The Fund aims to achieve a return in excess of the TOPIX Total Return Index (the "Index") and to maximise middle to long term growth through investment in listed stocks in Japan. The Fund will construct a concentrated portfolio comprising approximately 20-40 companies, chosen through bottom-up research. It aims to achieve its investment objective through the selection of a concentrated portfolio of stocks, focusing on companies’ longer-term earnings growth, based primarily on bottom-up research. The Fund is actively managed and invests primarily in listed equity and/or equity related securities of companies domiciled in Japan or companies with predominant commercial activities in Japan. While primarily bottom-up, this fundamental strategy also fine-tunes sector exposures based on the chief portfolio manager’s views. Sector allocation utilises a proprietary industry classification method, while stock selection focuses on our view of a company's longer-term growth potential, bearing in mind the divergence from historical and current market valuation. The difference between our valuation forecast and a company’s historical and current valuation provides the basis for investment decisions. At the same time, we exercise due caution when assessing the appropriateness of the market valuation against our evaluation of the fundamentals.