The Fund fell 2.78% in July, behind its performance comparator of cash + 5%, which rose by 0.42%. It was ahead of the FTSE 100 Index however, to which all the underlying strategies are linked, which fell 4.41% over the month on a price only basis.

“Cash” within the performance comparator was changed during the month and is now measured by the Bank of England’s Sterling Overnight Index Average (SONIA). The previously used measure of 3-month Sterling LIBOR is to be discontinued next year, so this change was made in anticipation.

The UK stock market was relatively flat during July, trading in a +/- 2% range during the first three weeks. Fears of a resurgence in Covid-19 cases around the world caused the market to fall during the final week, however, ending the month down by over 4%.

Three strategies passed observation points in the month, but they did not mature, moving on to their next observation points. All three have at least seven years before their final observation date.

The Fund continued to see positive inflows during the month. No new strategies were added to the portfolio, however, as it was decided to wait for potentially better opportunities in the future. The new monies were instead used to purchase additional short-dated gilts, ready to be used as collateral against future over-the-counter contracts.

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.