The Fund objective is to generate positive long term returns across varying market conditions principally from a portfolio of investments in European equities and equity related securities.The Fund aims to generate attractive long-term returns with limited volatility. It will look to achieve this by taking a diversified portfolio of long and short equity positions in pan-European stock markets. The managers will pursue a bottom-up stock picking approach. Directional exposure to the equity markets will be a function more of decisions taken on individual companies rather than top down positioning based on macroeconomic views. Any residual unintended market or sector risk will be hedged using index derivatives or sector swaps. The managers will seek to generate their investment ideas from their own investing experience and Jupiter’s broader infrastructure. They will concentrate on specific industry trends in Europe and identifying those stocks that will perform well or badly in a given economic environment. Quantitative analysis is also used. The portfolio typically consists of core and tactical long/short positions driven by factors such as earnings strength/weakness, franchise quality, industry opportunities/threats and valuation. The Fund will be well diversified and typically hold 50-80 stocks. The expected net exposure will be -30% to +60% while gross exposure will normally range between 75% and 125%.