Investment Objective
The fund seeks to achieve long term growth of capital by means of a diversified portfolio through investment in equity securities of large US companies. At least 90% of the value of Fund are based in the United States or are included in the Russell 1000 Index. Up to 10% of the value of Fund may be invested in other companies, which have a US Stock Exchange listing.

Investment Strategy
The Investment Manager believes that the performance of equities over longer periods of time is driven by the progression of earnings. The Sub-Fund will strive to add value by identifying stocks with superior sustainable earnings performance. The stock selection will also be influenced by valuation levels, but only to the extent that factors have been identified which are expected to drive valuation potential to be realised in terms of earnings progression. Portfolio selection will adhere to an optimization process that favours stocks ranked highly through the Investment Managers growth categorization process and then configures those into a portfolio in a manner to very tightly control the portfolios tracking error to the Standard & Poor's 500 Index.