Fund Objective

To maximise returns through investment primarily in high - yielding global fixed interest securities denominated in US dollars, sterling and Euros. A widely diversified portfolio will focus on non - investment grade bonds.

View on Past Performance

September saw a worsening of the global economic situation with many asset prices dropping rapidly. The situation has drawn comparisons to historic events, from the aftermath of the attack on the World Trade Centre, to the crash of 1987 and even the financial turmoil that preceded the Great Depression.Of course, financials have been hardest hit but all sectors are suffering and emerging market economies are now beginning to struggle. Further downgrades have been announced and we expect this theme to continue. Indeed, some credit asset classes have reached all time lows.Activity in the market has been very low as liquidity has dried up. Of the few transactions conducted, these have been by forced sellers.

Future Expectations

We think that the level of government action/ inaction will drive asset prices for the foreseeable future. Economic growth is likely to be negative over the next few quarters and a coordinated response by governments is required. Whilst some reassurance can be taken from the recent simultaneous reduction in interest rates the outlook remains uncertain.

Fund Details