The Fund rose 1.59% in December, well ahead its performance comparator of cash (as measured by the Bank of England’s Sterling Overnight Index Average (“SONIA”)) + 5%, which rose by 0.42%.

December was a positive month for UK equities with Brexit trade negotiations reaching a positive conclusion, albeit just within the end of year deadline. The start of the Covid-19 vaccination campaign also gave markets a boost, but this was tempered slightly right at the end as a further national lockdown was introduced following the emergence of a more infectious strain of the virus. The FTSE 100 index, to which all the existing strategies within the Fund are linked, had risen by over 5% by the 29th of the month, before the lockdown took it back down to 3.1% by the end.

Two of the existing strategies passed observation points during December, but with the current index level below their observation levels neither matured and instead roll on to their next observation points in a year’s time, with at least a further six years to run after that, should the index still be below the required levels next year.

With no strategies to replace during the month, no new strategies were added in December. Instead, some of the positive cash inflows were used to increase the size of Strategy 21, a gilt-backed, over the counter strategy originally purchased in December 2019. 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.