Fund Objective

The Liberation No.VI Fund aims to provide capital growth in excess of the return available from cash deposits over the medium to long term from a portfolio of global investments.

View on Past Performance

Once again global equity markets saw sustained selling pressure as investors and hedge funds continued to de-leverage and this, added to reduced liquidity, led to equity markets falling dramatically. Although markets finished the month well off their lows, it still meant that Emerging Markets fell 22%, Nikkei -27%, DJ Euro Stoxx -14% and S&P 500 -16% (all in local currencies).As market conditions continued to deteriorate in early October, we saw a co-ordinated action by central banks to cut interest rates by 0.5%. While EU wide fiscal initiatives had initially been slow to start, individual member states began taking aggressive independent remedial action, including deposit guarantees and coordinated government recapitalisation of troubled institutions. With this kind of market backdrop, fundamentals take a back seat.As a result, the Fund fell 12.55% and whilst this is respectable against our benchmark, it is still disappointing.

Fund Details