Fund Objective

Aims to achieve long term capital appreciation.

View on Past Performance

European stocks, as measured by the FTSE Europe ex UK Index fell by 13.0% during September in Sterling terms. The Fund underperformed its benchmark during the month. The overweight holding in Henkel was the largest positive contributor to performance during the month. Shares in the company benefited from an unexpected rise in German consumer confidence. The Fund's overweight holding in Norsk Hydro was the largest detractor to performance during the month.Shares in Europe's second largest aluminium company fell on concerns about a global recession that could impact future profitability. The slowdown in growth is likely to lead to negative revisions to earnings growth, particularly across the financial sector. This backdrop suggests a more defensive portfolio should continue to be the best strategy.

Fund Details