter and it is currently one of the better performing funds in this category. The managers can, however, change their asset allocation and investors should watch the portfolio's composition. Lucienne Fild 10/98
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