The fund’s objective is to achieve long-term capital growth, principally through investment in an actively managed portfolio of companies that have their head office or exercise a predominant part of their activity in Europe. The fund will typically have a bias towards medium sized companies with a market capitalization of between 1 and 10 billion Euros. The aim of the fund is to provide investors with long-term capital growth from diversified and actively managed portfolios of securities. Unless otherwise specified in the investment objective, the income of the fund is expected to be low. The fund will invest principally (at least 70% and normally 75% in value) in equities in the markets and sectors reflected in the name of the fund and in companies established outside those markets but which derive a significant proportion of their earnings from those markets.