Fund Objective

The Fund aims to achieve long-term capital growth.

View on Past Performance

European shares delivered the strongest regional performance over the fourth quarter of 2007, as the FTSE Europe ex-UK index climbed 3.0% in sterling, total return terms, despite suffering some late weakness as financial stocks were buffeted by the continued liquidity crisis. The region also posted robust gains over the year.The Fund solidly outperformed its benchmark during the quarter, as it benefited from its exposure to the telecoms sector, where Swedish firm Millicom delivered strongly on the back of its emerging market growth, while Spanish counterpart Telefonica released some robust results. As investors sought the sanctuary of more defensive sectors amid the continued volatility, the Fund's holdings in utilities firms also proved beneficial, with electricity providers Fortum and EDF both doing well.Key activity included buying into Iberian energy firms EDP and Iberdrola, as we believe that their renewable energy businesses are undervalued and offer significant upside.

Fund Details