September proved to be another critical month for global stock markets, and the UK was no exception. Economic fundamentals remained weak, and fears increased that an imminent recession was set to cast a shadow over the broader economy. At the sector level basic resources was the worst performer with construction & materials also significantly down.Absolute returns were disappointing but the Fund performed broadly in line with its benchmark index. Insurance firms Admiral Group and Homeserve were notable for their contribution, both generating positive returns.Strategy remained focused on providing investors with access to the wealth of investment opportunities offered by medium sized UK firms - an area which remains a potentially profitable hunting ground for the stock picker. Fund composition is driven predominantly by bottom-up stock selection and comprises around 40 of our best mid-cap investment ideas (drawn predominantly from the FTSE Mid-250 ex-Investment trust Index) with each equally weighted at outset.