The International Growth Fund was up +0.9% in September compared to its benchmark which was up +1.3%.

Tencent (+16%) was strong, in line with the Chinese stock market which was buoyed by a multipronged stimulus package from the Government. Monetary policy was eased, liquidity was flushed into the market, property lending restrictions were eased, and direct stock market stabilisation measures were introduced.

Icon (-11%) was impacted during September by the market perception that demand from large pharma customers may be weakening and the anticipated biotech recovery is also stalling, following several comments by competitors at broker conferences. The company subsequently stated it is not seeing any incremental weakness in demand from large pharma customers and Icon is gaining share with these customers. And while the biotech recovery is slower than expected, new business wins continue to grow. We think this was an over-reaction by the market and have added to the position.