Investment objective summary

The Fund aims to provide income and long-term capital growth.

The Fund invests primarily in the shares of companies around the world.

The Fund invests in a blend of shares and is not restricted in its choice of companies either by size, industry or geography.

The Fund focuses investment on shares deemed by the Investment Manager to be of high quality i.e. companies which have provided sustainably high levels of return on invested capital and free cash flow (a company’s cash earnings after its capital expenditures have been accounted for). Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.