The Fund rose 2.05% in August, ahead of its performance comparator of cash (as measured by the Bank of England’s Sterling Overnight Index Average (“SONIA”)) + 5%, which rose by 0.38%. It was also ahead of the FTSE 100 Index, to which all the underlying strategies are linked, which rose 1.75% over the month on a price only basis.

Following the falls in the previous month, the UK stock market (as measured by the FTSE 100) rallied strongly in the first two weeks of August, being up 6.63% by the 12th. With continued uncertainty over Covid-19 however, and difficulties in the Brexit trade negotiations coming back to the fore, most of these gains were given up in the second half of the month. Although as noted above it did still finish in positive territory.

Three of the strategies passed observation points in the month, but with observation levels above the current FTSE 100 value they did not mature, moving on to their next observation points. All three have at least seven years before their final observation.