The fund aims to provide long-term capital growth by investment in companies listed, quoted and/or traded in the UK and in companies which are headquartered or have a significant part of their activities in the UK which are quoted on a regulated market outside the UK.
After a strong October, the FTSE All-Share gave back some ground in November. Happily, your fund did not, rising by 1.6% instead. The gains were well spread across the fund's holdings, with industrials putting in the best performance at a sector level.Results season continued to be favourable; most of our stocks delivered numbers that were supportive of our continued ownership of them. Kentz was particularly pleasing. Investors may recall the recent saga in which it became the subject of two bid approaches, neither of which was consummated. Those rumours have resurfaced.And, while we think there is no smoke without fire, we are happy to be shareholders of a cheap business that is enjoying a steady stream of new orders. easyJet recovered nicely from a bout of nervousness inspired by two profit warnings from Ryanair. In addition to reporting good growth again, it announced a larger-than-expected special dividend for shareholders.Daily Mail provided more insight into the development path for its online business and its share price rose in response. Among recent additions to the fund, Plus500 continues to exceed expectations and was again among our best performers. Such has been the magnitude of the gain from IPO that we have begun to trim our holding a little - but the outlook is still good.
933.22p
