NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2022 than 40% of the portfolio value. Typical investments The manager invests in fixed instruments such as money market and bonds, as well as local and global property and equities. Risk exposure A low to medium risk fund exposed to equity price risk, credit risk, currency risk, liquidity risk and interest rate risk, both domestically and internationally. k. PPS Bond Fund Investment objective To outperform the broad bond market index within defined duration limits relative to the benchmark, with more consistency than a typical bond fund. Investment mandate This multi-managed bond fund invests in underlying managers that invests in a spectrum of fixed interest securities with the focus on benchmark relative performance, together with a regular and high level of income. Inflation protection over the long-term forms part of the investment mandate. Typical investments The portfolio will invest in a spread of listed and unlisted bonds, inflation-linked bonds, fixed deposits and other interest-bearing securities. The portfolio may invest in short, intermediate and long-dated securities. Risk exposure A bond fund exposed to credit risk, interest rate risk and inflation risk. l. PPS Institutional Multi-Asset Flexible Fund Investment objective To maximise total portfolio return while outperforming CPI for all urban areas over a rolling three-year period. The portfolio has a focus on capital growth and diversification. Investment mandate This institutional multi-managed fund invests in a number of underlying managers with a specific mandate to allocate assets based on their best investment view. Flexible asset allocation provides diversification across all asset classes and sectors, with equity exposure limited to not more than 75% of the portfolio value. Typical investments The managers may invest in a flexible combination of listed and unlisted investments across equity, bond, money and property market. Risk exposure A moderate to high risk fund exposed to credit risk, interest rate risk and local equity price risk. m. PPS Stable Growth Fund 39. Management of risks (continued) 39.3 Financial risk management (continued) 198 Notes to the Consolidated Financial Statements
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