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3.1. The primary investment objective of the PPS Global Balanced Fund of Funds is to outperform an investable benchmark made up of international equities as represented by the MSCI AC World Index and investment grade government bonds as represented by the Citigroup Global Government Bond Index over rolling five year periods. The benchmark will be calculated as a 60% weighting to the MSCI AC World Index and a 40% weighting to the Citigroup Global Government Bond Index. The portfolio will tend to display short term volatility, aim for long term capital growth and can have a maximum effective equity exposure and a maximum effective property exposure as defined in the Global Multi Asset High Equity ASISA category, as amended from time to time. The underlying portfolio may be exposed to listed or unlisted financial instruments, to the extent as allowed by the Act. The limit on South African investments will be in accordance with the requirements for global portfolios as per the ASISA Fund Classification for South African Regulated Collective Investments Portfolios. 3.2. The manager will be permitted to invest on behalf of the portfolio in offshore investments as legislation permits. 3.3. The portfolio may also include participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa. 3.4. Nothing in this supplemental deed shall preclude the manager from varying the ratios of securities, to maximise capital growth and investment potential in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange in terms of legislation and from retaining cash or placing cash on deposit in terms of the deed and this supplemental deed; provided that the manager shall ensure that the aggregate value of the assets comprising the portfolio shall consist of securities and assets in liquid form of the aggregate value required from time to time by the Act. 3.5. The portfolio will be managed using a multi-manager investment process. 3.6. For the purposes of the portfolio the manager shall reserve the right to close the portfolio to new investors. This will be done in order to be able to manage the portfolio in accordance with its mandate. This critical size shall be determined from time to time by the manager. 3.7. The trustee shall ensure that the investment policy set out in this supplemental deed is carried out.
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