Fund Objective

To provide a stable and consistent return through direct and indirect investment mainly in United Kingdom securities.

View on Past Performance

One of the most dramatic months for UK equities in recent memory ended with the FTSE All-Share index down over 13% - its worst monthly performance since October 1987. Most sectors recorded double-digit losses, with the mining stocks particularly hard-hit amid concerns for the outlook for the global economy. We took advantage of increased market volatility, with well timed purchases and sales of BHP Billiton and Xstrata.We continued to reduce our holding in BG Group, a very successful holding for the Fund, and sold the remainder of our positions in Rentokil and Johnson Matthey. September saw the Fund make some good gains versus the FTSE All-Share.The position in off index firm Great Eastern Energy was the largest positive contributor over the month. The India focused energy firms share price stood up well in September outperforming the market by almost 30% after announcing it had won a gas supply contract with the Steel Authority of India.

Fund Details