The objective is to attempt to achieve over the long term a total return in excess of that of the MSCI World Small and Mid-Cap Index (with net dividends reinvested). The investment policy is to use a concentrated portfolio and the strategy has a broad policy of diversification across global markets and industry sectors, but without quantitative controls other than the investment restrictions under the UCITS regulations. The sector weightings and country weightings will be predominantly side-effects of the stock selection rather than ex ante decisions. The Investment Manager will not pay attention to the company, sector or country weightings of any benchmark index. Investments will tend to be made in established businesses with higher insider ownership, less analyst coverage and lower financial leverage than typical in the benchmark.