The Investec Specialist Investments BCI Protected Equity Fund is a moderate to high risk profile equity biased portfolio with the objective to provide investors with capital preservation over the medium term by providing meaningful exposure to the equity markets whilst simultaneously protecting the portfolio against severe equity market returns. Protection strategies will include the use of financial instruments for efficient portfolio management purposes to reduce volatility and to provide protection against the full impact of negative equity market conditions. In order to achieve its objective, the investments normally to be included in the portfolio may comprise a combination of assets in liquid form, equity securities, property related securities, interest bearing securities, non-equity securities and money market instruments. The portfolio may also invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment 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 equivalent to that in South Africa.