The investment objective of the Fund is to seek long-term capital appreciation. The Fund is actively managed and will primarily invest in a portfolio of approximately 35 to 55 U.S. small-cap equity securities. This may include U.S. common stocks, convertible preferred shares, and initial public offerings. The Fund will invest predominantly in equities included in a Recognised Market and admitted for official trading within and outside the European Economic Area (EEA). The Investment Manager follows a bottom-up investment process that focuses on small capitalisation stocks which meet the Investment Manager's qualitative and quantitative criteria, including high returns on capital, strong free cash flow, sustainable competitive advantages and high-quality management, and that are selling below intrinsic value based upon discounted cash flow analysis. The Investment Manager's investment philosophy is built on the belief that the best opportunity for investment success is found by investing in high quality, well managed small-cap companies at discounted prices, and holding those investments for the long-term. High quality companies are defined by the Investment Manager as those that generate free cash flow, produce high returns on capital, have a competitive advantage in their marketplace, and have high-quality management. The Investment Manager seeks to invest in these companies when they are selling below intrinsic value (determined based upon discounted cash flow). The Fund's portfolio is actively selected and managed by the Investment Manager with the aim to outperform the Russell 2000 Total Return Index over a full investment market cycle. T