Latest Management Report

Managers’ Report
For the Quarter to 31 December 2008


Overview of 2008 and outlook for 2009
Much has already been written about the financial crisis and its impact on global investment markets. The flow chart below sums it up quite well, in our view. The situation seemed manageable until the bankruptcy of Lehman Brothers in September. The Lehman bankruptcy triggered a crisis of confidence among financial institutions and inter-bank lending seized up completely, with detrimental effects for the global economy.