Limited correlation and beta to the equity markets over the cycle. 3 - 5 investment themes. 1-3 investments per theme. The portfolio will also invest in idiosyncratic investment opportunities where a particular fund represents a very good investment opportunity based on the quality of the manager or style of investment. Average holding period for an investment 12-24 months. Maximum position size 20% of NAV at cost. Normal full position size 10-15% of NAV. 7 - 12 investments (excluding investments that are being exited).