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THE ICEA MONEY MARKET FUND
FINANCIAL STATEMENTS |
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| 31 DECEMBER 2009 |
THE ICEA GROWTH FUND
FINANCIAL STATEMENTS |
| 31 DECEMBER 2009 |
THE ICEA EQUITY FUND
FINANCIAL STATEMENTS |
| 31 DECEMBER 2009 |
ECONOMIC REVIEW
The year 2009 passed as another economically challenging year both locally and globally. Slow global demand coupled with poor weather, rising cost of power and political squabbles in the coalition government put a lid on economic growth. Throughout the year the government made several attempts to stimulate the economy back to growth.
The much expected economic recovery in Q3 2009 appeared to be a mirage as extraneous shocks kept the economy in the doldrums.