The Fund fell 4.09% in October, behind its performance comparator of cash (as measured by the Bank of England’s Sterling Overnight Index Average (“SONIA”)) + 5%, which rose by 0.41%. It was ahead of the FTSE 100 Index however, to which all the underlying strategies are linked, which fell 4.92% over the month on a price only basis.

After a positive start, the UK stock market, as measured by the FTSE 100 index, fell in the second half of the month. Stock markets around the world, not just in the UK, responded negatively to the evidence of a second coronavirus wave taking hold and the increasing restrictions of movement which that led to. Nervousness also crept into markets as the US election drew nearer, with uncertainty as to the different permutations, and which would be the best outcome for investors.

An unusually quiet month for the Fund, October saw none of the existing strategies passing an observation date, so there was no possibility for any to mature. We continue to hold sufficient cash within the fund to help protect in the falling markets and give us the opportunity to add new strategies when the pricing is particularly favourable. With the UK market falling during the month, however, we decided to keep our powder dry in the belief better opportunities will present themselves in the future.

To view all the strategies within the fund in detail, please visit the portfolio page on 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.