The objective of the fund is to maximise risk-adjusted returns over the long term while preserving capital, regardless of market conditions by investing in companies whose primary source of income is from, or whose major assets are based in countries worldwide. To achieve this, the fund will, apart from assets in liquid form, consist solely of participatory interests in the Ashburton Global Leaders Equity Fund which in turn invests principally in quoted large cap equity securities around the world. The Ashburton Global Leaders ZAR Equity Feeder Fund may also include listed or unlisted financial instruments for the exclusive purpose of hedging exchange rate risks. Equity investments are volatile by nature and are susceptible to changes in general market conditions and volatility, as well as economic, political and company specific risks.