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.