The objective of the investment policy of the fund is to achieve long term capital appreciation by investing predominantly in large cap US equities that are considered undervalued according to the CROCI methodology and the CROCI US investment strategy. The investment strategy will generally select approximately forty shares with the lowest positive CROCI Economic Price Earnings Ratio (“CROCI Economic P/E”) from a universe comprising the largest US equities by market capitalisation for which CROCI Economic P/Es are calculated. Companies in the Financial and Real Estate sectors are not eligible for selection. In addition, stocks with low liquidity may be excluded from selection. In the event that fewer than forty shares have a positive CROCI Economic P/E, only those shares with a positive CROCI Economic P/E will be included in the investment strategy.