Reports Audited 2006 Financial Results
Morgan Meighen & Associates
Toronto, Canada, February 7 2007 -- Canadian World Fund Limited (CWF) (TSX:CWF) had a strong finish to 2006, reflected by annual net asset value and market returns of 38.1% and 48.3% respectively. Both returns exceeded the benchmark, Morgan Stanley All-Country World Free Index return of 18.7%, expressed in Canadian dollar terms. For the fourth quarter, CWF's net asset value return was 19.8% compared to the benchmark return of 13.6%.
CWF's net assets at December 31, 2006 were $32,553,000 compared to the 2005 year-end value of $23,574,000. The net asset value per share for the corresponding years was $7.94 and $5.75.
North America remained the dominant portfolio segment at 38.3%, including a Canadian segment of 23.6%. Europe (including the United Kingdom) was the next largest weighting at 31.0%, with Asia and Latin America at 17.8% and 10.1%, respectively. The top five holdings as at December 31, 2006 were Grupo Financiero Banorte S.A. de C.V., one of Mexico's leading bank groups; Mahindra & Mahindra, Ltd., India's largest manufacturer of tractors and sports-utility vehicles; Google Inc., a leader in innovation and development of the Internet search business; Sberbank, the nationwide retail banker and the only liquid quoted financial stock in Russia; and, International Nickel Ventures Corporation, a Canadian company engaged in the business of acquiring, exploring and developing nickel projects in Brazil.
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.
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FINANCIAL HIGHLIGHTS
(in thousands of dollars, except per share amounts)
For the Year Ended
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December 31, December 31,
2006 2005
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Net investment loss (313) (384)
Net gain on investments 9,292 1,433
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Increase in net assets resulting from
operations 8,979 1,049
Increase in net assets resulting from
operations - per share 2.19 0.26
As at
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December 31, December 31,
2006 2005
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Net assets 32,553 23,574
Net asset value per share 7.94 5.75 | |
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