The fund invests in equities globally (with Emerging Markets exposure up to 10%) based on a quantitative, bottom-up investment process supplemented by fundamental overlay. The fund aims to outperform global equities over a full market cycle while delivering an attractive yield. The portfolio focuses on high quality and attractively valued companies that apply a capital discipline to return surplus capital to shareholders, by identifying the best ?total yield? (dividend yield and share buy-backs) companies. The portfolio is well diversified (75-100 holdings) across sectors, regions and market capitalization.