Fund Objective: The objective of the Margetts Select Strategy Fund is to provide long term (more than 5 years) capital growth. Capital is at risk and there is no guarantee that the objective will be achieved. The Fund will provide exposure to a range of economic sectors and geographic areas, across a wide range of assets. This includes shares, bonds, cash and near cash instruments. The Fund will be actively managed and therefore the manager will use their expertise to select investments, rather than tracking a stock exchange or index. A minimum of 70% of the portfolio will be invested in collective investment schemes (which may include schemes operated by the manager, associates or controllers of the manager) to provide a minimum of 40% and a maximum of 85% exposure to shares. Usually the allocation to shares will be close to the upper limit. A minimum of 30% of the portfolio will be invested in assets which are denominated in Sterling or hedged back to Sterling. The Fund may also invest directly (maximum of 30%) in shares, bonds, cash, near cash instruments, investment trusts and structured products which may embed derivatives. The Fund will be fully invested save for an amount to enable ready settlement of liabilities (including redemption of units) and efficient management of the Fund both generally and in relation to its objective. This amount will vary depending upon prevailing circumstances and although it would normally not exceed 10% of the total value of the Fund, there may be times when the Manager considers stock markets around the world to be overpriced or that a period of instability exists which presents unusual risks. In such cases or during such periods, a higher level of liquidity may be maintained and, if considered prudent, the exposure of cash or near cash instruments held would be increased. Unless market conditions were deemed unusually risky, the increased exposure and period would not be expected to exceed 30% and six months respectively.