The investment objective of the Fund is to generate capital growth and income over the long term, through a diverse mix of asset classes.

The Fund will endeavour to achieve capital growth over the long term through seeking exposure to a range of asset classes. Such exposure will be obtained primarily (over 65% of the Fund’s NAV) through investment in other collective investment schemes. The Investment Manager will use an active asset allocation and flexible fund selection strategy to aid in achieving objectives and portfolio risk control.

In normal market conditions, the exposure of the Funds (either directly or through investment in collective investment schemes) to the asset classes above will be as set out below. However these are not investment restrictions and the Investment Manager may diverge from these amounts in times of heightened market volatility, extreme events or excessive valuations in a target asset class (ordinarily by no more than up to an additional 10% up or down). However, the Investment Manager expects that such circumstances are unlikely to occur.

• Cash/Liquid Assets: 2%-20%
• Fixed Income/Debt Securities: 15%-55%
• Equities: 36%-64%
• Alternatives (including exposures to alternative funds and indirect exposure to commodities and property): 0%-35%