Monthly Update
31 March 2021

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:

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 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 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.