One of the most dramatic months for UK equities in recent memory ended with the FTSE All-Share index down over 13% - its worst monthly performance since October 1987. Most sectors recorded double-digit losses, with the mining stocks particularly hard-hit amid concerns for the outlook for the global economy. We took some profits in our holding in Centrica after a period of strong share price outperformance and also reduced what has been a very successful holding in BG Group.We continued to add to holdings in both William Hill and Meggitt, positions that we have been building gradually over recent months. The Fund performed well in September with the defensive picks such as Imperial Tobacco and Centrica benefiting the Fund. On top of this the underweight position in the mining sector also proved beneficial with, as mentioned above, fears of a global recession continuing to weigh heavily on commodity prices.