Page 36 - UTC Annual Report 2011

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Dear fellow investors,
It gives me great pleasure to present to you the
Executive Director’s Report on the Corporation’s
financial outturn and the unit schemes and mutual
funds investment performance for the year ended
December 31, 2011.
ECONOMIC REVIEW
The financial year 2011 was characterized by economic
and financial market headwinds negatively impacting the
advanced economies with consequential unfavourable effects
on several key emerging markets. The European Sovereign Debt
Crisis threatened to draw the Euro Zone into recession, the USA
sovereign credit rating was lowered from AAA to AA plus and
no fewer than thirteen (13) European states had their credit rating
downgraded (see Table 1).
Executive Director’s Letter
Unit Trust Corporation
Annual Report 2011
36