The fund aims to provide capital growth in excess of the Russell 2500 Lagged (Net TR) Index after fees have been deducted over a three to five year period by investing in equities of small and mid-sized US companies. The fund is actively managed and invests at least two-thirds of its assets in equities of small and mid-sized US companies. These are companies which, at the time of purchase, are considered to be in the bottom 40% by market capitalisation of the US equities market. The fund invests in a broad range of small and mid-sized US companies. The investment approach focuses on three types of US companies: companies that the investment manager believes demonstrate strong growth trends and improving levels of cash;companies which the investment manager believes generate dependable earnings and revenues;and companies that the investment manager believes are undergoing positive change that is not being recognised by the market. By doing so, the investment manager believes that we can reduce overall risk and improve returns for our investors over the medium to long term. The fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, investment funds, warrants and money market investments, and hold cash (subject to the restrictions provided in the prospectus). The fund may use derivatives with aim of reducing risk or managing the fund more efficiently. The fund is valued with reference to the net asset value of the underlying assets. Benchmark: The fund's performance should be assessed against its target benchmark being to exceed the Russell 2500 Lagged (Net TR) Index and compared against the Morningstar US MidCap Equity Category and the SandP Mid Cap 400 Lagged (Net TR) Index. The fund's investment universe is expected to overlap materially with the components of the target benchmark and the SandP Mid Cap 400 Lagged (Net TR) Index. The comparator benchmarks are only included for performance comparison purposes and does not determine how the investment manager invests the fund's assets. The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the target benchmark or the SandP Mid Cap 400 Lagged (Net TR) Index. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the fund. Please see appendix III of the fund's prospectus for further details. Dealing Frequency: You may redeem your investment upon demand. This fund deals daily. Distribution Policy: This share class accumulates income received from the fund's investments, meaning it is kept in the fund and its value is reflected in the price of the share class.