Fund Objective

To provide long term capital growth.

View on Past Performance

September was a month that remodelled the American financial system, as investors witnessed a catalogue of bankruptcies, bailouts and failures. After a rodeo of peaks and troughs, the S&P 600 index finished the month down 6.75% in local currency terms.We continue to invest in businesses that have long term predictable earnings streams. This includes global infrastructure plays and business services companies. We anticipate funding any purchases by reducing our more highly-rated stocks, some of which reside in the technology sector.The Fund underperformed the index in September with the largest negative contribution coming from capital goods company, Colfax Corporation. Other stocks to impact performance this month included Energy Solutions and Shaw Group, which was affected by the falling price of oil.

Fund Details