•  Investec Wealth & Investment BCI Progressive Yield Fund (A)
The Investec Wealth & Investment BCI Progressive Yield Fund is a flexible mandate portfolio with the objective to provide investors with a starting yield on their investment of two percent above the FTSE JSE All Share index, and then to grow this initial yield at a rate greater than inflation over a three year rolling period. Concomitant with yield progression, the secondary objective is to maintain the real value of the fund over a three-year rolling period. The equity security selection process aims to invest in quality companies that can generate consistent and growing earnings, which are returned to shareholders as dividends.
The portfolio complies with prudential investment guidelines to the extent allowed for by the Act. However, the portfolio's equity exposure may not exceed 60% of the portfolio's net asset value.
In order to achieve its objective, the investments normally to be included in the portfolio may comprise a combination of assets in liquid form, money market instruments, interest bearing securities, bonds, debentures, corporate debt, equity securities, property securities, preference shares, convertible equities and non-equity securities. The manager may invest in participatory interests or any other form of participation in portfolios of South African collective investment schemes as the Act may allow from time to time, and which are consistent with the portfolio's investment policy.
The portfolio may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective.
The Trustee shall ensure that the investment policy set out in this Supplemental Deed is carried out.

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