This portfolio will invest in assets in liquid form, JSE listed property shares, collective investment schemes in property, and property loan stock, which is in line with the portfolio's investment objective. The portfolio will also be allowed to invest in listed and unlisted financial instruments as allowed by the Act. The exposure to property will range between 80% and 100% (or such other limits as permitted by 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 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 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 Property Fund.

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