Fund Objective

To maximise total return through an actively managed portfolio of equities and fixed interest investments, focusing on growth companies and special situations, mainly in the UK.

View on Past Performance

The market continued to rally from the lows of mid July as investors formed the view that lower oil and commodity prices would ease inflationary pressures and provide scope for interest rate cuts. Another main theme during the month was the sharp decline in sterling, which on a trade weighted basis has not been this low since 1996. The fund returned 3.6% which was slightly behind its benchmark.* This was largely as a result of its commodity exposure, particularly to the oil & gas sector.

Future Expectations

The market will continue to be volatile and the vicious sector rotation that has been evident will likely persist. Overall though, we expect the market to remain in a trading range. The general structure of the fund remains relatively unchanged, but we have been increasing exposure to stocks that will benefit from the lower oil price and stronger US dollar.

Fund Details