Fund Objective

The fund aims to achieve capital growth.

View on Past Performance

We had a pretty tough month,marginally underperforming the market as the relative performance of Financials over the Energy complex has begun to correct.We have been trying to position ourselves agnostic to this trade for some time,although in practice the correction has been far faster than we predicted.Unsurprisingly most of the damage was done to our Pricing Power and Security of Supply themes,with Peabody Coal,Foster Wheeler and Petrobras all falling in excess of 20%.Both Corporate Restructuring and intellectual Property & Excellence outperformed the market over the period,where Qualcomm and Astrazeneca were the two top performing stocks in the portfolio.

Future Expectations

Clearly the ongoing rotation takes no prisioners.By sticking with our stronger long term themes we should continue to navigate our way through most of the current headwings.Although we do not expect an imminent resumptionof the bull market,valuations,even discounting some earnings downgrades to more realistic levels,are reasonable and news flow should become more positive as we approach the US presindential election.

Fund Details