During the month, the Fund posted performance of -9.2% in Sterling terms. Currency positioning was a positive contributor for the month. The largest contributors were long positions to the US Dollar and Japanese Yen. This was partly offset by our long position to the Swedish Krona and short position to the Canadian Dollar. The Euro and the British Pound have weakened versus the US Dollar on the prospect of a deeper economic slowdown occurring outside the US.Throughout the month, our anti-carry trade positioning has benefited from decreasing investor risk appetite. Market allocation detracted from the Fund's performance during the month. This was primarily a consequence of our long developed equity exposure, as we saw a sharp decline in global equity markets. Our largest positive exposures are in the US, UK, Belgium and the Netherlands.This negative performance was partially offset by our short positions to commodity-driven equity markets like Canada, Brazil and South Africa. • Security selection was a positive contributor for the month. The US Equity,UK Equity, and Europe ex-UK equity components were positives. This was partially offset by the US Large Cap Growth component, which underperformed over the period.
1,497.69p
