Fund Objective: The investment objective of the Fund is to achieve long-term (i.e. over 5 years) capital growth, net of fees. The Fund aims to achieve the investment objective by investing at least 80% of the value of its scheme property in shares listed on UK securities markets in companies that are incorporated or domiciled in the UK. These companies may or may not be headquartered in the UK and may or may not have a significant part of their business activities in the UK. The scheme property of the Fund will be invested in listed companies with any market capitalisation except that no more than 40% of the scheme property of the Fund will be invested in: (i) small companies or (ii) companies listed on the Alternative Investment Market. A small company means a company with a primary listing on the London Stock Exchange whose market capitalisation is lower than that of the largest 350 companies by capitalisation which have their primary listing on the London Stock Exchange. In very broad terms, market capitalisation means the value of a company that is traded on the stock market. The Fund’s portfolio will be managed on a concentrated basis (meaning the Fund will hold a limited number of investments). The Fund may also invest in cash and cash-like instruments (including money market instruments and deposits), warrants and exchange traded derivatives. The use of derivatives is permitted by the Fund for efficient portfolio management purposes (including hedging), and borrowing will be permitted under the terms of the Regulations. On giving 60 days' notice to shareholders, the Fund may, in addition to its other investments powers, use derivatives and forward transaction for investment purposes. It is not intended that the use of derivatives in this way will change the risk profile of the Fund. The Investment Manager may adjust the Fund’s exposure to certain asset classes and investment types in response to adverse market and/or economic conditions, when, in the Investment Manager’s opinion, it would be in the best interests of the Fund and its shareholders to do so; this is expected to be for short periods of time. The Fund’s investment portfolio is actively managed. This means that the Investment Manager actively makes decisions about how to invest the scheme property of the Fund instead of simply following a market index. The Investment Manager favours shares which it considers to be undervalued due to the specific situation of the relevant company, its group and/or any member of its group. For example, it may be that the relevant company is subject to recovery action, management change, strong potential growth, is undervalued or is refinancing or it may hold assets which the Investment Manager considers to be undervalued. The Investment Manager is not restricted in its selection of investments for the Fund by any geographic or industry specialisation. Investors should note that while the investment objective of the Fund is to achieve long term (i.e. over 5 years) capital growth there may be situations in which an income return is also achieved. Investors’ attention is drawn to the detailed risk warnings in the Prospectus. The Fund will be managed in a manner that maintains eligibility for ISAs.