The investment objective of the Fund is to achieve mid to long-term capital appreciation in excess of a benchmark representing the shares of large and medium-capitalisation companies in developed market countries in Europe through investments in equities. In order to achieve the investment objective, the Fund will adopt a Direct Investment Policy, which is actively managed against the MSCI Europe Index as a performance benchmark (the Performance Benchmark). There is no assurance that the investment objective of the Fund will actually be achieved.