To achieve long term capital growth by exploiting special investment opportunities in Europe. The Fund will invest primarily in equity and equity related securities (including listed preference shares, listed convertible unsecured loan stock, listed warrants and other similar securities). The Fund will also invest, at all times, at least two thirds of its total assets (excluding liquid assets) in securities of issuers which have their registered office in Europe or exercise the predominant part of their economic activities in Europe (including UK) and which are considered by the Investment Manager to be undervalued or otherwise to offer good prospects for capital growth.