The fund aims to outperform (after deduction of costs) the S&P 500 Index, as stated in sterling, by at least 1.5% per annum over rolling five-year periods. Investment Policy The fund will invest at least 90% in shares of US companies being those which are listed, incorporated, domiciled or conducting a significant portion of their business in the US. The Sub-fund will be actively managed, concentrated and will invest in companies of any size and in any sector.