This portfolio will invest in assets in liquid form, and in high yielding non-equity securities, and interest-bearing securities including but not limited to public, parastatal, municipal and corporate bonds, inflation linked bonds, loan stock, debentures, fixed deposits and money market instruments. The Manager will be permitted to invest on behalf of the portfolio in offshore investments as permitted by legislation. The average maturity profile will vary from time to time depending on market conditions. The portfolio will have flexibility to invest across the duration, credit and yield spectrum.
The portfolio will also be allowed to invest in listed and unlisted financial instruments as allowed by the Act. The Manager will in executing the investment policy as contained herein manage this portfolio on a multi manager basis. The portfolio may also invest in participatory interests in portfolios of collective investment schemes registered in the Republic of South Africa or participatory interests in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the Manager and the Trustee of a sufficient standard to provide investor protection which is at least equivalent to that in South Africa. These underlying collective investment schemes portfolios will have an investment policy that supports the investment objective and investment policy of the FNB Multi Manager Bond Fund. This portfolio will comply with regulations governing pension funds.

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