The investment objective of the Fund is long-term growth of capital by targeting companies whose share price can appreciate 35-50% in value over a 3-year time horizon. The Fund will seek to achieve its investment objective by investing in companies that, in the opinion of the Investment Manager, exhibit a set of high quality characteristics. The Fund will invest in equity securities listed on U.S. stock exchanges and issued by companies that, in the Investment Manager's opinion, exhibit a set of high quality characteristics. These characteristics include: (i) unique market leading products or services based on proprietary technology or patents and which cannot easily be copied or replaced by competitors, (ii) being a dominant player in an economic sector which has long lasting and high barriers to entry. The Fund will generally invest in securities of companies listed on U.S. stock exchanges and which have market capitalizations when their securities are first purchased by the Fund of approximately $200 million and over. The Fund will seek to generate excess returns relative to the Russell 3000® Index. The Investment Manager believes that the Russell 3000® Index is the most appropriate benchmark against which to compare the Fund"s performance because it contains such a diversified portfolio of U.S. stocks. However, the Fund will not be managed to replicate the performance of the Russell 3000® Index. The Russell 3000® Index is provided for comparative and information purposes only. No account will be taken of the Russell 3000® Index in the management of the Fund or in the stock selection process and the investment strategy pursued by the Fund will not be constrained in any fashion by the Russell 3000® Index. The Fund is actively managed. This means that the Investment Manager applies a detailed fundamental analysis in order to selectively pick companies in a discretionary manner. The Fund may use currency forwards, futures or options with the aim of limiting the effect that changes in foreign exchange rates may have on the value of the Fund .