September saw the MSCI UK Index fall 12.9% with the fund giving back 14.7% for the month. This now brings performance since inception to -21.0% against -9.4% (and, since the start of the strategy on Feb 1st -13.3% v. -12.2% for the index).In what was an extremely volatile month for equity markets one thing remained constant; the underperformance of energy and commodity related equities. As fears of a global recession grew over the month construction and industrial names bore the brunt of much of the selling pressure. At the beginning of the month the fund had a 20% weighting in energy, 10% in basic resources and 24% in industrial names.Over the month these three sectors were the worst performing in the UK market, all losing in excess of 20%. The stand-out sectors this month were very defensive in nature, dominated by utilities, pharmaceuticals, food and tobacco.