The investment objective of the Sub-Fund is to achieve long-term capital growth through investment in a concentrated, actively managed portfolio of Japanese equity securities. The Sub-Fund shall invest, under normal market conditions, primarily in Equity and Equity-Related Securities listed or traded on a Recognised Exchange in Japan. The Sub-Fund may invest up to 20% of its net assets in Equity and Equity-Related Securities listed or traded on any 350 Recognised Exchange outside Japan, provided that the business activities of the issuers of such securities are in Japan. It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap).