Monthly Update
30 April 2021


The Fund rose 3.67% in April, well ahead of its performance comparator of cash (as measured by the Bank of England’s Sterling Overnight Index Average (“SONIA”)) + 5%, which rose by 0.41%.

The UK stock market, as measured by the FTSE 100 Index, continued the positive run it began in March, as the successful vaccine roll out continued across the country and businesses began to re-open once again.

Following the maturity of a Citigroup backed Note in March, the capital returned was reinvested into a new over the counter strategy at the beginning of April. This gilt backed strategy uses the FTSE CSDI index as the underlying, and will mature on any anniversary where the index is above its original level, returning a gain of 8.41% for every year it is in force. If it doesn’t mature before its eighth anniversary, and on that day the index is still below its original level then the strategy will mature returning no gain, unless it is more than 35% below, in which case it will match the fall in the index.

To view all the strategies within the fund in detail, please visit the portfolio page on

The value of this investment can fall as well as rise and investors may get back less than they originally invested.
The Fund is suitable for investors who are seeking capital growth over a medium to long term horizon but who are willing to tolerate medium to high risks due to the potentially volatile nature of the investments.
This article is for information purposes only and should not be construed as advice. We strongly suggest you seek independent financial advice prior to taking any course of action.

The Lowes UK Defined Strategy Fund is a sub-fund of the Skyline Umbrella Fund (ICAV) and is regulated by the Central Bank of Ireland. The KIID, Prospectus, and Supplement can be accessed by visiting and are only available in English.

Lowes Investment Management Ltd, Fernwood House, Clayton Road, Newcastle upon Tyne, NE2 1TL. Authorised and regulated by the Financial Conduct Authority.

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