Fund Objective

The investment objective of the Trust is to achieve capital growth.

View on Past Performance

During the month the Trust returned -3.9%, while the Index returned -0.4%. Lingering concerns about the credit crisis and its impact on the economy overshadowed markets, with the Federal Reserve's rescue of the stricken investment bank Bear Stearns dominating headlines and depressing sentiment.Whilst markets remained very turbulent, the Trust's performance was boosted by selected Healthcare investments, notably the pharmaceutical company Gilead Sciences Inc., which continued to benefit from its strong portfolio of anti-infective and antiviral drugs.Cyclical areas of the portfolio were weak, however, as investors worried about the risk to the US and wider global economy of continued financial market uncertainty. Against this backdrop, the Trust's exposure to Industrials was a source of underperformance.

Future Expectations

We remain cautious on Financials and Consumerrelated stocks, preferring global infrastructure development themes.

Fund Details