To provide a return, net of fees, higher than that provided by the MSCI Europe ex UK Small Cap Index with net dividends reinvested over rolling 5 year periods. At least 70% of the Fund is invested in shares of smaller companies based in Europe (excluding the UK). Up to 30% of the Fund may be invested in other assets, including shares of other companies based anywhere in the world, fixed interest securities, open-ended funds (including funds managed by Jupiter and its associates), cash and near cash.