Fund Objective

To provide long term capital growth.

View on Past Performance

European Stock markets made further progress during April as corporate earnings new continued to impress and the brightening domestic economic lent further support. News of an unexpected interest rate increase in China to temper the economy's growth spurt saw European equity markets stage a partial retreat in tandem with their global peers.The Fund underperformed its sector average over the month. At stock level, the fund's bias towards Fresenius detracted value as investor took profits ahead of the release of first quarter results. The holding in Business Objects delivered poor returns as the company suffered from earnings disappointment late in the month.The fund's underexposure to Nokia also restricted returns as its shares climbed after company posted strong results. In positive news, Acciona added value after a rerating of its wind energy business. Our holding in German energy company E.on also aided performance as confidence in the Endesa deal grew over the month.

Future Expectations

We retain our positive bias on the outlook for European equities, particularly those that can demonstrate sustainable earnings growth.

Fund Details