Fund Objective

The Trust aims to maximise total return by way of capital appreciation and income.

View on Past Performance

Global equity markets were subdued in June in the face of further fall-out from the sub-prime mortgage correction in the USA, expectations of further UK interest rate rises, continued high levels of IPOs and reduced takeover activity from the recent frenzy. For the European funds EDF performed well, as mentioned above, as did Shell.There was relatively little activity. We added to positions in: Carnival, the cruise operator; Dawnay Day Treveria, the German property company and Versatel, a German broadband service provider.We saw strong performances from EDF, the French nuclear company, where the European commission continues to press for higher wholesale electricity prices, from PICC, the Chinese general insurance company and from Vodafone. Exelon had a dull month so we added to our positions. France Telecom also fell following the sale of a further part of the government stake.

Fund Details