Fund Objective

The Fund aims to provide long-term growth.

View on Past Performance

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.Against what remains a challenging backdrop we maintain a relatively defensive stance. That said, at the periphery we have looked to take advantage of volatile markets to selectively increase exposure to attractively valued cyclical names as well as a number of UK banks.More broadly we are mindful that valuations in a number of our defensively orientated investments are looking vulnerable following strong relative performance. With this in mind we have trimmed positions in SSL International, Paypoint, Scottish & Southern Energy and Tesco.

Fund Details