The investment objective of the Company is to seek to achieve capital growth in the respective currency of each Class by taking long and short positions primarily in U.K. listed securities with a market capitalisation of less than $1 billion (a universe of approximately 2,000 companies). The Company will also seek to take advantage of opportunities in smaller companies listed on the Irish Stock Exchange. Small capitalisation companies are generally defined as those companies having a market capitalisation of less than $1 billion at the time of investment. The Directors will monitor the appropriateness of the definition and reserve the right to adjust it from time to time in line with market conditions. The Investment Manager will seek to produce this capital growth with limited correlation to the FT Small Cap (excl. Investment Trusts) Share Index. Under the supervision of the Directors, the Investment Manager will seek to implement this objective in accordance with the Investment Philosophy and Investment Approach set out below and will also manage the net and gross exposures of the Company in seeking this objective. The base currency of account is sterling. The Company will predominantly invest in assets denominated in sterling. The Investment Manager will seek to hedge, so far as is practicable, any exposures that are not denominated in the currency of the Class to which such exposures relate. There can be no assurance that the Company's objective will be achieved. AUM combines all share classes. AUM is in USD.