Fund Objective

To achieve long term capital growth with a reasonable level of income.

View on Past Performance

A remarkable month which saw the beginnings of a restructuring of the banking systems of the developed world. Because of and in addition to this, investors began to more fully discount the risks to the wider global economy and many industrial sectors performed poorly.The UK market fell 13% over the month and is down 24% year to date. Fund performance was helped by high cash levels and underweightings in mining and financials. Additionally, bids were received for its holdings in British Energy and SPI Lasers. Holdings in bank shares were reduced over the month.

Future Expectations

Our caution of recent months has been justified and we see little reason to alter our stance, for we believe that the full extent of earnings disappointments has yet to be fully realised. We will retain elevated levels of cash until we are convinced that long term investment value is being offered.

Fund Details