Fund Objective

The objective of the fund is to provide capital appreciation.

View on Past Performance

This summer marked the official anniversary of the "credit crunch" and as we move into the second year, world economies and financial markets remain in a state of flux. While the global economic slowdown is becoming clearer, the US economy has so far surprised commentators by its resilience in the first half of the year.The US authorities have also shown remarkable flexibility in helping the banking sector cushion the fallout from their poor lending practices, culminating in the recent dramatic rescue of Fannie Mae and Freddie Mac and the proposed $700 billion Fund to purchase "Troubled Assets".What has happened, however, is that the huge rise in commodity prices and the efforts to contain their inflationary implications, together with the "credit crunch" are delivering a significant global slowdown.

Future Expectations

We will attempt to benefit by being invested in companies that should profit from sterling depreciation, particularly those companies delivering supply side improvements in terms of infrastructure and outsourcing. The Fund continues largely to avoid consumer cyclical companies that will continue to struggle in the developing slowdown and remain underweight the commodity and banking sectors.

Fund Details