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That can range from testing the quality of finished products, or their adherence to technical standards, or even validating that an outsourced supplier is not breaching ethical standards in their factories.

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Important information - The value of this fund can still fall so you could get back less than you invested, especially over the short term.

Tobacco is a horrible product, which generates very attractive financial returns. So they have a degree of pricing power that is rarely found outside of businesses with a deep Colombian connection.

Since the beginning of the century, BATS has outperformed the world equity market by over 1,000%, whilst paying dividends that have typically offered a yield of 4% or so. This pricing power enables strong margins to be earned and this has fed through to phenomenal cash generation over a long period of time.

* This is the combined weighting of holdings that we are actively trading.

When we are active in the market we won't announce the position until trading is complete to give us the best chance of obtaining good prices for our trading activity.