Fund Objective

There is no fund objective available from this fund manager.

View on Past Performance

Global equities were flat in local currency terms for the quarter but rose in sterling terms, despite high levels of volatility. Asian and emerging markets were notable outperformers.The fund outperformed its benchmark over the quarter. Emerging markets and Japan were strong positive contributors to relative performance, while stock selection in Europe was a significant detractor as holdings in European financials suffered in the credit market turmoil.By sector, technology contributed the most to performance while utilities performed poorly.

Future Expectations

Weakness in the US economy is likely to continue, driven by construction and a reduction in financial leverage, and it appears this scenario is also playing out in the UK. However, the eurozone is relatively robust, although the currency strength will require close monitoring at the company level to ensure competitiveness is maintained.Emerging market economies continue to maintain very strong growth momentum, and although it is difficult to expect this to strengthen further, it is also difficult to call a turn downwards at this time. In the short term the backdrop for equities has improved given policy action and global growth dynamics.In the long run the key concern remains inflation as commodity price increases may eventually feed through into more generalised inflation.

Fund Details