Based on a recommended investment horizon of more than five years, the Sub-Funds investment objective is to optimize performance by predominantly selecting North-American securities that are likely to reduce their discount relative to their business sector or the market on which they are listed. The Sub-Fund invests for at least 75% of its net assets in shares of North American companies whose capitalisation is greater than USD 1 billion, covering all North American listed markets and sectors. Up to 10% of the Sub-Funds net assets may also be invested in shares of small capitalisations (market capitalisation of less than USD 1 billion).