Fund Objective

To aim to provide capital growth.

View on Past Performance

September was the worst month of 2008 since January, with all eyes on the state of the global financial system and the ability of US law makers to approve the latest element of their economic rescue plan. Risky assets sold off, with the sharp decline in the oil price representative of commodity markets in general. Only bonds performed well as investors sought security and safe havens.

Future Expectations

It is fair to say that the current environment is punctuated by fear with the occasional bout of relief. These are extremely testing times for investors and clearly some market participants are rushing for the exit. Nevertheless, good stocks have been sold down as much as bad and we continue to look for selective investment opportunities.

Fund Details