Fund Objective

To achieve capital growth.

View on Past Performance

The stock market had a volatile month and the FTSE 100 Index ended March down 3.1% while the FTSE All-Share Index declined by 2.9%.Smaller companies performed poorly with the FTSE Smaller Companies (excludng investments trusts)Index falling by 6.0% and the FTSE AIM All-Share Index by 6.7%.The Cavendish AIM Fund fell by 3.7% in March.While the general market direction of the UK equity was down,we had a number of shares that bucked the trend.The largest gain within the Fund came from Tissue Science,a medical company,with the share price increasing by 8.7% following a bid for the company.Another strong performer was International Ferro Metals,which advanced by 2.2% following on from a rise of 28% in February.

Future Expectations

We have been encorauged by the positive news emerging from numerous companies in the reporting season.In spite of credit crunch,the outlook for several companies in which we have holdings appears positive and there seems to be an increase in takeover activity.Consequently we would look for a recovery in AIM shares as the new financial year progresses.

Fund Details