Fund Objective: Objective: capital growth by investing in shares (i.e. equities) and similar investments of companies that are outside the FTSE 100 Index at the time of investment. The Fund principally gains investment exposure to UK company shares and similar investments. In seeking to achieve its investment objective, the fund will aim to deliver a return, net of fees, greater than that of the FTSE 250 ex Investment Trust Index over rolling 3 year periods. The Fund will hold a long position (benefit from buying an asset with the aim of selling it later at a higher price to secure a profit) in an investment it favours, and short (benefit from the sale of an asset with the aim of buying it later at a lower price to secure a profit) an investment it does not favour. The Fund will adopt a structurally long position at all times. The Fund will typically invest in the shares of fewer than 60 companies. The Fund uses derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment), with the aim of generating returns and reducing the overall costs and/or risks of the Fund. The Fund may invest up to 10% in unlisted companies. The Fund typically has long and short positions through the use of derivatives, which may result in the Fund being leveraged. Leverage magnifies the exposure of the Fund to greater than the underlying investments. In such situations, returns may rise or fall more than they would have done otherwise, reflecting such additional exposure. The Fund is actively managed. Portfolio construction is driven by research into a company's future prospects in the context of the economic environment to identify attractively priced investment opportunities. The Index is a representation of the markets in which the Fund primarily invests. Although a large proportion of the Fund’s investments may be components of the Index, the Fund has the ability to deviate significantly from the Index.