The portfolio may consist of financially sound equity securities, property shares and property related securities listed on exchanges, fixed interest instruments (bonds) and assets in liquid form. In selecting securities for this portfolio, where possible, the manager shall seek to sustain long-term capital growth. The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes, registered in South Africa and other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the manager and trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa and which is consistent with the portfolio's primary objective. The effective equity exposure (including foreign equities) will always be below 40%. The portfolio aims to achieve its investment objectives with low levels of volatility and aims to protect capital over the medium term. The Portfolio will be managed to be compliant with regulation 28 of the Pension Funds Act.