The Fund rose by 4.07% in May, ahead of its performance comparator of cash + 5%, which rose by 0.42%. It was also ahead of the FTSE 100, to which all the underlying strategies are linked, which rose 3.34% over the month.

During the month the UK stockmarket continued to recover some of the losses experienced in March due to the Coronavirus pandemic, with the FTSE 100 ending the month at 6,076.60, a rise of 21.68% since the lockdown was announced on 23rd March. The action taken by central banks was the main reason for the continued rise, as economic data remains weak with particular concerns about corporate earnings.

Inflows into the Fund continued to be positive during the month. This enabled the Fund to take advantage of favourable pricing at the beginning of the month and add a note to the portfolio. A six-year strategy with CIBC as the counterparty, it offers a potential 10.8% for each year held, maturing on the first anniversary the FTSE 100 is above 5,556.95. If it reaches its sixth anniversary and the FTSE 100 is still below 5,556.95, it will still return the original capital, unless the FTSE 100 is below 3,802.12 on the final anniversary date.

Two strategies passed their first observation points in the month, but with observation levels of 7,203.29 and 7,185.30 they did not mature, moving on to their second observation points. Both have at least six years before their final observation date, giving the market plenty of time to recover.

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.