At the end of January, the Fund ranked in the fourth quartile of its peer group over three months and third quartile over one year. The Fund's positions in Premier Foods and Marks & Spencer detracted from returns during January and had a negative impact on the Fund's threemonth quartile ranking.The Fund's position in Tate & Lyle contributed most positively to performance over the month. The company's shares rose strongly as investors responded positively to news that Harbinger Capital, a US hedge fund and well-known activist shareholder, had taken a 5% stake in the company.Rumours of possible financing difficulties following a negative broker research note depressed Premier Foods. However, the company strongly denied that it is experiencing any such difficulties and said that it will propose a final dividend in early March. Marks & Spencer shares fell after a disappointing Christmas trading update. However, the company has one of the strongest balance sheets in the retail sector and is backed by a high quality property portfolio.
186.79p
