Fund Objective

The objective of the Fund is to provide an attractive rate of return through investment primarily in high quality UK long-dated fixed interest securities.

View on Past Performance

The portfolio outperformed its benchmark in September. The small underweight in long bonds added to the relative return as yields rose. Portfolio strategy was unchanged on the month. Falling commodity prices are beginning to ease near-term inflationary pressures, potentially allowing some flexibility for the Bank of England to take action to offset the tightening in the credit markets that will be beginning to feed through to economic activity.

Future Expectations

It is widely expected that next month's MPC meeting will take seriously the recent turmoil in the financial markets.

Fund Details