Fund Objective

The fund aims to achieve real return.

View on Past Performance

It has been a tough month to end a poor quarter, with the fund significantly underperforming the targe benchmark, although the fund did outperform the MSCI World. With hindsight we did not anticipated the magnitude of the drawdown and as a result the net market exposure was around a neutral level over the quarter.Although downside protection increased dramatically with higher volatility. With regard to individual positions, a number of our high conviction holdings were severely affected by hedge fund deleveraging. Surprisingly given the environment, financials and consumer stocks were amongst our best performers.

Future Expectations

The current environment, though testing, will not last for ever. Efforts to suppeort asset prices by central banks may not suit the purist, but should prove successful in placating the financial system and restoring confidence. Markets have become oversold and attractive on valuations terms even on extreme bearish earnings measures.

Fund Details