The fund seeks to provide a return in the form of capital appreciation over the long term through a portfolio of international equity-based securities, collective investment schemes, bonds, cash and money market instruments. Where the Investment Adviser considers it appropriate to achieve its overall objective the Company may invest in derivative instruments and forward transactions both of which may be used for the purpose of Efficient Portfolio Management and also for investment purposes. The portfolio will, in the main, be derived from the Investment Adviser’s model portfolio, as provided to shareholders with the Reports and Accounts for the Company and as amended from time to time, for a sterling-based international fund which seeks to achieve long term capital appreciation. The impacts of potential currency movements on the sterling value of capital are taken into account when investments are selected.