Butterfield Bank (Cayman) Limited reported excellent results for its two Cayman-managed funds for the financial year end of 30th June 2006.
The Butterfield Global Blue Chip Fund gained 16.6 per cent over the financial year, outperforming its benchmark, the S&P Global 100 Index, by 4.3 per cent, states a press release. Since the start of 2006, the Fund has advanced 6.02 per cent compared with a benchmark gain of 4.79 per cent.
The Butterfield International Balanced Fund USD Class rose by 11.8 per cent over the financial year, compared with a benchmark gain of 7.85 per cent. The Fund has gained 4.72 per cent since the beginning of 2006, outperforming its benchmark by 1.47 per cent. The Fund is benchmarked against a blend of the S&P Global 100 Index and the Merrill Lynch Corporate & Government, 1-5 Year, A Rated and above bond index.
‘The performance of both funds is a testimony to the strength of the investment management team we have here in Cayman and also demonstrates the importance of international diversification at a time of challenging U.S. equity markets,’ said Steve Evans, head of Investment Services at Butterfield Bank. ‘$10,000 invested in the Global Blue Chip Fund over the year would have increased to $11,660 while the same amount invested in the S&P 500 would only be worth $10,800.’
The Butterfield Global Blue Chip Fund is a diversified global equity fund that seeks long-term capital growth by investing in a portfolio consisting primarily of large-sized company stocks from around the world. These companies – typically industry leaders – have been identified by the investment managers as having attractive valuations relative to their long-term earnings potential.
The Butterfield International Balanced Fund USD Class seeks conservative long-term capital growth through investing in managed combinations of large-sized global stocks and investment-grade US dollar-denominated bonds. The long-term target asset mix for the fund is 60 per cent stocks and 40 per cent bonds.
Both Funds are listed on the Cayman Island Stock Exchange. Butterfield Bank (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority.