The CITADEL SA 20/20 EQUITY H4 FUND is a high risk equity fund. In addition to the other investments permitted below, the portfolio will consist of a concentrated portfolio of 20 equity shares which will be chosen in various stages of value, growth and momentum with roughly a third of the portfolio being in each of these phases at any given point in time thereby providing diversified returns. The investment manager will also use a number of different valuation models to assist with the selection process. These models blend into a process that is a style-neutral, buy and hold approach with a low turnover of investments selected for long-term holding over a 20 year period. This differs markedly from the universe of equity funds in South Africa given long holding periods and a concentrated portfolio of just 20 stocks.