The Instit BCI Global Equity Fund is a global equity portfolio with the objective to provide investors with high long-term capital growth. The portfolio's investment universe will, apart from assets in liquid form, consist of equity securities, property securities, preference shares, non-equity securities, interest bearing securities and instruments. The portfolio's equity as well as global exposure will always be in excess of 80% of its net asset value. The portfolio may also invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time, and which are consistent with the portfolio's investment policy. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. The portfolio may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective. The manager may also include forward currency, interest rate and exchange rate swap transactions for efficient portfolio management purposes.