Fund Objective

There is no fund objective available from this fund manager.

View on Past Performance

Global equities ended the quarter slightly higher, despite the MSCI World index being sharply lower in mid August. Volatility remained high as investor nervousness extended from credit markets across the financial system, with risk aversion evident in all asset classes.

Future Expectations

We are concerned about the sustainability of the current recovery in equity markets and anticipate keeping our equity exposure relatively low until we see more evidence that the credit markets are fully functioning again. While our longer-term view is more positive, we believe that there is a strong possibility in the medium term of further high volatility and another correction as sectors with high leverage post poor quarterly results.We think the environment for bonds still looks favourable and are happy to play the rally through our cross market and relative curve positions and trade tactically around key data points.

Fund Details