Fund Objective

To achieve above average long-term capital growth through investing in the quoted securities of companies listed on European Stock Exchanges.Specifically, the Fund invests in those securities which are believed to present special opportunities for capital growth.

View on Past Performance

European equity market valuations are fair and M&A activity continues. The risks however are increasing. The recent surge in bond market yields removed one of the props from the market leading to heavy profit taking in June. The evenly balanced nature of the market has meant positioning the fund primarily in stocks with good and visible forward earnings potential.IT is our largest sector overweight. We believe that Technology stocks should rebound. Earnings revisions have been better recently and many stocks trade at their lowest historical multiples.Telecom stocks have not seen their estimate upgrades and their performance over the second and third quarter is seasonally weak. We are underweight in the sector.

Fund Details