The Fund rose 0.42% in June, on a par with its performance comparator of cash (as measured by the Bank of England’s Sterling Overnight Index Average (“SONIA”)) + 5%, which rose by 0.45%.

After a good start to the month, receding fears about inflation around the globe led to a weakening of those markets which are more cyclical in nature, including the UK. This just saw the giving up of earlier gains, however, with the UK market, as measured by the FTSE 100 index, still ending up slightly at 0.21% on a price only basis.

June was a busy month for the Fund with five of the strategies having observation points in the period. Two of those, a Société Générale backed Note and a BBVA backed Note, matured, returning their original capital plus gains of 23.9% after two and a half years, and 11% after one year respectively.

With the others, the FTSE 100 index, the underlying index for all three, was below the required level in each case, so those strategies move on to their next observation points. All three have a further six years to go before their final possible maturity points, giving at least six more opportunities for the strategies to mature with a gain.

The proceeds from the maturing strategies will be received in the first week in July and will be rolled over into a new strategy at that time. Further details of all the strategies within the fund can be found on the Fund’s website: www.UKDSF.com.

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 De¬fined 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 UKDSF.com/literature 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.