In the article titled “Al Gore’s Fund Suffers and Green Investors are Seeing Red,” which appeared on our web site on July 13 and 14, we wrongly stated that the Generation Global Equity Fund (the “Fund”) was, according to its Securities and Exchange Commission filings, worth only $2.4 billion at the end of March 2010, having originally been worth $5.3 billion when it was closed to new investments in 2008.
We accept that these figures are wholly incorrect. The Fund’s SEC filings state the value of the Fund’s U.S. investments only (which at the end of March 2010 were approximately $2.6 billion), and not the value of the whole Fund. We understand that the value of the Fund at that date was $5.6 billion, and that the Fund has therefore grown in value since 2008.
We accept that the statements that the value of the Fund had fallen were completely wrong and that any suggestion that investors had grounds to be dissatisfied with the management of the Fund or its performance were wholly without merit.
We also accept that:
• many of the assertions subsequently made in the article about Generation Investment Management LLP and the Fund were based on the above incorrect information and therefore completely misleading; and
• many of the statements in the article concerning the Fund’s investments, clients and management were in any event inaccurate.
We apologize unreservedly to Generation Investment Management LLP, the Fund and its clients in respect to misleading statements.
