The investment objective of the Fund is to generate income and capital growth. The Fund will aim to meet its objectives by investing primarily (at least 70%) in a small number of UK equities (many of which are likely to have a small market capitalisation) which the Investment Manager considers to be undervalued. In addition to investing in equities, the sub-fund may also invest in other transferable securities, collective investment schemes, money market instruments, deposits, cash and near cash.