Fund Objective

The aim of the Fund is to provide a return by way of capital growth and income.

View on Past Performance

With financial markets in disarray as the credit crisis continues, market reaction revolved around major government policy initiatives such as the US TARP and a vast array of liquidity improving measures. Economic data was almost uniformly bad, with sharp falls in European business sentiment and increases in unemployment on both sides of the Atlantic. A flight to quality drove government bond prices notably higher.Last month there was a small increase in the exposure to high yield and investment grade corporate bonds at the expense of cash and government bonds, to take advantage of the widening in yield spreads. The fund's overweight in bonds and underweight in equities proved beneficial.

Fund Details