The investment objective of the Fund is to maximise total return and produce long term capital growth. The Fund seeks to achieve its investment objective by investing at least 80% of its Net Asset Value in equity or equity-related securities based or listed in, or with a significant proportion of their economic activity in Switzerland. of initial purchase, are members of the SPI EXTRA® Total Return Index (the "Index"), which includes all Swiss listed companies, excluding the 20 largest companies by market capitalisation. The Fund may invest up to 10% of its Net Asset Value in collective investment schemes, including exchange traded funds ("ETFs") established as UCITS. The Fund is actively managed, and the Investment Manager has discretion to select the Fund's investments. In doing so, the Investment Manager will refer to the Index when constructing the Fund's portfolio. The Investment Manager is not bound by the components or the weighting of the Index when selecting investments, however the Fund will have at least 50% exposure to components of the Index. The Investment Manager may also use discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities, including up to 20% of the Fund's net assets in global securities listed outside of the core Swiss market. The Fund may hold up to 100% of Net Assets in cash and cash equivalent assets in circumstances where it is necessary to support derivative exposure, where market conditions may require a defensive investment strategy, pending reinvestment, to support redemptions and payment of expenses or in any other extraordinary market circumstances such as a market crash or major crises which in the reasonable opinion of the Investment Manager would be likely to have a significant detrimental effect on the performance of the Fund. The cash equivalent assets in which the Fund may invest include Money Market Instruments (such as US Treasury Bills), and bank deposits, in accordance with the limits outlined in Schedule II of the Prospectus.