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The Asset Management representatives reported that the
fund underperformed over the quarter and the twelve month period.
Stock selection was the main contributor to the
underperformance this quarter. For the year ending 30 June,
2004 the portfolio showed a return of 12.8% against a benchmark
return of 14.2%. However, the fund is ahead of the benchmark
for the 5 year basis. The market value of the fund on
7 September was £11,878,739.
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