Fund Objective: The investment objective of the Fund is to provide positive returns over a 3 year period, regardless of market conditions. Capital invested in the Fund is at risk and there is no guarantee that the investment objective will be met over a 3 year, or any other period. The Fund will seek to achieve the investment objective by investing in a portfolio of stocks that is, at times, concentrated (meaning, at times, around 35 stocks). Typically, at least 50% of the Fund’s exposure to long and short equity positions (in aggregate, including equity derivatives) will be to companies of any size, in any industry, that are listed on any UK or European stock exchange. Up to 50% of the Fund’s long and short equity exposure (in aggregate, including equity derivatives) may be to non-UK or European companies of any size and in any industry. The Fund may also invest at the Investment Manager’s discretion in other transferable securities, such as exchange traded funds, exchange traded commodities and exchange traded notes, derivative instruments and (subject to a limit of 10% of the value of the fund) collective investment schemes, within the restrictions set out in Appendix 3 of this Prospectus. Any such exposures could be gained by direct investment or through collective investment schemes or derivative instruments. In pursuit of its investment objective, all or a substantial proportion of the Fund's assets may consist of cash, near cash, deposits, warrants and/or money market instruments.