• 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 Martin Currie's 14 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