The objective of the Fund is to achieve capital growth over the long term, being five years or more. The Investment Adviser aims to achieve the objective of the Fund by investing a minimum of 80% of its assets in an actively managed portfolio of company shares listed on the stock exchanges of, or which are domiciled or incorporated in, or have assets within, less developed countries (those that are part of the MSCI Emerging Markets Index and may include frontier markets) or are listed on the stock markets of, or are domiciled or incorporated in, other countries, but which derive a majority of their revenues or profits from less developed countries.