The Trust invests primarily in equities and equity-related securities of smaller companies incorporated in, or exercising the predominant part of their economic activity in Europe excluding the United Kingdom or quoted or traded on the stock exchanges in Europe excluding the United Kingdom.

The Trust is subject to risks, such as investment, equities and equity-related securities, liquidity and currency risks and risks of investing in convertible bonds. Investment in small and mid-capitalisation companies is subject to greater risks than larger companies, which include higher liquidity, volatility, economic and organisational risks.

The Trust’s investments may be concentrated in European markets and the Trust may be subject to higher volatility risk and the sovereign debt risk of certain countries within the Eurozone . Investing in emerging markets may involve increased risks, including liquidity, currency/currency control, political and economic uncertainties, legal and taxation, settlement, custody and volatility risks.

The Manager integrates environmental, social and governance (ESG) information into the investment process, which may affect the Fund’s investment performance and, as such, may perform differently compared to similar collective investment schemes.

The Trust may invest in derivatives for efficient portfolio management (including hedging) purposes which may involve counterparty/credit, liquidity, valuation, volatility and over-the-counter transaction risks. Exposure to financial derivative instruments may lead to a high risk of significant loss by the Trust.

Investors may suffer substantial loss of their investments in the Trust.