Fund Objective

Capital appreciation.

View on Past Performance

These developments were exacerbated by another significant change in the investment landscape - a marked downward revision in global growth. Before the events of September, the past quarter was characterised by huge sell-offs in commodities, including oil, a large derating in stocks in emerging markets and significant shifts in currencies that are normally linked to global activity.

Future Expectations

The strategy remains concentrated on five external UK fund managers selected on the basis of rigorous qualitative and quantitative analysis, with close monitoring of their changing prospects. The portfolio outperformed the index during the quarter. However Schroder UK Alpha Plus returns were disappointing, whose exposure to certain mining companies hurt performance when the commodities boom appeared to turn.

Fund Details