Acorn Capital Investment Fund Limited invests in a diversified portfolio of Microcap Companies. Microcap Companies are defined by ACQ's manager, Acorn Capital Limited (the Manager) as those entities which have an equity valuation less than the 250th largest, by full market capitalisation (and not free-float adjusted), ASX-listed entity. Microcap Companies include both Listed Microcaps (being those listed on ASX) and Unlisted Microcaps (being either entities that are not ASX listed, or non-ASX listed instruments of Listed Microcaps). ACQ's primary objective is to achieve after-fee returns on its investment portfolio in the long term that are higher than the S&P/ASX Small Ordinaries Accumulation Index, through long-term capital growth by way of investment in a diversified portfolio of Microcap Companies. This will be achieved via investments in Listed Microcaps and Unlisted Microcaps (where the Manager determines that such opportunities present relative better value). [Less]