The aim of the Fund is to achieve long-term capital appreciation through investment in equity securities of companies domiciled or exercising the predominant part of their economic activities in Europe. The portfolio will result from a disciplined bottom-up stock selection process of companies that the investment manager believes to be fundamentally undervalued. The geographical and sector exposure will be a by-product of this process. Preference will be given to companies with high free cashflows, undervalued growth companies, to franchise stocks (typically displaying low capital intensity and high return on capital) and to special situations. The portfolio is likely to be quite concentrated with some 40 - 50 names. The investment approach is likely to result in the portfolio having a small and mid-cap bias under most circumstances. Minimum investment for Institutions is 125,000 EUR. AUM reflects the aggregate of the various share classes and is denominated in GBP share class.