The Black Rock UK Dynamic Fund aims to maximise capital growth through investment predominantly in UK Equities, income being of secondary importance. It is suitable for an investor who requires exposure to UK equities, and is prepared to accept a higher than average level of investment risk.

The fund is managed by Mark Lyttleton, who is part of the "UK Specialist" team at Black Rock Merrill Lynch, which is the most successful group within the UK equity department. The specialist team runs a number of retail and institutional portfolios. The team approach means that the fund is not overly dependant on the skills of one manager, whilst benefiting from Lyttleton's flair and commitment. A flexible style is adopted with value added through stock selection across all market conditions.

The portfolio is concentrated with at least 50% derived from the UK Specialist team's model list. The identification of good companies (industry, management and accounts) forms a starting point. The manager then moves on to analysing the stock's growth rate, risk profile and investor perspective. Growth rates are ideally conservative to begin with; the standard deviation of earnings estimates is the quantitative measure of risk.

The sector asset allocation is shown above, and the relative performance of the fund is given in the table below. Please bear in mind that past performance is not a guide to the future, and the value of this investment and any income can go down as well as up, and you may not get back the amount you invested.