The fund aims to achieve a rising income combined with capital growth from a wide range of investments. The fund will mainly invest in global equities but may have exposures to fixed interest securities. We will not be restricted in our choice of investments, regardless of size of the company, the industry it trades in or the geographical split of the portfolio.
November was a relatively quiet month for the fund. Global markets fell, albeit modestly; our fund, meanwhile, rose by 0.6%. Returns over the year to date have been good: the fund is up just over 30% while the benchmark is up just shy of 20%.Our best performing holdings in November included: Silverlake, a banking software manufacturer based in Malaysia (up 20%); Drillisch, a German provider of mobile phone services (up 12%); and Time Warner Cable (up 13%). Shares in Time Warner Cable rose because it appears to be up for sale.A number of potential buyers have already declared their interest and, with proven synergies for an industry buyer (or consortium of buyers), we think a deal will eventually be made. In the meantime, a decent 8% free cash-flow yield is supporting a growing dividend yield.One of the month's worst performers was Bangkok Bank, which fell by 13%. We should know not to own a bank when there is rioting in the streets... Meanwhile, Prosafe, the world's leading provider of semi-submersible accommodation vessels (in which offshore oil workers sleep when they are not on their rigs) was also weak, falling by 12%. Finally, Cisco fell by 7% due to the NSA spying scandal.Some countries have stopped buying networking equipment from Cisco due to a combination of security fears and worries about a political backlash.
218.19p
