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 focusing on a growth/accumulation strategy of the underlying securities, which shall include equities, listed options and derivatives (including structured notes). The investment objective is to seek capital appreciation, measured in US dollars, of a core global stock fund focused on larger cap companies with growth characteristics whose stocks are selling at reasonable levels. The strategy uses a long-term investment time horizon and employs a flexible valuation approach, placing a heavy emphasis on cash flow and returns-based methodologies.