Canadian World Fund Limited
TSX : CWF

Canadian World Fund Limited

July 19, 2005 14:07 ET

CORRECTION: Canadian World Fund Limited Reports 2005 Second Quarter Results

TORONTO, CANADA--(CCNMatthews - July 19, 2005) - The following corrects and replaces the release sent on July 19, 2005 at 13:30 pm EDT. In the second table, under Net asset value per share as at December 31, 2004, it should read 5.49, instead of 4.49. The complete and corrected release follows.

Canadian World Fund Limited's (CWF) (TSX:CWF) net asset value per share (NAV) returns for the three, six and twelve month periods ended June 30, 2005 were -2.0%, -0.7% and 8.8%, respectively. By comparison, the returns of the benchmark, Morgan Stanley All-Country World Free Index for the same periods were 1.3%, 0.4% and -0.2%, when expressed in Canadian dollar terms. CWF's market returns were -2.4% for the second quarter, 3.8% year-to-date and 18.6% over the twelve months to June 30, 2005.

CWF's net assets at June 30, 2005 were $22,334,000 compared to $20,546,000 at June 30, 2004. Correspondingly, the respective net asset value per share (NAV) amounts were $5.45 and $5.01.

There was a net loss on investments of $32,000 for the six months ended June 30, 2005, comprised of a net realized gain on investments of $2,138,000 and a decrease in unrealized gain on investments of $2,170,000. This compares to a net gain on investments of $1,051,000 for the corresponding period in 2004. CWF's net investment loss for the first half of 2005 was $160,000, compared to a loss of $143,000 for the same period in 2004.

Europe, including the U.K., and North America were the dominant portfolio segments with weightings of 36.9% and 36.3% respectively. Asia was the third largest segment with a weighting of 19.3%. The top three holdings as at June 30, 2005 were: The Stanley Gibbons Group Limited, a holding company for businesses which offer a community-based trading environment on the Internet for the stamp and collectibles markets; Oslo Bors Holding ASA, the stock exchange in Oslo, Norway; and Apple Computer Inc., the alternative computer maker having huge success with its consumer product, the iPod.

Canadian World Fund Limited 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.



Three Months Ended Six Months Ended
------------------ -----------------
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
-----------------------------------------
Net investment loss for the
period (36) (63) (160) (143)
Net realized gain on
investments 2,052 954 2,138 2,300
Change in unrealized gain on
investments
- net of future income taxes (2,492) (1,651) (2,170) (1,249)
------- ------- ------- -------
Increase (decrease) in net
assets resulting from
operations (476) (760) (192) 908
Increase (decrease) in net
assets resulting from
operations per share (0.12) (0.19) (0.05) 0.22
-----------------------------------------


As at
-------
June 30, December 31, June 30,
2005 2004 2004
-----------------------------------------
Net assets 22,334 22,526 20,546
Net asset value per share 5.45 5.49 5.01



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