In managing the fund we express our best investment view on the optimal cominbation of different
assets that in our opinion, will maximise long-term returns at a reasonable level of risk. The fund can invest in a wide variety of asset classes such as shares, conventional bonds, inflation-linked bonds, listed property and cash, both domestically and internationally. Because it is managed to achieve good long-term results, it will typically have a strong bias towards equities - typically the asset class with the highest expected long-term returns. Shares may never comprise more than 75% of the fund's portfolio, while exposure to foreign assets is currently limited to 20%.