The investment objective of the Fund is to achieve capital growth and income over the long term (5 + years).

The Fund seeks to achieve its investment objective by investing at least 80% in equities listed on UK markets (including the London Stock Exchange, AIM and the ICAP Securities and Derivatives Exchange (ISDX)). The Investment Manager will be seeking to invest in equities which it considers to have a unique outlook and opportunity for growth. The Investment Manager will be looking for the Fund to invest in companies which have clearly identifiable characteristics to protect them against the entry of competitors (which are expected to enable such companies to produce an above average return on equity). The unique characteristics sought include:

• having intangible assets e.g. brands, patents or regulatory licences;
• having cost advantages stemming from process, location, scale or access to a unique asset;
• being the leading network in a business segment; and/or
• there being high switching costs which generate high customer retention rates.

Such businesses are highly likely to be the only UK listed company in their industry or one of very few and possessing a distinctive corporate strategy and so are considered 'unique opportunities'.

The Fund may also invest in other equities, fixed income, money market instruments, deposits, warrants, cash and near cash.

The Fund will aim to hold a portfolio of between 25-40 investments.

The Fund will be actively managed.

Save as noted above (with a focus on UK listed investments), the Fund will not have any particular, industry or economic sector focus and as such weightings in these may vary as required.

Prospectus

Key Investor Information

Application Form

Assessment of value statements are published annually for this fund - These reports are useful to give an overview of how the Fund has performed in comparison to industry comparators.

TCFD Reports

The latest net asset value per share is as follows:

Past performance is not necessarily an indication of future results

Questions and Queries

For frequently asked questions or further information about your holdings or this fund please:

Email the Fund Team downing@valu-trac.com or call us on: 01343 880 344 and quote the fund name.