Global Funds SICAV plc, a local collective investment scheme, held its sixth annual general meeting at the Coastline Hotel last month, when the company's shareholders approved the annual report and financial statements for the year ending July 31, 2004, and re-appointed PricewaterhouseCoopers as the company's auditors.

Anthony C. Azzopardi, the company's chairman, spoke on the positive results achieved by the scheme with total assets under management increasing from Lm14.2 million as at July 31, 2003, to Lm15.6 million as at July 31, 2004.

During this period the Malta Privatisation and Equity Fund, one of the company's sub-funds, increased by a remarkable 23.27%. Mr Azzopardi explained that, as a result of strong active management, since July 31, 2004, the Malta Privatisation and Equity Fund continued to register a very positive performance and as at December 20, was outperforming the Malta Stock Exchange Index.

After the meeting, Michel Said, assistant general manager of Globe Fund Advisers Ltd, as investment advisers to the company, delivered a presentation outlining developments in local and international capital and currency markets, and provided an overall review of the company's good performance throughout the year.

Global Funds SICAV is licensed by the Malta Financial Services Authority. The other sub-funds are: the Global Bond Fund Plus, the Aberdeen (Malta) China Opportunities Fund, the Aberdeen (Malta) Technology Fund, the Melita Bond Fund and the Melita Equity Fund.

The other company directors are Dr Tonio Fenech, Dr Norval Desira, Adrian Galea and John Ellul Vincenti.