p17n63qg7jmbh1r4fin71pds1p454.pdf

More documents

Recommendations

Info

30 eXeCutIve dIReCtOR’s letteR Unit Trust Corporation Annual Report 2012
Unit Trust Corporation Annual Report 2012 Dear Fellow Investors It is my great pleasure to present to you the Executive Director’s Report on the Corporation’s financial outturn and the investment performance of its mutual funds for the year ended December 31, 2012. eCOnOmIC RevIeW and OutlOOk In the 2012 financial year, global economic performance surpassed expectations as policymakers across the world intervened, coordinating monetary and fiscal policies in order to revitalize global economic growth which has been decelerating since 2011. Real GDP in the US rose 2.2 percent in 2012 compared to 1.8 percent in 2011. This increase was recorded despite declining government spending and is chiefly reflective of increased personal consumption and investment spending along with decelerating imports. The US housing market showed signs of resilience and the US Federal Reserve extended its accommodative policy measures in a bid to maintain low interest rates. The “debt ceiling debate” and the looming “fiscal cliff” remain the key legislative issues which are high on the agenda for US policymakers as both issues have the potential the cause serious economic fallout if not properly managed. Economic activity in the Euro-area contract- ed by 0.6 percent during 2012, following an expansion of 1.4 percent in 2011. This was prompted by declining export growth, falling investment levels triggered by increased capital flight, contracting private consumption and elevated unemployment levels. European Central Bank actions to supply liquidity to the region’s troubled banks have exeCUtIVe DIreCtor’S Letter helped to improve overall investor sentiment towards the Euro-area notwithstanding the weak economic fundamentals. Emerging market economic conditions were tempered by the Euro-area recession as these regions depend heavily on that area’s external demand. The Asian region still managed to grow at a rate of 6.28 percent in 2012 compared to 7.54 percent in 2011, while Latin America grew at 2.57 percent compared to 4.17 percent in 2011. These regions’ largest economies, China and Brazil, grew at 7.80 percent 0.87 percent respectively in 2012. Many Caribbean economies continued to face challenges of elevated public debt levels, weak external demand, and adverse terms of trade. The Jamaican economy encountered continued difficulties in 2012, however, in February 2013, Jamaican authorities and the International Monetary Fund (IMF) reached a staff-level agreement for an Extended Fund Facility which should provide some support in the medium term. Barbados’ economic growth stagnated in 2012 as the economy remains challenged owing to the protracted global economic weakness which significantly impacts tourism. The Central Bank of Trinidad & Tobago forecasts GDP growth of 1.2 percent and 2.5 percent for 2012 and 2013 respectively. Third quarter GDP grew by 1.5 percent year-over-year following a 3.3 percent contraction in the preceding quarter. Crude, natural gas and petrochemical production all deteriorated during the year and various downstream energy projects were postponed. notably, however, there was increased exploratory and drilling activity in the upstream energy sector during 2012 31
Page 3 and 4: Our mission is to create and enhanc
Page 5 and 6: ContentS 7 Corporate Information 10
Page 7 and 8: Unit Trust Corporation Annual Repor
Page 9 and 10: oard of direCtorS Leonardo Ambrose
Page 15 and 16: Performance HigHligHts Bonds 22.10%
Page 17 and 18: Performance HigHligHts Equities 90.
Page 19 and 20: Performance HigHligHts Equities 89.
Page 21 and 22: Bonds 48.80% Performance HigHligHts
Page 23 and 24: Performance HigHligHts 23 US DOLLAR
Page 29: Unit Trust Corporation Annual Repor
Page 49 and 50: Notes to the Consolidated Financial
Page 81 and 82:
Notes to the Consolidated Financial
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Unit Trust Corporation Annual Repor
show all

p17n63qg7jmbh1r4fin71pds1p454.pdf

Create successful ePaper yourself

Delete template?

Save as template?