Website improvements at Investors RouteMap

IMPROVEMENTS Page Summary: Descriptions of the major changes made to improve Investors RouteMap Ž
		Major Changes to our Website Assets RouteMap completes top-level integration, October 2002 Styles RouteMap analyses full range of sectors, May 2001 More components incorporated into overall recommendations, January 2001 RouteMap for Investment Styles launched, October 2000 Improved formulation of action recommendations, January 2000 Principal effects from the regular rebalancing of P/T Indexes, December 1999 Changes arising from introduction of the Euro, December 1998
Back to Top		In October 2002, top-level integration between asset classes was completed with the introduction of the Asset RouteMap. This advises on asset allocation between Cash, Domestic Bonds, Foreign Bonds, Domestic Shares, Foreign Shares and commercial Real Estate. Total coverage has now increased to nearly 80 ranking tables and more thanm 8000 charts, all updated monthly.
Back to Top		In May 2001, the Styles RouteMap was expanded to enable users to exploit the most significant differences in performance between market sectors. It simultaneously provides coverage of the most popular sector funds - Real Estate, Finance, Health Care, Technology, Resources and Gold sectors. Total coverage has now increased to 60 ranking tables and 6000 charts, all updated monthly.
2002 Back to Top		As of January 2001, the construction of the overall Action recommendations has been improved such that the value component for each asset class, is no longer dependent on a single variable but now includes an average of between three and four key ratios. The list of summary ranking tables has been extended to include separate tables for the new ratios.
Back to Top		In October 2000, a new Styles RouteMap was launched as a companion to the regionally-based Shares RouteMap. In addition to analysing absolute price performance in local currency or US Dollars for the principle regional investment mandates, this also researches performance compared either to shares of all styles within the same regional market or to a global average for all shares of the same style. The styles covered are: - Growth Value SmallCap Technology Gold Resources
2001 Back to Top		As of January 2000, the forecasting time horizon has been rolled forward to include estimates for the year 2001. This extends the Summary charts for each asset class further into the future, as well as extending the following forecast series: Inflation in Bond Charts Yield Curve in Bond Charts Yield Differential in Forex Charts Current Account in Forex Charts Spare Capacity in Forex Charts Earnings per Share in Share Charts
Ž Back to Top		Following the regular reweighting of P/T Indexes as at 31/12/1999, no changes in country coverage took place. A full list of current weights can be seen in P/T Indexes. The most significant rebalancing effects are as follows:- The United States rises to 46.8% of the Global Stock Market Index, owing both to forex and price outperformance. Radical changes to the East European Stock Market Index increase the weights of Poland to 46.9% and Hungary to 31.4%, resulting from the combination of further substantial privatisation and relative price performance. The United States rises to 45.7% of the Global Bond Market Index as a result of currency appreciation and above average economic growth.
Back to Top		Introduction of the Euro on 31/12/1998 has affected all RouteMaps as follows:- Bonds - Coverage of individual legacy bond markets has been replaced by a single market in Euro bonds. As there is no comparative historical record before launch, a synthetic one has been created based on the yield for legacy currency bonds weighted by GDP for the constituent countries. Past weightings have been regularly rebalanced. A new Euro-Zone index has also been added. Currencies - Coverage of individual legacy currencies has been omitted in favour of a single currency for the Euro-Zone. Prior to launch, the ECU has been used to provide a comparable live history. Shares - Coverage of individual country markets has been supplemented by an additional Euro-Zone index. Investment strategies relying on bond yields use the legacy bond markets for past history of individual countries and the Euro since its introduction.

IMPROVEMENTS