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Investment Performance Report
investment review
Annualised Performance to 1st December 2004 For November 2004
Annualised
Annualised Annualised Annualised
This monthly investment review is produced by Eagle Star for professional Insurance Intermediaries. It covers the following: Year to Date
Fund Size (€)
performance of major stock markets, comment on markets, Eagle Star asset allocations, feature on selected stocks,
Euro Equity
Eagle Star’s global outlook and fund performance statistics.
Eagle Star Eurozone G
11.49%
14.87%
Not Started
Not Started
Not Started
Not Started
2,322,000
If you require further information, contact your Eagle Star Broker Consultant or your Sales Support Team.
Equity and Bond % Returns
MoneyMate Sector Average1
6.05%
9.32%
-6.59%
N/A
N/A
N/A
European Equities2
Eagle Star 55 Europe
20.00%
Not Started
Not Started
Not Started
Not Started
Not Started
5,966,000
MoneyMate Sector Average1
8.40%
10.63%
-3.88%
-5.77%
N/A
N/A
Equities
Far East Equity2
Eagle Star 55 Asia Pacific
17.30%
Not Started
Not Started
Not Started
Not Started
Not Started
6,284,000
BOI Life - Unit Funds Far East Equity 2 G Standard Life MW Pacific Basin Equity 5 G Investment Comment
Eagle Star’s Asset Allocation
MoneyMate Sector Average1
6.98%
5.36%
-0.85%
N/A
N/A
N/A
• World equities (in euro terms) had a reasonable month in November The funds are overweight in equities and neutral in bonds.
American Equity2
Eagle Star 5
5 Americas
5.30%
Not Started
Not Started
Not Started
Not Started
Not Started
887,000
rising by just under 1%. In local currency terms, markets were strong Equities
across the board led by Hong Kong, Germany, Ireland and the US. Many of the gains, however, were watered down by the significant weakening Countries & Markets: overweight & underweight positions
of the US dollar and other related currencies. Equities rallied following The fund managers maintained an overweight position in equities President Bush’s re-election and were further boosted by some robust Standard Life MW North American Equity 5 G during the period. The only move in November was the increase in the MoneyMate Sector Average1
1.42%
0.49%
-9.06%
-1.67%
N/A
N/A
economic data in the US and the continued decline in European interest Pacific Basin region from neutral back to overweight with the purchase rate expectations. Sectorwise, cyclical stocks, such as basic industries of mainly Hong Kong equities. Asian markets continue to perform well Concentrated Funds3
and industrials, outperformed while the defensive areas of the market given their sensitivity to global, and especially Chinese, economic Eagle Star 55
10.13%
11.76%
4.08%
Not Started
Not Started
Not Started
119,189,000
did not participate to any great extent.
growth. The funds have a significant overweight position in European equities and an underweight position in the US equity market. Neutral • Eurozone bonds rose for the sixth straight month while US bonds fell positions were maintained in the UK and Japan.
back, hindered by strong economic data.
Average of Selected Funds
2.69%
3.38%
-7.88%
N/A
N/A
N/A
Sectors: overweight & underweight positions
• Corporate news was more muted following the hectic 3rd Quarter The funds continue to have a slight bias towards economically Consensus Funds4
reporting season in October. Notable features in the US were the sensitive sectors such as basic industries and resources although payment by Microsoft of a US$33bn special dividend and the takeover general industrials were cut back to neutral, with profit taking in some of Sears Roebuck by Kmart – with the Sears share price up nearly 50% machinery stocks. The overweight position in financials was further in November. In Europe, Ryanair rose strongly on the back of lower oil increased, primarily with the purchase of Swiss banks. The other main prices and better than expected results while Greek gaming company, move was the reduction of utilities from overweight to neutral with Average of Selected Funds
10.17%
12.35%
0.65%
0.22%
N/A
N/A
OPAP and Scandinavian video conferencing company, Tandberg both profits being taken in German and Italian electricity providers.
rose on strong results. European auto companies, such as Renault, Figures highlighted in orange, indicate where Eagle Star has outperformed the average.
Porsche and BMW, all fell back on concerns over the US dollar. In Asia, China Aviation Oil was suspended following the announcement of a Source: MoneyMate as on 01/12/2004.
loss of US$550m in oil futures trading, while Japanese auto November was an unusual month of divergence between the US and Returns are based on offer/offer performance of the funds and do not represent the returns achieved by individual policies linked to the funds. Unit prices in the funds are not guaranteed and may fall as well as rise.
Benefits may be affected by fluctuations in exchange rates between the currency of the underlying investment and the policy currency. Past performance may not be a reliable guide to future returns which are manufacturer, Nissan announced the temporary suspension of eurozone bond markets, with bond prices falling in the former and dependent on future investment conditions. The MoneyMate sector averages shown are the average of all funds in each of the MoneyMate sectors in the individual pensions category except where otherwise stated.
production at a number of its plants due to a shortage of steel. Steel rising strongly in the latter. The US saw stronger economic data and a The funds highlighted have been chosen to show one of each competitors' open funds. Where more than one fund is applicable the one spanning most time periods has been selected, where there are equal time further rate hike from the Fed. In the eurozone, economic data was periods the best performing fund has been selected.
makers across the globe jumped following the news.
generally weaker. The big event of the month was a bout of dollar The average shown is the average of the relevant MoneyMate Irish Domestic Funds (Gross) sector. This sector has been chosen as it contains the most comprehensive selection of competitor funds.
weakness. This had some negative impact on sentiment in the US This MoneyMate regional sector has been chosen as a base comparison for the Eagle Star 55 regional fund as there is no regional concentrated fund category.
• The US dollar broke down further to record new lows against the euro.
This is not a sector on MoneyMate but has been created to compare the performance of the 55 fund to that of its closest competitors in the Irish Domestic Funds (Gross) sector.
The euro began the month at 1.28 against the dollar ending at almost bond market but had a strong positive impact on eurozone bonds.
This is not a sector on MoneyMate but includes all the funds identifiable as consensus funds on MoneyMate available to group & individual pension policies.
1.33 – a gain of 4% against the dollar. The dollar was also weak against Rate expectations and bond yields fell which pushed bond pricesahead even further for the year. The over five year government bond all other major currencies.The reasons behind the fall include concerns index stood at 9.4% for the 11 months to the end of November, a gain EAGLE STAR HOUSE FRASCATI ROAD BLACKROCK CO DUBLIN IRELAND TELEPHONE 01 283 1301 FAX 01 283 1578 WEBSITE www.eaglestarlife.ie over the twin deficits and Asian central banks’ holdings of US bonds as of 1.6% on the month. Bond positions were moved from neutral to EAGLE STAR LIFE ASSURANCE COMPANY OF IRELAND LIMITED IS REGULATED BY THE IRISH FINANCIAL SERVICES REGULATORY AUTHORITY well as less than supportive comments from Federal Reserve Chairman, overweight early in the month and profits were taken on this move at Intended for distribution within the Republic of Ireland Spotlight on Stocks
Investment Performance Report
The following stocks are included (at time of going to print) in Eagle Star’s funds including the 5★5 Global Fund.
Annualised Performance to 1st December 2004 software applications (Office). The company is wellpositioned to benefit from the pick up in IT American International Group
spending by enterprises. The company recently Annualised
Annualised
Annualised
Annualised
announced a US$33bn special dividend and a AIG is one of the largest insurance companies in Year to Date
Fund Size (€)
US$30bn four year share buyback programme and the world. AIG has four operating segments: this should be a catalyst for the stock going General Insurance, Life Insurance, Financial Services Eagle Star Secure
1.59%
1.75%
2.60%
3.37%
4.81%
6.54%
77,826,000
for ward. The stock trades at a discount to its and Retirement Ser vices & Asset Management.
Potential positive catalysts for the stock include a settlement with the New York Attorney General regarding bid rigging and a resolution of the SEC Resources and Infrastructure
and DoJ investigations into the Brightpoint and GAITS transactions. The valuation is attractive with the stock trading at the low end of its historical Xstrata is a major diversified mining group.
Following the recent acquisition of MIM Holdings MoneyMate Sector Average
1.26%
1.39%
2.06%
2.73%
3.85%
5.75%
in June 2003, the group has a meaningful position Healthcare
in six major international commodity markets: Fixed Interest
copper, coking coal, thermal coal, ferrochrome, Eagle Star Active Pension
9.32%
10.77%
7.04%
8.37%
Not Started
Not Started
43,546,000
Eagle Star Long Bond Fund
11.65%
13.46%
Not Started
Not Started
Not Started
Not Started
9,265,000
Sanofi-Aventis
vanadium and zinc. Xstrata has benefited from Sanofi-Aventis is the third largest pharmaceutical strong upward earnings revisions as it has participated in strong commodity prices and the company in Europe. The company is the result of the takeover of Aventis by Sanofi earlier this year.
The company has a large sales force and a positive substantial. Xstrata currently trades on a 2005 P/E development pipeline, highlighted recently with of 8.5 times which is a significant discount to the MoneyMate Sector Average
7.76%
9.27%
6.66%
7.18%
8.95%
8.99%
the successful release of two year data for itsobesity compound Acomplia, which could have International Equity
annual sales potential in excess of €2bn. The Consumer
Eagle Star International Dynamic
4.00%
5.89%
-4.30%
-3.16%
Not Started
Not Started
33,029,000
company also faces some considerable patent challenges in the next few years. The company Sumitomo Corp
Sumitomo Corp is a Japanese based, consumer Hibernian L&P Pension (Hib) H-R International oriented trading company. It has interests in areas Technology & Telecoms
such as steel, automobiles and cable T V.
company has been steadily improving its asset Microsoft
efficiency and should enjoy good earnings growth MoneyMate Sector Average
4.33%
5.77%
-6.19%
-5.88%
6.42%
6.53%
Microsoft is the largest software company in the because of the growing Japanese economy.
Managed Aggressive
world. It has a dominant market share in operating Sumitomo Corp appears undervalued relative to Eagle Star Dynamic
9.99%
12.89%
0.13%
-1.59%
9.67%
13.74%
356,070,000
systems for PCs ( Windows) and is also a leader in MoneyMate Sector Average
7.97%
10.41%
-0.29%
-0.46%
9.84%
10.37%
Global Outlook
Managed Balanced
Eagle Star Balanced

9.54%
12.06%
1.30%
0.37%
10.29%
12.71%
534,177,000
• Activity levels in the global economy remain high, although leading indicators foresee a slowing in the pace of global expansion.
Eagle Star Performance
9.81%
12.42%
0.84%
-0.61%
9.92%
12.55%
407,419,000
The high oil price is a ‘growth tax’ for consuming nations but also boosts inflation, posing an undoubted dilemma for policymakers. After a sharp fall at the beginning of December oil is 22% off its peak price this year but is still a third higher than • The Fed has raised rates from 1% to 2% this year and has promised more increases at a “measured pace”. Employment growth Hibernian L&P Pension (Hib) H-R Managed has been weaker than previous expansions, leading the Fed to be cautious. Nonetheless investors still expect a further 0.25% increase at mid December’s Fed meeting. As for the ECB, for now it seems that a strong euro will offset concerns over inflation allowing rates to be kept on hold at 2%.
MoneyMate Sector Average
7.73%
9.98%
0.17%
0.20%
9.21%
8.97%
• Equity gains this year have been more modest as profits’ momentum seems to have peaked. The oil price has been a negative factor but recent sharp falls will help short-term sentiment. Strong liquidity conditions have also helped equity markets toremain in cyclical uptrends. Seasonal factors should be a support in and around year-end.
Figures highlighted in orange, indicate where Eagle Star has outperformed the average.
• Bond markets have taken some comfort from the stance of the Fed and the ECB, well-behaved inflation data and a sense that global growth momentum has peaked. Lower eurozone growth prospects and potential for further dollar weakness acts assupport for eurozone bonds versus their US equivalents.
Spotlight on Stocks
Investment Performance Report
The following stocks are included (at time of going to print) in Eagle Star’s funds including the 5★5 Global Fund.
Annualised Performance to 1st December 2004 software applications (Office). The company is wellpositioned to benefit from the pick up in IT American International Group
spending by enterprises. The company recently Annualised
Annualised
Annualised
Annualised
announced a US$33bn special dividend and a AIG is one of the largest insurance companies in Year to Date
Fund Size (€)
US$30bn four year share buyback programme and the world. AIG has four operating segments: this should be a catalyst for the stock going General Insurance, Life Insurance, Financial Services Eagle Star Secure
1.59%
1.75%
2.60%
3.37%
4.81%
6.54%
77,826,000
for ward. The stock trades at a discount to its and Retirement Ser vices & Asset Management.
Potential positive catalysts for the stock include a settlement with the New York Attorney General regarding bid rigging and a resolution of the SEC Resources and Infrastructure
and DoJ investigations into the Brightpoint and GAITS transactions. The valuation is attractive with the stock trading at the low end of its historical Xstrata is a major diversified mining group.
Following the recent acquisition of MIM Holdings MoneyMate Sector Average
1.26%
1.39%
2.06%
2.73%
3.85%
5.75%
in June 2003, the group has a meaningful position Healthcare
in six major international commodity markets: Fixed Interest
copper, coking coal, thermal coal, ferrochrome, Eagle Star Active Pension
9.32%
10.77%
7.04%
8.37%
Not Started
Not Started
43,546,000
Eagle Star Long Bond Fund
11.65%
13.46%
Not Started
Not Started
Not Started
Not Started
9,265,000
Sanofi-Aventis
vanadium and zinc. Xstrata has benefited from Sanofi-Aventis is the third largest pharmaceutical strong upward earnings revisions as it has participated in strong commodity prices and the company in Europe. The company is the result of the takeover of Aventis by Sanofi earlier this year.
The company has a large sales force and a positive substantial. Xstrata currently trades on a 2005 P/E development pipeline, highlighted recently with of 8.5 times which is a significant discount to the MoneyMate Sector Average
7.76%
9.27%
6.66%
7.18%
8.95%
8.99%
the successful release of two year data for itsobesity compound Acomplia, which could have International Equity
annual sales potential in excess of €2bn. The Consumer
Eagle Star International Dynamic
4.00%
5.89%
-4.30%
-3.16%
Not Started
Not Started
33,029,000
company also faces some considerable patent challenges in the next few years. The company Sumitomo Corp
Sumitomo Corp is a Japanese based, consumer Hibernian L&P Pension (Hib) H-R International oriented trading company. It has interests in areas Technology & Telecoms
such as steel, automobiles and cable T V.
company has been steadily improving its asset Microsoft
efficiency and should enjoy good earnings growth MoneyMate Sector Average
4.33%
5.77%
-6.19%
-5.88%
6.42%
6.53%
Microsoft is the largest software company in the because of the growing Japanese economy.
Managed Aggressive
world. It has a dominant market share in operating Sumitomo Corp appears undervalued relative to Eagle Star Dynamic
9.99%
12.89%
0.13%
-1.59%
9.67%
13.74%
356,070,000
systems for PCs ( Windows) and is also a leader in MoneyMate Sector Average
7.97%
10.41%
-0.29%
-0.46%
9.84%
10.37%
Global Outlook
Managed Balanced
Eagle Star Balanced

9.54%
12.06%
1.30%
0.37%
10.29%
12.71%
534,177,000
• Activity levels in the global economy remain high, although leading indicators foresee a slowing in the pace of global expansion.
Eagle Star Performance
9.81%
12.42%
0.84%
-0.61%
9.92%
12.55%
407,419,000
The high oil price is a ‘growth tax’ for consuming nations but also boosts inflation, posing an undoubted dilemma for policymakers. After a sharp fall at the beginning of December oil is 22% off its peak price this year but is still a third higher than • The Fed has raised rates from 1% to 2% this year and has promised more increases at a “measured pace”. Employment growth Hibernian L&P Pension (Hib) H-R Managed has been weaker than previous expansions, leading the Fed to be cautious. Nonetheless investors still expect a further 0.25% increase at mid December’s Fed meeting. As for the ECB, for now it seems that a strong euro will offset concerns over inflation allowing rates to be kept on hold at 2%.
MoneyMate Sector Average
7.73%
9.98%
0.17%
0.20%
9.21%
8.97%
• Equity gains this year have been more modest as profits’ momentum seems to have peaked. The oil price has been a negative factor but recent sharp falls will help short-term sentiment. Strong liquidity conditions have also helped equity markets toremain in cyclical uptrends. Seasonal factors should be a support in and around year-end.
Figures highlighted in orange, indicate where Eagle Star has outperformed the average.
• Bond markets have taken some comfort from the stance of the Fed and the ECB, well-behaved inflation data and a sense that global growth momentum has peaked. Lower eurozone growth prospects and potential for further dollar weakness acts assupport for eurozone bonds versus their US equivalents.
Investment Performance Report
investment review
Annualised Performance to 1st December 2004 For November 2004
Annualised
Annualised Annualised Annualised
This monthly investment review is produced by Eagle Star for professional Insurance Intermediaries. It covers the following: Year to Date
Fund Size (€)
performance of major stock markets, comment on markets, Eagle Star asset allocations, feature on selected stocks,
Euro Equity
Eagle Star’s global outlook and fund performance statistics.
Eagle Star Eurozone G
11.49%
14.87%
Not Started
Not Started
Not Started
Not Started
2,322,000
If you require further information, contact your Eagle Star Broker Consultant or your Sales Support Team.
Equity and Bond % Returns
MoneyMate Sector Average1
6.05%
9.32%
-6.59%
N/A
N/A
N/A
European Equities2
Eagle Star 55 Europe
20.00%
Not Started
Not Started
Not Started
Not Started
Not Started
5,966,000
MoneyMate Sector Average1
8.40%
10.63%
-3.88%
-5.77%
N/A
N/A
Equities
Far East Equity2
Eagle Star 55 Asia Pacific
17.30%
Not Started
Not Started
Not Started
Not Started
Not Started
6,284,000
BOI Life - Unit Funds Far East Equity 2 G Standard Life MW Pacific Basin Equity 5 G Investment Comment
Eagle Star’s Asset Allocation
MoneyMate Sector Average1
6.98%
5.36%
-0.85%
N/A
N/A
N/A
• World equities (in euro terms) had a reasonable month in November The funds are overweight in equities and neutral in bonds.
American Equity2
Eagle Star 5
5 Americas
5.30%
Not Started
Not Started
Not Started
Not Started
Not Started
887,000
rising by just under 1%. In local currency terms, markets were strong Equities
across the board led by Hong Kong, Germany, Ireland and the US. Many of the gains, however, were watered down by the significant weakening Countries & Markets: overweight & underweight positions
of the US dollar and other related currencies. Equities rallied following The fund managers maintained an overweight position in equities President Bush’s re-election and were further boosted by some robust Standard Life MW North American Equity 5 G during the period. The only move in November was the increase in the MoneyMate Sector Average1
1.42%
0.49%
-9.06%
-1.67%
N/A
N/A
economic data in the US and the continued decline in European interest Pacific Basin region from neutral back to overweight with the purchase rate expectations. Sectorwise, cyclical stocks, such as basic industries of mainly Hong Kong equities. Asian markets continue to perform well Concentrated Funds3
and industrials, outperformed while the defensive areas of the market given their sensitivity to global, and especially Chinese, economic Eagle Star 55
10.13%
11.76%
4.08%
Not Started
Not Started
Not Started
119,189,000
did not participate to any great extent.
growth. The funds have a significant overweight position in European equities and an underweight position in the US equity market. Neutral • Eurozone bonds rose for the sixth straight month while US bonds fell positions were maintained in the UK and Japan.
back, hindered by strong economic data.
Average of Selected Funds
2.69%
3.38%
-7.88%
N/A
N/A
N/A
Sectors: overweight & underweight positions
• Corporate news was more muted following the hectic 3rd Quarter The funds continue to have a slight bias towards economically Consensus Funds4
reporting season in October. Notable features in the US were the sensitive sectors such as basic industries and resources although payment by Microsoft of a US$33bn special dividend and the takeover general industrials were cut back to neutral, with profit taking in some of Sears Roebuck by Kmart – with the Sears share price up nearly 50% machinery stocks. The overweight position in financials was further in November. In Europe, Ryanair rose strongly on the back of lower oil increased, primarily with the purchase of Swiss banks. The other main prices and better than expected results while Greek gaming company, move was the reduction of utilities from overweight to neutral with Average of Selected Funds
10.17%
12.35%
0.65%
0.22%
N/A
N/A
OPAP and Scandinavian video conferencing company, Tandberg both profits being taken in German and Italian electricity providers.
rose on strong results. European auto companies, such as Renault, Figures highlighted in orange, indicate where Eagle Star has outperformed the average.
Porsche and BMW, all fell back on concerns over the US dollar. In Asia, China Aviation Oil was suspended following the announcement of a Source: MoneyMate as on 01/12/2004.
loss of US$550m in oil futures trading, while Japanese auto November was an unusual month of divergence between the US and Returns are based on offer/offer performance of the funds and do not represent the returns achieved by individual policies linked to the funds. Unit prices in the funds are not guaranteed and may fall as well as rise.
Benefits may be affected by fluctuations in exchange rates between the currency of the underlying investment and the policy currency. Past performance may not be a reliable guide to future returns which are manufacturer, Nissan announced the temporary suspension of eurozone bond markets, with bond prices falling in the former and dependent on future investment conditions. The MoneyMate sector averages shown are the average of all funds in each of the MoneyMate sectors in the individual pensions category except where otherwise stated.
production at a number of its plants due to a shortage of steel. Steel rising strongly in the latter. The US saw stronger economic data and a The funds highlighted have been chosen to show one of each competitors' open funds. Where more than one fund is applicable the one spanning most time periods has been selected, where there are equal time further rate hike from the Fed. In the eurozone, economic data was periods the best performing fund has been selected.
makers across the globe jumped following the news.
generally weaker. The big event of the month was a bout of dollar The average shown is the average of the relevant MoneyMate Irish Domestic Funds (Gross) sector. This sector has been chosen as it contains the most comprehensive selection of competitor funds.
weakness. This had some negative impact on sentiment in the US This MoneyMate regional sector has been chosen as a base comparison for the Eagle Star 55 regional fund as there is no regional concentrated fund category.
• The US dollar broke down further to record new lows against the euro.
This is not a sector on MoneyMate but has been created to compare the performance of the 55 fund to that of its closest competitors in the Irish Domestic Funds (Gross) sector.
The euro began the month at 1.28 against the dollar ending at almost bond market but had a strong positive impact on eurozone bonds.
This is not a sector on MoneyMate but includes all the funds identifiable as consensus funds on MoneyMate available to group & individual pension policies.
1.33 – a gain of 4% against the dollar. The dollar was also weak against Rate expectations and bond yields fell which pushed bond pricesahead even further for the year. The over five year government bond all other major currencies.The reasons behind the fall include concerns index stood at 9.4% for the 11 months to the end of November, a gain EAGLE STAR HOUSE FRASCATI ROAD BLACKROCK CO DUBLIN IRELAND TELEPHONE 01 283 1301 FAX 01 283 1578 WEBSITE www.eaglestarlife.ie over the twin deficits and Asian central banks’ holdings of US bonds as of 1.6% on the month. Bond positions were moved from neutral to EAGLE STAR LIFE ASSURANCE COMPANY OF IRELAND LIMITED IS REGULATED BY THE IRISH FINANCIAL SERVICES REGULATORY AUTHORITY well as less than supportive comments from Federal Reserve Chairman, overweight early in the month and profits were taken on this move at Intended for distribution within the Republic of Ireland

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PROTOCOLOS DE PRÁCTICA ASISTENCIAL duodenalJ.I. Elizalde Frez y M. Aceituno QuintanillaServicio de Gastroenterología. Institut Clínic de Malalties Digestives. Barcelona. Durante los últimos 20 años se ha producido unacon antecedentes de hemorragia por úlcera duodenal. revolución en el tratamiento de la úlcera péptica trasA diferencia de la úlcera gástrica, en la que un porcenta

Curriculum vitae

FACULTY PROFILE DR. N. RAJENDRAPRASAD, M.Sc., Ph.D Assistant Professor of Chemistry JSS College (Affiliated to University of Mysore) Ooty Road, Mysore 570 025 Karnataka, India PERMANENT ADDRESS #125, Sujjaluru, T. Narasipura Talluk, Mysore District ACADEMIC QUALIFICATION 1- Ph. D. in Analytical Chemistry, 2012, Under the Guidance of Prof K. Basavaiah, Departm

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