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Analysis: This fund went through a long losing streak that lasted four years, from 1999 to 2002. However, only in the final year of that run was the loss serious, a setback of 17.2%. In each of the previous three years, the drop was less than 5%. Since the start of the bull market in late 2002, results have improved greatly and the fund is a consistent first or second quartile performer. In the year to June 30/07 manager Steve Way had this fund on something of a roll, with a gain of 20.5% in that period, much better than average for the Global Equity category. The average annual three-year compound rate of return is also comfortably above par at 10.7%. Way focuses on large-cap stocks and the fund has excellent regional balance, with 36% of the assets in the U.S., 31% in Europe, and 27% in the Pacific Rim. Risk is about average for a fund of this type.