Fund Objective

To achieve capital appreciation over the long term.

View on Past Performance

Despite a negative month for all the major North American indices, January was positive in the UK helped by a combination of the strong financial position of the corporate sector and a belief that 2005 would see an increased level of corporate activity. Indeed, one of our long-standing holdings, Aggregate Industries, received a 138p cash bid from Holcimagainst the year end price of 104.5p. We sold the holding to the arbitrageurs on the day of the announcement of the bid for over 142p.

Fund Details