Premier defends slow start for Global DSR fund

The vehicle aims to achieve CPI+4pc over a rolling 3 year period, but has so far raised just over £3.5m, and returned minus 5.6pc (bid-to-bid, according to Lipper, 05.09.08). However, according to Jennings, this is only half the story. He argues that while May was by no means an ideal time to launch the fund, he has achieved some of what was intended. "June was the worst month for global equities in six years, so we accept that the timing was bad," he said. "However, I have achieved at least two thirds of what I intended too. Firstly, I have kept volatility down to a minimum, fall...