Canadian World Fund Limited

Canadian World Fund Limited

July 15, 2009 17:09 ET

Canadian World Fund Limited Reports June 30, 2009 Interim Results

TORONTO, CANADA--(Marketwire - July 15, 2009) - Canadian World Fund Limited's (CWF) (TSX:CWF) net asset value per share return for the six months ended June 30, 2009 was 31.7%. By comparison, the return of the benchmark, Morgan Stanley Capital International (MSCI) All Country World Index, for the corresponding period was 2.1%, expressed in Canadian dollar terms. For further comparative purposes, the MSCI Emerging Markets Index returned 27.5%, also expressed in Canadian dollar terms. Investments in emerging markets comprised 26.0% of CWF's portfolio as at June 30. CWF's market return to common shareholders for the six months to June 30, 2009 was 18.0%.

North America remained the dominant portfolio segment at 56.1%, including a Canadian segment of 35.9%. Europe (including the United Kingdom) was the next largest weighting at 20.4%, with Asia and Latin America at 16.0% and 6.3%, respectively. A majority of the assets and operations of the Canadian investee companies are located outside of Canada.

The top five holdings as at June 30, 2009, excluding cash and short-term securities, were: HDFC Bank Ltd., a premier Indian bank that provides a wide range of financial products and services across India; Apple Inc., an American multinational corporation that designs and manufactures consumer electronics and software products; Alliance Grain Traders Income Fund, a limited purpose open-ended trust which, through its subsidiaries buys, processes, and sells specialty crops for export markets; Baidu, Inc., an internet Chinese language search engine company; and Petrominerales Ltd., an oil and gas exploration and production company with operations in Colombia.

CWF is a TSX-listed global equities fund that provides one of few opportunities for bottom-up investment in securities of publicly traded, primarily growth companies in a global portfolio.


(in thousands of dollars, except per share amounts)

Six Months Ended
June 30, June 30,
2009 2008

Net investment loss (159) (413)
Net gain (loss) on investments 6,771 (10,405)
----- --------
Increase (decrease) in net assets resulting from operations 6,612 (10,818)

Increase (decrease) in net assets resulting from operations
- per share 0.92 (1.50)

As at
June 30, December 31,
2009 2008
Selected data
Net asset value 27,213 20,626
Net asset value per share 3.78 2.87

Selected data according to GAAP (1)
Net assets 27,077 20,465
Net assets per share 3.77 2.85

(1) The Company calculates the net asset value and net asset value per share
on the basis of the valuation principles set out in its annual
information form. These valuation principles differ from the
requirements of Canadian generally accepted accounting principles
(GAAP), with the main difference relating to securities that are listed
on a public stock exchange. While the Company generally values such
securities based on the latest sale price, GAAP requires the use of the
closing bid price. Accordingly, bid prices are used in determining net
assets and net assets per share for purposes of the interim and annual
financial statements.

Contact Information