Category: Open Ended Investment Company

Objective The objective of the Fund is to seek capital growth. Investment Policy To invest in equity and equity related securities from a broad range of locations and sectors, both in developed and emerging markets. To have a concentrated portfolio, generally comprising 25 – 35 listed stocks, principally in equities, based on detailed research by the Investment Manager. Essential features of the Fund  The Fund is actively managed without reference to a benchmark index. The Fund's performance will be compared against the IA Global Sector. The IA Global Sector is a group of UK funds in the same sector grouped together by the UK Investment Association (the trade body that represents UK investment managers).  The Fund can invest in any market or geographic sector with no particular sector or style bias. Aggregate investment in emerging markets shall not exceed 20% of NAV.  You can buy and sell shares in the Fund every Business day.  Income from the Fund will be added to the value of your investment.  The Fund may invest in other open-ended collective investment schemes, to a maximum of 10% of the Fund's overall NAV.  The Fund may invest in money market funds or instruments for liquidity or defensive purposes.  Currency hedging arrangements may be used to reduce the risk of currency movements in the value of securities held by the Fund which are not denominated in US Dollar.  The Fund can be leveraged up to 100% of its NAV through use of financial derivative instruments (FDI).  Investment by the Fund in Russia shall not exceed 10% of the Fund’s NAV.  The base currency of the Fund is US Dollars.