The Sub-Fund aims to invest at least 67% of its assets (excluding assets held for ancillary liquidity purposes) in equity securities issued primarily by companies that are domiciled in, or carrying out the main part of their economic activity in, the US. The Sub-Fund will invest in companies across all capitalisation sectors which the Investment Manager believes to be undervalued relative to their intrinsic value at the time of purchase, but which have the potential to increase in value. The intrinsic value of a share is that which the Investment Manager believes to be the share's true worth, as distinct from its market price.