Fund Objective

The Fund's investment objective is to provide long term capital growth and income by investing in a concentrated portfolio of predominantly UK equities.

View on Past Performance

UK equities fell over 13% with concerns about the banking industry and the economic outlook. Despite the significant issues in the banking industry, the market was led lower by basic materials, oil & gas and industrials. Financials were down 11%. Utilities was the strongest sector, falling by only 1%.The value of the Fund fell but by less than the market fall. The stronger investments were in financials with Helphire, Legal & General and Homeserve rising in value. The largest falls were in economically sensitive companies such as Xstrata and Anglo American.

Future Expectations

The corporate environment remains challenging across most sectors as economic concerns increase. The current lack of confidence in banks is a significant issue although government support should help stabilise sentiment. Markets are likely to remain very volatile while the level of economic and corporate earnings uncertainty is so high.

Fund Details