Fund Objective

To aim to provide a return.

View on Past Performance

September recorded the largest fall in equity markets since 1987, the worst ever return for investment grade credit and one of the worst months ever for high yield bonds. The Federal Reserve's unwillingness to bailout out Lehman Brothers led to an unprecedented and unimaginable chain of events in global capital markets. Central banks try to inject moral hazard back into the system.Major financial institutions either disappeared or were taken over by stronger entities and just before month-end, the US bail-out plan was rejected by the House of Representatives. We fell this will have major ramifications for financial markets, in particular for regulatory procedures in the future.Volatility in equity, credit and sovereign markets was exceptional, making portfolio management very challenging. Further, much of the news flow changed over the last weekend in the month, making positioning very hard.

Future Expectations

Given increased governmental intervention

Fund Details