Butterfield Bank (Cayman) last week reported performance of the Butterfield Global Blue Chip Fund for the third quarter of 2007. On Sunday, 30 September 2007, the Fund traded at a net asset value per unit of $13.68, representing a gain of 4.6 percent in the third quarter and a positive return of 12.8 percent year-to-date.
These very strong returns compare favourably with gains in the Fund's chosen benchmark, the S&P Global 100 Index, of 3.2 percent for the quarter and 12.2 percent since the beginning of the year, Butterfield Bank said in a press statement.
Investment Manager, Gareth Pulman, said: "The strong performance of the Global Blue Chip Fund this year is in large part due to the disciplined approach we have adopted towards sector strategy and stock selection, both for the fund and for our discretionary investment clients."
Mr Pulman added: "The Butterfield Bank investment team believes that it is possible for money managers with an active investment strategy to outperform the benchmark, provided they adopt a systematic approach to investing."
Head of Investment Services at Butterfield Bank Steve Evans said: "I am pleased with the outstanding performance The Global Blue Chip Fund has seen so far in 2007, particularly in the context of challenging equity markets."
Mr Evans added: "The Butterfield Bank team is committed to maintaining this momentum. To this end, we are leveraging the substantial resources that are in place across the Butterfield Bank group to supplement and enhance the work of our skilled locally-based investment managers. I am confident that this approach will continue to generate superior returns for fund holders."