Investment Objective

To invest principally in the securities of UK quoted companies with the objective of achieving capital and income growth and providing a total return in excess of that of its benchmark, the FTSE All-Share Index (net dividends reinvested).

Investment Approach

The Company has a concentrated portfolio of approximately 30 stocks with a low turnover, and aims to have an above-market dividend yield. The Portfolio Manager uses a bottom-up stock picking approach and looks to invest in a universe of excellent listed companies that appear mostly undervalued. Up to 20% of the portfolio, at the time of acquisition, can be invested in quoted companies worldwide. The Company’s policy is to invest no more than 15% of its gross assets in other listed investment companies (including listed investment trusts).