To achieve total returns in excess of the MSCI World Index with lower risk over the long term. The Fund is an actively managed portfolio that seeks long-term, defensive returns by investing globally in a range of franchise companies. The Fund invests in listed companies which we consider have an economic franchise, meaning companies which possess a combination of predictable earnings and large competitive advantages. The number of securities will generally range from 25 to 50. This Fund excludes investments in companies engaged in manufacturing tobacco related products.