Fund Objective

The Fund aims for maximum capital growth.

View on Past Performance

European shares fell sharply in October, as the ongoing liquidity crunch and weak economic data fuelled recession fears. Sentiment remained weak despite coordinated interest rate cuts by central banks, including the European Central Bank (ECB). Over the month, the ECB extended a €5bn credit line to Hungary, relaxed its collateral rules and provided unlimited longer-term funds. It also increased foreign currency funding to lenders.Governments in France, Germany and Spain guaranteed bank debts and injected capital into distressed lenders. In addition, Germany approved a €500bn bank rescue plan. The macroeconomic outlook stayed bearish: Europe's economy contracted in the second quarter as corporate investment and consumer spending declined. Business confidence on the Continent fell to a 10-year low. On a positive note, inflationary pressures subsided in the Eurozone, particularly, Germany and France.We sold Austrian developer Immofinanz and UK-based retailer Kesa Electricals to reinvest the capital in better opportunities elsewhere.

Fund Details