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Quarterly Newsletter - Autumn 2010

After a respectable 2009 stock market performance, this year has provided us with something of a roller coaster.

The beginning of 2010 was marked by steady optimism, but we then saw a rapid fall to fresh year lows in July, and that was followed by a gradual retracement to the former levels.  Just like a real life roller coaster breakneck speed on the way down, and a rather slow climb back to the previous high.  For the year to the end of September, the movement in total has been fairly unremarkable, with the MSCI World index up by a measly 1%.  The Dow Jones registered a gain of 3.5%, the FTSE 100 2.5%, and the BRIC countries (Brazil, Russia, India and China) 3.7%. Japan, on the other hand, showed a negative 11.2%.  Nice to see, therefore, that our more defensive approach has been the right approach as the CF Lacomp World Fund increased by 8.8% over that period. [...]