Fund Objective

This Fund aims to achieve long-term capital growth.

View on Past Performance

The UK Smaller Companies sector, as measured by the Hoare Govett Smaller Companies (ex Investment Trusts) Index fell by 14.8% in Sterling terms during September. The Fund underperformed its benchmark during the month. The Fund's holding in Domino's Pizza was the largest contributor to performance during the month. Other positive contributors to performance included holdings in BPP Holdings, Leaf Clean Energy and H&T Group.Detractors to performance during the month included holdings in Bateman Litwin, Coal of Africa, Regal Petroleum and Zetar. UK smaller companies have continued to be impacted by the ongoing market volatility which has resulted in a more difficult trading environment as well as a lack of liquidity in the sector.

Fund Details