Fund Objective

To provide long term capital growth from a portfolio of investments.

Future Expectations

Markets have once again been focused on global growth or lack of it as well as the pull back in commodity prices. Investors cheered the fact that Oil in particular has fallen back from over $140 to close to $110, despite Russia's invasion of Georgia.Added to this have been signs that the U.S. economy looks like it has reverted towards trends growth - albeit skewed heavily by a strong export performance which will be difficult to match given the recent strengthening in the dollar and increasing weakness in the global economy. In the UK, markets regained some lost ground in August with UK Mid Cap (7%) stocks outperforming both Small (4.8%) and Large Cap (4.8%).This was also matched by most overseas equity markets, but only with the help of the ever weakening Sterling. As expected for this time of year volatility remained high. Gilts also benefited as inflation worries receded and expectations of an interest rate cut increased. The Fund over the period rose 2.24% and now stands at circa £7.4m.

Fund Details