Fund Objective

The fund is managed as a diversified UK equity portfolio with the objective of achieving capital growth over the long term.

View on Past Performance

Investor's expectations for a recovery in the global economy were disappointed by the release of weak economic data during the period. Investors' confidence was further dented by corporate scandals such as Enron and WorldCom, a series of profit warnings from major companies and the possibility of war with Iraq. The UK equity markets declined sharply during the six months to 30 September.

Future Expectations

The data sugest that the recovery in the global economy were disappointed by the release of weak economic data during the period. The UK economy has remained relatively robust as a strong housing market continues to support consumer spending. Bond markets are now anticipating further cuts in interest rates in Europe and the US, as central banks are expected to react to the weaker than anticipated global economic growth.

Fund Details