Fund Objective

The Fund's investment objective is to provide long term capital growth by matching the capital performance of the FTSE World Europe excluding UK Index.

View on Past Performance

European ex UK equities fell 13% in sterling terms (11% in Euro) with concerns about the banking industry and the economic outlook. All sectors were lower with basic materials, industrials and technology falling by close to 20%. Financials performed in line with the market despite considerable stress in the banking sector.Our aim is to be as close to full replication as is practically possible subject to liquidity constraints. The Fund replicates changes to the index bearing in mind the trade-off between tracking error and trading costs.

Future Expectations

The corporate environment remains challenging across most sectors as economic concerns increase. The current lack of confidence in banks is a significant issue although government support should stabilise sentiment. Markets are likely to remain very volatile while the level of economic and corporate earnings uncertainty is so high.

Fund Details