Fund Objective

The investment objective of Durlacher Growth Plus is to achieve long-term capital appreciation in excess of the FT All-Share Index.

View on Past Performance

October is often associated with stormy weather,volatile stock markets and a decimated train service and last month was no exception!For the stock market at least,October proved far from disastrous with the FTSE All Share index ending the month 7.8%higher,the first positive monthly return for almost six months.

Future Expectations

We acknowledge an increase in overseas economic risks and advocate a cautious and selective approach to equity investment.A defensive strategy should not,in our view,focus on highly rated,perceived safe havens such as utility and tobacco companies,but on qualitative factors such as cheapness, cash generation,earnings visibility,non-cyclical growt,Hpricing power and balance sheet strength.We see good upside for companies with these characteristics.

Fund Details