Fund Objective

The Fund aims for maximum capital growth through investment in a broad spread of European securities.

View on Past Performance

European stocks extended their rally for a second month in February, led by the industrial metals and utilities sectors. Oil and gas producers, though, lagged the market.The European Central Bank left interest rates unchanged at 2.25%; however, the potential inflationary effects of higher oil prices and continuing signs of economic recovery in the region could lead to a rate hike in March.Economic sentiment remained well supported, with optimism seen in business and consumer confidence data.Robust external demand led German business sentiment to a 14-year high in February, while a biggerthan- expected increase in consumer spending bolstered French business confidence. The upbeat figures contrasted with indicators from Italy, where fears over industrial output sent business sentiment lower for the first time in eight months.We sold Deutsche Bank and Syngenta, and used the proceeds to top up our positions in Techem and Italcementi on valuation grounds.

Fund Details