Welcome as the recent performance improvement may be, investors should not be lulled into a false sense of complacency. With a 67% exposure to small-cap shares, there's still a high risk tag attached to the portfolio. Risk is increased by a heavy 56% weighting in the top 10 holdings and overweight positions in IT and financial services. This structure results in high volatility characteristics, with unit price moves averaging 10%/month over three years.

(Source: Financial Mail, June 8, 2001)