The investment objective of the Fund is primarily to achieve capital growth through investment in those European equity markets which are included in the definition of Recognized Market (which, for the avoidance of doubt, include emerging European markets). The provision of income will not normally be a major consideration unless this is considered to be in the interests of the Fund.
The investment policy of the Fund is to look for companies that will deliver superior medium-term cash earnings growth, where this is not reflected in the current valuation. This will be achieved by bottom-up stock picking focused on identifying change in companies across all industry sectors. The Fund will invest across all market capitalization levels but it is expected to invest primarily in companies with a market cap in the region of USD 1- 10 billion. Furthermore, the Fund will look to invest in companies which are experiencing an improving outlook for revenue and profit growth. Where considered appropriate, the Fund may utilize techniques and instruments such as futures, options, equity index swaps and currency forwards, for efficient portfolio management purposes only. AUM reflects the aggregate of the various share classes and is denominated in GBP.