The Benguela Global Equity ACI Feeder Fund is a feeder fund. The fund will, apart from assets in liquid form, consist solely of participatory interest in the approved, Benguela Global Equity Fund ('underlying fund') under the Prescient Global Funds domiciled in Ireland. The investment objective of the underlying fund is to deliver above-average capital growth when compared to the benchmark, (including income) over the long-term through investment primarily in equity and equity related securities, which are listed on global recognised exchanges. The underlying fund's objective may be achieved primarily through a global equity portfolio that will invest in high quality companies (listed equity securities) that, in the opinion of the investment manager, show potential to outperform the benchmark over a 2- or 3-year period across global equity markets, including emerging market equities.
The underlying fund aims to remain fully invested and exposed to global equity markets. The underlying fund intends to measure its performance against the Benchmark.
The underlying fund may invest in or gain indirect exposure to the following assets to achieve its objectives: Equity and equity -related securities; Commodities, property and infrastructure related securities; Exchange traded funds and collective investment schemes; and Cash, cash equivalents and money market instruments. The fund as permitted in Par 12(f) of Chapter IV of Board Notice 90 of 2014 will be allowed to enter into financial transactions for the exclusive purpose of hedging exchange risks subject to the conditions and limitations as stipulated in Chapter V of Board Notice 90 of 2014. Nothing in the supplemental deed shall preclude the Investment Manager from varying the ratios of asset allocation and securities, to maximise capital growth and investment potential in changing economic environments or market conditions or to meet the requirements, if applicable, of any exchange formally recognised in terms of legislation and from retaining cash or placing cash on deposit in terms of the Deed and any Supplemental Deeds thereto; provided that the Manager shall ensure that the aggregate value of the assets comprising the portfolio shall consist of securities of the aggregate value required from time to time by the Act.
The Trustee shall ensure that the investment policy set out in this supplemental deed, the Deed and in all Supplemental Deeds thereto is carried out.
For the purpose of this portfolio, the manager in consultation with the Investment Manager shall reserve the right to close the fund to new investors on a date determined by the manager. This will be done in order to be able to manage the fund in accordance with its mandate. The manager may, once a fund has been closed, open that fund again to new investors on a date determined by the manager.

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