The primary objective of the portfolio is to achieve medium to longer term capital growth within an acceptable level of volatility during any market cycle. Investments to be included in the PSG Konsult Moderate Fund of Funds, will apart from cash and assets in liquid form, mainly consist of participatory interest in collective investments schemes, whether listed or not. The asset allocation will be actively managed as to reflect the investment manager's view of the relative attractiveness of cash, fixed-interest, equity portfolios, and property markets. The manager will be permitted to invest on behalf of the PSG Advance Wealth Moderate Fund of Funds in offshore investments as legislation permits. The portfolio will comply with regulations controlling retirement funds or such other applicable legislation as may be determined for retirement funds. The trustees shall ensure that the investment policy set out in the preceding clauses are adhere to; provided that nothing contained in this clause preclude the manager from varying the proportions of securities in terms of changing economic factors or market conditions or from retaining cash in the portfolio and/or placing cash on deposit. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.