Foreign Equity Pool Quarterly Review
For the period ending
December 31, 2009
MARKET OVERVIEW
Economic activity is currently benefiting from the massive fiscal and monetary stimulation that has been employed to counter the global credit crisis and global recession. Virtually all major countries with the exception of the UK recorded positive GDP growth in the third quarter of 2009 and are forecasting even stronger growth in the fourth quarter. Investors, while still cautious, are now less anxious about the future than they were earlier in the year.
Despite the progress to date, the economic recovery remains fragile, particularly in North America and Europe. Many consumers and corporations are still in the process of repairing their balance sheets and governments are facing major challenges as they attempt to reduce their participation in their various economies. While 2010 is forecast to be a year of reasonable global economic activity, the outlook for 2011 is still uncertain.
In this environment, theFund returned 15.4% for the year versus the benchmark return of 9.5%.
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