Fund Objective

The fund aims to achieve an above average level of income together with the prospect of rising income and some capital growth over the longer term.

View on Past Performance

Bond markets held steady over the month. We were a little more active, subscribing to new issues by a diverse range of companies including Ono (the Spanish cable company), Domestic & General, Telefónica and Univeg (a vegetable distributor). As is the market's wont, all of these bonds appear under 'alias' names in the portfolio. Why bonds cannot simply be issued in the name of the underlying company defeats me.On the equity side, we continued to sell down our holding of Chesnara which has done particularly well for the fund over a number of years and added to our equity position in Lloyds.

Fund Details