The fund has been outstanding since launch in 2002.  In 2007 it slighly underperformed the FTSE 100 index, but outperformed other equity income funds by a decent margin, with the manager skillfully side-stepping the worst fallout from the turbulence in recent months.  The fund continues to have a heavy weighting to larger companies with more attractive valuations, and this is a big positive for us. 

A core medium risk holding for growth and income investors. 

To generate a rising level of income. Whilst income is the main objective there is also potential for capital growth, from an actively managed portfolio invested predominantly in UK securities and UK fixed interest stocks, with some overseas exposure. The Fund aims to achieve top quartile performance, in terms of total return, against the appropriate peer group.

Alex Breese & Robin Geffen

-25.45%