Fund Objective

The fund aims to achieve the best possible growth from investing mainly in smaller companies in the UK.

View on Past Performance

August was a better month for UK equities with the FTSE Small Cap index rising by 3.5% - this is not to say that all was rosy in the garden because it was not. The macro issues that we have been dealing with are still very much apparent: the FTSE Mid 250 index suffered its highest level of net downgrades to estimates in one month for five years. The fund rose by 3.3% which was top quartile and comfortably ahead of its sector average. Indeed the fund is top quartile year to date and over 1, 3 and 5 years.

Future Expectations

The macro background to the fund is undoubtedly mixed but we continue to believe that there are quality small companies out there which meet our investment criteria, and are currently mispriced with reference to their future growth prospects. As a result we view the future with what might be called pragmatic confidence.

Fund Details