The portfolio will be passively managed, using a calculated strategic asset allocation, determined by a financial model, which identifies the asset allocation that targets a specified level of expected return at the lowest level of expected risk (volatility). The appropriate indices within the strategic asset allocation may be adjusted over time, as economic and/or market conditions change. This portfolio will include securities that provide exposure to a combination of asset classes, including participatory interests in collective investment scheme portfolios (also including exchange traded funds), shares, preference shares, property shares, bonds, debentures, debenture stock, debenture bonds, other non-equity securities, money market instruments, assets in liquid form, as well as listed and unlisted financial instruments, as legislation permits. The portfolio will be classified within the relevant industry portfolio classification category applicable to predominantly South African, multi asset, low equity portfolios, and the equity component of the portfolio will be limited accordingly. The portfolio will be managed in accordance with the prudential investment guidelines applicable to retirement funds, with a lower risk tolerance for equities. The portfolio may not be leveraged. The manager will be permitted to invest, at its discretion, on behalf of the portfolio, in offshore investments, as legislation permits. The manager may from time to time 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. There are no additional mandate investment limitations.