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The Fund aims to achieve a combination of medium to long term capital growth and income. The Fund invests primarily in shares of European companies. These are companies which are listed, quoted or traded in European (which, in the context of the Fund’s primary investment excludes the UK) markets or which have their headquarters or a significant part of their activities in European markets but which are quoted on a regulated market outside of Europe. The Fund generally invests in large companies and on the main European markets but may, at the investment manager’s discretion, also invest in smaller or medium sized companies and on smaller markets. The Fund may be invested in any industry sector and in any continental European country.