The aim of the Fund is to provide capital growth, which is profit on investments held, over the long term (at least five years). The Fund is actively managed, which means the Investment Manager decides which investments to buy or sell and when. At least 80% of the Fund will be invested in the shares of UK smaller companies. UK companies are those listed, incorporated or domiciled in the UK and smaller companies are defined by the Investment Manager as those with a market capitalisation (the market value of a company’s shares) of less than £2bn at the time of initial purchase. The Fund may invest in any industry or sector.