The Fund is actively managed and in order to achieve its investment objective the Fund will invest, in a manner consistent with the UCITS Regulations and Central Bank requirements, in a portfolio of global smaller companies. Specifically, the Fund will invest primarily in companies which, at the time of purchase, is (i) a constituent of the Benchmark (as defined below), or (ii) have a market capitalisation of between US$250 million and US$10 billion (Smaller Companies). The Fund will invest in Smaller Companies primarily through investments in equities and equity related securities. While these will typically be common stock, the Fund may also invest in preferred stock, warrants and rights listed or traded on the Regulated Markets referred to in Appendix 1 of the Prospectus. The Fund may also acquire exposure to interests in Smaller Companies by purchasing depositary receipts such as GDRs and ADRs. The Investment Manager may invest in companies domiciled throughout the world, including companies domiciled in or traded on emerging markets. When selecting Smaller Companies to invest in, the Investment Manager undertakes a bottom-up analysis of individual issuers. In its analysis of individual issuers, the Investment Manager utilises a combination of quantitative techniques and qualitative techniques.