The Fund rose 3.66% in March, well ahead of its performance comparator of cash (as measured by the Bank of England’s Sterling Overnight Index Average (“SONIA”)) + 5%, which rose by 0.45%.

The UK stock market, as measured by the FTSE 100 Index, had a strong month in March, as the vaccine roll out continued at pace and all the signs indicated that the easing of lockdown would continue as originally scheduled.

One of the existing strategies passed an observation point during March, and with the FTSE 100 index being above the reference level it matured. This Citigroup backed Note returned its original capital, plus a total gain of 33.2%, on the back of a rise in the FTSE 100 (capital return) index of just 0.07% over the investment period. The index just needed to be at or above the original strike level for the strategy to mature, and having run for two and a quarter years, the return on the strategy equated to an annualised gain of 13.58%.

Further details of the strategies within the fund, including the recently matured one mentioned above can be found on the Fund’s website: www.UKDSF.com.

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 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.