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Past Returns Are Not Indicative of Future Results
2007 Year To Date
Wingate's Net Asset Value per Unit is up 2.6% for the year to date
through to October 31st. This compares favorably to the Nasdaq, when measured in
Canadian dollars, which is down 3.5%.
US Dollar Net Asset Value and Performance Review
Wingate invests primarily in US equities, trading on the Nasdaq or NYSE
Measured in US dollars, Wingate’s Net Asset Value is up 26% for 2007 year to date.
Over the latest twelve months, ending October 31st, Wingate’s NAV is up 33%.
The S&P 500 Information Technology (IT) Index comprises the largest 77 US based companies.
Wingate typically invests in many of these companies at various times.
Starting at the end of 2003 (December 31st Closing Values) to October 31, 2007, Wingate’s US$ NAV
is up 26% versus 24% for the S&P 500 Information Technology Index. Over three year plus
duration, Wingate has outperformed the S&P 500 IT Index by a factor of 1.4:1.0.
The S&P 500 Health Care (HC) Index comprises 55 of the largest U.S. based life sciences companies
Starting at the end of 2003 (December 31st Closing Values) to October 31, 2007, Wingate’s US$ NAV is up
26% versus 8% for the S&P 500 Health Care Index. Over three year plus duration, Wingate
has outperformed the S&P 500 HC Index by a factor of 2.6:1.0.
2006 In Review
Over 2006, Wingate’s NAV increased by 5.2%. On a quarterly basis, Wingate’s NAV was up modestly over Q1,
down sharply over Q2 and up strongly over Q3 and Q4.
Wingate generated top decile six month performance of actively managed, technology specific funds (92 listed
Science and Technology funds in total, based on analysis of GlobeFund data base, as of December 31st, 2006).
Three Year Review – 2004, 2005 and 2006
Wingate generated an average annual return of 3.7% over a three year period ending 2006. Wingate outperformed most Science and Technology Funds, which according to GlobeFund generated an average annual return of only 1.3% over the last three years.
Wingate’s 2004 to 2006 return exceeds the NasdaqC$ by almost 11%, ie. +9.3% for Wingate versus +8.7% for NasdaqC$.
The S&P 500 IT Index (in C$) generated an average annual return of –0.05% over the last three years, versus 3.7% for Wingate.
The S&P 500 Health Care Index (in C$) generated an average annual return of 0.2% over the last three years, versus 3.7% for Wingate.
Three Year Review In US $ – 2004, 2005 and 2006
Since inception, the U.S. $ declined by 13% against the C$. Given that the vast majority of Wingate’s tech holdings are U.S. $ equities, Wingate’s returns (in C$) were impacted by this currency effect.
Wingate invests primarily in US equities, trading on the Nasdaq or NYSE. From the start of 2004, US equity holdings have ranged from 70% to 83%.
Measuring Wingate’s performance in US$, counters the currency effect of an appreciating C$ against the US$, evident since inception (Sept. 2003)
Over the three plus years since inception (41 months to Feb 28th, 2007), Wingate in US$ is up 30.3%. Wingate in US$ has outperformed the S&P IT Index from 2004 through to 2006 by 2:1 (+21.5% versus 10.4%)
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