Fund Objective

The fund aims to achieve capital growth.

View on Past Performance

It has been a tough month to end a poor quarter. We have been hurt by our Pricing Power and Security of Supply themes, where hedge fund deleveraging, risk aversion and economic concerns have driven down stock prices in our more cyclical companies. We are pleased, however, that in relative terms at least our Corporate Restructuring theme has provided better returns and a degree of diversification.In particular, and perhaps surprisingly diven the environment, financials and consumer stocks were amongst the best performers here. The current environment, though testing, will not last for ever. Efforts to support asset prices by central banks may not suit the purist, but should prove successful in placating the financial system and restoring confidence to financial markets. Markets have become oversold, and attractive in valuation terms even on extreme bearish earnings measures.

Fund Details