Fund Objective

To give growth based on the performance of a number of international equity indices.

View on Past Performance

Global equities made modest progress over the quarter despite taking a midquarter battering. The two day crash was triggered in China amid concerns over a perceived asset bubble growing within the domestic stock market. Yet other factors played a part, including the loss of faith in a soft landing for the US economy.Of the developed markets, continental Europe provided leadership amid fresh merger and acquisition activity and healthy economic conditions. Meanwhile the besieged US subprime mortgage market, and its implications for the wider US economy, left US equities trailing.UK and European interest rates both increased by 0.25% to 5.25% and 3.75% respectively. However, as has been the case in recent months, these interest rate rises were less of an influence on bond prices than were US economic sentiment. By and large, UK and European government bonds tracked the ebbs and flows of US Treasuries.

Fund Details