The Fund rose by 0.21% in May, behind its performance comparator of cash + 5%, which rose by 0.44%. It was also behind the FTSE 100 Index, to which all the underlying strategies are linked, which rose 1.66% over the month on a price only basis.

The UK stock market initially performed well in June, continuing to regain some of the fall seen in March. As the month progressed however most of these gains were erased as fears of a second wave of COVID-19 rose, whilst concerns regarding Brexit returned to the spotlight.

Two strategies passed observation points in the month, but with observation levels of 7,416.69 and 7,194.19 they did not mature, moving on to their next observation points. Both have at least six years before their final observation date, giving the market plenty of time to recover.

Despite no maturing strategies, continuing positive inflows allowed the addition of another new note to the portfolio in June. An eight-year strategy with BBVA as the counterparty, (a new counterparty to the fund), it offers a potential 11% for each year held, maturing on the first anniversary the FTSE 100 Index is at or above 6,147.14. If it reaches its eighth anniversary and the FTSE 100 Index is still below 6,147.14, it will return the original capital, unless the FTSE 100 Index is below 3,688.28 on the final anniversary date. If it is below 3,688.28 then the return will be in line with the percentage fall in the FTSE 100 Index over the term.

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.