Fund Objective

To provide the total return of the FTSE All-Share Index.

View on Past Performance

The broader UK equity market rose for the first month in four after the Federal Reserve slashed its key lending rate.Miners led the advance as markets bet the US central bank's move will help shore up domestic,and thereby global,economy activity.But banks were a weak spot as a deepening state of crisis engulfed Northern Rock after the UK mortgage lender sought emergency funding from the Bank of England.The fund outperformed its benchmark by a sizeable margin helped by both succesful sector allocation and stock selection.Examples of the former included an overweight position in industrial shares which once again outperformed the wider market.Relative lack of exposure to consumer goods and finanacials also boosted returns.In terms of winning positions,Diploma shares rallied after the distributor of manufactured goods delivered an upbeat trading statement.Returns were augmented further after three of our holdings-Sondex,SCI Entertainment and Domestic & General-were on the end of takeover approaches.

Fund Details