| Historic Prices | |
| January 2004 Portfolio |
JANUARY 2004 Portfolio Performance : +3.46% vs. MSCI: +1.54%
| GAA Q Fund | Opening Price | Closing Price | Gain/Loss | |
| Jan-04 | USD Standard | USD Standard | USD % | |
| Stock forecast @ beginning of the month | Country | 01-Jan-04 | 31-Jan-04 | 31-Jan-04 |
| QANTAS AIRWAYS ( QAN.AU ) | AUSTRALIA | 2.47 | 2.63 | 6.42% |
| WNB.AG ( WBST.AT ) WIENERBERGER AG | AUSTRIA | 26.24 | 28.86 | 10.00% |
| ALMANIJ ( ALM.BE ) | BELGIUM | 49.90 | 58.80 | 17.84% |
| CAEMI METAL PN 1000 ( CMET4.BR ) | BRAZIL | 437.48 | 450.05 | 2.87% |
| TRACTEBEL PNB 1000 ( TBLE6.BR ) | BRAZIL | 1.40 | 2.17 | 55.43% |
| BANCO ITAU.HLDG.FINCA.PN1000 ( ITAU4.BR ) | BRAZIL | 98.86 | 95.12 | -3.78% |
| CEMIG PN 1000 ( CMIG4.BR ) | BRAZIL | 18.17 | 16.96 | -6.65% |
| COPEL PNB 1000 ( CPLE6.BR ) | BRAZIL | 4.68 | 3.90 | -16.67% |
| NEXFOR ( NF.CA ) | CANADA | 8.37 | 8.73 | 4.31% |
| RAUTARUUKKI K ( RTRKS.FI ) | FINLAND | n/a | n/a | n/a |
| GEODIS ( GEO.FR ) | FRANCE | 49.06 | 55.78 | 13.71% |
| LAFUMA ( LAF.FR ) | FRANCE | 78.85 | 78.22 | -0.80% |
| FUCHS PETROLUB PREF. ( FPE3.DE ) | GERMANY | 54.25 | 59.12 | 8.98% |
| THYSSENKRUPP ( TKA.DE ) | GERMANY | 19.45 | 19.72 | 1.38% |
| DYCKERHOFF PREF. ( DYK3.DE ) | GERMANY | 16.65 | 18.49 | 11.07% |
| HANG LUNG GROUP LTD. ( 10.HK ) | HONG KONG | 1.25 | 1.60 | 27.70% |
| ORIENT OS. INTL. ( 316.HK ) | HONG KONG | 3.07 | 3.47 | 13.09% |
| VICTORY CITY ( 539.HK ) | HONG KONG | 0.44 | 0.45 | 2.84% |
| OTP BANK ( OTP.HU ) | HUNGARY | n/a | n/a | n/a |
| BANK MANDIRI (PERSERO) ( BMRI.ID ) | INDONESIA | 0.12 | 0.15 | 30.45% |
| BANK DANAMON ( BDMN.ID ) | INDONESIA | 0.24 | 0.27 | 12.74% |
| LEUMI ( LUMI.IL ) | ISRAEL | 1.89 | 1.88 | -0.31% |
| POALIM ( POLI.IL ) | ISRAEL | 2.45 | 2.49 | 1.37% |
| MILANO ASSIC. ( MI.IT ) | ITALY | 3.75 | 3.86 | 2.74% |
| IMPREGILO ( IPG.IT ) | ITALY | 0.63 | 0.51 | -19.38% |
| SUMITOMO RUBBER INDS. ( 5110.JP ) | JAPAN | 5.43 | 6.12 | 12.83% |
| ISUZU MOTORS ( 7202.JP ) | JAPAN | 2.00 | 1.92 | -4.30% |
| HOKUETSU PAPER MILLS ( 3865.JP ) | JAPAN | 5.65 | 5.57 | -1.48% |
| SEINO TRANSPORTATION ( 9076.JP ) | JAPAN | 8.25 | 8.72 | 5.71% |
| TOP GLOVE ( TOPG.MY ) | MALAYSIA | 1.27 | 1.53 | 20.05% |
| KIAN JOO CAN FACTORY ( KJC.MY ) | MALAYSIA | 0.82 | 0.81 | -1.33% |
| HOGAR 'B' ( HOGARB.MX ) | MEXICO | 0.34 | 0.43 | 28.31% |
| TWENTSCHE KABEL ( TK.NL ) | NETHERLANDS | 22.18 | 21.34 | -3.75% |
| STORK ( VMFN.NL ) | NETHERLANDS | 19.45 | 19.94 | 2.50% |
| FRONTLINE ( FRO.NO ) | NORWAY | 25.85 | 29.24 | 13.12% |
| MANILA ELECTRIC 'B' ( MERB.PH ) | PHILIPPINES | 0.44 | 0.61 | 39.23% |
| JURONG TECHS.INDL.CORP. ( JTL.SG ) | SINGAPORE | 0.70 | 0.80 | 14.15% |
| FRASER AND NEAVE ( FNN.SG ) | SINGAPORE | 7.40 | 7.63 | 3.05% |
| ELEC & ELTEK INTL. ( ELEC.SG ) | SINGAPORE | 1.54 | 1.60 | 3.69% |
| REUNERT ( RLO.ZA ) | SOUTH AFRICA | 3.25 | 3.29 | 1.31% |
| ABSA GP. ( ASA.ZA ) | SOUTH AFRICA | 6.27 | 6.28 | 0.08% |
| JD GROUP ( JDG.ZA ) | SOUTH AFRICA | 6.25 | 5.68 | -9.11% |
| FOSCHINI ( FOS.ZA ) | SOUTH AFRICA | 2.93 | 2.78 | -5.09% |
| TELKOM ( TKG.ZA ) | SOUTH AFRICA | 10.34 | 10.63 | 2.81% |
| MTN GP. ( MTN.ZA ) | SOUTH AFRICA | 4.24 | 4.23 | -0.11% |
| KOREA LINE ( 005880.KR ) | SOUTH KOREA | 13.90 | 20.60 | 48.14% |
| HANKOOK TIRE ( 000240.KR ) | SOUTH KOREA | 7.54 | 7.07 | -6.19% |
| KIA MOTORS ( 000270.KR ) | SOUTH KOREA | 9.13 | 9.26 | 1.45% |
| HANJIN SHIPPING ( 000700.KR ) | SOUTH KOREA | 18.51 |