The Fund aims to achieve capital growth and to outperform the MSCI Emerging Markets Index, net of charges, over rolling five-year periods. The Fund invests at least 80% of the value of its property in shares of companies that are listed, located or have a significant portion of their business in emerging markets worldwide. An emerging market is a less developed country in the process of growing its financial markets. Investment may be direct or indirect (e.g. through collective investment schemes or derivatives), however the ACD expects that the Fund will typically hold investments directly.