The objective of the Fund is to achieve absolute returns through targeted investment strategies independent of United Kingdom market conditions or indices. The ACD will seek to achieve its investment objective by investing in a concentrated portfolio of companies (usually between 30 to 60 companies both on the long side and the short side of the portfolio) predominantly incorporated in the United Kingdom or in companies which derive a significant proportion of their revenues or profits from this country or which are primarily operating in this jurisdiction. Investments will be made primarily in companies and other securities which are constituents of the FTSE All-Share Index with a bias towards medium sized and smaller companies.

Asset managers:
John Warren (Started: Sep 6, 2010)
Paul Marriage (Started: Apr 26, 2010)

Advisor Company:
Cazenove Investment Fund Management Ltd

	1 year	3 years	5 years	10 years
Alpha*	-	-	-	-
Beta*	-	-	-	-
Mean annual return	1.00	0.88	-	-
R-squared*	-	-	-	-
Standard deviation	3.49	6.89	-	-
Sharpe ratio	3.27	1.44	-	-
* Against standard index

Security	Net Assets
Perform Group PLC (PER)	4.34%
Vitec Group (The) PLC (VTEPF)	3.39%
John Menzies	3.26%
Smart Metering Systems PLC (SMS)	3.11%
Xaar PLC (XAR)	3.08%
Gooch & Housego PLC (GHH)	2.50%
British Polythene Industries PLC (BPI)	2.35%
Andor Technology PLC (AND)	2.00%
Johnson Service Group PLC (JSG)	1.88%
EMIS Group PLC (EMIS)	1.85%