TORONTO, CANADA--(Marketwire - Feb. 23, 2011) - Canadian World Fund Limited (CWF) (TSX:CWF) had a net asset value per share (NAV) return for 2010 of 29.3%. By comparison, the return of the benchmark Morgan Stanley Capital International All Country World Index (MSCI ACWI) was 4.9%, expressed in Canadian dollar terms. For 2010, CWF's market return was 20.7%. Net asset value at December 31, 2010 was $43,462,000, an increase from $33,550,000 at the end of 2009. The corresponding per share NAVs at December 31, 2010 and December 31, 2009 were $6.04 and $4.67, respectively.
Strong advances in concentrated holdings were the main reason for CWF's outperformance of the benchmark during 2010. In addition, CWF's investment portfolio, with a 26.1% weighting in Canadian companies at the end of 2010, had a much greater exposure to Canada than the benchmark. Among developed countries, Canada was one of the best performing markets during 2010, rising 17.6%.
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.
| FINANCIAL HIGHLIGHTS | ||||
| (in thousands of dollars, except per share amounts) | ||||
| For the Year Ended | ||||
| December 31, | December 31, | |||
| 2010 | 2009 | |||
| Net investment loss | (520 | ) | (386 | ) |
| Net gain on investments | 10,380 | 13,354 | ||
| Increase in net assets resulting from operations | 9,860 | 12,968 | ||
| Increase in net assets resulting from operations – per share | 1.37 | 1.80 | ||
| As at | ||||
| December 31, | December 31, | |||
| 2010 | 2009 | |||
| Selected data (1) | ||||
| Net asset value | 43,462 | 33,550 | ||
| Net asset value per share | 6.04 | 4.67 | ||
| Selected data according to GAAP (1) | ||||
| Net assets | 43,293 | 33,412 | ||
| Net assets per share | 6.02 | 4.65 | ||
| (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: Canadian World Fund Limited
Jonathan A. Morgan
President & CEO
(416) 366-2931
(416) 366-2729 (FAX)
cwffund@mmainvestments.com
www.mmainvestments.com