Fund Objective

To provide a total return by investing in a portfolio of predominantly bonds.

View on Past Performance

Gilts were strong in August. Fears of recession drove bond yields down and prices up.At the beginning of the month, the Fund was positioned long duration and overweight in short-dated bonds. As markets rallied with yields falling sharply at the short end of the curve, the manager took profits and the Fund is now neutral in duration.The Fund performed ahead of its benchmark in August with our long duration positioning in the early part of the month proving beneficial as bond yields fell. The Fund's long duration position in 10 year bonds and short duration position in 30 year bonds combined with strong security selection also helped to boost performance.

Future Expectations

In spite of figures demonstrating rising inflation which would depress prices the market believes slowing growth and falling commodity prices will act as a curb.

Fund Details