Fund Objective

The Fund aims to achieve long-term capital growth.

View on Past Performance

European equities experienced a volatile period with investors unsettled by the turmoil emanating from the US sub-prime mortgage sector, leading to a sharp sell-off during July and August.Nevertheless, the late boost derived from the Federal Reserve's decision to slash interest rates in the US saw European equities close slightly ahead, with the FTSE Europe ex-UK index adding 0.8% in sterling, total return terms.The Fund lagged its benchmark during the quarter, with the main negative impact coming from Irish cider maker C&C Group, as it revised down its forecasts on the back of disappointing summer weather and increased competition in the UK. Performance was also hindered by the Fund's exposure to European banks as BNP Paribas and UBS were both affected by the fallout from the US sub-prime mortgage crisis.Among the positives was a strong contribution from Greek stock Marfin Popular Bank, which benefited from the launch of its investment arm Marfin Investment.

Fund Details