Fund Objective

Launched in 2006 as an alternative to EquiSar's traditional 'long only' investment objective, it aims to achieve a real return of 3.5% per annum ahead of the UK Retail Price Index over the longer term.The fund's pioneering global, thematic investment process has been in place for 15 years and appeals to investors who are attracted to the global thematic investment process, but would prefer to take less directional risk

View on Past Performance

It has been a tough month to end a poor quarter, with the fund significantly underperforming the targe benchmark, although the fund did outperform the MSCI World. With hindsight we did not anticipated the magnitude of the drawdown and as a result the net market exposure was around a neutral level over the quarter.Although downside protection increased dramatically with higher volatility. With regard to individual positions, a number of our high conviction holdings were severely affected by hedge fund deleveraging. Surprisingly given the environment, financials and consumer stocks were amongst our best performers.

Future Expectations

The current environment, though testing, will not last for ever. Efforts to suppeort asset prices by central banks may not suit the purist, but should prove successful in placating the financial system and restoring confidence. Markets have become oversold and attractive on valuations terms even on extreme bearish earnings measures.

Fund Details