This is a flexible asset allocation fund aimed at long term capital growth, with a bias towards absolute returns and capital preservation. The flexible mandate is employed not to strive for maximum performance but to allow the portfolio to be biased towards absolute returns and capital preservation in the shorter term. Over longer periods the fund attempts to produce inflation-beating returns. This is achieved through stock selection and an active asset allocation strategy capable of achieving the performance target. The fund conforms to the legislation governing retirement funds.