Fund Objective

To produce long term capital growth.

View on Past Performance

September 2008 was the month that liquidity dried up and equities fell across the globe. The Western financial system came under severe pressure and deals, rescues and collapses became almost a daily feature.Governments intervened and nobody understood or knew what to do - cash, short dated gilts and physical gold were the best performing asset classes - smaller companies were one of the worst - fear and forced liquidations drove AIM down 22.5% with further falls at the time of writing.

Future Expectations

Your fund fell 18.8%. I believe the investment mantra of buying when everybody else wants to sell and selling when everybody wants to buy is the right strategy. Inevitably some investments will not work but in the context of forty nine holdings one hopes that significant returns will now be made on a medium term view.If a company has £19m of cash, fixed assets worth more than £3m at fire-sale prices and has a market capitalisation of £13m what is the upside? - barring management messing things up the risk reward looks attractive. There are plenty of stories like this in AIM right now.

Fund Details