This month the Trust returned -17.9%, while the fTSE All Share returned -11.9%. If September was a remarkable month, then October was more remarkable still. The first week of the month saw the near-collapse of the UK banking system, forcing the government to intervene to save it. Interest rates were cut around the world in a synchronised attempt to head off a severe economic recession.Commodities responded to economic growth worries, with the price of oil falling from US$100 a barrel to around US$60. The FTSE All Share index fell by almost 20% within the first ten days of the month. Then two weeks of volatility was followed by a late rally, as global interest rates were cut again. The stocks that beat the market in October tended to be large, secure, low risk companies that pay a decent dividend, such as BP, Royal Dutch Shell, Astrazeneca and Diageo.These stocks are under-represented in the Baring UK Growth Trust, which has a bias towards faster-growing companies. October was a month which rewarded safety over potential growth prospects and, as a result, the Baring UK Growth Trust underperformed the broader market. During October, we sold our holding of mining company New World Resources and opened a position in Prudential. Following bid rumours, part of the holding in Tui Travel was sold.