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.