The objective of the fund is to achieve an income at least in line with the equity market of the United Kingdom combined with sound prospects for capital growth. The Portfolio will principally invest in the equity securities of companies domiciled in the United Kingdom or exercising a predominant part of their activity in the United Kingdom. The Portfolio may further invest in other securities (including fixed income securities, other equities and Money Market Instruments) and hold cash. The Net Asset Value of the Portfolio shall be expressed in GBP and investment decisions will be made from a GBP perspective. The Portfolio is actively managed in reference to the FTSE All-Share Index. The index is broadly representative of the companies in which the Portfolio invests, and provides a suitable target benchmark against which Portfolio performance will be measured and evaluated over time.