The investment objective of the Fund is to seek capital appreciation over the medium to long term. The Fund will primarily invest in (both long and short) U.S. equities and equity related securities companies, collective investment schemes ("CIS") and exchange traded funds ("ETF”). While noting that the principal focus of the Fund is on the U.S., the Fund may also invest to a limited extent in shares of non-U.S. companies. The Fund will seek to invest based on fundamental research in high quality companies whose securities are substantially undervalued relative to the intrinsic value and where there are opportunities for price appreciation. The Fund will gain short exposure to companies whose share price appears to be overvalued based on the research carried out. The Fund will sell shares in the companies with the expectation that the share can be purchased at a lower price in the future.