Fund Objective

To provide an income in excess of the yield of the MSCI Europe ex UK Index by investing in a concentrated portfolio of approximately 30-50 companies predominately incorporated in Europe (excluding the UK) or which have derived a significant part of their business from Europe (excluding the UK) whilst preserving capital.

View on Past Performance

August saw the market take a holiday from the volatility that has plagued it all year, as the MSCI index rose 1.5% in euros. The continuing unwinding of the commodities bubble found a mirror image in the action of the US dollar. Whilst bad for commodities, a strong dollar is usually good for global equities, and certainly dollar sensitive stocks were especially strong this month. The fund returned 2.6% which was behind its alpha dominated sector average

Fund Details