The Fund’s investment objective is to achieve long term capital appreciation. The Fund will seek to achieve its investment objective by primarily investing in a diversified portfolio of equity securities listed in the UK. The securities in which the Fund will invest will primarily include equity securities including, but not limited to ordinary and preference shares and equity warrants. Details of additional asset classes in which the Fund may invest are detailed below. The Fund will invest at least 51% of its gross assets on a continuous basis directly in Equity Participations.