Fund Objective

To achieve capital growth.

View on Past Performance

The best performing industries in the MSCI All Country World Index were Consumer Staples, Health Care and Financials. The worst performing industries were Materials, Industrials and Energy.

Future Expectations

The frequent changes to the global financial narrative render it inappropriate to make any forward-looking statements on the shortterm direction of the UK and global stock markets. However, we remain true to our long established investment principles that have served us well across a range of market conditions.We continue to rigorously research stocks to identify those companies generating high or improving financial productivity whilst trading at attractive valuations. We believe adherence to this approach will enable us to continue to add value to our clients' portfolios over the long term.

Fund Details