To provide capital growth to shareholders primarily from investing in equities quoted on the stock markets of Asia, excluding Japan. The investment policy is to have a diversified portfolio of Asian holdings, and to use borrowings from time to time to gear the portfolio. Following consultation with the Company's major shareholders, the Company has agreed with the Investment Manager that the Company should take more active positions versus its benchmark, the Morgan Stanley Composite Asia Free Index ex-Japan. The Investment Manager will now be able to overweight or underweight the benchmark by up to 15% for Hong Kong, Korea, Taiwan and China and 12% for other markets within the benchmark. In addition, the Investment Manager has been given discretion to invest up to 10% of the portfolio in Australian stocks and has full discretion actively to manage the Company's actual gearing level within the range of 90% to 120%.
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