Fund End of Year

The fund ended 2012 13% down compared to the Dow which ended 7% up. Not a good performance. This was mostly driven by the funds focus on tech stocks which did badly in the year, and on Marvell technology in particular that not only did badly but was hit by a $1.5bn judgement for infringing Carnegie Mellon patents. which dropped the stock another 10% in the final month. Only three stocks did well out of eleven, the highest riser being Carrefour as the investment community begins to see a turnaround in action.