2004

EIC Energy Utility - Monthly Report

Please refer to the PDF document link below to download the November 2004 report for the EIC Energy Utility Fund.

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EIC Energy Utility ranked 6th out of 341 funds

In a survey conducted by Bloomberg, the EIC Energy Utility Fund has been ranked as the sixth best performing fund among 341 equity funds domiciled in Switzerland (see attachment). The survey relates to the 12 months performance until October 31, 2004. Please refer to the document link below to view the full announcement and performance table.

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Strong performance of the EIC Energy Utility Fund

In September, the EIC Energy Utility Fund gained 1.6% (in CHF), compared to the flat performance of the benchmark (MSCI World Utilities). Please refer to the document link below to download the full monthly report for the EIC Energy Utility Fund for the month ended September 30, 2004.

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US Utilities outerperform Market

In August, U.S. utilities outperformed the broad market benefiting from a decline in long-term Treasury bond yields. Please refer to the document link below to download the full monthly report for the EIC Energy Utility Fund for the month ended August 31, 2004.

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Dividends & Power Prices drive Performance

Besides sustained strenght in European power prices, dividend growth will be the second key value driver for European utilities. Payout ratios in the sector are still low relative to earnings and free cash flow profiles. Please refer to the PDF document link below to view the full July monthly report for the EIC Energy Utility Fund.

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Centrica sells Motoring Services Division

Centrica’s sale of its AA motoring services division for £1.75 billion was well received by the market. The company will pay a special dividend and engage in share buy backs. Total proceeds to shareholders will be £1.5 billion. Centrica also announced its intention to undertake substantial upstream gas and power generation investments, which will eventually transform the company into a more integrated power and gas utility. Please refer to the PDF document below to view the full monthly report for June 2004 for the EIC Energy Utility Fund.

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Stocks: Auf die richtigen Regionen setzen

Energy Utility Fund: Choosing the right geographical allocation by Portfolio Manager Stephan Truffer. [DE]

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Central European Power remains attractive

The upward trend in Central European power prices continues, partially due to increasing coal and oil & gas costs. E.ON provided further evidence for the beneficial impact of the current environment on the profitability of power generators. The first quarter operating profit for its core Central European power business grew by 9% on expanding gross margins and cost savings. Please refer to the PDF document below to view the full monthly report for May 2004 for the EIC Energy Utility Fund.

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Annual Report EIC Energy Utility Fund

Please refer to the PDF document link below to view the annual report of the EIC Energy Utility Fund

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Utilities outperform overall Market Year-to-Date

In April, the EIC Energy Utility Fund gained 0.7% (in CHF), while the fund's benchmark lost -1.1%. In 2004 the fund has risen by 14.0% versus a 7.6% rise of the utility sector (MSCI World Utilities) and a 5.3% rise of the overall stock market (MSCI World). Please refer to the document link below to view the full April 2004 report for the EIC Energy Utility Fund.

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Fundamentals for Generators remain positive

The fundamentals for power generators in Central Europe remain positive despite the 10% correction in average peak power prices during the first quarter 2004. The forward curve for the market continues to be upward sloping, reflecting primarily the tightening supply/demand situation and some premium for the impact of future emission requirements. The situation continues to be beneficial for the owners of hydro and nuclear generation. Please refer to the PDF document below to view the full March 2004 report for the EIC Energy Utility Fund.

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Strong Results and Dividens lift Utility Sector

The strong share price performance of the European utilities during February was driven by solid financial result announcements with many of the companies exceeding expectations. The main drivers were higher power prices, strong demand growth and the increasing visibility of the recent restructuring initiatives on the bottom line. Please refer to the PDF document bleow to view the full monthly report for the EIC Energy Utility Fund.

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Solid 2004 Outlook for US Utilities

The EIC Energy Utility Fund managed a good start into the new year gaining 4.7% in January (in CHF). The fund outperformed its benchmark by 1.8% during the month. Please refer to the PDF document below to view the full monthly report.

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EIC Energy Utility Fund adds 4.4% in December

The EIC Energy Utility Fund benefited from the strong equity markets rally in December and closed at CHF 43.45 (+4.4% in December). Going into 2004 we beleive that the expected utility sector total return of 8-11% offers an attractive investment opportunity. Key trends are the rising power prices in central Europe, sustained strength in U.S. gas prices as well as growth opportunities in emerging markets.

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