Fund Objective

The objective of the fund is to achieve long term capital growth primarily from a portfolio of global equities that the manager considers to demonstrate leading positions in their sectors.

View on Past Performance

November was a rather quiet month, albeit with very different trends from those we saw in the summer. European markets gave up some of their gains and Japan performed better as the yen weakened again. The message from the third plenum of the Chinese communist party was interpreted as being both pragmatic and market-oriented.In the short term, further progress towards renminbi convertibility, such as liberalising domestic deposit rates, could cause concern. In the longer term, however, we believe this will help form an improved background for investment.Our Japanese export stocks, all of which produced good figures last month, led the fund higher. Holdings with long-term growth potential - such as DreamWorks Animation, Rakuten (Japan's answer to Amazon) and Perrigo - also did well.During the month we also broadened the fund's range of holdings in companies that produce oil using hydraulic fracturing ('fracking') techniques. The success of these companies has contributed to a glut in oil production in the United States. In contrast to gas, however, where a glut has killed the investment case, oil can be easily transported to less saturated markets. While prices are depressed, we are gently adding to holdings in this area.

Fund Details