NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2022 To provide long-term capital growth that exceeds the return provided by a broad South African equity market index. Investment mandate This multi-managed fund invests in a number of underlying managers with the specific mandate to actively manage exposures to domestic listed equities in order to deliver long-term performance. Typical investments This multi-managed fund invests in domestic listed equities and cash. Risk exposure An equity fund exposed to local equity price risk, company specific risk and indirect currency risk. f. PPS Balanced Fund of Funds Investment objective To maximise total portfolio returns while outperforming a peer-relative benchmark over the medium to long term. Investment mandate This multi-managed fund invests in a number of underlying managers who invest in a spectrum of local and international securities within the parameters of Regulation 28 of the Pension Funds Act, No 24 of 1956 with the specific focus on long-term growth. Typical investments The managers invest in local and international equities, bonds, property, as well as money market instruments. Risk exposure A medium to high risk fund, exposed to credit risk, interest rate risk, local and international equity price risk, company-specific risk and currency risk. g. PPS Worldwide Flexible Fund of Funds Investment objective To maximise total portfolio returns while outperforming a return target of CPI+6% per annum over the long term. Investment mandate This multi-managed fund invests in a number of underlying managers who invest in a spectrum of local and international securities with the specific mandate to provide real capital growth. Flexible asset allocation provides diversification across asset classes and sectors. Typical investments The managers invest in local and international equities, bonds, property, as well as money market instruments. Risk exposure A medium to high risk fund, exposed to credit risk, interest rate risk, local and international equity price risk, company-specific risk and currency risk. The fund can hold up to 100% offshore, but in general is expected to 39. Management of risks (continued) 39.3 Financial risk management (continued) 196 Notes to the Consolidated Financial Statements
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