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The Momentum Defensive Growth Fund is a multi-strategy absolute return portfolio with the objective to secure consistent real returns net of fees in excess of inflation + 3% p.a. over rolling four year periods with a low probability of a negative return over a year. The portfolio provides diversification benefits by blending managers with differentiated absolute-return strategies. The portfolio will consist of equity securities, property securities, non-equity securities, money market instruments, preference shares, government and corporate bonds, inflation-linked bonds and other interest bearing securities, assets in liquid form and participatory interests and other forms of participation in local and global collective investment scheme portfolios, or other similar schemes operated in territories with a regulatory environment that is of a sufficient standard to provide investor protection, at least equivalent to that in South Africa, and which is consistent with the portfolio's primary objective, investing in, and investments and participatory interests in collective investment scheme portfolios. The manager may also include forward currency, interest rate and exchange rate swap transaction for efficient portfolio management purposes. The portfolio will be managed in line with prudential investment guidelines for retirement funds in South Africa to the extent allowed for by the Act. To provide modest growth in income and capital over the long term with a limited level of capital protection the portfolios equity exposure will not exceed 40% of the portfolios net asset value. The portfolio may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act and applicable legislation as amended from time to time, in order to achieve the portfolio's investment objective. Nothing shall preclude the Manager from varying the ratios of securities or assets in liquid form in changing economic environment or market conditions, or to meet the requirements in terms of legislation and from retaining cash or placing cash on deposit in terms of the Deed and Supplemental Deed. The Trustee shall ensure that the investment policy is carried out. For the purposes of this portfolio, the manager shall reserve the right to close the portfolio to new investors. This will be done in order to manage the portfolio in accordance with its mandate.

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