USA Insider Trading

The Trust aims to produce long-term capital growth by investing predominantly in equities of companies which are incorporated, domiciled or conducting a significant portion of their business in the United States of America. The maximum amount which may be invested directly in private companies shall not exceed 50% of the total assets of the Company, measured at the time of investment. We are bottom-up, growth investors with a long-term horizon. The portfolio consists of direct holdings in listed securities and private companies in up to a combined maximum of 90 companies or funds, typically with 30 or more listed security holdings. The team aims to deliver outstanding investment performance by harnessing the asymmetry of returns inherent in equity markets. We believe we will maximise our chances of achieving this aim by identifying the exceptional growth businesses in America and owning them for long enough that the advantages of their business models and cultural strengths become the dominant drivers of their valuations. We have observed that, increasingly, companies in the US are choosing to remain private for longer, and as such the public equity markets do not offer the full spectrum of growth investment opportunity that we have previously enjoyed. The Trust’s ability to invest up to 50% of NAV in private companies at the time of purchase gives us the flexibility to invest in what we believe are the exceptional growth companies in the US, whatever their listed status. We take a five-year view when investing in stocks and are not driven by short-term trends.