Fund Objective

There is no fund objective available from this fund manager.

View on Past Performance

In the six months to September the Fund fell by 14.8% compared to a fall in the FTSE 350 Index of 13.3%. Our exposure to mining related companies was particularly unhelpful as these stocks performed particularly poorly. September turned out to be an extraordinary month with unprecedented turmoil in the global financial markets, as various large well known financial institutions were nationalised, saved or in the case of Lehman's allowed to go bust.Confidence in the banking system is extremely fragile at present and regardless of whether the authorities can find a solution to the immediate crises, the impact of these events on the wider UK economy will likely accentuate the negative trends already apparent.

Future Expectations

The Fund retains a focus on companies with sustainable, above average growth in earnings and cash flow. We continue to believe that this will convert into better relative share price performance over time.

Fund Details