Fund Objective

To provide long-term capital growth through investment mainly in ordinary shares in the US and Canada.

View on Past Performance

It was a good quarter for the Fund in terms of relative performance - outperforming the FTSE World North America index by 2.05%. The fund has been managed by the Quant team since the 1st of February 2008. Since that date, it has out-performed the benchmark FTSE World North America TR by 1.75%.

Future Expectations

The ongoing turmoil in global financials markets looks set to continue. We believe the ongoing repercussions of the credit crisis in the financial sector will continue to provide obstacles to equity market progress. The structural problems in the housing market persist and a softening employment market will compound the pressures on the US consumer.We believe the economic conditions in the US will continue to provide headwinds for equity markets. While we have taken some comfort from the aggressive provision of monetary and fiscal stimulus that has supported equities at key points in the first half of the year, the US economy looks set to remain fragile in the foreseeable future and companies will continue to find the environment a challenging one.

Fund Details