The fund outperformed the benchmark index in September, as the portfolio is marginally underinvested in gilts as yields rose. The portfolio is marginally underinvested in index-linked gilts due to low real yields. As the portfolio follows a relatively passive strategy, activity remains low and reflects flows in the fund. On 30 September, the real yield on the 5-15 year index linked gilt was 1.29% at an implied inflation rate of 5% and 1.51% at an implied inflation rate of 0%.The yield on ten-year nominal gilts was 4.4490%. The yield on ten-year index linked gilts was 1.389%. This implied a breakeven inflation rate of around 3.060%. Actual retail price inflation in the UK for the 12 months ending 31 August was 4.80%, while 12-month growth in the RPIX (RPI less mortgage interest rate payments) was 5.20%.