The aim of the Sub-fund is to provide long term capital growth over periods of 5 years or longer. In normal market conditions, at least 80% of the Sub-fund will be invested, directly or indirectly, in the shares of UK smaller companies. These are shares of companies which are incorporated or domiciled in the UK or shares of companies that are listed in the UK and have the majority of their economic activity in the UK and which form the bottom 10% of the UK equity market by capitalisation. The aim of the Sub-fund is to identify companies that have good long-term growth potential. The predominant focus is on individual company analysis and selection, although economic conditions are also considered. The Sub-fund is actively managed, which means the Investment Manager decides which investments to buy or sell and when. The Sub-fund invests in a diverse portfolio of companies and is not constrained by any industry or sector.