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Quarterly Newsletter - Winter 2010/11


We usually start our January newsletter with a quick review of what the financial markets returned in the previous year.  As we have said in our last newsletter, 2010 provided us with something of a roller coaster.   Overall, the year ended with mixed results: in stock market indices terms, China (Shanghai Composite) was the worst performer (down 14.3%) and Americaís S&P 500 the best (up 12.8%).  Between those two extremes, you found the other major indices: Dow Jones up 11%, FTSE 100 up 9%, MSCI World up 9.6%, MSCI BRIC (Brazil, Russia, India and China) up 0.7%, Japanís Nikkei 225 down 3% and Europeís Eurostoxx 50 down 5.8%.  The oil price rose by 13.4% and gold was the star performer with a gain of 28.4%.  After an excellent performance in 2009, Sterling Corporate Bonds registered a very modest 2.7%, matched by the FTSE All UK Gilt Index at 2.8%.

The CF Lacomp World Fund, we are pleased to say, was up 19.5% for the year.

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