Fund Objective

This fund aims to achieve long-term capital growth.

View on Past Performance

Global markets continued to fall on tightening credit and deleveraging.The MSCI Asia Pacific ex-Japan Index declined 16.7% in sterling terms underperforming the MSCI World Index which fell 10.6%. The fund outperformed its benchmark index and peer group. India and South-East Asia, apart from Malaysia, underperformed while Greater China outperformed but still fell in absolute terms. Performance was aided by Hong Kong developer Hang Lung Properties which rebounded strongly from oversold levels.Newcrest Mining (Australia: Materials) declined with the gold price. We purchased Telekom Indonesia (Indonesia: Telecom Services) for its defensive earnings stream and good cash flow. We sold China High Speed Transmission (China: Industrials) on concerns about its financial management despite strong product sales. The fund has significant holdings in companies with exposure to clean energy and energy efficiency.

Fund Details