Fund Objective

To provide long term capital growth and increasing income.

View on Past Performance

Markets took a sharp downturn in September on concerns about the expanding financial crisis, with Lehmans going bankrupt, AIG being nationalised and HBOS accepting a takeover by Lloyds amongst other events.

Future Expectations

The financial crisis widened considerably during September and it remains unclear whether government intervention will be enough to support the market and end the steady stream of distressed takeovers or bankruptcies. The effects of this will spill over into the real economy before long as many consumers and corporates are forced to cut back spending.We remain defensively positioned with a large weighting to the Health theme and we are constantly watching for opportunities afforded by the volatility in the market to buy into quality companies or add to our positions. A stronger US dollar benefits the fund against the peer group as we have more US exposure than most funds in the global growth universe.

Fund Details