Fund Objective

The Fund aims to provide above average long-term capital growth through a concentrated portfolio of actively managed equities. Holdings will vary between larger and smaller companies and may include investments in smaller markets.

View on Past Performance

The last month has been one of exceptional volatility. Global equities suffered as the credit crisis overshadowed all other events. In Europe, towards the end of the month, the financial sector in particular came under sustained pressure. Many of the share-price falls appeared indiscriminate.Investors' anxiety increased making the raising of capital extremely difficult. In Germany, Hypo Real Estate sought government assistance for credit, Belgian-Dutch bank Fortis required a bail-out and Icelandic bank Glitnir also ran into trouble.

Future Expectations

Within the banks we continue to favour well capitalised companies such as BNP which over the long-term will emerge as winners as the credit crisis is resolved. Generally speaking our positions in medium and small sized firms detracted but we remain focused on long-term fundamentals, especially companies characterised by balance sheet strength and sustainable long-term businesses.

Fund Details