Fund Objective

To achieve positive returns by combining capital growth with the generation of some income.

View on Past Performance

The Castleton Growth Fund rose from 103.84 to 104.37, an increase of 0.51%.Over the same period the Ftse 100 fell from 6084 to 6053 a decline 0.5%, the Ftse 250 fell from 10073 to 10049 a decline of 0.24%.and the Ftse Smallcap fell from 3157 to 3143, a decline of 0.45%.According to "The UK Stock Market Almanac 2008", May is the weakest month of the year and is traditionally the start of the underperforming half of the year. There is an old adage, "sell in May and go away" and this often turns out to be sound advice. In fact this may be the case for the Fund because towards the end of the month the Barmac Indicator started to move to "sell".Once again it would appear that the broader market had not confirmed the Ftse 100's dynamic move upwards and therefore because markets are fragmented it is entirely possible that there are dangers ahead.Although at a glance the moves on the markets looked relatively modest, they disguised the fact that at one stage UK indices had risen by 4% only to give these gains back and end the month lower. Volatility was once again much in evidence and this made it difficult for investors.

Future Expectations

In short May was a difficult month for the markets across the board as inflationary concerns pre-occupied Central Banks, apart from that is the US Federal Reserve. Oil and food prices continued to escalate and the credit crunch tightened further.A dour note was sounded by Mervyn King, the Governor of the Bank of England when he said that the "Nice Decade" was behind us. Worrying times indeed and we remain vigilant.

Fund Details