be between 40% and 60% invested in international assets. h. PPS Global Balanced Fund of Funds Investment objective To maximise total portfolio returns while outperforming a composite industry benchmark (comprising 60% global equities and 40% global bonds) 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 international securities with the specific focus on long-term capital growth and income. Typical investments The managers invest in 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, international equity price risk, companyspecific risk and currency risk. i. PPS Balanced Index Tracker Fund Investment objective To track the customised PPS Balanced Index, a published multi-asset high equity composite index that is diversified across a number of constituent indices, and calculated and published daily by a recognised index compiler. Investment mandate This index tracker invests in the type of securities necessary to effectively track the index. Typical investments The multi-asset, high equity composite index that the PPS Balanced Index Tracker Fund tracks includes local and international equities, domestic bonds, domestic cash and domestic property. Risk exposure A medium to high risk fund, exposed to credit risk, interest rate risk, international equity price risk, counterparty risk and currency risk. j. PPS Institutional Multi-Asset Low Equity Fund Investment objective Deliver a consistent benchmark beating return over a rolling 36-month period, while aiming to minimise capital loss over any 12-month period. Investment mandate This institutional multi-managed fund has a focus on capital protection and diversification. Flexible asset allocation provides diversification across all asset classes and sectors, with equity exposure limit to not more 39. Management of risks (continued) 39.3 Financial risk management (continued) 197 Notes to the Consolidated Financial Statements
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