Investment Strategy The fund is a rand-denominated fund and invests in shares listed worldwide. The majority of the fund's investment is in developed markets such as the United States, Europe, UK and Asia. The philosophy of the fund is that share prices are driven by four factors over time: strategy, valuation, dynamics and technicalities. The Investec Four Factor Team are constantly looking for high quality, attractively valued international companies, which have improving operational performance and which are receiving increasing investor attention. This could include larger, medium and smaller companies either by size or industry or the geographical make-up. The focus of the fund management is individual stock picking (bottom-up approach) utilising the Four Factor investment approach. The process has no inherent bias to any particular currency or country. The majority of the fund's investment is in developed markets such as the United States, Europe, UK and Asia. Fund Objectives The fund aims to give investors dedicated international equity market exposure at lower levels of risk. The fund targets returns in excess of the benchmark, measured over rolling three-year periods, calculated on a total return basis with dividends reinvested.