TRACK RECORD ANALYSIS

Page Summary: Past Performance for all asset classes

Explanation

The top pair of charts shows total returns including dividends for all recommendations, when segmenting global stock markets by countries and regional mandates on the left and by a selection of investing styles and sectors on the right.

Uninvested balances are assumed to be held in US T-Bills. The FTSE World Index is shown on a comparable basis as a performance benchmark.

A five category scoring system is used - Buy, Add, Hold, Reduce, Sell. These combine trend, investor sentiment and valuation strategies. The Recommended List includes all long investments from the time when they are rated Buy or Add till the rating falls to Reduce or Sell.

Figures are shown in US$ for convenience. Owing to exchange rate fluctuations, past performance differs if measured in any other currency. Performance is shown gross. Net results will depend on the levels of commission and dealing spreads in the chosen investment vehicles as well as any transaction taxes in the country where dealings take place.

The benchmark for the Forex RouteMap is the SDR (Special Depositary Right), a GDP weighted index of the world's major currencies which is used by the IMF.

Total returns for each currency are calculated by adding the interest rates on three month deposits in local currencies to exchange rate gains or losses against the US$

The Bonds RouteMap derives bond prices from the reciprocal of 10 year government bond yields. Such theoretical prices are not suitable for performance calculations, and are only indications of direction and extent.

For the purpose of this exercise, transactions are assumed to take place at month-end. While dealing charges are excluded, turnover is low, averaging one Buy and one Sell transaction per year.