Investment Objective The Fund aims to achieve long-term capital appreciation by investing principally in the equity and equity-related securities issued by small and mid-size companies (from $US100 million to $US8 billion in market capitalisation) located in or doing significant business in any developed country in the world. Why invest in global small and mid-caps? * High potential With higher estimated forward earnings per share growth, and lower long term debt to equity and price to book ratios than their larger cap counterparts, small-mid capitalization * Exposure to some of the fastest growing companies in the world There are more themes within the small cap universe and more industries to invest in, such as head-hunting/recruitment services, car rental, Chinese pharmaceuticals and parking services etc. * Opportunities for active management A large number of global small cap companies care covered by a comparatively small number of sell-side analysts. That creates stock-picking opportunities and the potential to generate above-benchmark returns.