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The Citadel SA Managed Volatility Equity H4 Fund is a specialist flexible multi-asset equity portfolio, having the primary objective of achieving equitylike returns over the long term, at a lower level of volatility. The portfolio is a long-only equity portfolio, utilizing actively managed derivative hedging strategies to reduce volatility.
The Manager will also employ lower risk beta strategies to obtain equity and market exposure and will also ensure that the portfolio is permanently hedged which will further reduce volatility and drawdown on equity positions. The portfolio's investment universe will comprise primarily of listed equity securities but may also include fixed interest securities, listed real estate, money market instruments, debentures, non-equity securities and assets in liquid form. The selected sectors within the equity portion of the portfolio will change from time to time in accordance with changing market conditions and economic trends.
The portfolio is also allowed to invest in listed and unlisted financial instruments for the purpose of efficient portfolio management only. Apart from the 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.
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