Fund Objective

To provide long-term capital growth.

View on Past Performance

Smaller company shares fell in March, as a result of rising risk aversion among institutional investors. Investors were spooked by the threat of greater inflationary pressure in the UK and the Us and a resurgent oil price.The Fund fell behind its peer group average in March. At the stock level, the main drag on performance came from Nord Anglia Education, which reported weaker than expected occupancy levels at its nurseries. Jessop's also underperformed after the company said that poor trading would result in lower than expected profits.On a more positive note, Cookson and Roxboro were strong performers after both company posted solid results.

Future Expectations

We remain cautiously optimistic on the prospects for smaller company shares in 2005.

Fund Details