The Pan-European Growth Fund aims to achieve its investment objective primarily through investment in equity securities and equity related instruments of companies that are listed and/or domiciled in Europe including the UK or derive the majority of their revenue from business activities in this region.
Exposure to securities of companies that are listed and/or domiciled in the UK is unlikely to exceed one third (1/3) of the assets of the Pan-European Growth Fund.
If the Investment Manager believes it to be beneficial to the Pan-European Growth Fund, some limited exposure to transferable securities outside Europe or the UK may be undertaken.
On an ancillary basis or pending investment or reinvestment, the Pan-European Growth Fund may furthermore hold cash or cash equivalents as well as other liquid financial assets, including inter alia bank deposits, time deposits, liquid money market instruments or investment grade debt securities issued by governments or supra-national organisations, and shares/units of money market funds, for distribution, redemption and for cash management purposes consistent with the investment objective and investment policy of the Fund.
The Pan-European Growth Fund may use exchange-traded financial derivative instruments for efficient portfolio management purposes (including hedging).
The Pan-European Growth Fund will not invest in securities financing transactions, such as securities lending transactions, repurchase and reverse repurchase agreements, buy-sell back or sell-buy back transactions for the purpose of efficient portfolio management, total return swaps or other OTC derivatives.
Investors should note that while the investment objective of the Pan-European Growth Fund is to achieve long term capital growth there may be situations in which an income return is also achieved.