Fund Objective: Objective: capital growth by investing in company shares (i.e. equities) and similar investments with a bias to companies outside of the FTSE 100 index. The Fund also aims to deliver an absolute return (above zero performance, irrespective of market conditions) over rolling 12 month periods. In seeking to achieve its investment objective, the fund will aim to deliver a return, net of fees, in excess of the Sterling Overnight Interbank Average Rate over rolling 3 year periods. For performance measurement purposes, the cash benchmark will differ for non-base currency classes.The Fund principally gains investment exposure to UK company shares and similar investments. The Fund uses derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment), with the aim of generating returns and reducing the overall costs and/or risks of the Fund. The Fund may invest up to 10% in unlisted companies. The Fund may hold a long position (benefit from buying an asset with the aim of selling it later at a higher price relative to the market) in an investment it favours, and short (benefit from the sale of an asset with the aim of buying it later at a lower price relative to the market) an investment it does not favour. The Fund will adopt a broadly market neutral approach (balancing long and short positions), while at some points of the market cycle taking a net long market position or net short market position. The Fund typically has long and short positions through the use of derivatives, which may result in the Fund being leveraged. Leverage magnifies the exposure of the Fund to greater than the value of the underlying investments. In such situations, returns may rise or fall more than they would have done otherwise, reflecting such additional exposure. The Fund is actively managed. Portfolio construction is driven by research into a company's future prospects in the context of the economic environment to identify attractively priced investment opportunities.