The AG Capital Value Flexible SNN Fund will aim to provide investors with medium to long-term capital growth by applying a value based long term investment strategy. In order to achieve this objective the portfolio will invest in a diversified range of listed and unlisted instruments including, but not limited to, equities, bonds, preference shares, debentures, money market instruments, property, fixed interest securities and listed and unlisted financial instruments as determined by legislation from time to time. Asset allocation will be managed actively against long-term strategic allocations and the portfolio endeavours to deliver lower volatility over time. It will see to capture value opportunities by switching between asset classes and also focus on equity selection opportunities. The equity selection strategy will be focusing on selecting equities with long-term value that are primarily earning profits within the borders of South Africa and will not include rand-hedged shares. The portfolio will predominately invest in South African markets but is permitted to include investments in offshore jurisdictions subject to the investment conditions determined by the legislation from time to time.