Fund Objective

To provide investors with long-term capital growth.

View on Past Performance

September was a tumultuous month for global equities. Stock markets around the world were hurt after the US House of Representatives rejected a $700 billion rescue package for the US financial system. A revised bill has since been approved. T he MSCI World index was down 10.74% for the month in local currenct terms. In such an environment, the Fund continues to focus on stable businesses with limited external funding requirements, above average returns on equity and low debt levels.The Fund ended the month behind the benchmark with the main impact coming from Cattles. Shares in the specialist lender fell on market uncertainty regarding the group's outlook. Other stocks to impact performance this month include Mitsubishi Corp and Anglo Irish Bank.

Fund Details