The Manager has appointed E.I. Sturdza Strategic Management Limited (the "Investment Manager") who manages the Fund with the objective of achieving long term capital growth through a fundamental long only equity strategy investing primarily in a portfolio of listed equities. The portfolio will have a bias toward US-quoted equities (at least 60% of the Fund's Net Asset Value, but normally in excess of 80%), however, the portfolio will typically also have exposure to other developed markets, principally in North America and Western Europe. Asia-Pacific and Emerging Market exposures are expected to be minimal, with exposure to Emerging Markets being capped at 20% of the Fund's Net Asset Value. Emerging Market exposure is expected to be within a range of 0-10% of Net Asset Value, except during periods that are deemed to represent exceptional opportunities in such markets. Portfolio investments will span all market caps and sectors, but typically having an emphasis on small and mid-cap "owner-operated" publicly traded companies, held through a combination of direct investment and/or derivative positions. The Fund's portfolio will consist of direct investments in 20-50 listed companies (typical range expected to be between 25-35). Pursuant to the EU's Sustainable Finance Disclosure Regulation (EU) 2019/2088 ('SFDR'), this Fund is classified as an Article 8 fund that promotes environmental or social characteristics. The Fund will have an averaged ESG score higher than the averaged ESG score of its initial investment universe.