Fund Objective

To provide a stable and consistent return through direct and indirect investment mainly in North American securities.

View on Past Performance

August was another erratic month for US equities. The S&P 500 index moved a percentage point or more on ten of the days and eventually finished up 1.45% for the month, in local currency terms.Seven out of the index's ten sectors gained in August. Information technology, consumer staples and consumer discretionary were some of the month's biggest winners, while the materials sector was the hardest hit.The Fund underperformed the index in August. This was driven by our holding in non index stock McDermott International and overweight position in Constellation Energy. Both of these stocks saw their prices fall considerably.

Future Expectations

Looking ahead, we believe the market is likely to increase its focus on the domestic economy, placing a stronger emphasis on consumer stocks.

Fund Details