37. Management of risks (continued) 37.3 f. g. Investment objective To maximise total portfolio returns while outperforming a peer-relative benchmark over the medium to long term. Investment mandate PPS Balanced Fund of Funds Financial risk management (continued) 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. PPS Worldwide Flexible Fund of Funds 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. 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. Investment objective To maximise total portfolio returns while outperforming a return target of CPI+6% per annum over the long term. Investment mandate 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 be between 40% and 60% invested in international assets. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023 231 Notes to the Consolidated Financial Statements
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