The strategies we employ to achieve the above objectives are:

• Limit the fund’s total equity exposure to a maximum of 75% of the portfolio’s net asset value, with listed property (limited to 25%) and income instruments comprising the balance.
  (The income component is used to achieve a more stable return profile, because of the yield opportunities on these instruments, while the equity component is used to achieve longer-term capital growth and dividends.)
• Maintain exposure to both local and offshore instruments, with global allocation forming a maximum of 30% of the portfolio’s net asset value.
  (We use our foreign investment allowance to obtain global exposure.)
• Apply a building block approach to asset allocation to maintain strict control of the asset exposures.
• Construct the local and offshore equity components of the fund by using a core-satellite approach, whereby low-cost passive solutions are used to gain broad market exposure and well-priced actively managed solutions are used to gain exposure to specific strategies, styles, and risk management methodologies.
• Use predominantly active solutions to construct the income components of the fund.
• Ensure that the fund complies with Regulation 28.