Fund Objective

To achieve capital growth at a greater rate than the Hoare Govett Smaller Companies Index.

View on Past Performance

Within the Hoare Govett Smaller Companies (ex Investment Trusts) Index, the best performing sectors were Utilities, Financials and Consumer Goods. The worst performing sectors were Oil & Gas, Basic Materials and Industrials.

Future Expectations

The frequent changes to the global financial narrative render it inappropriate to make any forward-looking statements on the shortterm direction of the UK and global stock markets. However, we remain true to our long established investment principles that have served us well across a range of market conditions.We continue to rigorously research stocks to identify those companies generating high or improving financial productivity whilst trading at attractive valuations. We believe adherence to this approach will enable us to continue to add value to our clients' portfolios over the long term.

Fund Details