Fund Objective

The Fund aims to achieve a long-term return, in excess of the long-term return that is typically achieved from European equity markets.

View on Past Performance

Over the last three months, the Fund outperformed relative to its benchmark index and sector average, ranking in the fi rst quartile of its peer group. Over the longer-term, the Fund was ranked in the fi rst quartile of its peer group over one, three, fi ve and ten years.Positive short-term macro news has led to a recent bounce in the market. Recognition that some stocks had been oversold, the US dollar fi nding a base and a drop in the oil price has contributed to a modest pick up in the market.Concerted efforts and coordinated action by the central bank and the government to guarantee loans has lowered the Libor rate and we have started to see banks lend to each other again.

Future Expectations

Despite recent company profit warnings on Swiss Re, BMW and Adecco, all three stocks gained on the day - an indication that investors took the view valuations remained compelling and bad news had been priced in.However, the market is still fragile and we believe that it is still too early to be bullish. We believe that the real infl ection point will arrive with the stabilisation of the US real estate market.

Fund Details