The Sub-Fund aims to generate real capital appreciation throughout the economic cycle while endeavouring to minimise the corresponding levels of risks and volatility. The Sub-Fund targets total returns on capital at or above the growth rate of the US Real Gross Domestic Product (US Real GDP) plus US Consumer Price Index (US CPI) and plus two and a half percent per annum on a five-calendar year rolling basis. The investment philosophy focuses on strategic asset allocation, not stock or fund selection, as the main driver of returns. By combining multiple asset classes in a diversified, disciplined and cost-efficient manner, volatility is reduced and overall returns enhanced. The objective of the Sub-Fund is to deliver a multi-asset class, globally diversified portfolio of assets which generates attractive risk adjusted returns throughout the economic cycle. The Sub-Fund seeks to achieve its investment objective by allocating capital to a variety of asset classes through a disciplined investment process. The Sub-Fund allocates capital to a number of liquid, passive, index-tracking investment instruments tracking major asset class specific benchmarks in a cost efficient manner. In addition, the Sub-Fund may invest directly or indirectly in best of breed Private Equity and diversified, multi-strategy Absolute Return instruments (Fund of Hedge Funds). Mininum investment is USD 30,000 or currency equivalent. This is a Managed Account, but does invest in hedge funds. AUM reflects strategy assets and is denominated in USD.