Fund Objective

The aim of the fund is to achieve long term growth from investments principally in European equities, excluding the UK.

View on Past Performance

After two strong months, the European market consolidated its gains in November. Below the surface, meanwhile, not much changed: globally diversified companies continue to appear attractive on our screens while euro-centric stocks look increasingly expensive.After the substantial changes implemented in the two previous months, our focus in November was on fine-tuning our positions. We used inflows to purchase two new holdings and to add to one existing position. We participated in the IPO of the French cable operator Numericable and subsequently added to that initial position. By the end of the month, it accounted for 1% of the fund.We expect the company will use its faster broadband speed and better content to boost its market share and increase its revenues. This position complements our stake in Vivendi, which has announced the separation of SFR, its French telecom division, from the rest of its media segments. The cost synergies that would arise from a combination of Numericable and SFR would be very significant; a merger would benefit both companies' shareholders.

Fund Details