• Flexible capital structure with no long-term expensive debt
  
• 50-60 stocks, unconstrained by sector, stock or market capitalization restrictions. This offers Martin Currie greater freedom to exercise its stock picking skills.
  
• The portfolio is managed by Ross Watson. Ross is supported by the UK Growth and Income team, Scott McKenzie and Jennifer Walker. He also draws on the support of Martin Currie's 13 strong sector research team.
  
• Discount protection mechanism - the board may use share buy-backs to seek to minimize the discount. If this exceeds an average of 7.5% in the three months prior to the company's financial year-end, a redemption opportunity follows at a price equivalent to NAV per share, less attributable costs.

Investment approach

Portfolio structure of around 95% UK equity and 5% fixed income.

• Average yield relative on equity portfolio of 125% of FTSE All-Share index
  
• The fixed income component will be split between preference shares and gilts, with an overall average yield of approximately 6.5%
  
• Maximum gearing of 115% using flexible short-term debt facilities
  

Investment outlook - large caps looking attractive