Fund Objective

To generate a high level of income with capital growth.

View on Past Performance

The holding of Deutche Telecom bonds was sold.There was significant stress in bond markets, especially in Financials. The further away from AAA grade the investments were, the more the yield rose.

Future Expectations

Bond markets have been discounting a more serious outlook than terms of defaults and recovery than occurred in the 1930s. Central Bankers are taking aggressive action to try to ensure a better outcome. On this basis, bond markets appear to offer compelling value.

Fund Details