Fund Objective

The investment objective of the fund is to generate positive and uncorrelated absolute returns in all market conditions over a 12 month period.

View on Past Performance

September was brutal. The fund fell 13.7%. We take little comfort from the fact that our benchmark index lost almost as much, with the MSCI European index dropping 13.3%. Our put options spared the fund the full brunt of the market's decline, earning 1.0% for the month. Remarkably however, despite the unmitigated disaster which is the European economy, our German bunds conspired to lose 0.5%.Indeed, such was the beating endured by the stock markets that only three of our holdings; (out of a total of 95) managed an absolute price gain. For the record, they were Kopex (Polish mining equipment), National Grid (The UK electricity & gas network operator) & Tesco (the eponymous British food retailer).

Fund Details