Fund Objective

To provide investors with long term capital growth primarily by investing in a globally diversified portfolio of securities at a higher rate in Sterling terms than the FT/S&P Actuaries World Index.

View on Past Performance

March proved a challenging month for global equities, with most markets recording a decline. The FTSE World index fell by 0.2% in sterling, total return terms. Within the Fund, a new position was initiated in Adidas-Salomon ahead of its results, given our expectation for a better order backlog from in North America. The company has since announced a 21% rise in net profit for last year, together with a dividend increase and plans to buy back shares.Within the energy sector, we trimmed our positions in both Cameco and BHP Billiton, taking profits after recent strong performance from the resources sector.

Fund Details