Fund Objective

To provide investors with long term capital growth through direct and indirect investment in a portfolio of securities issued by companies from around the world.

View on Past Performance

August was another erratic month for global equity markets. The MSCI World index finished the month up 1.2%, in local currency terms. The fate of US mortgage giants Fannie Mae and Freddie Mac continued to play on investors' minds, but a drop in oil prices allowed for some cheer.The Fund failed to match the index in August. The main impact came from Gazprom which was affected by the falling price of oil and the open hostilities which broke out in Georgia. Other key stocks this month were Syngenta, Sumitomo Mitsui and Shun Tak Holdings.

Future Expectations

Looking ahead, we intend to reduce our exposure to the energy sector, as the ratio of risk to reward looks less favourable as global growth continues to slow.

Fund Details