The investment objective is to provide a combination of income and capital growth over any 7 year period. At least 80% of the Fund will be invested in equities of smaller UK companies. UK companies are those which are listed, quoted or traded in UK markets or which have their headquarters or a significant part of their activities in the UK but which may also be quoted on a regulated market outside of the UK. Smaller companies are those which are in the bottom 10% by market capitalisation. The Fund is actively managed and, at any one time, the scope of investment may be themed by industry, size or style to take advantage of opportunities identified by the ACD. The Fund will place emphasis on stocks which deliver premium profit growth combined with positive earnings momentum.