The portfolio will be a general equity portfolio. Apart from assets in liquid form as allowed by the Act, the portfolio will consist of selected equities (“shares” and “preference shares” as allowed by the Act). The portfolio will also be allowed to invest in listed and unlisted financial instruments as allowed by the Act. The exposure to equities will range between a minimum of 80% (including international equity) and 100% (or such limits as permitted by the legislation) and the Manager will be allowed to invest in securities as allowed by the Act from time to time in order to achieve these limits. The exposure to securities as allowed by the Act other than equities will thus be limited to 20%. The Manager will also be permitted to invest on behalf of the portfolio in offshore investments as permitted by legislation.
The Manager will in executing the investment policy as contained herein manage this portfolio on a multi manager basis. The Manager will appoint the underlying asset managers to manage the portfolio. The portfolio may also invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar schemes as the Act may allow from time to time, and which are consistent with the portfolio's investment policy. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the Manager and the Trustee, of sufficient standard to provide investor protection at least equal to that in South Arica.

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