The investment objective of the Sub-Fund is to achieve capital growth over the long term. The Sub-Fund is actively managed. The Sub-Fund has no benchmark and is not managed in reference to a benchmark index. The Sub-Fund's assets will principally be invested in equities and related instruments (such as convertibles, options, subscription rights and certificates of deposit and warrants) in the markets of Russia and former Soviet Union countries (such as Ukraine, Kazakhstan, Belarus, Uzbekistan, Azerbaijan, Turkmenistan, Georgia, Armenia, Moldova, Kyrgyzstan, Tajikistan) and in companies that are listed in OECD countries and for which Russia is a key market. The Sub-Fund will only use financial derivative instruments and techniques for hedging purposes.