Objectives and Approach

The investment objective of the Fund is to provide capital growth, with income being of secondary importance, net of fees, over 5 year rolling periods. There is no guarantee that the Fund will achieve the above return over this, or any other, period and investors may not get back the original amount they invested. The Fund aims to achieve its objective by investing 75% or more of the Scheme Property in UK companies (which are defined as companies incorporated, domiciled or with a significant proportion of their business in the UK), in any or all economic sectors and which are listed on a UK recognised investment exchange (RIE). This allocation may fall below 75% during difficult markets.The Fund may also invest up to 20% in non-UK companies that are not listed on a UK RIE, where the Investment Manager believes that this would be beneficial for the Fund.The investments will be ordinary shares and other transferable securities including, but not limited to, preference shares and debt securities convertible into ordinary stocks and shares. The Fund may also invest in cash, money market instruments, near cash and deposits. The above exposure may be gained directly or indirectly through the use of collective investment vehicles (which may include collective investment vehicles managed by the ACD or its associates, or the Investment Manager or its associates). The Fund will be managed on a concentrated basis, meaning the Fund will typically consist of between 20 and 40 holdings. Investors’ attention is drawn to the detailed risk warnings in this Prospectus.The Fund will be managed in a manner that maintains eligibility for ISAs.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.