Objectives and Approach

The Sub-Fund’s investment objective is to achieve capital appreciation. The Sub-Fund seeks to achieve the investment objective primarily by gaining direct or indirect exposure (primarily on a long only basis but sometimes synthetically on a short basis) to equity and equity -related securities (as further described below) which are listed or traded on a Recognised Market in developed markets worldwide. The equities and equity-related securities in which the Sub-Fund may invest will include common shares, preference shares, American depositary receipts and global depositary receipts of companies listed or traded on a Recognised Market. The Sub-Fund will invest in a broad range of equities and has no restrictions as to the proportion of assets allocated to companies of any particular market capitalisation and may invest across a range of economic sectors and countries. The Sub-Fund may also invest up to 25% of its Net Asset Value in government or government-related fixed income securities on a long only basis, during periods where the Investment Manager feels that the fixed income market is attractive, relative to equities, or in stressed market environments such as a recession.