In selecting investments for the Argon BCI Bond Fund, the Manager will seek to achieve an investment medium for investors, which shall have as its primary objective to maximise the portfolio's total return. In order to achieve this objective, the investments normally to be included in the portfolio will comprise of primarily bonds and to a lesser extent a combination of assets in liquid form and interest-bearing securities, including loan stock, semi-gilts, notes, debentures, debenture bonds, preference shares, money market instruments, corporate debt, convertible equities and non-equity securities. The portfolio may also invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time, and which are consistent with the portfolio's investment policy. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. The portfolio may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective.
The manager may also include forward currency, interest rate and exchange rate swap transactions for efficient portfolio management purposes. The Trustee shall ensure that the investment policy set out in this Supplemental Deed is carried out. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.