The Fund aims to generate moderate to high long term total returns. The portfolio will, apart from assets in liquid form, consist solely of participatory interests and other forms of participation of local and global collective investment schemes, or other similar schemes operated in territories with a regulatory environment of a sufficient standard to provide investor protection at least equivalent to that in South Africa. The Manager has maximum flexibility in terms of asset allocation of equity securities, non-equity securities, bonds, preference shares, property, fixed interest and money market portfolios and assets in liquid form. Equity will always exceed 25%. The portfolio may from time to time invest in listed and unlisted financial instruments for the exclusive purpose of hedging exchange rate risks. The portfolio will be actively managed with exposure to various asset classes being varied to reflect changing economic and market circumstances, in order to maximize returns.