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The portfolio's investment universe consists, apart from assets in liquid form, of equity securities listed on the Johannesburg Stock Exchange. The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes, registered in South Africa. The portfolio will invest in up to 50 equity securities and such equity securities will not include companies outside of the top 60 companies by market capitalization on the FTSE/JSE Securities Exchange. The portfolio's equity exposure will always exceed 80% of the portfolio's net asset value. The portfolio may from time to time invest in 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.
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