Fund Objective

The fund's objective is to achieve long term capital appreciation.

View on Past Performance

During the quarter, the fund underperformed its benchmark. However, its year-to-date performance remains positive.An exposure to retailers detracted amid concerns about a slowdown in consumer spending. Notably, profits of officesupplies firm OfficeMax missed estimates, while monthly sales declined at Macy's department stores.A major detractor was an overweight in the nutritional-supplements company NBTY, which reported a decline in volumes at its key wholesales segment, leading to a poor outlook for an improvement in margins.Conversely, oil refiners Holly and Tesoro contributed, as the uptrend in refining margins continued. Tidewater benefited from the rising demand for offshore supply vessels and towing services from oil & gas firms.An exposure to businesses benefiting from the ethanol-driven rise in corn plantation added value. These include fertiliserproducer Terra Industries and farm-equipment manufacturers Agco and Deere, which also reported robust sales in South America.

Fund Details