The Portfolio Manager, in accordance with the terms of the Portfolio Management Agreement, shall be obliged to use all reasonable endeavours, in the course of carrying out such obligations, to pursue any investment strategy that it deems fit to maximise the total returns achieved by the Portfolio by aiming to compound positive absolute and relative returns over full multi-year cycles by investing in a carefully selected and concentrated group of small and mid-cap stocks (SMID), diversified across regions and sectors.