37. Management of risks (continued) 37.3 j. k. 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 PPS Institutional Multi-Asset Low Equity Fund Financial risk management (continued) 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. PPS Bond Fund 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 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. 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. 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 Risk exposure A bond fund exposed to credit risk, interest rate risk and inflation risk. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023 233 Notes to the Consolidated Financial Statements
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