The Fund invests in equities of US companies of small and medium market capitalisation. The Investment Manager defines small and mid-capitalisation stocks as those US stocks which fall within a market cap range of $500 million to the largest constituent of the Benchmark at the time of purchase. To a lesser extent, the fund may invest in securities of non-US issuers such as American Depository Receipts and other US listed equity securities. Russell 2500 Growth Index-NR is used for performance comparison only. The fund is actively managed and may deviate materially from that of the benchmark.