Fund Objective

To achieve long term capital appreciation.

View on Past Performance

The fund performed broadly in line with its benchmark during the review period. Holdings in the leisure/hotels industry proved to be the strongest contributor to the portfolioÂ’s returns, both because of its overweight position in these shares and the individual stock choices within the sector

Future Expectations

Growth in the UK continues to exceed that on the Continent. A positive backdrop for company earnings exists, but market returns have been lower than in the eurozone, possibly because the UK economy is further advanced in the economic cycle.

Fund Details