26 SEPTEMBER 2001
Net assets of the Wignacourt Funds SICAV plc amount to 13.7 million represented by over 4,800 shareholders for the financial year ending on 31 May 2001. This was announced during the Wignacourt Funds SICAV plc first Annual General Meeting held at Le Meridien Phoenicia on 30 August 2001. The Board of Directors presented the Annual Report and Financial Statements of the Company and the resolutions presented were unanimously approved by the shareholders.
Following the announcement, Kenneth Farrugia, Assistant General Manager Valletta Fund Management Limited, gave a presentation on the current local market conditions and how they are affecting the Wignacourt Malta Fund. He spoke about the factors, which led to the bull market in 1999 and about those, which led to the bear market that followed which is still being experienced.
Vincent Rizzo from Rizzo, Farrugia & Co (Stockbrokers) Limited
and sub-adviser to the Wignacourt Malta Fund spoke about the investment
strategy and the asset allocation of the Fund. He outlined the fact
that the shares of Maltacom, Bank of Valletta and HSBC are the ones
that mostly effect the performance of the Wignacourt Malta Fund. Mr
Rizzo said that these are strong companies with a lot of long term potential
and the Wignacourt Malta Fund is an ideal vehicle through which one
could have a diversified portfolio of shares in such companies.