Fund Objective

To achieve capital growth.

View on Past Performance

Europe: the fund outperformed the strongly appreciating European equity market. This mainly relfects a positive contribution from stock selection while sector allocation was also positive. We remain positive on European equity markets due to support from further M&A activity, continued corporate restructuring, strong export demand and increasing domestic consumption.North America: Although the year was marked by two periods of particular volatility, the FTSE USA index managed a gain of 1.8%. The upward bias in markets was a function of the readiness of the Fed to keep rates steady and a settling of key commodity prices such as energy. Signs that corporate earnings growth, while moderating, will remain strong, were helpful as well.

Fund Details