The investment objective of the Portfolio is to achieve long term income and capital growth. The Portfolio may invest in a focused portfolio of European equities, usually somewhere between 30-40 stocks. The Portfolio's investments will generally be held for 12-18 months but may be held on a very short-term basis if the Investment Manager is of the view that by holding them in such a manner returns will be maximized. Investments may include convertible securities. It is intended that the Portfolio will not invest in emerging markets.