The Fund’s objective is to seek long term capital growth. Over a full market cycle, defined as stock market peak-to-peak over a 5-7 year time period, the Fund aims to exceed the total return of its chosen benchmark. The Manager believes that a full market cycle is the preferred period over which to judge the Fund’s performance, as it reduces shorter-term biases inherent in bull or bear markets or calendar year time periods. The benchmark is the MSCI Europe Index (Net Total Return in EUR). This benchmark is a broad representation of companies listed on stock markets in Europe. The Fund focuses on companies listed in countries with a well-established regulatory framework and management teams adhering to professional standards.