Fund Objective

The fund aims to achieve long term capital growth from a portfolio primarily made up of the shares of continental European companies. The portfolio is likely to have a bias towards medium-sized and smaller companies. However, the ACD is not restricted in the choice of company either by size or industry, or in terms of the geographical split of the portfolio, which is largely determined by the availability of attractive investment opportunities rather than the outlook for each market.

Future Expectations

Individual positions in the construction & materials and electricity sectors performed well. In particular, shares in French power generation company Electricite de France were buoyed by its strong prospects and plans to build atomic power stations in the UK. A holding in German utilities firm E.ON also added value, as it benefited from the tight supply demand situation for German power prices.

Fund Details