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The fund invests across all the major asset classes to produce longterm investment returns with an emphasis on capital growth. The strategic allocation to the different asset classes is fixed at optimal weights, although this is managed to protect investments against market risks or to take advantage of asset class mispricing. The underlying investments are managed on a passive basis, ensuring efficient and costeffective returns. The fund is managed to comply with Regulation 28 of the Pension Funds Act; therefore it may hold foreign assets with an exposure of up to 30% of the investment value, with an allowance for an additional 10% for African (exSouth Africa) investments. It may have exposure to growth assets, including equities (up to 75% as a highequity investment) and property (up to 25%).
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