NORTH GROWTH CDN EQUITY FUND
The Canadian Equity markets were weak during April with the S&P TSX Index falling 2.11%. The 70/30 Compositewas down 2.47% for the month due to the strong Canadian dollar more than doubling the monthly loss for the S&P500 Index to -3.11%. The North Growth Canadian Equity Fund fell by 3.42% lagging both the S&P TSX Index andthe 70/30 Composite. Since North Growth began managing the Fund 11 months ago, it is up 30.65% versus a35.41% increase for the S&P TSX Index over the same time period and 30.11% increase for the 70/30 Composite.
March was basically a very boring month with very little new news on which to comment. The recent theme ofimproving corporate profits and reasonable valuations remains firmly in tact.
Biovail received minimal media coverage during the month, probably because, although not unexpected, the newsout of the company was positive this month. The company renewed its line of credit on favorable terms, implyingthat its bankers are comfortable with the company’s cash flow situation. Also, on April 5th , Biovail received FDAapproval for Cardizem LA for treatment of chronic angina. This additional market for Cardizem LA should re-accelerate the prescription trends for this important new drug.
The Canadian Fund maintains just under a 30% of book value position in the North Growth US Equity Fund,ensuring that the Fund can be classified as 100% Canadian content for RRSP purposes. You will notice that as atMarch 31, the market value of the Canadian Fund’s holdings of the North Growth US Equity Fund represented31.3% of the Canadian Fund’s assets; however, on a book value basis it represented just 29.4%.
Privacy Officer, Caroline North at 604-688-5440. MARCH MONTHLY REPORT PERFORMANCE COMPARISONS: SHORT-TERM North Growth CDN Equity Fund $CDN North Growth US Equity Fund $CDN PERFORMANCE COMPARISONS: LONG-TERM North Growth CDN Equity Fund $CDN North Growth US Equity Fund $CDN * North Growth Management Ltd. took over the Fund’s management contract on May 1, 2003.RETURN SINCE INCEPTION (ANNUALIZED), SEPT. 1, 2000 - MAR. 31, 2004 NAVPS: MAR. 31/04 TOTAL ASSETS IN FUND MILLION CDN CANADIAN MONEY MARKET FUND NET CURRENT YIELD AS OF MAR. 31, 2004 NORTH GROWTH MANAGEMENT LTD. PH: (604) 688-5440 VISIT US ON THE WEB AT E-MAIL: email@example.com
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