Fund Objective

The Fund aims to achieve medium to long term capital growth and a high level of income.

View on Past Performance

The credit crisis is ongoing and making its influence sharply felt across the broader economy. It is an extremely challenging time for investors and companies alike with share prices trading sharply downwards.We are keen however to take a longer-term perspective and maintain our focus on well capitalised firms which, in many cases, have sold off in an environment making little differentiation between the good and the bad.In our view, when the broader investment community takes a more rational stance solid cash generative companies - exactly the sort of opportunities our income orientated strategy emphasises - are likely to enjoy a significant upward rating.

Future Expectations

Conversely, complex and leverage reliant businesses are likely to struggle against a backdrop of tighter liquidity and a preference for clarity amongst investors. Infrastructure is one area to which we have become increasingly cautious - we have recently sold our holding in Ferrovial reinvesting the proceeds into Deutsche Post. The latter looks compelling on a long-term perspective and offers an attractive dividend yield.

Fund Details