Fund Objective

To provide an income in excess of the FTSE Europe ex UK Index together with capital growth over the long term.

View on Past Performance

It was a brighter month for European equities, as a raft of M&A activity, a drop in the price of oil and some positive news on the US economy outweighed investors' ongoing nervousness about the state of the global financial sector and fears that the eurozone was slipping into recession. Overall, the FTSE Europe ex-UK index was up 1.6% for August.The Fund ended the month behind the index with the main impacts coming from Statoilhydro, BNP Paribas and UBS. Shares in UBS, in which the Fund has an underweight position, jumped after the company announced a plan to separate its investment banking and wealth management units.

Future Expectations

During the challenging time ahead, we will continue to utilise our fundamental, repeatable investment process to indentify and invest in companies whose intrinsic value is not reflected in the share price.

Fund Details