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Evaluating a Fund's management based on past performance is a difficult task. Many different methods, some of
which will appear later in this report, are available and all have specific strengths and weaknesses.
What is desired is a way of presenting a long-term perspective which is neither overly influenced by long past
periods of good performance nor is overly influenced by current results (end date sensitivity).
The North Growth US Equity Fund is managed to produce the best long-term growth that we are capable of by
staying consistent with our investment philosophy and our understanding of responsible investment practices.
We always stress that a minimum holding period of 5 years be anticipated by new clients.
By presenting a complete set of 5-year periods with different starting and ending points, the past range of 5-year
average annual (compound or geometric) returns, we can demonstrate the effect that short-term market fluctuations
have on long-term performance.
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