investment management philosophy that has de-emphasised US equity markets.

Mr. Lindsell is speaking this evening at a seminar on "Global Markets'' at the Bermuda Underwater Exploration Institute.

GT funds are popular in Bermuda among intermediaries and investors because they were one of the leaders in the offshore equity fund business. The GT Investment fund is perhaps their most popular fund here.

The seminar is presented by GT Global and local investment management firm, Kast Investment Management Ltd., which has more than $135 million in funds under administration.

Kast Investment president Ann Kast said, "The GT Investment Fund is widely held by pension funds and is considered a moderate risk fund. It's got a good track record, so it is widely held.

"Because it is widely held by a large cross section of the Bermuda community, it is good to have the people who actually manage the money answer questions from the investors.

"It's important for investors to hear what people who actually make the buy and sell decisions in the management of money have to say about the market.

"The GT Investment Fund managed by Mr. Lindsell, has had an average performance in this market because he has been 15 percent cash, 30 percent fixed income. Neither of those holdings have participated in the really strong upward markets.

"He's also only ten percent in the US. He's taken a very defensive stance and it should be interesting to hear him defend this position. This indicates some bearishness, or at least he hasn't seen values in certain markets like the US.

Other global stock funds have more in the US.

"GT said this fund is an equity fund, but at least one group has called this a balanced fund. It is going to be interesting to hear then, when Mr. Lindsell intends to draw down his cash position and re-deploy his bond position into equities.'' BUSINESS BUC