Fund Objective

The Fund aims to provide long term capital and income growth by investing predominantly in the UK. The Fund will invest predominantly in UK equities, fixed interest and other securities. The Authorised Corporate Director may also invest at its discretion in other transferable securities, money market instruments, deposits, cash and near cash and collective investment schemes.

View on Past Performance

UK equities fell on concerns about the economic outlook and the turmoil in the financial sector. However, basic materials, oil & gas and industrials were the weaker performers, leading other sectors down. Stocks in the utilities sector were the most resilient over the month, falling by just 1%, versus a fall of 13.0% for the FTSE 100 and a return of -13.4% for the FT All-Share.The manager is maintaining his cautious stance on the equity market.

Future Expectations

The corporate environment remains challenging across most sectors as economic concerns increase. The current lack of confidence in banks is a significant issue although government support should help stabilise sentiment. Markets are likely to remain very volatile while the level of economic and corporate earnings uncertainty is so high.

Fund Details