Fund Objective

To achieve above average long term capital growth.

View on Past Performance

In September, markets were dominated by some extremely dramatic financial events, as the collapse of Lehman Brothers initiated an escalation of the credit crunch. This led to extreme market volatility and wild swings on a daily basis. Oil and commodity prices fell during the month, but inflation data continued to show increases.

Future Expectations

The financial crisis widened considerably during this month, and it is still unclear whether governmental intervention will be enough to support the market and see an end to the steady stream of distressed takeovers and bankruptcies. The effects of these will eventually force many consumers and companies to cut spending.We remain defensively positioned, with a large weighting in healthcare, telecoms and utilities, while watching for opportunities afforded by the volatile market to buy into quality companies.

Fund Details