The investment objective of the Fund is to provide both long-term capital growth and some income. In order to achieve the investment objective the Fund will invest predominantly either directly or indirectly in shares of UK companies which have a small to medium-sized market capitalisation.

There will be no predetermined orientation towards, or emphasis on, any particular industrial or economic sector. The Investment Adviser may avail himself of those currency hedging and Efficient Portfolio Management (‘EPM’) facilities available within the regulations.