Fund Objective

The Fund's objective is to obtain long term capital growth.

View on Past Performance

Equity markets have recently seen sharp falls amid increasing concerns not only about the fi nancial crisis but also the slowdown in the real economy. Fears of a fi nancial meltdown in the US, the UK and Europe have hit many banking shares, while falling commodity prices and concerns over a sharp economic slowdown in emerging markets have depressed resources sectors.

Future Expectations

With the fi nancial crisis deepening and the economic outlook in the UK deteriorating, we remain cautious on the outlook for the UK equity market. Following a quick succession of largescale bank failures and rescues, there has been an inevitable 'fl ight to safety'.M&A activity, which supported small cap stocks in the past, has declined as the credit market froze and the global economic outlook became more uncertain. As a result, we expect investors to continue to favour large cap shares over small caps in the short term.However, we believe the current extreme volatility in share prices gives us the opportunity to invest in quality companies with strong balance sheets and sound business models at favourable prices.

Fund Details