INVESTMENT OBJECTIVE
The Fund aims to achieve a long-term return, in excess of the long-term return that is typically achieved from European smaller companies equity markets, by investing at any given time at least two-thirds of its net assets in:
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smaller companies having their registered office in Europe (including the United Kingdom),
smaller companies that do not have their registered office in Europe but either (i) carry out a predominant proportion of their business activity in Europe (including the United Kingdom), or (ii) are holding companies which predominantly own companies with registered offices in Europe (including the United Kingdom).
The return will be a combination of capital and income returns.
In this context the term “European smaller companies” means companies whose market capitalisation, at the time of purchase by the Investment Manager, does not exceed Euro 5 billion. This capitalisation figure may be adjusted from time to time, depending on market conditions.
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