Fund Objective

To achieve capital growth over the medium to long term.

View on Past Performance

Looking back over a turbulent summer we highlight two extraordinary,but related developments which we believe illustrate the unexpected way that the world is today and the direction it is heading.First was the joint offer of the China Development Bank and the Singaporean state sovereign fund to invest up to $20bn into the equity of Barclay's Bank,in order to assist the latter with its bid for ABN-AMRO.Next is the emergence in September of two Middle Eastern institutions as the largest shareholders in the London Stock Exchange,acquiring nearly 50% of its shares at a big premium to the market.What both demonstrate is the globalisation of financial markets and the financial services industry,with new pools of liquidity,arising in the East,looking to participate in the emergence of global champions.

Future Expectations

The lesson,we think,is that UK investors must continue to think big and expect further consolidation across many industries,not just banks (although the other notable event of the summer revealed that a number of British banks badly need to get bigger).

Fund Details