The investment objective of the Fund is capital appreciation through trading and investing in European securities, bonds and currencies and related financial instruments and, subject to the limit below, non-European securities. The Fund may also invest in the following: (a) financial instruments including futures, options and warrants, often making use of leverage and may enter into swaps, repurchase and reverse repurchase agreements and stock lending transactions; (b) forward foreign currency exchange contracts and may purchase and sell currency options, currency futures contracts and related instruments; (c) unquoted securities, commodity futures, government bonds, other fixed-interest securities, preferred stock and monetary instruments and may hold cash on deposit pending reinvestment; (d) units in collective investment schemes; and (e) non-European securities up to a maximum of 20 per cent of Net Asset Value.