Fund Objective

To aim to achieve a capital return as close as practically possible to the FTSE All Share Index

View on Past Performance

The FTSE All-Share fell by 11.9% during the month. The UK market suffered its worst monthly return in more than 20 years. In the financial sector, the government's £37bn rescue package saw the majority of the support going to RBS, while Lloyds TSB and HBOS also applied for funding. Meanwhile, although Barclays refused government support, it agreed the sale of £7.3bn of shares to a Middle Eastern investment consortium.Economic news remained gloomy, illustrated by another fall in house prices that took the annual fall in the Nationwide index to 14.6% and a drop in consumer confidence to the lowest level since 1974. Meanwhile, the Bank of England governor Mervyn King predicted a deep recession in the UK. This was followed up by the Prime Minister who dared to utter the 'R' word and this sent shares into another downward spiral.

Fund Details