The aim of the fund is to provide long-term capital growth by investment in companies listed, quoted and/or traded in the UK and in those which are headquartered or have a significant part of their activities in the UK which are quoted on a regulated market outside the UK.
Smaller companies extended their gains in November but did so in more lethargic fashion than in previous months. Our fund rose too, albeit not as far as in October.Top Level Domain Names continued to trade higher. Having trebled in value, the modest holding we bought earlier in the year had grown into a sizable position. So, given the current lack of sales (let alone profits) we trimmed our holding. But - given the potential annuity-like revenues the company will receive as customers sign up to their new web domains - we remain in the greed-over-fear camp.In a similar vein, the shares in First Derivatives, another smaller holding we bought earlier in the year, also rose strongly in November. The Australian Securities and Investments Commission 'went live' with First Derivatives' software, allowing it to analyze share trades in real time to detect fraud and insider dealing.
