Canadian World Fund Limited

Canadian World Fund Limited

July 18, 2007 14:21 ET

Canadian World Fund Limited Reports 2007 Interim Operating Results

TORONTO, CANADA--(Marketwire - July 18, 2007) - With completion of its one-for-one rights issue on June 7, 2007, Canadian World Fund Limited (CWF) (TSX:CWF) posted net assets of $53,776,000 at June 30, 2007 compared to the 2006 year-end value of $32,553,000. Reflecting the issue of an additional 3,088,741 common shares pursuant to the rights issue, net asset value per share (NAV) at June 30, 2007 was $7.48 compared to $7.94 for the end of 2006. By comparison, the return of the benchmark, Morgan Stanley All Country World Free Index (MSCI ACWI), for the corresponding period was -0.8% expressed in Canadian dollar terms. CWF's market return to common shareholders for the six months to June 30, 2007 was -3.3%.

North America ended the period as the dominant portfolio segment at 47.8%. Europe (including the United Kingdom) and Asia were the next largest weightings at 28.7% and 15.5%, respectively. The top five holdings as at June 30, 2007 were Iimia Investment Group Plc, a company providing investment management and financial planning services in the United Kingdom; Apple Inc., the alternative computer maker having huge success with its consumer product, the iPod and much excitement over the new iPhone; AmRest Holdings N.V., a company in the Netherlands that has introduced Pizza Hut and KFC restaurants to Poland and the Czech Republic; Bayou Bend Petroleum Ltd., a shallow water gas developer off the Gulf of Mexico; and, Google Inc., a leader in innovation and development of the Internet search business.

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,
2007 2006

Net investment loss (220) (165)
Net gain on investments 753 1,141
Increase in net assets resulting
from operations 2,469 1,922
Increase in net assets resulting
from operations - per share 0.55 0.47

As at
June 30, December 31,
2007 2006

Selected data
Net assets 53,776 32,553
NAV 7.48 7.94

Selected data according to GAAP (1)
GAAP net assets 53,550 32,553
GAAP NAV 7.45 7.94

(1) Calculated in accordance with Canadian generally accepted accounting
principles (GAAP). Where previously fair value for Canadian GAAP was based
on the last traded price of the day, when available, Section 3855 of the
CICA Handbook, which applies to the Company's fiscal year ending December
31, 2007 requires that the fair value of financial instruments which are
traded in active markets be measured based on the bid price for the

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