Fund Objective

The Fund focuses on achieving long-term capital growth.

View on Past Performance

September was another volatile month as the global financial crisis worsened rapidly. Markets reacted strongly to financial news, of which there was plenty. The collapse of several large banks indicated the magnitude of the situation. Government intervention in the US, UK and Europe was a key driver in the market movements and this theme looks set to continue.Despite the turmoil there were investment opportunities. Purchases included Yara International, a Norwegian company specialising in mineral fertilisers. A derating presented us with the opportunity to take a new position at a reasonable price. We think the company's prospects are good as it is well placed to benefit from the need to increase crop yields.We are committed to the alternative energy sector over the long term but returns were disappointing over the month. We sold down some holdings - halving some positions and sold out of Suntech. Continued concerns over the supply of refined poly-silicon hit prices.Apple has been a favoured holding in the past and we saw an opportunity to re-establish a position. Although there are some general market concerns over consumer demand, we think Apple remains in a strong position with its current hardware.

Future Expectations

Although the change in Stewardship criteria allowed the introduction of financials in the Funds we did not buy. This has proved beneficial and we expect to remain underweight to financials in the near future.

Fund Details