The investment objective of the Fund is to achieve long-term capital appreciation from direct and indirect investments in, or with, Cuban businesses. The long-term aim is that the Company will be fully invested in equities, but until it does, it will invest in Cuban debt and other government, bank or commercial obligations. The Fund will invest primarily in Cuban joint ventures and unlisted companies but may also invest in companies established outside Cuba which earn a substantial part of their revenues from business in Cuba. The Fund can invest up to 10% of the net asset value of the Company in listed companies established outside Cuba which do not have significant Cuban shareholdings and which have significant non-Cuban revenues. The Company may from time to time acquire more than a 50% interest in any single company or enterprise.