Monthly Update
31 September 2020


The Fund fell 1.54% in September, behind its performance comparator of cash (as measured by the Bank of England’s Sterling Overnight Index Average (“SONIA”)) + 5%, which rose by 0.45%. It was ahead of the FTSE 100 Index however, to which all the underlying strategies are linked, which fell 1.63% over the month on a price only basis.

It was another topsy-turvy month for the UK stock market, as measured by the FTSE 100 index. Falling by almost 3% in the first four days of the month, it then went on to rally over the next fortnight, rising over 5% from that point, before then giving up all those gains, ending the month down 1.63%. Continuing uncertainty over the pandemic, along with the US Presidential election in November, and the Brexit trade talks going down to the wire, all these matters continue to leave the markets nervous and are likely to do so now until the end of the year.

Two strategies passed observation points in the month, but with FTSE 100 still currently below their respective observation levels they did not mature, moving on to their next observation points. The first has five more years before its final observation, and the second has quarterly observations for another six and a half years, giving it a further 26 possible maturity points.

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.

Sign up today!

To receive notifications on new market insights published to our blog, please complete the below form.

You can unsubscribe at any time by emailing or by clicking the ‘unsubscribe’ link at the bottom of each email.

Full details of how we use and secure your personal information and how to update your marketing preferences can be viewed in our Privacy Policy