The fund'’s investment objective is to achieve long-term capital growth from a portfolio made up of the shares of UK companies. The benchmark of the fund is the FTSE Actuaries All Share index. The manager aims to achieve a consistently higher total return (dividends + capital appreciation) than the benchmark index. The portfolio is likely to have a bias towards larger companies, although the fund manager is not restricted in the choice of company by either size or industry.
The fund outperformed its benchmark over the quarter. An underweight in banks, particularly HBOS and Barclays, boosted relative returns, as they announced plans to shore up capital depleted by large credit-related write-downs. Within the media sector, bid talks bolstered shares in business publisher Informa. A lack of exposure to household goods & home construction firms further supported returns. An overweight in Man Group also contributed. A considerable improvement in fee income drovefull-year profit growth at this hedge fund manager. Meanwhile, a holding in miner BHP Billiton proved beneficial, as strong metal prices boosted its earnings, while speculation continued that the firm could increase its offer for rival Rio Tinto. A lack of exposure to Rio Tinto, however, detracted from relative returns.A holding in personal goods stocks, notably Italian shoe manufacturer Geox, hindered performance, as its first-quarter earnings fell short of expectations.
76.96p
