Fund Objective

The Investment Objective of the Ecclesiastical International Growth Fund is to achieve long-term capital growth with a reasonable level of income.

View on Past Performance

World equity markets fell 10% in Sterling terms in September, as the credit crunch intensified and prospects for a more sustained global economic slowdown increased. The portfolio has benefited from having a relatively low weighting in the banking and mining sectors and in Japan, which have all been badly hit in the latest financial fallout. However, a higher exposure to the Far-East ex-Japan has been detrimental.

Future Expectations

Overall, the Fund has faired relatively well. Although we remain cautious on many global equity markets, we are beginning to see evidence of good value emerge particularly in certain Asian stock markets.

Fund Details