The Fund's managers added Centex after the stock fell to attractive levels, while First Data Corporation was added once its price started to look cheap. The holdings in Sandisk and MGM Mirage were cut back and Waste Management was sold completely due to signs of weakness in its business that suggested the share price was too high.The US Equity Fund ended the month in negative territory but was ahead of the market generally due to good stock selection. The sharp sell off in the final few days of the month meant that all sectors struggled except utilities and materials. The Fund's holdings in the financials, information technology and utilities sectors had a positive impact on relative performance, with IntercontinentalExchange (Financials), Exelon Corp (Utilities), Electronic Data Systems (Information Technology),and CA (Information Technology) among the top performing stocks. The biggest negative influences were Centex Corp. (Discretionary), Weight Watchers (Discretionary), and Moody's (Financials), with the latter stock hit by the problems among sub-prime mortgage lenders. Some of the stocks that have been dragged down by weakness in certain sectors of the market actually offer reasonable value. This is the case within the beverages, video-games makers and other consumption-related sectors.There are also attractive opportunities within other areas of the market such as those involved in producing alternative fuel.