Fund Objective

To provide a stable and consistent return through direct and indirect investment mainly in European securities (excluding the United Kingdom).

View on Past Performance

It was a brighter month for European equities, as a raft of M&A activity, a drop in the price of oil and some positive news on the US economy outweighed investors' ongoing nervousness about the state of the global financial sector and fears that the eurozone was slipping into recession. Overall, the FTSE Europe ex-UK index was up 1.6% for August.The Fund failed to match the index in August. The main impact came from Greek retailer, Fourlis, which was affected by concerns ahead of their interim results. Other key stocks this month were Salzgitter, Alstom and BNP Paribas.

Future Expectations

During the challenging time ahead, we will continue to utilise our fundamental, repeatable investment process to indentify and invest in companies whose intrinsic value is not reflected in the share price.

Fund Details