Perpetual Income & Growth’s investment objective is to provide shareholders with capital growth and real growth in dividends over the medium to longer term from a portfolio of securities listed mainly in the UK equity and fixed interest markets. The Manager manages a portfolio that reflects his convictions and best ideas and does not set out to manage the risk characteristics of the portfolio relative to the FTSE All-Share Index (Perpetual Income & Growth’s benchmark). The investment process may result in potentially very significant over or underweight positions in individual sectors versus the benchmark index. The size of weightings will reflect the Manager’s view of the attractiveness of a security and the degree of conviction. If a security is not considered to be a good investment, then the Company will not own it, irrespective of its weight in the benchmark index.