Fund Objective

To achieve both capital growth & income.

View on Past Performance

The fund underperformed its benchmark over the twelve months to the end of June. Its holdings in European industrial issues detracted from returns. However, the portfolio’s holdings among different maturities contributed to its performance during the period.

Future Expectations

Concerns about inflation and rising interest rates pose the primary challenges to fixed-income markets in the UK. Gilts are particularly vulnerable to further interest rate hikes, but reduced issuance (and therefore a smaller supply) should provide some support in the year ahead.

Fund Details