Fund Objective

This fund has an inherent bias towards capital 'growth' stocks and is an aggressive, concentrated portfolio which identifies and analyses themes and secular growth trends and then invests in the stocks of primarily UK companies best placed to profit from these trends.

View on Past Performance

UK equities faced headwinds in August, but managed to close the month with the FTSE All Share index up 0.71%.The Bank of England's unexpected decision to increase interest rates saw equities fall back initially.Corporate news was mixed while merger and acquisition speculation supported valuations.The trends seen in July reversed, with cyclical stocks outperforming and defensives weak.This was positive for performance.Our overweights in GKN and Helphire were the key positives as both rose on good figures after weak performance.Our position in BAE Systems was also positive as the shares had oversold following concern over the Airbus sale.

Future Expectations

The market is focused on the US housing market and its potential impact on the US economy.We expect volatility to continue for September and October, as investors remain nervous.There is still scope for a year-end rally in UK equities, with valuations attractive.

Fund Details