The Fund seeks to achieve long-term capital growth with a total return greater than the return of the MSCI Europe Index on a rolling three-year basis from investment in a portfolio of continental European equities. The Fund will primarily (meaning not less than 75% of its Net Asset Value) invest in equities issued by companies domiciled or which exercise the preponderant part of their economic activities (meaning not less than 51%) in the European geographical area. It is intended that this Sub-Fund will be substantially fully invested in such equity securities. There is no formal restriction on the proportion of the Sub-Fund's assets that can be invested in and/or exposed to any one particular country or market. The Reference Currency of the Sub-Fund is EUR.