The Ninety One Equity Fund aims to provide investors with capital growth over the long term. The objective is to achieve returns well in excess of the benchmark, measured over three year periods. The fund is actively managed and invests in South African equities. The mandate is not restricted to any specific investment style. The investment strategy is underpinned by extensive research focusing on three sector groupings: resources, industrials and financials. The focus is predominantly on individual stock selection. However, macro-economic considerations such as interest rates and the performance of the rand also play an integral part in constructing the portfolio.