The Fund's investment objective is to achieve long-term capital appreciation. To achieve this, the Fund is actively managed and will primarily invest in and gain exposure to a diversified portfolio of UK equity or equity-related securities (such as ordinary and preference shares, global depository receipts and American depository receipts) listed or traded on Regulated Markets. The Investment Manager will seek to structure the portfolio so that it has an anticipated long/short ratio of 150/50. This means that the anticipated maximum value of the Fund's long positions will be 150% of its Net Asset Value and the anticipated absolute value of the Fund's synthetic short positions will be 50% of its Net Asset Value. Market conditions may, however, result in a variation of the relative proportions of long and synthetic short positions of the Fund.