| Current Prices | |
| Sneak Preview (March 2004) |
MARCH 2004 Portfolio Performance
To Date (1st March 2004 - 31st March 2004): +0.37% vs. MSCI: -2.03%
(with dynamic hedging at 30% of MSCI)
| GAA Q Fund | Opening Price | Closing Price | Gain/Loss | |
| Mar-04 | USD Standard | USD Standard | USD % | |
| Stock forecast @ beginning of the month | Country | 01/03/04 | 31/03/04 | 31/03/04 |
| QANTAS AIRWAYS ( QAN.AU ) | AUSTRALIA | 2.88 | 2.57 | -10.89% |
| BLUESCOPE STEEL ( BSL.AU ) | AUSTRALIA | 4.64 | 4.75 | 2.17% |
| BORAL ( BLD.AU ) | AUSTRALIA | 4.72 | 4.76 | 0.82% |
| CENTENNIAL COAL ( CEY.AU ) | AUSTRALIA | 2.57 | 2.46 | -4.29% |
| G U D HOLDINGS ( GUD.AU ) | AUSTRALIA | 6.04 | 6.06 | 0.46% |
| BOEHLER-UDDEHOLM ( BOEH.AT ) | AUSTRIA | 77.34 | 80.65 | 4.27% |
| CAEMI METAL PN 1000 ( CMET4.BR ) | BRAZIL | 0.52 | 0.47 | -8.73% |
| ELETROPAULO PN 1000 ( ELPL4.BR ) | BRAZIL | 23.39 | 25.52 | 9.12% |
| CRT CELULAR PNA 1000 ( CRTP5.BR ) | BRAZIL | 198.83 | 205.57 | 3.39% |
| SADIA S/A PN ( SDIA4.BR ) | BRAZIL | 1.48 | 1.43 | -3.10% |
| TECK COMINCO 'B' ( TEK/B.CA ) | CANADA | 19.44 | 18.71 | -3.76% |
| MASONITE INTL. ( MHM.CA ) | CANADA | 27.08 | 28.21 | 4.18% |
| MANULIFE FINL. ( MFC.CA ) | CANADA | 36.12 | 37.12 | 2.76% |
| WARTSILA B ( WRTBV.FI ) | FINLAND | 23.34 | 21.91 | -6.13% |
| RAUTARUUKKI K ( RTRKS.FI ) | FINLAND | 8.79 | 7.85 | -10.70% |
| OUTOKUMPU A ( OUT1V.FI ) | FINLAND | 13.50 | 13.82 | 2.34% |
| EULER HERMES ( ELE.FR ) | FRANCE | 57.67 | 54.53 | -5.44% |
| NATEXIS BQ POP ( KN.FR ) | FRANCE | 117.02 | 116.01 | -0.87% |
| DEUTSCHE BANK ( DBK.DE ) | GERMANY | 88.12 | 82.17 | -6.76% |
| MPC MUENCHMEYER CAP. ( MPC.DE ) | GERMANY | 43.26 | 43.59 | 0.76% |
| DAIMLERCHRYSLER ( DCX.DE ) | GERMANY | 45.09 | 41.33 | -8.34% |
| PUBLIC POWER CORPORATION ( PPC.GR ) | GREECE | 26.63 | 25.08 | -5.82% |
| ORIENT OS. INTL. ( 316.HK ) | HONG KONG | 3.40 | 3.32 | -2.45% |
| HANG LUNG GROUP LTD. ( 10.HK ) | HONG KONG | 1.59 | 1.50 | -5.82% |
| HANG LUNG PROPERTIES LTD ( 10.HK ) | HONG KONG | 1.45 | 1.42 | -1.96% |
| JCG HOLDINGS ( 626.HK ) | HONG KONG | 0.86 | 0.80 | -7.64% |
| BANK DANAMON ( BDMN.ID ) | INDONESIA | 0.33 | 0.32 | -3.14% |
| LEUMI ( LUMI.IL ) | ISRAEL | 1.88 | 1.84 | -2.24% |
| POALIM ( POLI.IL ) | ISRAEL | 2.57 | 2.61 | 1.27% |
| MIRATO ( MRT.IT ) | ITALY | 7.44 | 7.23 | -2.86% |
| KIAN JOO CAN FACTORY ( KJC.MY ) | MALAYSIA | 0.88 | 0.81 | -7.75% |
| IOI OLEOCHEMICAL INDS. ( PAL.MY ) | MALAYSIA | 2.75 | 2.79 | 1.35% |
| SOUTHERN BANK ( SBK.MY ) | MALAYSIA | 0.93 | 0.88 | -5.65% |
| TOP GLOVE ( TOPG.MY ) | MALAYSIA | 1.61 | 1.83 | 13.29% |
| GAMMA HOLDING ( GAMN.NL ) | NETHERLANDS | 49.02 | 48.69 | -0.67% |
| FLETCHER BUILDING ( FBU.NZ ) | NEW ZEALAND | 2.82 | 2.91 | 3.20% |
| ODFJELL A ( ODF.NO ) | NORWAY | 29.25 | 29.65 | 1.37% |
| FRONTLINE ( FRO.NO ) | NORWAY | 32.25 | 28.20 | -12.54% |
| WILHS.WILHELMSEN A ( WWI.NO ) | NORWAY | 30.96 | 26.76 | -13.58% |
| KVERNELAND ( KVE.NO ) | NORWAY | 13.13 | 12.62 | -3.87% |
| EXPERT ( EXPERT.NO ) | NORWAY | 5.99 | 6.35 | 5.95% |
| VEIDEKKE ( VEI.NO ) | NORWAY | 9.99 | 10.12 | 1.37% |
| KEPPEL LAND ( KPLD.SG ) | SINGAPORE | 1.11 | 1.11 | 0.29% |
| PEOPLE'S FOOD HOLDINGS ( PFH.SG ) | SINGAPORE | 0.81 | 0.88 | 8.86% |
| ELEC & ELTEK INTL. ( ELEC.SG ) | SINGAPORE | 1.79 | 1.83 | 2.15% |
| JD GROUP ( JDG.ZA ) | SOUTH AFRICA | 6.25 | 6.60 | 5.60% |
| TRUWORTHS INTL. ( TRU.ZA ) | SOUTH AFRICA | 1.43 | 1.62 | 13.49% |
| EDGARS CONS.STORES ( ECO.ZA ) | SOUTH AFRICA | 18.23 | 22.37 | 22.68% |
| FOSCHINI ( FOS.ZA ) | SOUTH AFRICA | 2.86 | 3.14 | 9.87% |
| SHOPRITE ( SHP.ZA ) | SOUTH AFRICA | 1.42 | 1.57 | 11.14% |
| EM TECHNICS CO. ( 064240.KR ) | SOUTH KOREA | 3.07 | 2.87 |