The Novare Worldwide Flexible Fund of Funds is a moderate to high risk, flexible fund of funds. The objective of this portfolio is to achieve capital appreciation over the medium to long term. There will be no limitations on the relative exposure of the portfolio to any asset class.
Investments to be included in the fund will, apart from assets in liquid form, consist solely of participatory interests or any other form of participation in portfolios of collective investrnent schemes or other similar schemes in the Republic of Soulh Africa, investing in the equity, bond, property and money markets. Where the aforementioned schemes are operating in territories other than South Africa, participatory interests or any other form of participation in these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and the trustee as being of a sufficient standard to provide investor protection at least equivalent to that in South Africa and which is consistent with the portfolio's primary objective.
The Manager will be permitted to invest on behalf of the porlfolio in offshore investments as legislation permits. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by tho manager. This will be done in ordor to be able to manage
the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager. Nothing in this supplemental deed shall preclude the manager from varying the ratio of securities, to achieve the investment
objective in a changing economic environment or market conditions or to meet tile requirements, if applicable, of any exchange recognisecl in terms of legislation and from retaining cash or placing cash on deposit in terms of the deed and this supplemental deed; provided that the Manager shall ensure that
the aggregate value of the assets comprising the portfolio shall consist of securities and assets in liquid form of the aqqreqate value required from time to time by the Act. The trustee shall ensure that the investment policy set out in this supplemental deed is adhered to.
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