To achieve long term capital growth through the active management of a diversified portfolio of securities. There will be no geographic or economic restrictions on investment but principally, investment will be in securities traded on Asian and Australasian stock markets.
The market has continued its downward trend throughout September due to concerns over the stability and liquidity of the banking sector in OECD economies, which has created a credit crunch. This has weighed on global growth expectations and has been felt strongly by Asian exporters. The fund outperformed its benchmark index during the month, aided by the overweight positions in telecommunications and utilities. In contrast, the materials sector was the main detractor from performance.Activity included a reduction in our commodity exposure through iron ore and agricultural products, as well as in the exposure to economically sensitive stocks, such as Thoresen Thai Agencies. Against this, we increased our holdings in defensive stocks and larger companies, including QBE, and our weighting in China.The fund is overweight telecommunications and utilities sectors against the backdrop of the global slowdown; and underweight technology stocks, which are experiencing a slowdown in demand growth; and financials on valuation uncertainties in the sector.
755.59p
