Fund Objective

To achieve capital growth.

View on Past Performance

We added to positions in Prudential, AstraZeneca, GlaxoSmithKline and BP. We sold very little in the month as the market was very weak. No new holdings.The Fund is in third quartile in the month - very volatile and especially weak FTSE 250 and smaller companies relative to the FTSE 100 was a negative influence. The Fund is in second quartile year to date.

Future Expectations

The depth of the recession is not known; therefore earnings are impossible to predict with any confidence. Caution remains as equities are liquidated for cash, but maybe, just maybe October 27th was the market low for this bear market. Only time will tell.

Fund Details