The Citadel Worldwide Equity H4 Fund is a specialist equity portfolio, with the aim of maximising total return by predominantly investing in listed equity securities. The manager shall have the maximum flexibility to vary allocations between the local and international equity markets and between sectors, to reflect the changing economic and market conditions. The portfolio is described as high risk and investments should be long term in nature.
The portfolio's investment universe will comprise primarily of listed equity securities but may also include interest-bearing securities, non-equity securities and assets in liquid form. The portfolio will have a minimum equity exposure of 80%.
The portfolio is also allowed to invest in listed and unlisted financial instruments for the purpose of efficient portfolio management only.
Apart from above, the portfolio may also invest in participatory interests of portfolios of collective investment schemes registered in the Republic of South Africa or of participatory interests in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and the trustee/custodian of a sufficient standard to provide for investor protection which is at least equivalent to that in South Africa.
The portfolio is permitted to invest in offshore investments as legislation permits.
Nothing contained in this clause shall preclude the Manager from varying the proportions of securities in the portfolio due to the changing of economic factors or market conditions or from retaining cash in the portfolio and/or placing cash on deposit.
The trustee/custodian shall ensure that the investment policy set out in the preceding clauses is adhered to by the Manager.
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, re-open that portfolio again to new investors on a date determined by the Manager.