The Fund aims to achieve investment growth over the long term (5 years, or more). It also looks to outperform the Russell 2500 Index ("the Index") over rolling 3-year periods, after the deduction of charges. The Fund is actively managed, and invests at least 75% of its assets in shares of American smaller companies. 3-year periods, after the deduction of charges. The Fund is actively managed, and invests at least 75% of its assets in shares of American smaller companies. The Fund considers American smaller companies to be those domiciled in the United States of America (US), or with significant US business operations, and which have a market size ranging from typically $500 million to $10 billion at the time of investment. The Index is regarded as an appropriate performance measure of shares in which the Fund invests and provides a suitable target benchmark against which Fund performance will be evaluated over time. The Investment Manager selects smaller companies considered to have good prospects for share price growth, from across different industries and economic sectors. The Investment Manager typically invests in fewer than 80 companies, which may include shares of some companies not within the Index.