Fund Objective

This Fund aims to achieve long-term capital growth.

View on Past Performance

The US stockmarket, as measured by the Russell 1000 Index fell by -7.4% in Sterling terms in September. The Fund underperformed its benchmark during the month. Wells Fargo was the largest positive contributor to performance in September, as the stock rebounded at the end of the month. Analysts believe the company is well capitalised to withstand the credit crisis. Morgan Stanley, in which the Fund is overweight, was among the largest detractors to performance during the month.Following the collapse of Lehman's, the market focused on other financials they felt could be impacted by the continued credit crisis. The company's share price was down over 40% in Sterling terms during the month.

Future Expectations

We are seeing a lot of meaningfully underpriced stocks in today's US equity market. We are also seeing a very wide gap between relatively attractive and unattractively priced stocks. Both of these facts leave us optimistic about the direction of the Fund over time.

Fund Details