Investment Strategy The fund is biased in favour of value investment. The result of this approach is a relatively concentrated equity fund, comprising mostly of out-of-favour stocks. Consequently, the fund may behave very differently to the overall market with a defensive and above average yield. The fund may invest in all JSE listed companies as well as interest bearing securities, debenture stock, preference shares, liquid assets, participatory units in collective investment schemes and foreign investments. Fund Objective The fund will target returns in excess of the benchmark or peer group median, measured over rolling three-year periods, calculated on a total return basis with dividends reinvested. Investment Philosophy Stock prices do not always reflect the value of companies due to factors such as investor sentiment, the impact of news flow and other short-term considerations. The fund's contrarian approach focuses its research on exploiting these extremes. For example, the asset managers will assess which companies' intrinsic business values are higher than the price at which shares in that company can be purchased. This process combines a qualitative review of the business with the quantitative depth gained from the financial metrics.