This is a worldwide multi-asset flexible portfolio. The investment objective of the portfolio is to deliver long term capital growth by investing in portfolios with asset classes that best represent the Manager’s view for achieving long term capital growth.

The Manager will implement the allocation across various portfolios to achieve the optimal blend of assets without any constraints of allocating assets to any one asset class. The portfolio will have full flexibility as to whether to invest offshore or locally and maintains a high risk profile.

Investments to be included in the portfolio will, apart from assets in liquid form, consist solely of participatory interests in portfolios of collective investment schemes or other similar collective investment schemes registered in the Republic of South Africa or of participatory interests in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the Manager and the Trustee of a sufficient standard to provide investor protection which is at least equivalent to that in South Africa.

The portfolio may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio’s investment objective.

This is a Feeder Fund and the investment objective of the portfolio is to provide long term capital growth by providing investors with exposure to a single international collective investment scheme portfolio comprising a diversified mix of global exposure to various asset classes.

The Worldwide Growth Fund, the target portfolio, will diversify investments across various asset classes, with a bias towards global equities whilst not precluding the Fund from investing in lower risk asset classes such as cash and global bonds, and is not focused on any specific geographical area, industry or sector, and may invest in “Emerging Markets” which shall mean any country in which, at the time of purchase of securities, the per capita income is in the low to upper middle ranges, as determined by the World Bank.  The target portfolio intends to invest in transferable securities in the form of global equities (such as shares and common stock) and global equity related securities (securities with equity characteristics or conferring the right to acquire equity securities, such as depositary receipts and preference shares), real estate investment trusts (REITS) and global bonds (which may be government and/or corporate, fixed and/or floating, rated and/or unrated) which are listed on Recognised Markets.  It may also invest up to 100% of its Net Asset Value in cash and/or cash equivalents including, but not limited to, US Treasury Bills, cash deposits, commercial paper, short-term money market instruments and certificates of deposit for cash flow purposes or as part of a temporary defensive strategy or where the Investment Manager believes that economic, financial and political conditions make it advisable to do so.

Investments to be included in the Fussell Ci Worldwide Growth Feeder Fund will, apart from assets in liquid form, consist solely of participatory interests of only one collective investment scheme portfolio, namely the Worldwide Growth Fund, being a sub-fund of Ci Global Investments RIAIF ICAV, an open-ended umbrella type Irish collective asset-management vehicle with variable capital and with segregated liability between sub-funds, authorised by the Central Bank of Ireland.

The Fussell Ci Defensive Fund of Funds is a South African multi asset medium equity portfolio. The investment objective of the portfolio is to provide investors with moderate capital growth.

The portfolio maintains a moderate risk profile and the portfolio’s equity exposure will be limited to a maximum of 60% of the portfolio’s net asset value. The portfolio will comply with prudential investment guidelines to the extent allowed by the Act.

Investments to be included in the portfolio will, apart from assets in liquid form, consist solely of participatory interests in portfolios of collective investment schemes or other similar collective investment schemes registered in the Republic of South Africa or of participatory interests in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the Manager and the Trustee of a sufficient standard to provide investor protection which is at least equivalent to that in South Africa.

The Fussell Ci Growth Fund is a multi-asset high equity portfolio. The investment objective of the portfolio is to deliver long term capital growth through a managed exposure across equities, bonds and cash, both locally and abroad.

The portfolio maintains a moderate to high risk profile and the portfolio’s equity exposure will be limited to a maximum of 75% of the portfolio’s net asset value. The portfolio will comply with prudential investment guidelines to the extent allowed by the Act.

Investments to be included in the portfolio may, apart from assets in liquid form, consist of equity securities, non-equity securities, convertible stock, preference shares and property securities as well as any other securities which are considered consistent with the portfolio’s primary objective and that the Act may allow from time to time.

The portfolio may also include participatory interests in portfolios of collective investment schemes or other similar collective investment schemes registered in the Republic of South Africa or of participatory interests in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the Manager and the Trustee of a sufficient standard to provide investor protection which is at least equivalent to that in South Africa.

The Fussell Ci High Growth Fund is a multi asset flexible portfolio. The investment objective of the portfolio is to provide investors with long term capital growth.

The portfolio maintains a high risk profile and the portfolio’s equity exposure will be limited to between 65% and 75% of the portfolio’s net asset value. The portfolio will comply with prudential investment guidelines to the extent allowed by the Act.

Investments to be included in the portfolio may, apart from assets in liquid form, consist of equity securities, non-equity securities, convertible stock, preference shares and property securities as well as any other securities which are considered consistent with the portfolio’s primary objective and that the Act may allow from time to time.

The portfolio may also include participatory interests in portfolios of collective investment schemes or other similar collective investment schemes registered in the Republic of South Africa or of participatory interests in collective investment schemes or other similar schemes operated in territories with a regulatory environment which is to the satisfaction of the Manager and the Trustee of a sufficient standard to provide investor protection which is at least equivalent to that in South Africa.