Fund Objective

Aims to provide participating charities with a total return in excess of the FTSE All-Share Index over five year rolling periods.

View on Past Performance

From 2 April 2002 to 1 October 2002 the price of accumulation units on a buying price to buying price basis fell 28.32% in comparison with a fall of 27.05% in the FTSE All Share Index (gross income reinvested) (Source: Thomson Financial Datastream). Difficult market conditions, investor aversion to risk and the fund¿s limited exposure to ultra defensive sectors have all had a negative impact on short-term performance. However, we continue to believe that a high quality portfolio, underpinned by solid dividend yields and positioned to benefit from a gradual recovery, will maintain the medium to long term performance record of the fund, which remains ahead of the FTSE All Share Index.

Future Expectations

Uncertainty surrounding the pace and strength of global economic growth, as well as the US/Iraq situation, is weighing heavily on world equity markets. While aware of the headwinds currently facing UK equities we continue to position the portfolio with a bias towards companies we believe are able to provide top line growth in this challenging environment. We believe that many share prices have moved to reflect the prevailing uncertainties and now offer an opportunity to invest in quality companies underpinned by sustainable dividend yields.

Fund Details