The Fund's investment objective is to achieve long-term capital appreciation. The Investment Manager will seek to achieve this through investment in equities principally in the UK, but also in continental Europe. It may trade equities and equity-related instruments on a long and short basis and engage in index hedging. The Fund has a concentrated long portfolio with an orientation towards businesses in areas of the Investment Manager's core competence, currently including finance, retail, media and telecommunications. The Investment Manager also trades equities and equity-related instruments on a long and short basis when it believes that the flow of information or capital in the markets will lead to short-term price movements. Trading positions are usually held for less than a month. AUM is not disclosed.