Fund objectives

The objective of the Balanced Investment Fund is to achieve capital growth, whilst taking a moderate level of risk. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Balanced Investment Fund less volatile than some of the other more specialised funds.

The investment objective of the Deposit Fund is to achieve a reasonable rate of return, whilst maintaining a high level of security. This Fund can be invested in a range of interest-bearing investments, including bank and building society deposits, as well as short term bills issued by the Treasury, local authorities or other corporate bodies. Under normal market conditions, over the longer term, whilst the Deposit Fund has less potential to achieve investment returns as high as the Balanced Investment Fund, the investment risk attached is lower.

The objective of the Fixed Interest Life Fund is to provide a broad base of fixed interest investments, comprising UK government bonds and corporate bonds. Whilst the investment risk is higher than cash funds such as the Deposit Fund, it is lower than equity funds such as the Balanced Investment Fund, so can provide improved returns over cash without the higher levels of volatility usually seen in equity funds. 

The long-term objective of the Global Equity Fund is to achieve capital growth by investing in the shares of overseas companies, together with those of UK companies with overseas interests. The Fund Manager can invest in any country and regularly reviews the choice of investments in the fund to gain advantage from movements in different equity markets. Investments are concentrated in international equity markets, therefore, the Global Equity Fund has the potential to achieve higher returns than the Balanced Investment Fund, but has a higher investment risk.

The objective of the Property Fund is to achieve capital growth by investing in UK commercial and industrial property through the use of collective schemes.  The Fund aims to offer protection against inflation over the longer term, and is impacted less by the short term fluctuations in stock market returns than equity or managed funds.

Property assets can be illiquid, that is not easy to trade. As such, there can be times when transactions in / out of the fund may be delayed.

The long-term objective of the UK Equity Life Fund is to achieve capital growth by investing in the shares of quality UK companies. The Fund Manager regularly reviews the choice of investments in the fund to gain advantage from movements in the UK equity market. Investments are concentrated in the UK equity market, therefore, the UK Equity Life Fund has the potential to achieve higher returns than the Balanced Investment Fund, but has a higher investment risk.

The investment objective of the Cash Fund is to achieve a reasonable rate of return, whilst maintaining a high level of security. This Fund can be invested in a range of interest-bearing investments, including bank and building society deposits, as well as short term bills issued by the Treasury, local authorities or other corporate bodies. Under normal market conditions, over the longer term, whilst the Cash Fund has less potential to achieve investment returns as high as the Managed Fund, the investment risk attached is lower.

The objective of the Cautious Return Fund is to achieve capital growth through a range of investments, whilst taking less investment risk than the Managed Pension Fund. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities, with a greater emphasis on fixed interest.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Cautious Return Fund less volatile than some of the other more specialised funds, including being less volatile than the Managed Pension Fund.

The objective of the Fixed Interest Pension Fund is to provide a broad base of fixed interest investments, comprising UK government bonds and corporate bonds. Whilst the investment risk is higher than cash funds such as the Cash Fund, it is lower than equity funds such as the Managed Pension Fund, so can provide improved returns over cash without the higher levels of volatility usually seen in equity funds. 

The long-term objective of the Global Equity Pension Fund is to achieve capital growth by investing in the shares of overseas companies, together with those of UK companies with overseas interests. The Fund Manager can invest in any country and regularly reviews the choice of investments in the fund to gain advantage from movements in different equity markets. Investments are concentrated in international equity markets, therefore, the Global Equity Pension Fund has the potential to achieve higher returns than the Managed Pension Fund, but has a higher investment risk.

The objective of the Managed Pension Fund is to achieve capital growth, whilst taking a moderate level of risk. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Managed Pension Fund less volatile than some of the other more specialised funds.

The objective of the Property Pension Fund is to achieve capital growth by investing in UK commercial and industrial property through the use of collective schemes.  The Fund aims to offer protection against inflation over the longer term, and is impacted less by the short term fluctuations in stock market returns than equity or managed funds.

Property assets can be illiquid, that is not easy to trade. As such, there can be times when transactions in / out of the fund may be delayed.

The long-term objective of the UK Equity Pension Fund is to achieve capital growth by investing in the shares of quality UK companies. The Fund Manager regularly reviews the choice of investments in the fund to gain advantage from movements in the UK equity market. Investments are concentrated in the UK equity market, therefore, the UK Equity Pension Fund has the potential to achieve higher returns than the Managed Pension Fund, but has a higher investment risk.

The objective of the Managed Fund is to achieve capital growth, whilst taking a moderate level of risk. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Managed Fund less volatile than some of the other more specialised funds.

The long-term objective of the Equity Fund is to achieve capital growth by investing in the shares of quality UK companies. The Fund Manager regularly reviews the choice of investments in the fund to gain advantage from movements in the UK equity market. Investments are concentrated in the UK equity market, therefore, the Equity Fund has the potential to achieve higher returns than the Managed Fund, but has a higher investment risk.

The long-term objective of the International Fund is to achieve capital growth by investing in the shares of overseas companies, together with those of UK companies with overseas interests. The Fund Manager can invest in any country and regularly reviews the choice of investments in the fund to gain advantage from movements in different equity markets. Investments are concentrated in international equity markets, therefore, the International Fund has the potential to achieve higher returns than the  Managed Fund, but has a higher investment risk.

The investment objective of the Deposit Fund is to achieve a reasonable rate of return, whilst maintaining a high level of security. This Fund can be invested in a range of interest-bearing investments, including bank and building society deposits, as well as short term bills issued by the Treasury, local authorities or other corporate bodies. Under normal market conditions, over the longer term, whilst the Deposit Fund has less potential to achieve investment returns as high as the Managed Fund, the investment risk attached is lower.

The objective of the Managed Fund is to achieve capital growth, whilst taking a moderate level of risk. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Managed Fund less volatile than some of the other more specialised funds.

The long-term objective of the UK Equity Fund is to achieve capital growth by investing in the shares of quality UK companies. The Fund Manager regularly reviews the choice of investments in the fund to gain advantage from movements in the UK equity market. Investments are concentrated in the UK equity market, therefore, the UK Equity Fund has the potential to achieve higher returns than the Managed Fund, but has a higher investment risk.

The long-term objective of the International Equity Fund is to achieve capital growth by investing in the shares of overseas companies, together with those of UK companies with overseas interests. The Fund Manager can invest in any country and regularly reviews the choice of investments in the fund to gain advantage from movements in different equity markets. Investments are concentrated in international equity markets, therefore, the International Equity Fund has the potential to achieve higher returns than the Managed Fund, but has a higher investment risk.

The investment objective of the Building Society & Deposit Fund is to achieve a reasonable rate of return, whilst maintaining a high level of security. This Fund can be invested in a range of interest-bearing investments, including bank and building society deposits, as well as short term bills issued by the Treasury, local authorities or other corporate bodies. Under normal market conditions, over the longer term, whilst the Building Society & Deposit Fund has less potential to achieve investment returns as high as the Managed Fund, the investment risk attached is lower.

The objective of the Balanced Fund is to achieve capital growth, whilst taking a moderate level of risk. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Balanced Fund less volatile than some of the other more specialised funds.

The objective of the Property Fund is to achieve capital growth by investing in UK commercial and industrial property through the use of collective schemes. The Fund aims to offer protection against inflation over the longer term, and is impacted less by the short term fluctuations in stock market returns than equity or managed funds.

Property assets can be illiquid, that is not easy to trade. As such, there can be times when transactions in / out of the fund may be delayed.

The objective of the GT Managed Fund is to achieve capital growth through a balanced range of investments, and will take more investment risk than in the Managed Fund. The fund will invest in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the GT Managed Fund less volatile than some of the other more specialised funds, but due to the greater risk, more volatile than the Managed Fund.

The objective of the Adventurous Managed Fund is to achieve capital growth through a balanced range of investments, and will take more investment risk than in the Managed Fund. The fund will invest in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Adventurous Managed Fund less volatile than some of the other more specialised funds, but due to the greater risk, more volatile than the Managed Fund.

The objective of the Balanced Managed Fund is to achieve capital growth, whilst taking a moderate level of risk. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Balanced Managed Fund less volatile than some of the other more specialised funds.

The investment objective of the Bricks and Mortar Fund is to achieve a reasonable rate of return, whilst maintaining a high level of security. This Fund can be invested in a range of interest-bearing investments, including bank and building society deposits, as well as short term bills issued by the Treasury, local authorities or other corporate bodies. Under normal market conditions, over the longer term, whilst the Bricks and Mortar Fund has less potential to achieve investment returns as high as the Managed Fund, the investment risk attached is lower.

The objective of the Conservative Managed Fund is to achieve capital growth through a range of investments, whilst taking less investment risk than the Managed Fund. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities, with a greater emphasis on fixed interest.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Conservative Managed Fund less volatile than some of the other more specialised funds, including being less volatile than the Managed Fund.

The investment objective of the Global Cash Fund is to achieve a reasonable rate of return, whilst maintaining a high level of security. This Fund can be invested in a range of interest-bearing investments, including bank and building society deposits, as well as short term bills issued by the Treasury, local authorities or other corporate bodies. Under normal market conditions, over the longer term, whilst the Global Cash Fund has less potential to achieve investment returns as high as the Managed Fund, the investment risk attached is lower.

The long-term objective of the Global Equity Fund is to achieve capital growth by investing in the shares of overseas companies, together with those of UK companies with overseas interests. The Fund Manager can invest in any country and regularly reviews the choice of investments in the fund to gain advantage from movements in different equity markets. Investments are concentrated in international equity markets, therefore, the Global Equity Fund has the potential to achieve higher returns than the Managed Fund, but has a higher investment risk.

The objective of the Global Fixed Interest Fund is to provide a broad base of fixed interest investments, comprising UK government bonds and corporate bonds. Whilst the investment risk is higher than for the Cash Funds, it is lower than the Equity Funds, so can provide improved returns over cash without the higher levels of volatility usually seen in equity funds.

The objective of the Global Managed Fund is to achieve capital growth, whilst taking a moderate level of risk. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Global Managed Fund less volatile than some of the other more specialised funds.

The objective of the Global Property Fund is to achieve capital growth by investing in UK commercial and industrial property through the use of collective schemes.  The Fund aims to offer protection against inflation over the longer term, and is impacted less by the short term fluctuations in stock market returns than equity or managed funds.

Property assets can be illiquid, that is not easy to trade. As such, there can be times when transactions in / out of the fund may be delayed.

The long-term objective of the Life International Equity Fund is to achieve capital growth by investing in the shares of overseas companies, together with those of UK companies with overseas interests. The Fund Manager can invest in any country and regularly reviews the choice of investments in the fund to gain advantage from movements in different equity markets. Investments are concentrated in international equity markets, therefore, the Life International Equity Fund has the potential to achieve higher returns than the Managed Fund, but has a higher investment risk.

The objective of the Managed Fund is to achieve capital growth, whilst taking a moderate level of risk. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Managed Fund less volatile than some of the other more specialised funds.

The objective of the Property Fund is to achieve capital growth by investing in UK commercial and industrial property through the use of collective schemes.  The Fund aims to offer protection against inflation over the longer term, and is impacted less by the short term fluctuations in stock market returns than equity or managed funds.

Property assets can be illiquid, that is not easy to trade. As such, there can be times when transactions in / out of the fund may be delayed.

The investment objective of the Secure Deposit Life Fund is to achieve a reasonable rate of return, whilst maintaining a high level of security. This Fund can be invested in a range of interest-bearing investments, including bank and building society deposits, as well as short term bills issued by the Treasury, local authorities or other corporate bodies. Under normal market conditions, over the longer term, whilst the Secure Deposit Life Fund has less potential to achieve investment returns as high as the Managed Fund, the investment risk attached is lower.

The long-term objective of the UK Equity Fund is to achieve capital growth by investing in the shares of quality UK companies. The Fund Manager regularly reviews the choice of investments in the fund to gain advantage from movements in the UK equity market. Investments are concentrated in the UK equity market, therefore, the UK Equity Fund has the potential to achieve higher returns than the Managed Fund, but has a higher investment risk.

The objective of the Universal Balanced Managed Fund is to achieve capital growth, whilst taking a moderate level of risk. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Universal Balanced Managed Fund less volatile than some of the other more specialised funds.

The investment objective of the Universal Cash Premium Fund is to achieve a reasonable rate of return, whilst maintaining a high level of security. This Fund can be invested in a range of interest-bearing investments, including bank and building society deposits, as well as short term bills issued by the Treasury, local authorities or other corporate bodies. Under normal market conditions, over the longer term, whilst the Universal Cash Premium Fund has less potential to achieve investment returns as high as the Managed Fund, the investment risk attached is lower.

The objective of the Universal International Fixed Interest Fund is to provide a broad base of fixed interest investments, comprising UK government bonds and corporate bonds. Whilst the investment risk is higher than for the Cash Funds, it is lower than the Equity Funds, so can provide improved returns over cash without the higher levels of volatility usually seen in equity funds.

The objective of the Universal Opportunities Premium Fund is to achieve capital growth through a balanced range of investments, and will take more investment risk than in the Managed Fund. The fund will invest in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Universal Opportunities Premium Fund less volatile than some of the other more specialised funds, but due to the greater risk, more volatile than the Managed Fund.

The objective of the Universal Property Premium Fund is to achieve capital growth by investing in UK commercial and industrial property through the use of collective schemes.  The Fund aims to offer protection against inflation over the longer term, and is impacted less by the short term fluctuations in stock market returns than equity or managed funds.

Property assets can be illiquid, that is not easy to trade. As such, there can be times when transactions in / out of the fund may be delayed.

The objective of the Universal Security Premium Fund is to achieve capital growth through a range of investments, whilst taking less investment risk than the Managed Fund. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities, with a greater emphasis on fixed interest.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Universal Security Premium Fund less volatile than some of the other more specialised funds, including being less volatile than the Managed Fund.

The long-term objective of the Universal UK Equity Premium Fund is to achieve capital growth by investing in the shares of quality UK companies. The Fund Manager regularly reviews the choice of investments in the fund to gain advantage from movements in the UK equity market. Investments are concentrated in the UK equity market, therefore, the Universal UK Equity Premium Fund has the potential to achieve higher returns than the Managed Fund, but has a higher investment risk.

The objective of the Adventurous Pension Fund is to achieve capital growth through a balanced range of investments, and will take more investment risk than in the Managed Fund. The fund will invest in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Adventurous Pension Fund less volatile than some of the other more specialised funds, but due to the greater risk, more volatile than the Managed Fund.

The objective of the Balanced Managed Pension Fund is to achieve capital growth, whilst taking a moderate level of risk. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Balanced Managed Pension Fund less volatile than some of the other more specialised funds.

The investment objective of the Cash Pension Fund is to achieve a reasonable rate of return, whilst maintaining a high level of security. This Fund can be invested in a range of interest-bearing investments, including bank and building society deposits, as well as short term bills issued by the Treasury, local authorities or other corporate bodies. Under normal market conditions, over the longer term, whilst the Cash Pension Fund has less potential to achieve investment returns as high as the Managed Fund, the investment risk attached is lower.

The objective of the Conservative Managed Pension Fund is to achieve capital growth through a range of investments, whilst taking less investment risk than the Managed Fund. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities, with a greater emphasis on fixed interest.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Conservative Managed Pension Fund less volatile than some of the other more specialised funds, including being less volatile than the Managed Fund.

The investment objective of the Deposit Pension Fund is to achieve a reasonable rate of return, whilst maintaining a high level of security. This Fund can be invested in a range of interest-bearing investments, including bank and building society deposits, as well as short term bills issued by the Treasury, local authorities or other corporate bodies. Under normal market conditions, over the longer term, whilst the Deposit Pension Fund has less potential to achieve investment returns as high as the Managed Fund, the investment risk attached is lower.

The objective of the First Unit Fund is to achieve capital growth, whilst taking a moderate level of risk. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the First Unit Fund less volatile than some of the other more specialised funds.

The objective of the Fixed Interest Pension Fund is to provide a broad base of fixed interest investments, comprising UK government bonds and corporate bonds. Whilst the investment risk is higher than for the Cash Funds, it is lower than the Equity Funds, so can provide improved returns over cash without the higher levels of volatility usually seen in equity funds.

The objective of the Gilt Edged Pension Fund is to provide a broad base of fixed interest investments, comprising UK government bonds and corporate bonds. Whilst the investment risk is higher than for the Cash Funds, it is lower than the Equity Funds, so can provide improved returns over cash without the higher levels of volatility usually seen in equity funds.

The long-term objective of the Global Equity Pension Fund is to achieve capital growth by investing in the shares of overseas companies, together with those of UK companies with overseas interests. The Fund Manager can invest in any country and regularly reviews the choice of investments in the fund to gain advantage from movements in different equity markets. Investments are concentrated in international equity markets, therefore, the Global Equity Pension Fund has the potential to achieve higher returns than the Managed Pension Fund, but has a higher investment risk.

The long-term objective of the International Equity Pension Fund is to achieve capital growth by investing in the shares of overseas companies, together with those of UK companies with overseas interests. The Fund Manager can invest in any country and regularly reviews the choice of investments in the fund to gain advantage from movements in different equity markets. Investments are concentrated in international equity markets, therefore, the International Equity Pension Fund has the potential to achieve higher returns than the Managed Fund, but has a higher investment risk.

The objective of the Managed Pension Fund is to achieve capital growth, whilst taking a moderate level of risk. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Managed Pension Fund less volatile than some of the other more specialised funds.

The objective of the Opportunity Managed Pension Fund is to achieve capital growth through a balanced range of investments, and will take more investment risk than in the Managed Fund. The fund will invest in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Opportunity Managed Pension Fund less volatile than some of the other more specialised funds, but due to the greater risk, more volatile than the Managed Fund.

The objective of the Property Pension Fund is to achieve capital growth by investing in UK commercial and industrial property through the use of collective schemes.  The Fund aims to offer protection against inflation over the longer term, and is impacted less by the short term fluctuations in stock market returns than equity or managed funds.

Property assets can be illiquid, that is not easy to trade. As such, there can be times when transactions in / out of the fund may be delayed.

The investment objective of the Secure Deposit Pension Fund is to achieve a reasonable rate of return, whilst maintaining a high level of security. This Fund can be invested in a range of interest-bearing investments, including bank and building society deposits, as well as short term bills issued by the Treasury, local authorities or other corporate bodies. Under normal market conditions, over the longer term, whilst the Secure Deposit Pension Fund has less potential to achieve investment returns as high as the Managed Fund, the investment risk attached is lower.

The objective of the Security Managed Pension Fund is to achieve capital growth, whilst taking less investment risk than the Managed Fund and therefore provide a higher level of security. It does this by investing in a range of investments, including UK and overseas equities, property, government stocks and fixed interest securities, with the emphasis on fixed interest and cash holdings.

The Fund Manager varies the amounts invested in each sector according to the prevailing market conditions. By investing in a wide range of investments, the overall impact on the Fund of market fluctuations in any individual sector is reduced, with the aim of making the Security Managed Pension Fund less volatile than some of the other more specialised funds, including being less volatile than the Managed Fund.

The long-term objective of the UK Equity Pension Fund is to achieve capital growth by investing in the shares of quality UK companies. The Fund Manager regularly reviews the choice of investments in the fund to gain advantage from movements in the UK equity market. Investments are concentrated in the UK equity market, therefore, the UK Equity Pension Fund has the potential to achieve higher returns than the Managed Fund, but has a higher investment risk.