re: another article instos buying in "FIRST State Global...

re: another article instos buying in "FIRST State Global Resources Fund has notched up a 20 per cent return in its first year, almost double that of its benchmark index.

THE £54.4 million Global Resources Fund is managed by geologists turned investment professionals who are not averse to visiting inhospitable parts of the world to check out potential investments, which the firm believes marks it out from competitors.

The fund aims to provide long-term capital growth by selecting from a global pool of resource companies. It looks for low-cost producers with quality assets and strong management that is growing production.

Its largest sector holdings are in energy, gold and metals. And its largest presence is in Australia, Canada and the UK.

David Whitten, the fund’s manager, said: "During the month, we started a position in Australian copper exploration and production company, Anvil Mining. We also purchased Tidewater [US: Energy], which offers marine services and equipment to the offshore oil and gas exploration industry.

"We continued to increase our exposure to Rio Tinto [UK: Diversified] and CVRD. We sold out of WMC Resources [Australia: Metals] to take profits following its recent strong share price appreciation."

Whitten has been taking profits from a number of energy holdings, but he has retained the overall overweight status for the sector. "

Source: The Scotsman 15 Jan 2005