The aim of the fund is to achieve returns of 1% per annum above the average performance of the FTSE All Share Index over the previous three years.

The fund aims to achieve a degree of outperformance within a lower risk framework by investing between three managers. Around 50% of the investments are allocated to a passive manager and the other 50% are divided equally between the other managers. A passive manager aims to track performance of a particular index so the returns tend to be more predictable.

The managers include GMO and Baillie Gifford. The passive manager is Barclays Global Investors (BGI).

This approach allows investors to take advantage of the benefits of various investment styles and to access global investment markets, while reducing the risk of being unduly exposed to one particular style.