So investiert der Wellington Pan European Small Cap Equity Fund GBP N Ac Fonds: The investment objective of the Fund is to seek long-term total returns. The Investment Manager will actively manage the Fund, seeking to outperform the MSCI Europe Small Cap Index (the "Index”) and achieve the objective, primarily through investment in the equity and equity related securities of small capitalisation companies domiciled or operating in developed European markets. The Investment Manager uses a bottom-up stock selection process, researching smaller capitalisation stocks to identify companies that the Investment Manager believes will have the potential for significant long-term returns. For the purposes of this Fund, the Investment Manager defines small capitalisation companies as those whose market capitalisation is within the range of companies in the Index at the time of purchase, and developed markets as those included within the Index.