Fund Objective

To provide a total return.

View on Past Performance

Global equity markets rose in the second quarter as a result of strong gains in April and May. Mergers and acquisitions activity remained strong, boosting performance in a number of industries, while company profits growth and economic data outside the US generally continued to reassure investors.Markets stalled in the final part of the quarter, however, as evidence of a pickup in US economic growth prompted a reassessment of the outlook for US interest rates. Stocks are selected on an entirely 'bottom up' basis; fund composition is determined by where we can find Value and portfolio construction is designed to diversify across Value themes.We are able systematically to assess over 15,000 global stocks on a daily basis and we construct portfolios without reference to a benchmark index, which allows us to take full advantage of changing Value opportunities within a broad global universe.

Future Expectations

We continue to find many good Value opportunities in continental Europe, among smaller sized stocks in Japan and in emerging Asia (particularly Korea and Taiwan). We have been reducing our exposure to the industrials sector following strong performance.The telecommunications sector remains a Value opportunity in our view, particularly in continental Europe, and we have been adding to oil and gas and consumer discretionary stocks recently.

Fund Details