Fund Objective

The objective of the Fund is to achieve long-term capital appreciation.The Fund may also invest in money market instruments, deposits, warrants and units in other collective investment schemes.

View on Past Performance

Last month weThe fund performed slightly ahead of the benchmark S&P 500 Index in sterling terms, which was disappointing as we had already been anticipating a sell-off in the market over September and October.During the month, we sold the remaining put options in the fund. We currently do not have any put option protection as put options are prohibitively expensive at the moment due to elevated level of the VIX (Volatility) index. In October, this index touched 80, far above its normal sub-20 level.

Future Expectations

In conclusion, given the tailwinds of lower energy costs and the ability of US consumers to walk away from their mortgages in most cases, we expect US consumers will be able to rebuild their personal balance sheets far quicker than their counterparts in other western economies, especially the UK.

Fund Details