Fund Objective

To achieve long term capital appreciation.

View on Past Performance

The fund underperformed its benchmark. The portfolioÂ’s relative performance was boosted by rewarding stock picking in the consumer discretionary and financials sectors over the 12-month period. However, this was offset by less successful choices among telecommunications services and healthcare firms.

Future Expectations

The global economic outlook remains reasonably positive. However, there are some areas of concern. Interest rates in a number of major markets have begun to rise and more are expected. There are increasing concerns about the impact of these and high oil prices on future economic growth, particularly in China.

Fund Details