3.3 In order to achieve the portfolio's investment objectives, the M&G GLOBAL PROPERTY FEEDER FUND, apart from assets in liquid form and listed and unlisted financial instruments subject to the limitations per 3.4, will consist solely of participatory interests in a single portfolio of a collective investment scheme operated in territories with a regulatory environment which is to the satisfaction of the Manager and Trustee of a sufficient standard to provide investor protection at least equivalent to that in South Africa, namely the M&G Global Property Fund under The M&G (South Africa) Global Funds ICAV Scheme, domiciled in Ireland.
3.4 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 hedge exchange rate risk where the portfolio is exposed to exchange rate risks.
3.5. Nothing in this supplemental deed shall preclude the Manager from varying the ratios of securities to best position the portfolio to achieve its objective in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange as defined 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 aggregate value required from time to time by the Act.
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