The portfolio is a domestic feeder fund that will consist of exchange rate swaps, assets in liquid form and participatory interest of the Absa Africa Equity Fund (“Master Fund”) which is established under the Sanlam Universal Funds Plc. The Master Fund aims to provide long-term capital growth through exposure to African equity securities by investing in equity securities listed on recognised stock exchanges across the African continent as well as equities that may be listed and/or traded in recognised exchanges outside of Africa. Investment in securities listed in South Africa will be limited to 20% of the Net Asset Value of the Master Fund.