Fund Objective

To maximise the total return through investment, whether direct or indirect, primarily in emerging markets worldwide and in any economic sectors of such markets.

View on Past Performance

With signs that the credit crisis is having a significant negative impact on Main Street in America and banks in Europe, the chances that the world is facing a sharp downturn have risen. This demand shock is likely to result in commodity price destruction which in some cases could take prices back towards marginal cost.It is conceivable that markets have yet to price in this outcome and we are not finding the low headline Price Earnings ratios in the materials and energy sectors to be particularly appealing in the light of this emerging development. With markets driven by fear to such a great extent, we are re-doubling our efforts to seek out investment opportunities that should perform well even in an environment of steadier but slower growth in the years ahead.

Fund Details