Fund Objective

The Fund aims to achieve long term capital growth.

View on Past Performance

Global equity markets endured a turbulent month, as turmoil in the US and UK banking industries reverberated around the globe. Key to the volatility was the Republican Party's last minute volte face as, contrary to expectations, it voted against a $700bn rescue deal for the US financial sector, amid accusations of 'bi-partisan poison', sending markets plummeting. Stocks did however rebound notably on the last day of the month, amid feverish speculation that the deal will be salvaged.Overall, the FTSE World index lost 10.0% in sterling, total return terms. We continued reducing the Fund's direct economic sensitivity by selling out of Japanese housebuilder NTT Urban Development. Elsewhere, we added to US insurers Torchmark and Chubb in the belief that both could be beneficiaries of the turmoil at AIG as the latter's commercial clients seek out greater security. We topped up our position in Allied Waste, with waste management companies still looking operationally strong.

Future Expectations

We also increased our exposure to Kellogg, where we believe the company will benefit as grain prices fall.

Fund Details