Fund Objective

To maximise total return (income plus capital) by investing in an actively managed portfolio of equities and equity type securities in companies based in the UK, principally conducting business in the UK or listed on the UK stock market.

View on Past Performance

Falling commodity prices caused an underperformance in mining, while previously underperforming sectors such as retailers and media saw gains. The fund underperformed the Lipper median in August. Sector allocation and stock selection was negative over the month.

Future Expectations

We remain cautious on the outlook for the UK economy and are reducing oil services.

Fund Details