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Long-term capital growth
To aim to secure long-term growth of capital through investment in quoted small and medium-sized companies in Europe, excluding the United Kingdom. A high distribution policy has been adopted and dividends have been paid mainly out of other reserves.
A focused portfolio
The Company invests in small and medium sized companies in Europe, excluding the UK, defined as those with a market capitalisation below that of the largest company in the Euromoney Smaller European Companies (ex UK) Index. The Trust will not invest more than 20 per cent of its total assets in any one company and does not take legal or management control of any company in which it invests. The Trust does not restrict its investments to any specific industrial sectors and a diversified geographical spread has been maintained. The Trust does not seek to create a portfolio to take advantage of anticipated currency fluctuations. The Trust has the powers under its Articles to borrow an amount up to 20 per cent of its securities portfolio.