Fund Objective

To achieve a stable and high level of regular income with the potential for capital growth over the longer term.

View on Past Performance

The last 12 months has seen a significant change of fortune for the global economy. The tremendous growth rates seen in the US, in early 2000 have given way to below trend growth. The collapse of the dot.coms was swiftly followed by a rapid unwind of valuations for the technology companies and equity markets have collapsed. the erosion of wealth has impacted business confidence and leading indicators have been pointing towards recessionary conditions for the last few months.

Future Expectations

Demand for corporate credit continues to be very strong, hence the trend of spread tightening. It is their expectation that this will continue and that there will be opportunities to selectively invest in new issues and participate in further spread tightening. Some sectors will remain under pressure as their appetite for capital remains extensive but there will be trading opportunities for the nimble.

Fund Details