To achieve this objective, the Sub-Fund invests primarily in equity securities of mid and large capitalisation companies. Under normal circumstances, the Sub-Fund invests (except when maintaining a temporary defensive position) at least 80% of its net assets in equity securities. Equity securities include common and preferred stock; rights or warrants to purchase common or preferred stock; securities convertible into common or preferred stock such as convertible
preferred stock, bonds or debentures; American Depository Receipts; and other securities with equity characteristics. The Investment Manager uses a highly focused approach which seeks to achieve superior long-term returns over a full market cycle by owning shares of companies that he believes to have strong and enduring business models and inherent advantages over their competitors.