The investment objective of the Fund is to achieve long-term capital growth. The investment policy of the Fund is to invest in equity securities of companies domiciled or exercising the predominant part of their economic activities in Japan, which are listed on the principal stock markets of Japan or other Recognised Markets. At no time will less than two-thirds of the Fund’s total assets be invested in such securities. Investment is predominantly in equities, but can also include fixed rate convertible bonds, and warrants that are readily marketable although a small proportion of the Fund may consist of listed shares in small companies, with a daily turnover of less than £100,000 which although listed on Recognised Markets may have limited liquidity.